Exploration Results Update

RNS Number : 3186K

Hummingbird Resources PLC

13 December 2018

 

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

Hummingbird Resources plc

("Hummingbird" or the "Company")

Exploration Results Update

Hummingbird Resources (AIM:HUM), the African gold producer, is pleased to announce its second set of drill results from the 2018 exploration campaign in Mali, the focus of which is to convert Resources to Reserves and, in time, to extend the life of mine from the Company's Yanfolila Gold Mine.

Drilling has been ongoing since it began in July and has now focused on the Resource definition at Gonka, with some further follow up drilling at Komana West.  This second batch of results delivers further positive results from those announced in September and shows the high-grade potential at Gonka owing to the significant numbers of wide and high-grade drill intercepts encountered to date.   The additional drilling at Komana West has been useful to the mining operations, since the newly drilled zones have been found outside the Resource model and positive results have been found inside the current pit shell, increasing the amount of mineable ore available.    

Drilling Highlights:

Best Intersections

Gonka ('GK') Deposit

·    15m @ 16.03g/t from 207m depth (GKRCD0013)

·    20.05m @ 4.63g/t from 118m depth (GKDD0020)

·    11m @ 4.11g/t from 79m depth (GKRCD0044)

·    14m @ 3.88g/t from 178m depth (GKRCD0002)

·    13.6m @ 2.56g/t from 34m depth (GKDD0011)

Komana West ('KW') Deposit

·    15m @ 4.25 g/t from 8m depth (KWDD0609)

Komana West South Extension

·    12m @ 1.90 g/t from 90m depth (KWRC0419)

Murray Paterson, Chief Geologist for Hummingbird, commented: 

"Following analysis of recent exploration results, Hummingbird is confident that it is now on target to achieve our operational objective, which is to increase the mine life at Yanfolila. In light of these results, the exploration team on site is now working diligently to build a mineable Resource that will aim to add more open pit and underground ore extending the current mine life.

So far, drilling has remained quite shallow, focussing on infilling the open pit Resources.  Our attentions now switch to drilling out the underground Resources at Gonka, which is very exciting since this is where the highest grades and wider intervals have been drilled by Gold Fields Ltd."

Please click on the following link to see a long section of the Gonka deposit and a map of the deposit locations within the mining permit.

http://www.rns-pdf.londonstockexchange.com/rns/3186K_1-2018-12-12.pdf

Further information:

2018 Exploration Results

As at the end of November the total metres drilled to date is 23,697m. A breakdown of the numbers is as follows;

Gonka (metres)

·    Reverse Circulation ('RC'): 6,206

·    Diamond Drill Hole ('DDH'): 9,908

·    Total : 16,114

Komana West (metres)

·    RC: 3,091

·    DDH: 2,536

·    Total : 5,627

Guirin West (metres)

·    RC: 1,956

Initially, around 50,000m of drilling was planned this year.  Through the year the drilling schedule has become more targeted and has been adapted to fit with the updated LoM plan. 

All currently planned exploration drilling is expected to be completed by year end 2018 allowing the mineral resource model and mine planning to commence.  It is expected that by the end of the first quarter 2019 a new mineral Resource and Reserve update will be released by the company. 

Komana West ('KW') Pit

The 2018 drilling programme at KW has been completed.  Following the first round of results, another near-surface mineralised zone has been identified immediately west of the main North-South grade domain within the current pit.  This new in-pit zone is in addition to the high-grade zones reported previously.  These zones will add immediately to the mineable oxide ounces in the Reserve as they will be grade controlled drilled once mining reaches the relevant pit floor elevations over the next 6 months.  The targeted diamond drilling that has been carried out has also allowed the structural model for the deposit to be refined, which has been a benefit to further exploration but also the grade control and Resource modelling.

Komana West - Southern Extension

RC drilling to test for the southern extension of mineralisation identified a broad zone of 12m @ 1.9g/t (open at depth below) in hole KWRC0419.  The intersection is located 650m south of the boundary of the planned pit. Further follow up drilling will be planned next year to test for mineralised extensions along strike and down dip.

A total of 2,536m of Diamond Drilling and 3,091 metres of RC has been drilled at Komana West and its northern and southern extensions.  There remain a few RC assays still outstanding.  See table below for a complete set of results.

Gonka

Drilling at Gonka has identified a series of broad mineralised zones with intermittent, narrow high-grade zones, with both related to north plunging, open fold hinge zones proximal to a basalt-metasediment contact.  These zones form a series of well-defined linear ore shoots which are proving to be predictable in nature. The predictability of the ore shoots is allowing for drilling to continue to define extensions to the shoots outside of the $1,100/oz pit shell used in the DRA's 2016 open pit and underground scoping study. 

Mineralisation is typically defined by a fine, dark alteration of the basalt, with fine pyrite or narrow zones of coarse cubic pyrite +/- quartz veins and/or brecciated quartz-carbonate +/- tourmaline vein zones of various widths.  Photos of these high-grade zones will be uploaded and sent out on Twitter shortly after the release of this announcement.  The mineralised intersections have been identified at depths as shallow as 34m.  However, very little surface expression of the ore body exists, which has limited the number of orpailleurs (artisanal miners) active at Gonka.

The geological and structural model has been under constant revision and has been used to assist with planning and following down plunge extensions to the main high-grade zones.  The exploration team's primary drilling focus for this year has been to convert the previously defined Inferred Resources to Indicated.  Once this is complete, the team's attention can move to the numerous other significant intercepts that have the potential to define new zones in the Gonka mineral resource model.

Gold Fields Ltd ("Gold Fields") had previously drilled +47,000m of drilling at Gonka defining over +300kozs in Inferred resources (DRA 2016 study indicated that there was some 92kozs @ 2.33g/t within the open pit and 77kozs @ 4.47g/t underground at $1,100/oz gold price). Drilling by Gold Fields identified mineralisation and resources along a >2km zone, making up the Gonka trend.  The current drilling program has focused on an 800m long portion at the northern end of the Gonka trend.  Some of Gold Fields' notable drill intersections were;

7m @ 7.65 g/t from 92m depth (KRC0578)

6m @ 9.18 g/t from 102m depth (KRC0578)

15m @ 7.51 g/t from 59m depth (KRC0806)

20m @ 4.19 g/t from 56m depth (KRCD0058)

7.2m @ 7.05 g/t from 139m depth (KRCD0233)

5.2m @ 9.42 g/t from 174.4m depth (KRCD0575)

4.85m @ 11.46 g/t from 109.55m (KRCD0587)

5.3m @ 18.80 g/t from 249m (KRCD0730)

3.5m @ 23.13 g/t from 162.6m (KRCD0756)

1.3m @ 39.71 g/t from 220.4m (KRCD0808)

To date a total of 9,908m (budget of 12,000m) of DD and 6,206 metres (budget of 10,000m) of RC pre-collars have been completed at Gonka.  The current exploration drill programme will be finished by year end, and work has already begun to ensure the updated Resource and Reserve models are finalised by Q1 2019.

The Gonka deposit is situated just 5km 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, expected by the end of first quarter 2019.

Guirin West

Mineral Resource modelling of the Guirin West infill RC drilling (1,956m) was completed by CSA Global - UK.  The total mineral resource defined from this drilling was 64kt @ 2.26g/t for 4.6kozs (at a cut-off of 0.8g/t). All the material is oxide and is contained with a single grade domain.  Only the southern-most zone within the 6 mineralised zones that make up Guirin West was able to be drilled at the time due to the extreme wet season.  The remaining zones are being planned to be drilled in 2019.

Komana East Underground

No further drilling is being planned for 2018 at Komana East underground.  Mining planning work is being scheduled to commence by CSA Global - Perth in February 2019 to prepare an underground mine design and schedule on the existing Indicated resources beneath the pit.  This work is scheduled for completion by the end of quarter one 2019.

Sanioumale East and West "SE & SW"

The planned 2018 resource infill and fresh rock extensional drilling at Sanioumale East and West have been postponed until 2019.  Mine planning work by CSA Global are running mine planning scenarios on the existing Indicated resources (oxide and transitional only) at SE & SW.  With the planned second ball mill expansion ready by Q3 2019, the oxide / transitional resources of 200kozs at SE & SW will be blended with the hard rock resources from Gonka.

Komana West

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

Hole_ID	Depth From (m)	Depth To (m)	Interval (m)	Grade (g/t)	Intercept Description
KWDD0600	139	146	7	1.88	7m @ 1.88 g/t
KWDD0601	109	110.2	1.2	0.8	1.2m @ 0.80 g/t
KWDD0601	118	119	1	3.23	1m @ 3.23 g/t
KWDD0601	133	134	1	0.8	1m @ 0.80 g/t
KWDD0601	143	144	1	2.25	1m @ 2.25 g/t
KWDD0601	159	160	1	0.58	1m @ 0.58 g/t
KWDD0601	164	165	1	3.04	1m @ 3.04 g/t
KWDD0602	119	120	1	22.9	1m @ 22.90 g/t
KWDD0603	72.4	80.45	8.05	4.98	8.05m @ 4.98 g/t
KWDD0603	84.9	92	7.1	6.25	7.1m @ 6.25 g/t
KWDD0603	96.1	98	1.9	24.87	1.9m @ 24.87 g/t
KWDD0603	105.55	107	1.45	0.57	1.45m @ 0.57 g/t
KWDD0603	118	142.75	24.75	3.06	24.75m @ 3.06 g/t
KWDD0603	173	174	1	3.83	1m @ 3.83 g/t
KWDD0604	64	66	2	0.58	2m @ 0.58 g/t
KWDD0604	69	82.5	13.5	5.33	13.5m @ 5.33 g/t
KWDD0604A	62.5	65	2.5	3.47	2.5m @ 3.47 g/t
KWDD0604A	69.7	79.7	10	9.9	10m @ 9.90 g/t
KWDD0605	102	103	1	0.73	1m @ 0.73 g/t
KWDD0605	134	136	2	5.12	2m @ 5.12 g/t
KWDD0605	139	145	6	2.17	6m @ 2.17 g/t
KWDD0605	154	157	3	0.96	3m @ 0.96 g/t
KWDD0606	115	116	1	0.63	1m @ 0.63 g/t
KWDD0607	121	123	2	2.71	2m @ 2.71 g/t
KWDD0607	127	128	1	0.81	1m @ 0.81 g/t
KWDD0608	43	54.8	11.8	1.12	11.8m @ 1.12 g/t
KWDD0608	61	62	1	10	1m @ 10.00 g/t
KWDD0608	80	81	1	0.53	1m @ 0.53 g/t
KWDD0608	86.3	88	1.7	0.92	1.7m @ 0.92 g/t
KWDD0608	93	94.7	1.7	1.15	1.7m @ 1.15 g/t
KWDD0608	98	99	1	0.62	1m @ 0.62 g/t
KWDD0608	125	126.8	1.8	10.11	1.8m @ 10.11 g/t
KWDD0608	142	143	1	0.85	1m @ 0.85 g/t
KWDD0609	8	23	15	4.25	15m @ 4.25 g/t
KWDD0609	78	79	1	0.59	1m @ 0.59 g/t
KWDD0609	92.43	93.45	1.02	0.8	1.02m @ 0.80 g/t
KWDD0609	150	152	2	0.87	2m @ 0.87 g/t
KWDD0609	164	165	1	0.54	1m @ 0.54 g/t
KWDD0612	112	113	1	0.81	1m @ 0.81 g/t
KWDD0613	85.3	87	1.7	5.96	1.7m @ 5.96 g/t
KWDD0613	97	98	1	14.3	1m @ 14.30 g/t
KWDD0613	121.25	123	1.75	2.21	1.75m @ 2.21 g/t
KWDD0614	104	105	1	1.06	1m @ 1.06 g/t
KWDD0614	114.4	118	3.6	4.95	3.6m @ 4.95 g/t
KWDD0614	126	134	8	1.99	8m @ 1.99 g/t
KWDD0614	137.05	139.1	2.05	7.33	2.05m @ 7.33 g/t
KWRC0400	13	14	1	2.7	1m @ 2.70 g/t
KWRC0406	36	39	3	1.34	3m @ 1.34 g/t
KWRC0408	110	112	2	2.45	2m @ 2.45 g/t
KWRC0408	114	115	1	0.6	1m @ 0.60 g/t
KWRC0417	0	1	1	16.8	1m @ 16.80 g/t
KWRC0419	90	102	12	1.9	12m @ 1.90 g/t
KWRCD0003	11	12	1	0.54	1m @ 0.54 g/t
KWRCD0003	28	29	1	12.8	1m @ 12.80 g/t
KWRCD0003	48	49	1	8.4	1m @ 8.40 g/t
KWRCD0003	59	60	1	1.47	1m @ 1.47 g/t
KWRCD0003	71	72	1	1.1	1m @ 1.10 g/t
KWRCD0003	91.25	92.75	1.5	0.75	1.5m @ 0.75 g/t
KWRCD0003	195	196	1	0.83	1m @ 0.83 g/t
KWRCD0004	47	48	1	0.56	1m @ 0.56 g/t
KWRCD0004	77	80	3	3.26	3m @ 3.26 g/t
KWRCD0004	94.5	95.9	1.4	20.46	1.4m @ 20.46 g/t
KWRCD0004	104.4	105.4	1	2.4	1m @ 2.40 g/t
KWRCD0004	121	123	2	0.8	2m @ 0.80 g/t
KWRCD0004	133	134	1	29.7	1m @ 29.70 g/t

Gonka

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

Hole_ID	Depth From (m)	Depth To (m)	Interval Width (m)	Grade (g/t)	Intercept Description
GKDD0001	132	134	2	2.12	2m @ 2.12 g/t
GKDD0001	153	155	2	3.72	2m @ 3.72 g/t
GKDD0001	167	168	1	1.77	1m @ 1.77 g/t
GKDD0002	80	82	2	4.34	2m @ 4.34 g/t
GKDD0002	88	89	1	2.54	1m @ 2.54 g/t
GKDD0002	108	111	3	5.5	3m @ 5.50 g/t
GKDD0002	157	158	1	0.5	1m @ 0.50 g/t
GKDD0003	78.4	80.45	2.05	1.11	2.05m @ 1.11 g/t
GKDD0004	39	41	2	1.77	2m @ 1.77 g/t
GKDD0004	60	61	1	0.9	1m @ 0.90 g/t
GKDD0006	90	91.25	1.25	0.6	1.25m @ 0.60 g/t
GKDD0007	134	136	2	8.18	2m @ 8.18 g/t
GKDD0007	158	161	3	1.84	3m @ 1.84 g/t
GKDD0007	187	193	6	4.41	6m @ 4.41 g/t
GKDD0007	199	200	1	0.5	1m @ 0.50 g/t
GKDD0008	206	207	1	1.7	1m @ 1.70 g/t
GKDD0009	109	110	1	2.97	1m @ 2.97 g/t
GKDD0009	116	118	2	1.69	2m @ 1.69 g/t
GKDD0009	177.2	179.15	1.95	2.37	1.95m @ 2.37 g/t
GKDD0010	85	89	4	2.78	4m @ 2.78 g/t
GKDD0010	112	117	5	2.97	5m @ 2.97 g/t
GKDD0010	120	121	1	0.66	1m @ 0.66 g/t
GKDD0010	132.15	133.8	1.65	0.67	1.65m @ 0.67 g/t
GKDD0011	34	47.6	13.6	2.56	13.6m @ 2.56 g/t
GKDD0012	156	157	1	0.61	1m @ 0.61 g/t
GKDD0012	160	164	4	0.98	4m @ 0.98 g/t
GKDD0012	185	186	1	2.13	1m @ 2.13 g/t
GKDD0012	198	200	2	0.54	2m @ 0.54 g/t
GKDD0015	144.5	150.8	6.3	2.88	6.3m @ 2.88 g/t
GKDD0015	186.25	187.25	1	0.52	1m @ 0.52 g/t
GKDD0017	116.2	117.4	1.2	0.87	1.2m @ 0.87 g/t
GKDD0017	141	144	3	1.19	3m @ 1.19 g/t
GKDD0018	91	92	1	0.74	1m @ 0.74 g/t
GKDD0018	170	171	1	0.68	1m @ 0.68 g/t
GKDD0019	146	154.5	8.5	1.36	8.5m @ 1.36 g/t
GKDD0019	184	185	1	0.52	1m @ 0.52 g/t
GKDD0020	90.6	97	6.4	2.9	6.4m @ 2.90 g/t
GKDD0020	111.2	114.8	3.6	0.85	3.6m @ 0.85 g/t
GKDD0020	118.35	126.1	7.75	2.95	7.75m @ 2.95 g/t
GKDD0020	128.9	132	3.1	20.39	3.1m @ 20.39 g/t
GKDD0021	177	179	2	0.98	2m @ 0.98 g/t
GKDD0022	45	46	1	1.16	1m @ 1.16 g/t
GKDD0022	56.05	57.05	1	1.5	1m @ 1.50 g/t
GKDD0024	136	137	1	5.06	1m @ 5.06 g/t
GKDD0024	146	147	1	30.8	1m @ 30.80 g/t
GKDD0024	167	169	2	1.57	2m @ 1.57 g/t
GKDD0025	147	148.56	1.56	0.59	1.56m @ 0.59 g/t
GKDD0027	68	70	2	1.24	2m @ 1.24 g/t
GKDD0027	86	89	3	1.19	3m @ 1.19 g/t
GKRCD0002	169	171	2	1.61	2m @ 1.61 g/t
GKRCD0002	178	192	14	3.88	14m @ 3.88 g/t
GKRCD0002	205	207	2	0.95	2m @ 0.95 g/t
GKRCD0004	281	282.2	1.2	1.29	1.2m @ 1.29 g/t
GKRCD0013	207	222	15	16.03	15m @ 16.03 g/t
GKRCD0013	228	230.5	2.5	0.87	2.5m @ 0.87 g/t
GKRCD0020	195	198	3	1.8	3m @ 1.80 g/t
GKRCD0020	202	203.1	1.1	0.63	1.1m @ 0.63 g/t
GKRCD0020	206.3	216	9.7	2.15	9.7m @ 2.15 g/t
GKRCD0020	219	220	1	1.97	1m @ 1.97 g/t
GKRCD0022	219	220	1	0.86	1m @ 0.86 g/t
GKRCD0023	158	159	1	5.5	1m @ 5.50 g/t
GKRCD0023	162.7	165	2.3	6.55	2.3m @ 6.55 g/t
GKRCD0023	187	191	4	0.51	4m @ 0.51 g/t
GKRCD0023	199	203	4	0.58	4m @ 0.58 g/t
GKRCD0023	210	212	2	1.56	2m @ 1.56 g/t
GKRCD0023	229	230.8	1.8	1.06	1.8m @ 1.06 g/t
GKRCD0033	49	55	6	2.29	6m @ 2.29 g/t
GKRCD0033	60	61	1	0.58	1m @ 0.58 g/t
GKRCD0033	70	71	1	1.19	1m @ 1.19 g/t
GKRCD0033	78	79	1	1.84	1m @ 1.84 g/t
GKRCD0035	74	75	1	0.99	1m @ 0.99 g/t
GKRCD0035	79	80	1	0.8	1m @ 0.80 g/t
GKRCD0035	87	88	1	0.55	1m @ 0.55 g/t
GKRCD0035	92	93	1	0.79	1m @ 0.79 g/t
GKRCD0035	100	119.55	19.55	1.8	19.55m @ 1.80 g/t
GKRCD0035	123	126	3	1.13	3m @ 1.13 g/t
GKRCD0036	87.7	90	2.3	0.73	2.3m @ 0.73 g/t
GKRCD0036	118	119	1	1.85	1m @ 1.85 g/t
GKRCD0036	158.74	167	8.26	1.73	8.26m @ 1.73 g/t
GKRCD0042B	121	122	1	2.13	1m @ 2.13 g/t
GKRCD0042B	125	126.08	1.08	1.16	1.08m @ 1.16 g/t
GKRCD0042B	160	161	1	0.6	1m @ 0.60 g/t
GKRCD0044	8	9	1	0.5	1m @ 0.50 g/t
GKRCD0044	34	38	4	3.2	4m @ 3.20 g/t
GKRCD0044	44	46	2	1.93	2m @ 1.93 g/t
GKRCD0044	62	65	3	2.35	3m @ 2.35 g/t
GKRCD0044	79	90	11	4.11	11m @ 4.11 g/t
GKRCD0056	48	55	7	1.29	7m @ 1.29 g/t
GKRCD0056	59	60	1	0.65	1m @ 0.65 g/t
GKRCD0057	11	14	3	0.86	3m @ 0.86 g/t
GKRCD0057	53	56	3	0.66	3m @ 0.66 g/t
GKRCD0057	60	72	12	1.04	12m @ 1.04 g/t

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 James Crothers	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 and is expected to produce approximately 107,000oz gold/year on average over the Life of Mine.  Yanfolila holds pre-production Probable Reserves of 709,800oz @ 3.14g/t, and 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 34% 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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