Update on Dugbe Gold Project, Liberia

RNS Number : 9899B

Hummingbird Resources PLC

15 June 2021

 

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

15 June 2021

Hummingbird Resources plc

('Hummingbird' or the 'Company') 

Update on Dugbe Gold Project, Liberia

Results of First Four New Holes at Tuzon

Hummingbird Resources plc (AIM:HUM) is pleased to announce that Pasofino Gold Ltd ('Pasofino') (TSXV:VEIN) received positive results from the first four holes drilled at the Tuzon deposit at the Dugbe Gold Project in Liberia ('Dugbe' or the 'Project'). For the full Pasofino release details and graphics please follow the link here .

Pasofino has an earn-in agreement for a 49% stake in the Project, with Hummingbird maintaining a controlling interest of 51%. For further details on the option and earn-in agreement with Pasofino, please refer to the Company's RNS dated 4 June 2020.

Highlights

§ Three of the four holes are 'step-out' holes to test the lateral or strike extent of the relatively high-grade 'zone B' of the Tuzon deposit. All three have been successful. Highlights of the 'step-out' results include.

o  22.0 metres ('m') grading 2.23 grammes per tonne ('g/t') gold from 63.90 m downhole in TDC179

o  A second interval of 126.6 m grading 1.05 g/t gold from 102.93 m downhole, in the same hole

o  At hole TDC174, 28.4 m grading 2.58 g/t gold from 318 m downhole, including a high grade zone of 13.8 m grading 3.43 g/t

§ Note, the reported intervals do not necessarily reflect the true thickness of the layer, as detailed in Pasofino's cross-section 1-3

§ These are the first holes drilled at Tuzon since the Company's drilling programme in 2014. A total of 17 resource drill-holes have been completed since April 2021, the results of which will be incorporated into an update to the Mineral Resource Estimate ('MRE') planned to be completed by September 2021

§ These results follow the announcements, by Pasofino, regarding further results of the Dugbe F drilling programme which continued to demonstrate good continuity of the deposit and recognised an extensive thickened zone of mineralisation  

§ Moving forward, Hummingbird will provide quarterly updates on Pasofino's activities, unless announcements are of particular importance, however, shareholders are able to subscribe to Pasofino's press releases via its website, should they require more regular updates

Dan Betts, CEO of Hummingbird Resources, commented: "We are excited to receive the first drill results at Tuzon since our drilling campaign at the deposit since 2014.  Tuzon is a key deposit for the Dugbe Project with these initial results very encouraging as they include step out results showing upside potential to the already large resource profile.

"The Pasofino team continue to make very good progress towards delivering a DFS, which we are increasingly confident with these ongoing positive drilling results, will show material valuation upside potential to Hummingbird's portfolio of gold assets which include Yanfolila in Mali and Kouroussa in Guinea."

Ian Stalker, CEO of Pasofino, commented:   "We are delighted with these intersections which reaffirm the quality of this deposit, and support our view that there is room to grow it - it already has a 2 Moz Indicated Mineral Resource Estimate (MRE). The higher-than-average grade of some of the intersections is particularly encouraging and we anticipate more of this. Coupled with the recent good news-flow from our nearby Dugbe F deposit we are very positive about the MRE updates scheduled for Q3 of this year."

The Tuzon Deposit*

The current Indicated MRE stands at 41.9 million tonnes ('Mt') with an average grade of 1.51 g/t gold and contained gold of 2.03 million ounces. The current Inferred MRE is 10.4 Mt with an average grade of 1.31 g/t gold and contained gold of 0.44 million ounces.

The deposit footprint is 1.7 kilometres ('km') long with an average width of 250 to 300 m (in plan view). Parts of the mineralised layer outcrop for the full length of the deposit. The depth to the base of the mineralised zone ranges from just below surface to over 400 m in the south reflecting the steady plunge of the controlling fold structure. As at the nearby Dugbe F deposit, the host-rock is orthopyroxene gneiss with increased sulphide content (visible pyrrhotite, arsenopyrite and pyrite). At Tuzon the layer has been repeatedly folded and is interpreted to be a large synform which plunges to the southwest at approximately 20 degrees. The mineralised layer is thickened on certain parts of the fold limbs and around the recumbent lower-most fold hinge.

*All numbers reflect Pasofino's estimates

Tuzon Drilling

A total of 23 drill-holes have been completed at Tuzon since April 2021, totalling 6,675 m of drilling. Of these, six were geotechnical holes. Five of the exploration holes involved the deepening of previous (2014 and earlier) drillholes. Aside from the geotechnical holes, the drilling has been aimed at 'stepping-out' laterally and on-strike; and providing some 'infill' intersections, with the objective of increasing the current MRE and converting some parts of the Inferred MRE to Indicated Mineral Resources. An updated MRE for Tuzon is expected commence in July-August and be completed by September 2021. Sampling and analysis of the Tuzon core is ongoing; the results reported herein are the first four holes for which sampling and analyses have been completed.

Drilling procedure and Quality Assurance and Quality Control (QAQC)

The new holes were positioned using a handheld GPS and lidar data for elevation. Downhole orientation surveys were completed for all holes and core was oriented to assist with interpretation. All drilling and logging were completed in adherence to industry standard operating procedures. Core recovery is over 95% for all mineralized intersections. Core was drilled HQ (65 mm diameter) through the overburden typically 2-10 m depth, then NQ (47 mm diameter) size. Samples were all half core, analysed by ALS Kumasi in Ghana, a facility compliant to ISO 17025:2005 for the analytical methods used for the samples. Samples range from 1.0 kg to over 5.0 kg depending on the length of each sample. Within every 20 core samples submitted a certified standard and blank was inserted. The results of these samples show acceptable levels of variance. Duplicate (other half of the core) samples were inserted one in every 20 core samples to check on precision. Sample weights on dispatch and received sample weights were examined to monitor for sample swaps. All samples were stored and transported to the laboratory securely and accompanied by a company representative until arrival at the laboratory. Similar QAQC measures were undertaken for the previous drillholes reported herein; those samples were analysed by ALS in Loughrea, Ireland which is an ISO 17025:2005 compliant facility for the analytical methods used for the samples. All samples were analysed by fire assay with atomic absorption finish on a sample with 50 gramme nominal weight.

Qualified Persons Statement

Scientific or technical information in this disclosure that relates to exploration results was prepared and approved by Mr. Andrew Pedley. Mr. Pedley is a full-time consultant of Pasofino Gold Ltd.'s wholly-owned subsidiary ARX Resources Limited, and has reviewed this announcement on Hummingbird's behalf. Mr. Pedley is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is as a Qualified Person under National Instrument 43-101. 

**ENDS**

 For further information please visit www.hummingbirdresources.co.uk or contact:

Daniel Betts, CEO Thomas Hill, FD Edward Montgomery, CSO & ESG	Hummingbird Resources plc	Tel: [phone]
James Spinney Ritchie Balmer	Strand Hanson Limited Nominated Adviser	Tel: [phone]
James Asensio Thomas Diehl	Canaccord Genuity Limited Broker	Tel: [phone]
Tim Blythe Megan Ray Rachael Brooks	Blytheweigh Financial PR/IR	Tel:  [phone]

Notes to Editors:

Hummingbird Resources (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold production, development and exploration company and member of the World Gold Council ('WGC').  Hummingbird's vision is to continue to grow its asset base, producing profitable ounces, while continuing to focus on its Environmental, Social & Governance ('ESG') policies and practices.  The Company currently has two core gold projects, the producing Yanfolila Gold Mine in Mali, and the Kouroussa gold development project in Guinea.  Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by Pasofino Gold Limited through an earn-in agreement. 

 

END

 

 

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