Hummingbird Resources PLC Update on the Dugbe Gold Project (8995E)
November 11 2020 - 1:00AM
UK Regulatory
TIDMHUM
RNS Number : 8995E
Hummingbird Resources PLC
11 November 2020
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
11 November 2020
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Update on the Dugbe Gold Project
Hummingbird Resources plc (AIM:HUM) is pleased to provide the
following update in relation to the Dugbe Gold Project (the
"Project") in Liberia.
Our earn in partner, Pasofino Gold Ltd ("Pasofino") (TSX-VEIN),
has released an update on the Project announcing that, under its
direction, the Company has exercised its option to acquire the
"Central License" located and encompassed centrally within the
Project. For Pasofino release details and graphics please follow
the link here . For further details on the option and earn-in
agreement with Pasofino, please refer to the Company's RNS dated 4
June 2020.
Dan Betts, CEO of Hummingbird Resources, commented:
" We believe the acquisition of the Central License represents a
significant project enhancement with exceptional prospectively. The
area is well known for its artisanal gold workings and additionally
benefits from a previous drilling dataset of high-grade
intersections. This, coupled with our already large drilling
dataset adds to our knowledge, development and exploration
potential for the region. "
Central License Acquisition Highlights
-- Increases license area:
-- The Central License adds an additional 210km(2) to the
Project's license area and forms the 'core' to the southern part of
the Project
-- The license includes an area known as 'Bukon Jedeh' located 8
kms southeast of the Project's large Tuzon deposit
-- Gold mining has reportedly taken place here since 1935 with
extensive historical artisanal mining in the region supporting the
view of being a highly prospective area
-- Pasofino notes that approximately 16 km of prospective ground
to be the area of focus for further exploration. Goal being to
identify another open pit deposit that could be processed at the
Tuzon-Dugbe mining complex once developed
-- In 2012 and 2013, ASX listed, Equator Resources Limited
("Equator") carried out soil geochemistry and reverse circulation
drilling within the Bukon Jedeh area
-- 80 holes and approximately 6,500 metres were drilled
producing significant results as shown by some key highlights
below
-- Highlights of historical drill results produced by
Equator::
-- 2 m @ 61.80 g/t Au from 74 m (BRC050)
-- 10 m @ 6.20 g/t Au from 11 M (BRC037)
-- 7 m @ 5.69 g/t Au from 10 m (BRC019)
-- 5 m @ 3.55 g/t Au from surface (BRC035)
-- Total project area increased:
-- Total project area under license increases from 2,355 km(2)
to 2,565 km(2)
**ENDS**
For further information please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts, Hummingbird Resources Tel: +44 (0) 20 7409
CEO plc 6660
Thomas Hill, FD
Edward Montgomery,
CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
James Bellman Nominated Adviser
-------------------------- ---------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
8000
Broker
-------------------------- ---------------------
Tim Blythe Blytheweigh Tel: +44 (0) 20 7138
Megan Ray 320 5
Rachael Brooks Financial PR/IR
-------------------------- ---------------------
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'). Our vision is
to continue to grow our asset base, producing highly profitable
ounces, while central to all we do being our Environmental, Social
& Governance ('ESG') policies and practices. The Company
currently has two core gold projects, the Yanfolila Gold Mine in
Mali, and the recently acquired Kouroussa Gold 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. Construction of the Yanfolila mine,
was on time and on budget in December 2017 having produced to date
in excess of 270 kozs (as end of July 2020). Mineable Reserves, as
at 31 October 2019 Yanfolila were 7.9Mt of Reserve ore @ 2.66 g/t
for 676,000ozs gold. At 31 March 2019 Yanfolila had a total
Resource base (inclusive of Reserves) of 28Mt of Ore @ 2.23 g/t for
2,005,300ozs gold. The Kouroussa Gold Project has a Mineral
Resource base of 1.18Moz @ 3.08 g/t, which we are working on to be
fast tracked to production, adding an additional c.100,000 oz of
gold per annum to the Company's production profile. 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 43% IRR
and US$337m NPV at a US$1,500 gold price.
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