Update on Exploration Results

RNS Number : 6754R

Hummingbird Resources PLC

04 March 2019

 

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

Hummingbird Resources plc

("Hummingbird" or the "Company")

Update on Exploration Results

Hummingbird Resources (AIM:HUM) is pleased to announce its third set of drilling results from the recently completed exploration campaign at the Yanfolila Gold Mine in Mali, the main focus of which was to convert resources to reserves and, in time, extend the mine life.

The completed drilling programme largely focused around the resource definition at Gonka, with some further follow up drilling at Komana West.  Hummingbird is pleased to report that the latest results demonstrate more high-grade potential and continued exploration potential at depth.  Additionally, in December 2018, the Group announced a set of high-grade results, of which the stand-out intercept was 15 m @ 16.03 g/t.

Hummingbird is now focussed on integrating the positive results seen in its exploration programme into its mine plan. The Gonka deposit is situated just 5 km from the process plant, making it suitable to be included in the current mine plan.  The deposit is fully permitted and within the mining license, which will allow mining to start immediately, once the resource modelling and mine planning is completed.

Drilling Highlights:

Gonka ('GK') Deposit

·    18 m @ 9.39 g/t from 156 m depth (GKRCD0023B)

·    4.3 m @ 29.74 g/t from 250 m depth (GKRCD0050)

·    6.5 m @ 6.55 g/t from 37.8 m depth (GKDD0031)

·    3 m @ 12.89 g/t from 137 m depth (GKRCD0041B)

·    10 m @ 3.13 g/t from 58 m depth (GKRCD0045)

·    13.6 m @ 2.56 g/t from 34 m depth (GKDD00011)

Murray Paterson, Chief Geologist for Hummingbird, commented: 

"Following the conclusion of the drilling programme at Gonka, we have moved to the resource modelling phase as we look to publish a new and updated mineral resource for Gonka and the open pitable reserves.  After this is completed the Company plans to release a new life of mine plan at Yanfolila.

"Our exploration team is reviewing the Gonka drilling data and is planning ahead for the coming 2019 drilling programme, which will target the down dip extensions to Gonka to expand the resource and reserves.  A thorough review of the database to identify new greenfield targets is also underway and this is expected to yield high priority targets to drill test outside the current seven deposits that have resources associated with them."

Further information:

2018 Exploration Results

On the completion of the 2018 drilling programme the total metres drilled was 28,349 m.

A breakdown of the numbers is as follows;

Deposit	Drilling	Metres
Gonka	Reverse Circulation	6,836
	Diamond Drill Hole	13,930
Komana West	Reverse Circulation	3,091
	Diamond Drill Hole	2,536
Guirin West	Reverse Circulation	1,956
Total:		28,349

Latest drill results - 1 m cut-off grade 0.5 g/t

Gonka

Hole_ID	Depth From (m)	Depth To (m)	Element	Interval Width (m)	Grade (g/t)
GKDD0008	155	156	Au_ppm	1	2.05
GKDD0008	177	179	Au_ppm	2	1.74
GKDD0009	109	110	Au_ppm	1	2.97
GKDD0009	116	120	Au_ppm	4	1.49
GKDD0010	82	89	Au_ppm	7	1.81
GKDD0011	34	47.6	Au_ppm	13.6	2.56
GKDD0011	59.4	61	Au_ppm	1.6	1.17
GKDD0013	72	73	Au_ppm	1	1.47
GKDD0014	35	36	Au_ppm	1	0.77
GKDD0016	48.5	51.32	Au_ppm	2.82	0.49
GKDD0016	81	82.1	Au_ppm	1.1	1.21
GKDD0016	118	118.54	Au_ppm	0.54	50.1
GKDD0016	128	129	Au_ppm	1	0.5
GKDD0017	103	104	Au_ppm	1	0.52
GKDD0017	116.2	117.4	Au_ppm	1.2	0.87
GKDD0028	69.3	77.85	Au_ppm	8.55	7.06
GKDD0028	84.45	86	Au_ppm	1.55	1.47
GKDD0028	134	135	Au_ppm	1	3.79
GKDD0029	93	94	Au_ppm	1.82	1
GKDD0029	120	122	Au_ppm	3.07	2
GKDD0030	227.7	231	Au_ppm	3.3	0.64
GKDD0031	9	10	Au_ppm	1	0.62
GKDD0031	22	23	Au_ppm	1	0.66
GKDD0031	37.8	44.3	Au_ppm	6.5	6.55
GKDD0031	97.6	99.4	Au_ppm	1.8	1.5
GKRCD0001	167	168	Au_ppm	1	0.61
GKRCD0001B	131	132	Au_ppm	1	1.35
GKRCD0002	169	171	Au_ppm	2	1.61
GKRCD0002B	209	210	Au_ppm	1	9.21
GKRCD0002B	335	338	Au_ppm	3	1.23
GKRCD0002B	348	350	Au_ppm	2	0.96
GKRCD0003B	162	163	Au_ppm	1	6.26
GKRCD0003B	182	183	Au_ppm	1	0.64
GKRCD0006	159	160	Au_ppm	1	0.76
GKRCD0007	109	110	Au_ppm	1	1.06
GKRCD0007	123	132	Au_ppm	9	1.52
GKRCD0008	76	77	Au_ppm	1	5.56
GKRCD0012	57	58	Au_ppm	1	0.59
GKRCD0012	70	72	Au_ppm	2	1.54
GKRCD0012	135	136	Au_ppm	1	0.78
GKRCD0012	152	153	Au_ppm	1	0.82
GKRCD0013	25	26	Au_ppm	1	0.68
GKRCD0014	319	324	Au_ppm	5	0.7
GKRCD0015	122.3	123.63	Au_ppm	1.33	3.52
GKRCD0015	184	187.15	Au_ppm	3.15	1.13
GKRCD0015	197.55	199	Au_ppm	1.45	0.91
GKRCD0016	38	49	Au_ppm	11	1.78
GKRCD0016	125	126.5	Au_ppm	0.86	1.5
GKRCD0016	157	158.7	Au_ppm	1	1.7
GKRCD0017	98	99	Au_ppm	3.96	1
GKRCD0017	114	115	Au_ppm	0.59	1
GKRCD0017	119	121	Au_ppm	2.14	2
GKRCD0018	75	76	Au_ppm	1	0.5
GKRCD0018	81	82	Au_ppm	1	1.14
GKRCD0019	120	121	Au_ppm	1	7.75
GKRCD0019	124	125.2	Au_ppm	1.2	1.05
GKRCD0019	129	130	Au_ppm	1	0.56
GKRCD0019	133.1	137	Au_ppm	3.9	1.82
GKRCD0020	4	8	Au_ppm	4	0.59
GKRCD0020	14	16	Au_ppm	2	6.35
GKRCD0020	39	40	Au_ppm	1	0.59
GKRCD0020	51	52	Au_ppm	1	0.67
GKRCD0020	62	65	Au_ppm	3	1.51
GKRCD0020	123	124	Au_ppm	1	0.67
GKRCD0020	140	142	Au_ppm	2	3.37
GKRCD0021	41	42	Au_ppm	1	3.6
GKRCD0021	168	170	Au_ppm	2	6.76
GKRCD0021	180	181	Au_ppm	1	1.36
GKRCD0021	186	187.4	Au_ppm	1.4	1.5
GKRCD0023B	156	174	Au_ppm	18	9.39
GKRCD0023B	178	179	Au_ppm	1	0.91
GKRCD0023B	187	189	Au_ppm	2	0.65
GKRCD0023B	216	221	Au_ppm	5	3.61
GKRCD0023B	226.5	228	Au_ppm	1.5	1.42
GKRCD0024	168	170.3	Au_ppm	1.69	2.3
GKRCD0024	192	194.2	Au_ppm	8.91	2.2
GKRCD0024	199	200	Au_ppm	5.9	1
GKRCD0024	230	231	Au_ppm	0.97	1
GKRCD0024B	171	172.7	Au_ppm	1.7	1.48
GKRCD0024B	189	191.3	Au_ppm	2.3	0.63
GKRCD0024B	194	198	Au_ppm	4	2.07
GKRCD0025	33	34	Au_ppm	1	2.04
GKRCD0026	129	130	Au_ppm	1	1.03
GKRCD0033	93	94	Au_ppm	4.5	1
GKRCD0033	109	110	Au_ppm	0.6	1
GKRCD0033	148.55	150.56	Au_ppm	1.94	2.01
GKRCD0034	137	143	Au_ppm	6	2.07
GKRCD0034	158	168	Au_ppm	10	2.79
GKRCD0035	180	181.2	Au_ppm	1.2	1.49
GKRCD0037	77	78	Au_ppm	1	0.52
GKRCD0037	85	86	Au_ppm	1	5.25
GKRCD0037	143	144	Au_ppm	1	1.98
GKRCD0038	183	186.1	Au_ppm	3.1	1.75
GKRCD0039	27	29	Au_ppm	2	0.99
GKRCD0039	33	35	Au_ppm	2	1.55
GKRCD0039	47	48	Au_ppm	1	4.7
GKRCD0039	196	198	Au_ppm	2.03	2
GKRCD0039	206	207	Au_ppm	0.57	1
GKRCD0040	5	7	Au_ppm	2	3.36
GKRCD0040	16	17	Au_ppm	1	2.98
GKRCD0040	77	80	Au_ppm	3	2.88
GKRCD0040	175	177	Au_ppm	2	6.11
GKRCD0040	191	192	Au_ppm	1	1.63
GKRCD0040	198	201	Au_ppm	3	0.73
GKRCD0040	234	235	Au_ppm	1	1.18
GKRCD0040	243	244	Au_ppm	1	0.5
GKRCD0041B	97	98	Au_ppm	1	11
GKRCD0041B	105	106	Au_ppm	1	3.45
GKRCD0041B	137	140	Au_ppm	3	12.89
GKRCD0041B	153	157	Au_ppm	4	1.51
GKRCD0041B	175	176	Au_ppm	1	1.45
GKRCD0041B	185	186	Au_ppm	1	0.59
GKRCD0043	116.5	119	Au_ppm	2.5	0.89
GKRCD0045	58	68	Au_ppm	10	3.13
GKRCD0045	180	182	Au_ppm	2	2.18
GKRCD0045	225.04	227	Au_ppm	1.96	0.62
GKRCD0046	49	50	Au_ppm	1	41.2
GKRCD0046	223	225	Au_ppm	2	13.71
GKRCD0046	231	233	Au_ppm	2	1.18
GKRCD0047	47	48	Au_ppm	1	0.62
GKRCD0047	53	54	Au_ppm	1	0.84
GKRCD0047	73	74	Au_ppm	1	0.5
GKRCD0048	29	31	Au_ppm	2	0.96
GKRCD0049	283	284.25	Au_ppm	1.25	6.78
GKRCD0050	244	248	Au_ppm	4	0.52
GKRCD0050	250	254.3	Au_ppm	4.3	29.74
GKRCD0051	117	118	Au_ppm	1	1.37
GKRCD0051	127	128	Au_ppm	1	0.8
GKRCD0051	199	201.1	Au_ppm	2.1	1.21
GKRCD0055	81	82	Au_ppm	1	1.29
GKRCD0055	113.4	115.6	Au_ppm	2.2	0.39
GKRCD0056	65.3	84	Au_ppm	18.7	7.29
GKRCD0056	99	100	Au_ppm	1	1.47
GKRCD0056	123	124	Au_ppm	1	0.92
GKRCD0058	264.5	265.85	Au_ppm	1.35	0.86
GKRCD0059	188	189.4	Au_ppm	1.4	1.22
GKRCD0059	243	245	Au_ppm	2	1.06
GKRCD0061	188	189.55	Au_ppm	1.55	2.25

Komana West

Hole_ID		Depth From (m)	Depth To (m)	Element	Interval Width (m)	Grade (g/t)
KWDD0615		56	57	Au_ppm	1	1.34
KWDD0615		65	69	Au_ppm	4	1.42
KWDD0615		78	79	Au_ppm	1	0.65
KWDD0615		140.4	142	Au_ppm	1.6	0.76

Qualified Person Review

Murray Paterson has reviewed the technical information contained within this announcement in his capacity as a Qualified Person, as required under the AIM Rules for Companies.  Murray Paterson is the Chief Geologist for the Company and is a member of good standing with the Australasian Institute of Mining and Metallurgy (MAusIMM).

**ENDS**

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

Daniel Betts, CEO Thomas Hill, FD Robert Monro, IR	Hummingbird Resources plc	Tel: [phone]
James Spinney Ritchie Balmer James Bellman	Strand Hanson Limited Nominated Adviser	Tel: [phone]
Martin Davison James Asensio	Canaccord Genuity Limited Broker	Tel: [phone]
Gordon Poole Owen Roberts Ollie Head	Camarco Financial PR/IR	Tel: [phone]

About Hummingbird Resources Plc

Notes to Editors

Hummingbird Resources (AIM: HUM) is a leading gold production, development and exploration company.  The Company has two core gold projects, the Yanfolila Gold Mine in Mali and the Dugbe Gold Project in Liberia.  Yanfolila produced its first gold pour on time and budget in December 2017.  Yanfolila held pre-production Probable Reserves of 709,800oz @ 3.14g/t, total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential.  The Dugbe Gold Project has Resources currently totalling 4.2Moz of gold and a completed NI 43-101 compliant PEA on the project showing a 29% IRR and US$186m NPV at a US$1,300 gold price. 

In addition to Hummingbird's production and development assets, the Company also has an exploration footprint of ~4,000km² and a 28% interest in AIM listed Cora Gold, which is advancing a portfolio of prospects in Mali and Senegal.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

END

 

 

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