TIDMHUM
RNS Number : 8610T
Hummingbird Resources PLC
30 March 2021
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
30 March 2021
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Mineral Resources Estimate Update at Yanfolila, Mali
Hummingbird Resources plc (AIM:HUM) is pleased to announce an
internal Mineral Resource Estimate ('MRE') update for The Yanfolila
Mine in Mali. For release details with graphics, please follow the
link here:
http://www.rns-pdf.londonstockexchange.com/rns/8610T_1-2021-3-29.pdf
2020 MRE Highlights:
-- A total of 255,600 ounces ('oz') of gold were discovered
during the 2020 exploration programme across three key deposits
-- The 2020 exploration programme of $5 million had three key
focus areas
o To add additional resources to show the ability to extend the
mine life and test new greenfield targets
o To improve confidence in the Company's mineral inventory by
infill drilling within the pit shells
o To reorganise the Company's MRE database to include increased
JORC reporting
-- The 2020 exploration programme was successful in meeting
these objectives
-- In terms of additional resources
o At Sanioumale East ('SE'), 141,900 oz of gold were discovered,
the SE JORC MRE is now 204,000 oz of gold
-- Drilling at SE revealed a bigger than previously known
deposit which remains open along strike and at depth. It is
currently being aggressively followed up with further
exploration
o At Sanioumale West ('SW'), 26,200 oz of gold were discovered,
the SW JORC MRE is now 164,200 oz of gold
-- Drilling increased confidence and understanding ahead of
future mining
o At Komana East ('KE'), 87,500 oz of gold were discovered; the
KE JORC MRE is now 560,600 oz of gold (net of depletion)
-- Drilling shows evidence that KE remains open at depth which
adds further confidence to KE underground plans
-- The 2021 exploration budget has been doubled, to $10 million,
and will focus on the three key deposits and greenfield targets
-- Total project mineral resources (Indicated and Inferred) as
at 31 December 2020 are 1,929,000 oz of gold ( 1,475,000 oz
Indicated and 454,000 oz Inferred) compared with 2,003,000 oz of
gold in the MRE published in March 2019
o The updated 2020 MRE reflects 12 months of exploration
o The Company completed a consolidation of the historical MRE
tables to improve and simplify reporting
o The 2020 SW exploration programme saw the Company updating its
deposit geological model based on new drilling data and logging,
which resulted in some of the Gold Fields Limited historical
resources being removed from the 2020 MRE
-- The 2020 MRE will be used to update the Reserve Statement
which is expected to be released later this year
Dan Betts, CEO of Hummingbird Resources, said:
"During 2020's exploration programme, it was our objective to
both discover new ounces that could form future extensions to the
mine life at Yanfolila, and increase confidence in our known
mineral deposits. I am pleased to say that our exploration team
have accomplished these objectives. This gives us confidence in the
ability to further extend the mine life at Yanfolila; both in terms
of open pitable resources and the potential for underground mining.
Of particular note is the increase in resources at SE that also
included the discovery of new structures and some spectacular
grades and intersections. This deposit is still completely open and
we are already drilling it aggressively as part of the 2021
programme.
"More generally, in 2021, we intend to build on our 2020
exploration work with a significantly increased budget and I look
forward to updating the market as drill results become available.
The focus in 2021 will be more towards increasing resources as
opposed to infill drilling. The cheapest ounces are the ones you
find, and this is particularly true at Yanfolila where we will have
soon fully paid down our debt, and any extensions to the LOM add
meaningful, immediate and tangible value."
Investor Q&A
Hummingbird will be publishing a Q&A for investors on Vox
Markets on the week commencing 29 March 2021. Please submit any
questions to Kat Perez at kperez@voxmarkets.co.uk before 17:00 BST
on Tuesday 30 March 2021.
2020 MRE Summary
The updated 2020 MRE statement marks a significant step towards
increasing Yanfolila's LOM. The Company committed to spending $5
million on an exploration campaign at Yanfolila in 2020, with the
strategy focusing on adding new resources, testing new greenfield
targets and improving the mineral resource confidence. This
drilling programme resulted in the discovery of 255,600 oz of new
mineral resources which represents a low discovery cost of under
$20 per ounce and therefore confirming the Company's investment in
exploration to create shareholder value.
The exploration results confirm the Company's confidence in the
open mineralisation at Yanfolila; evidenced at KE, SW and SE, which
will provide additional, immediate resources that are likely to
provide further extensions to the mine life. Additionally, the 2021
exploration programme will include greenfield targets that will
provide further long-term growth through creating an organic
pipeline of targets. This provides the Company with an expected
consistent path to adding additional mineral resources each year.
The doubling of the 2021 exploration budget indicates Hummingbird's
confidence in the continued success of future exploration.
The total reported 2020 mineral resources (Indicated and
Inferred) as at 31 December 2020 were 1,929,000 oz of gold versus
March 2019 of 2,003,000 oz of gold following resources discovered,
mineral resource depletion from mining and the consolidation of
non-JORC code compliant resources, which also led to an updated
geological model.
Non-code compliant resources for SW and Gurin West totalling 114
koz that were in 2019 MRE are not included in 2020 MRE. This is due
to improved understanding of the deposits, in particular at SW,
which led to an updated geological model, following the 2020
exploration programme. The Kabaya South and Badogo Malikila
non-code compliant mineral resources remain in the 2020 MRE as no
exploration work was carried out in these areas during the 2020
exploration programme. The Company intends to carry out further
exploration work at these deposits in 2022 with the aim of
converting these resources to JORC compliant standards.
Additionally, the 2020 exploration programme added 43 koz to the
2020 MRE due to standard MRE adjustments which included, density
increases, changes in grade domains, changes in reporting surfaces
and changes in weathering surfaces due to new drilling.
These changes are summarised in the table below.
Exploration & Depletion
--------------------- ----------------- ---------------------- ----------------------- --------------------
March March 2020 Mined Non-Code MRE December
2019 2019 Discovered Resources / Adjustments 2020 MRE
to MRE Resources Depletion Geological
December (12 months) (21 months) Model
2020 MRE Change
Changes
Table
----------------- ----------------------- ----------------------- ---------------------- ----------------------- --------------------
Ounces
(kozs) 2,003 +255 -258 -114 +43 1,929
----------------- ----------------------- ----------------------- ---------------------- ----------------------- --------------------
2020 Yanfolila Mineral Resources Table*
As at 31 INDICATED INFERRED TOTAL RESOURCES
December
2020
------------------------- ------------------------
TONNES GRADE OUNCES TONNES GRADE OUNCES TONNES GRADE OUNCES
Deposit Mineral Resource (kt) g/t (koz) (kt) g/t (koz) (kt) g/t (koz)
Code
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Komana East JORC 4,177 3.61 485 813 2.90 76 4,990 3.49 561
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Komana West JORC 5,877 2.07 390 1,006 1.57 51 6,883 1.99 441
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Gonka JORC 2,003 3.39 219 295 7.82 74 2,298 3.96 293
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Sanioumale
East JORC 1,669 2.64 142 754 2.58 62 2,423 2.62 204
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Sanioumale
West JORC 1,739 1.85 104 1,067 1.76 61 2,806 1.82 164
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Guirin West JORC 1,160 1.98 74 - - - 1,160 1.98 74
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Kabaya South SAMREC 1,370 1.42 62 650 1.10 23 2,020 1.31 85
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Kabaya South** Non-Code 950 1.50 46 950 1.50 46
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Badogo-Malikila** Non-Code 2,347 0.81 61 2,347 0.81 61
----------------- -------- ------ ------- ------- ------ ------- ------- ------ -------
Total Mineral
Resources 17,995 2.55 1,475 7,882 1.79 454 25,877 2.32 1,929
-------- ------ ------- ------- ------ ------- ------- ------ -------
* The mineral resources shown in the table above represent the
gross resources attributable to the Project (inclusive of
Government interest).
** Where the Inferred resources from Kabaya South and
Badogo-Malikila are reported, it is noted these are Gold Fields Ltd
historical mineral resources as previously reported in the
Company's MRE update of December 2015. Complete details of each
deposit's MRE and reporting details are provided in the deposit's
mineral resource tables further below.
1. Due to improved understanding and therefore an updated
geological model, following the 2020 exploration programme, the
Company has removed the non-code compliant resources for Sanioumale
West and Gurin West from the 2020 MRE. These resources were
included in the March 2019 model.
2. The Kabaya South and Badogo Malikila non-code compliant
mineral resources remain in the 2020 MRE as no exploration work was
carried out in these areas during the 2020 exploration programme.
The Company intends to carry out further exploration work at these
deposits in 2022 with the aim of converting these resources to JORC
compliant standards.
2019 Yanfolila Mineral Resources Table*
As at INDICATED INFERRED TOTAL RESOURCES
31st March
2019
------------------------ ------------------------
TONNES GRADE OUNCES TONNES GRADE OUNCES TONNES GRADE OUNCES
Deposit Mineral (kt) g/t (koz) (kt) g/t (koz) (kt) g/t (koz)
Resource
Code
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Komana
East JORC 6,112 3.00 590 1,060 2.46 84 7,172 2.92 674
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Komana
West JORC 6,768 1.86 404 775 2.10 52 7,543 1.88 456
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Gonka JORC 2,003 3.39 219 295 7.83 74 2,298 3.96 293
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Sanioumale
East JORC 635 3.04 62 - - - 635 3.04 62
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Sanioumale
West JORC 1,850 1.97 117 260 2.49 21 2,110 2.03 138
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Guirin
West JORC 1,160 1.98 74 - - - 1,160 1.98 74
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Kabaya
South SAMREC 1,370 1.42 62 650 1.10 23 2,020 1.31 85
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Sanioumale
West** Non-Code - - - 1,667 2.08 112 1,667 2.08 112
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Guirin
West** Non-Code - - - 49 1.52 2 49 1.52 2
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Kabaya
South** Non-Code - - - 950 1.50 46 950 1.50 46
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Badogo-Malikila** Non-Code - - - 2,347 0.81 61 2,347 0.81 61
---------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Total
Mineral
Resources 19,898 2.39 1,528 8,053 1.84 475 27,951 2.23 2,003
------- ------ ------- ------- ------ ------- ------- ------ -------
* The mineral resources shown in the table above represent the
gross resources attributable to the Project (inclusive of
Government interest).
** Where the Inferred resources from Sanioumale West, Guirin
West, Kabaya South and Badogo-Malikila are reported as Gold Fields
Ltd historical mineral resources as previously reported in the
Company's MRE update of December 2015.
1. The reported Mineral Resource for Kabaya South is
unconstrained i.e. outside the pit used to report the in-pit SAMREC
2009 compliant resources, modelling was done in accordance and
following the guidelines of SAMREC 2009 however the resource
reported are those beneath the pit shell and are therefore non code
compliant.
2. Tonnes have been rounded to the nearest 1,000 t; Ounces have
been rounded to the nearest 100 oz. Numbers may not total due to
rounding. Contained ounces have been calculated using 1 oz =
31.1035 g.
3. The MRE reported here for Kabaya South was based on
information compiled under the supervision of Gold Fields Ltd
Mineral resource group and the Competent Person (Mr. Alex Trueman),
as defined by the SAMREC (2009 Edition) on behalf of Gold Fields
Ltd.
4. The reported Mineral Resource for Badogo Malikila is
unconstrained i.e. no pit shell used for reporting within.
Modelling was carried out by the competent person acting on behalf
of Gold Field Ltd Mineral Resource group. Whose work was audited by
a 3rd party independent mineral resource modelling consultants
Optiro Ltd.
5. Badogo Malikila mineral resources was reported internally
within Gold Fields Ltd on the 15th November 2013 as part of their
Yanfolila De-Risking Study of the Yanfolila Project, to understand
the project drivers and testing alternative mine plan scenarios to
identify the project's key risks. This work was carried out by Gold
Fields Ltd and the SENET group
6. Hummingbird Resources has reviewed the Badogo-Malikila MRE
model, but has not re-evaluated the Badogo Malikila mineral
resource model and continues to quote the Resource as announced in
the RNS on 15th December 2015 and as previously announced in its
purchase of the project in June 2014.
7. Badogo-Malikila deposit is situated approximately 30kms in a
direct line from the Komana Process plant, the deposit is located
within the Faliko-Fodela and Badogo-Malikila exploration licenses
which are 100% owned by The Company.
2020 Exploration Overview and 2021 Exploration Outlook
21,500 m were drilled as part of the 2020 exploration programme
and drilling focused on three main areas for resource growth and
two greenfield targets:
a. Identifying high-grade resources at the Komana East Underground ('KEUG') deposit;
b. Identifying additional open pit oxide resources and reserves at SW and SE; and
c. Testing new greenfield resource targets within the Company's
mining licences and nearby exploration licence area known as
Diaban.
A brief description of the exploration carried out at each of
the deposits and targets is below.
SE
The 2020 exploration drilling at SE has provided the Company
with the largest mineral resource discovery, adding 141,900 oz of
gold to bring the total SE JORC MRE to 204,000 oz of gold.
Drilling, which initially focused on improving the mineral resource
confidence, then progressed to closing off the mineralisation
extents at each of the three SE pits (North, Central & South).
However, as drilling progressed, either deeper or along strike,
mineralisation continued to be encountered which led to the
discovery of the 'New Zone' at the northern end of the Central Pit,
where approximately 80,000 oz of new mineral resources were
delineated.
SE deposit is located along a 3.0 km long area of the Sankarani
shear zone, the same structure that hosts KE and the Gonka deposit,
totalling more than 1.0 million resource ounces. Drilling to date
has tested 1.5 km length of the structure, with a further 1.5 km
remaining untested.
As SE was drilled last in the programme, the exploration
drilling continued through from the end of 2020 into 2021 and has
become the main focus for the exploration drilling for 2021. Good
intercepts continue to be intersected and mineralisation is still
not closed off. In 2021, drilling will continue to focus on the
near surface extensions of the mineralisation surrounding the three
pits as well as some of the deeper holes that ended in
mineralisation on its Eastern extremities.
SW
At SW, the exploration focus was primarily to improve the
mineral resource confidence for future mine planning, a requirement
the Company decided to undertake due to the upfront capital
expenditure required to build the haul road and satellite operation
facility in advance of mining in 2022.
Last year's drilling led to the moderate discovery of 26,000 oz
of gold to bring the total JORC MRE for SW to 164,200 oz of gold.
However, the main benefit from the work was the improved
understanding of the grades due to the drilling being carried out
at 20 x 20 m spacing. This improved understanding led to an update
of the geological model and the decision to remove the non-code
compliant resources from the March 2019 MRE, totalling 112 koz,
from the 2020 MRE.
The drilling intersected a large number of high-grade intervals,
which are shallow and open beneath the planned pit floor, therefore
providing immediate targets for resource growth in 2021. In
addition, the 2021 exploration drilling will also focus on drilling
the northern extents of the SW deposit that were not targeted this
year.
KE
The KE deposit exploration targeted the testing of the down dip
extension of the high-grade zones known to exist from pit floor
mapping and grade control drilling under the central area of the
pit not previously drilled. This drilling involved 14 holes, for
slightly over 4,000 m of drilling. The drilling was successful in
proving up the continuation of the mineralisation under the central
and northern end of the KE pit. A highlight was in the last hole
(KEUGDD014) at the northern end of the pit and intersected 3.0 m at
+5.0 g/t gold, which proved the mineralisation is not closed off
and provided the Company with new ground to drill test in 2021 and
the potential to add further to the mineral resource inventory in
2021.
In 2021, exploration will focus on following up the northern
most intersection in hole KEUGDD14 as this mineralisation is
outside the current KE mine plan and any further resources
delineated in this northern end of KE to add to the potential mine
life of the planned underground operation.
Greenfield Drilling & Targets
In late 2019, a review of the soil geochemistry, regolith
mapping and geophysical data led to the identification of seven
high priority soil geochem targets. In 2020, the exploration
drilling tested two of the seven anomalies. The first greenfield
target ('BBC') drilled was successful in intersecting zones of
mineralisation that requires further drill follow up this year to
better understand its potential mineral resource capability. For
2021, testing of greenfield targets will be carried out at six new
locations, of which Diaban, to the south of Gonka and proximal to
the intersection of two regional structures, will be the first to
the tested and due to commence within the next few weeks.
2021 Mineral Resource and Mineable Reserves Outlook
In 2021, exploration drilling has two main objectives, the
first, to increase mineral resources at known deposits and the
second, to test new greenfield targets.
With up to $10 million of exploration budget approved, drilling
will largely be carried out at the SE, SW and KE deposits, where
opportunity still remains to grow the resources further.
Additionally, the Company will aim to create a pipeline of advanced
greenfield targets that will contribute to future Inferred and
Indicated resources.
With the mineral resource models completed, the Company is
working on the mineable reserves' technical studies, pit
optimisations, hydrology studies, and geotechnical drilling with
the aim to have the updated Reserve Statement published later this
year. Once this is completed the Company will endeavour to release
updates to the MRE and mineable reserves on a yearly basis.
Qualified Person Review:
Murray Paterson has reviewed and approved 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).
The scientific and technical information contained in this
document relating to the Komana East, Sanioumale East and
Sanioumale West Mineral Resources is based on, and fairly
represents, information compiled by Dr Belinda van Lente. Dr van
Lente, MAIG (#7348), is a Member of the Australian Institute of
Geoscientists. Dr van Lente is a full-time employee of Hummingbird
Resources and is not "independent" within the meaning of the JORC
Code (2012 Edition) Standards of Disclosure for Mineral Projects.
Dr van Lente has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which she is undertaking to qualify as a Competent
Person as defined in the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves. Dr van Lente has consented to and approved the inclusion
in this document of the matters based on her compiled information
in the form and context in which it appears in this document.
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 Nominated Adviser 3494
-------------------------- ---------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
Thomas Diehl Broker 8000
-------------------------- ---------------------
Tim Blythe Blytheweigh Tel: +44 (0) 20 7138
Megan Ray Financial PR/IR 3205
Rachael Brooks
-------------------------- ---------------------
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 highly
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.
Yanfolila, Mali Mineral Resources Map
Mineral Resources by Deposit
JORC Compliant Mineral Resources
SE Deposit
Hummingbird Resources - Sanioumale East Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 0.80 g/t Au >142mRL
---------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
---------------------- ------------------- ------------- ------------ -----------
Sanioumale East Indicated Oxide 441,000 2.58 36,700
------------------------ ---------------------- ------------------- ------------- ------------ -----------
Transitional 231,000 2.51 18,600
------------------------------------------------------------------- ------------- ------------ -----------
Fresh 997,000 2.69 86,200
------------------------------------------------------------------- ------------- ------------ -----------
Total 1,669,000 2.64 141,500
------------------------------------------------------------------- ------------- ------------ -----------
Inferred Oxide 44,000 2.95 4,100
---------------------- -------------------------------------------- ------------- ------------ -----------
Transitional 44,000 1.95 2,800
------------------------------------------------------------------- ------------- ------------ -----------
Fresh 666,000 2.59 55,500
------------------------------------------------------------------- ------------- ------------ -----------
Total 754,000 2.58 62,400
------------------------------------------------------------------- ------------- ------------ -----------
Total Oxide 485,000 2.62 40,800
---------------------- -------------------------------------------- ------------- ------------ -----------
Transitional 275,000 2.42 21,400
------------------------------------------------------------------- ------------- ------------ -----------
Fresh 1,663,000 2.65 141,700
------------------------------------------------------------------- ------------- ------------ -----------
Total 2,423,000 2.62 203,900
------------------------------------------------------------------- ------------- ------------ -----------
Grades have been estimated using Localised Uniform Conditioning within constraining wireframes
interpreted at a nominal cut-off of 0.30 g/t Au. There is no recorded mining for MRE depletion.
The MRE for SE includes oxide, transitional and fresh material, reported at a 0.8 g/t Au cut-off
to a depth of 240 vertical metres to reflect what may be considered a conceptual base of open
pit mining (to the 142mRL). Tonnes have been rounded to the nearest 1,000 t; Ounces have been
rounded to the nearest 100 oz. Numbers may not total due to rounding. Contained ounces have
been calculated using 1 oz = 31.1035 g. Density assignation (t/m(3) ) to arrive at contained
tonnages are 2.10 for laterite, 1.80 for upper saprolite, 2.10 for lower saprolite, 2.50 for
transitional material, 2.90 for fresh basalt and 2.80 for other fresh lithologies.
---------------------------------------------------------------------------------------------------------------
SW Deposit
Hummingbird Resources - Sanioumale West Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 0.80 g/t Au >142mRL
---------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
---------------------- ------------------- ------------- ------------ -----------
Sanioumale West Indicated Oxide 1,162,000 1.98 73,900
------------------------ ---------------------- ------------------- ------------- ------------ -----------
Transitional 276,000 1.68 14,900
------------------------------------------------------------------- ------------- ------------ -----------
Fresh 301,000 1.54 14,900
------------------------------------------------------------------- ------------- ------------ -----------
Total 1,739,000 1.85 103,700
------------------------------------------------------------------- ------------- ------------ -----------
Inferred Oxide 345,000 1.97 21,900
---------------------- -------------------------------------------- ------------- ------------ -----------
Transitional 187,000 1.75 10,500
------------------------------------------------------------------- ------------- ------------ -----------
Fresh 535,000 1.63 28,100
------------------------------------------------------------------- ------------- ------------ -----------
Total 1,067,000 1.76 60,500
------------------------------------------------------------------- ------------- ------------ -----------
Total Oxide 1,507,000 1.98 95,800
---------------------- -------------------------------------------- ------------- ------------ -----------
Transitional 463,000 1.71 25,400
------------------------------------------------------------------- ------------- ------------ -----------
Fresh 836,000 1.60 43,000
------------------------------------------------------------------- ------------- ------------ -----------
Total 2,806,000 1.82 164,200
------------------------------------------------------------------- ------------- ------------ -----------
Grades have been estimated using Localised Uniform Conditioning within constraining wireframes
interpreted at a nominal cut-off of 0.30 g/t Au. There is no recorded mining for MRE depletion.
The MRE for SW includes oxide, transitional and fresh material, reported at a 0.8 g/t Au cut-off
to a depth of 240 vertical metres to reflect what may be considered a conceptual base of open
pit mining (to the 142mRL). Tonnes have been rounded to the nearest 1,000 t; Ounces have been
rounded to the nearest 100 oz. Numbers may not total due to rounding. Contained ounces have
been calculated using 1 oz = 31.1035 g. Density assignation (t/m(3) ) to arrive at contained
tonnages are 2.10 for laterite, 1.80 for upper saprolite, 2.10 for lower saprolite, 2.50 for
transitional material, and 2.80 for fresh material. All SW resources are JORC compliant and
post 2020 MRE review have not included non-code compliant resources from the March 31 2019
MRE release for SW of 112koz due to an updated geological model, following the 2020 exploration
programme.
---------------------------------------------------------------------------------------------------------------
KE Open Pit ('OP') and KEUG Deposit
Hummingbird Resources - Komana East Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 0.70 g/t Au (open pit)
------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
------------------------ -------------------- --------------- ------------- ------------
KE - OP Indicated Oxide 8,000 1.82 500
-------------- ------------------------ -------------------- --------------- ------------- ------------
Transitional 59,000 2.28 4,300
------------------------------------------------------------ --------------- ------------- ------------
Fresh 1,388,000 2.90 129,200
------------------------------------------------------------ --------------- ------------- ------------
Total 1,455,000 2.86 134,000
------------------------------------------------------------ --------------- ------------- ------------
Inferred Oxide - - -
------------------------ -------------------- --------------- ------------- ------------
Transitional - - -
------------------------ -------------------- --------------- ------------- ------------
Fresh - - -
-------------------- --------------- ------------- ------------
Total - - -
------------------------ -------------------- --------------- ------------- ------------
Total Oxide 8,000 1.94 500
------------------------ ----------------------------------- --------------- ------------- ------------
Transitional 59,000 2.27 4,300
------------------------------------------------------------ --------------- ------------- ------------
Fresh 1,388,000 2.90 129,200
------------------------------------------------------------ --------------- ------------- ------------
Total 1,455,000 2.86 134,000
------------------------------------------------------------ --------------- ------------- ------------
Grades have been estimated using Ordinary Kriging within constraining wireframes interpreted
at a nominal cut-off of 0.30 g/t Au. Open Pit Mineral Resources are oxide, transitional and
fresh material constrained within a pit design shell (US$1,100/oz), reported at a 0.70 g/t
Au cut-off. The MRE has been depleted for recorded mining at 31 December 2020. Tonnes have
been rounded to the nearest 1,000 t; Ounces have been rounded to the nearest 100 oz. Numbers
may not total due to rounding. Contained ounces have been calculated using 1 oz = 31.1035
g. Density assignation (t/m(3) ) to arrive at contained tonnages are 2.10 for laterite, 1.80
for upper saprolite, 2.10 for lower saprolite, 2.50 for transitional material, 2.90 for fresh
basalt and 2.80 for other fresh lithologies.
------------------------------------------------------------------------------------------------------------
Hummingbird Resources - Komana East Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 1.20 g/t Au (underground)
----------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
------------------------- ---------------------- --------------- -------------- ------------
KEUG Indicated Oxide - - -
-------------- ------------------------- ---------------------- --------------- -------------- ------------
Transitional - - -
-------------- ------------------------- ---------------------- --------------- -------------- ------------
Fresh 2,722,000 4.01 350,700
--------------------------------------------------------------- --------------- -------------- ------------
Total 2,722,000 4.01 350,700
--------------------------------------------------------------- --------------- -------------- ------------
Inferred Oxide - - -
------------------------- ---------------------- --------------- -------------- ------------
Transitional - - -
------------------------- ---------------------- --------------- -------------- ------------
Fresh 813,000 2.90 75,900
--------------------------------------------------------------- --------------- -------------- ------------
Total 813,000 2.90 75,900
--------------------------------------------------------------- --------------- -------------- ------------
Total Oxide - - -
------------------------- ---------------------- --------------- -------------- ------------
Transitional - - -
------------------------- ---------------------- --------------- -------------- ------------
Fresh 3,535,000 3.75 426,600
--------------------------------------------------------------- --------------- -------------- ------------
Total 3,535,000 3.75 426,600
--------------------------------------------------------------- --------------- -------------- ------------
Grades have been estimated using Localised Uniform Conditioning within constraining wireframes
interpreted at a nominal cut-off of 0.30 g/t Au. Underground Mineral Resources are Fresh material
beneath the open pit design shell (US$1,100/oz), reported at a 1.20 g/t Au cut-off. The MRE
has been depleted for recorded mining at 31 December 2020. Tonnes have been rounded to the
nearest 1,000 t; Ounces have been rounded to the nearest 100 oz. Numbers may not total due
to rounding. Contained ounces have been calculated using 1 oz = 31.1035 g. Density assignation
(t/m(3) ) to arrive at contained tonnages are 2.10 for laterite, 1.80 for upper saprolite,
2.10 for lower saprolite, 2.50 for transitional material, 2.90 for fresh basalt and 2.80 for
other fresh lithologies.
----------------------------------------------------------------------------------------------------------------
Total KE Deposit (Open Pit & Underground)
Hummingbird Resources - Total Komana East Deposit
Mineral Resource Estimate, as at 31st December 2020
Reported at a cut-off of 0.70 g/t Au (open pit) & at 1.20 g/t Au (Underground)
----------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
------------------------ -------------------- --------------- ------------- ------------
KE - Total Indicated Oxide 8,000 1.94 500
------------------ ------------------------ -------------------- --------------- ------------- ------------
Transitional 59,000 2.27 4,300
---------------------------------------------------------------- --------------- ------------- ------------
Fresh 4,110,000 3.63 479,900
---------------------------------------------------------------- --------------- ------------- ------------
Total 4,177,000 3.61 484,700
---------------------------------------------------------------- --------------- ------------- ------------
Inferred Oxide - - -
------------------------ -------------------- --------------- ------------- ------------
Transitional - - -
------------------------ -------------------- --------------- ------------- ------------
Fresh 813,000 2.90 75,900
---------------------------------------------------------------- --------------- ------------- ------------
Total 813,000 2.90 75,900
---------------------------------------------------------------- --------------- ------------- ------------
Total Oxide 8,000 1.94 500
------------------------ --------------------------------------- --------------- ------------- ------------
Transitional 59,000 2.27 4,300
---------------------------------------------------------------- --------------- ------------- ------------
Fresh 4,923,000 3.51 555,800
---------------------------------------------------------------- --------------- ------------- ------------
Total 4,990,000 3.49 560,600
---------------------------------------------------------------- --------------- ------------- ------------
Open Pit: Open pit grades have been estimated using Ordinary Kriging within constraining
wireframes interpreted at a nominal cut-off of 0.30 g/t Au. Open Pit Mineral Resources are
oxide, transitional and fresh material constrained within a pit design shell (US$1,100/oz),
reported at a 0.70 g/t Au cut-off. The MRE has been depleted for recorded mining at 31 December
2020. Tonnes have been rounded to the nearest 1,000 t; Ounces have been rounded to the nearest
100 oz. Numbers may not total due to rounding. Contained ounces have been calculated using
1 oz = 31.1035 g. Density assignation (t/m(3) ) to arrive at contained tonnages are 2.10 for
laterite, 1.80 for upper saprolite, 2.10 for lower saprolite, 2.50 for transitional material,
2.90 for fresh basalt and 2.80 for other fresh lithologies.
Underground: Underground grades have been estimated using Localised Uniform Conditioning
within constraining wireframes interpreted at a nominal cut-off of 0.30 g/t Au. Underground
Mineral Resources are Fresh material beneath the open pit design shell (US$1,100/oz), reported
at a 1.20 g/t Au cut-off. The MRE has been depleted for recorded mining at 31 December 2020.
Tonnes have been rounded to the nearest 1,000 t; Ounces have been rounded to the nearest 100
oz. Numbers may not total due to rounding. Contained ounces have been calculated using 1 oz
= 31.1035 g. Density assignation (t/m(3) ) to arrive at contained tonnages are 2.10 for laterite,
1.80 for upper saprolite, 2.10 for lower saprolite, 2.50 for transitional material, 2.90 for
fresh basalt and 2.80 for other fresh lithologies.
----------------------------------------------------------------------------------------------------------------
KW Deposit
Hummingbird Resources - Komana West Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 0.70 g/t Au
----------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
------------------------ --------------------- -------------- ------------- -----------
Komana West Indicated Oxide 1,200,000 1.93 74,500
------------------- ------------------------ --------------------- -------------- ------------- -----------
Transitional 382,000 2.10 25,800
------------------------------------------------------------------ -------------- ------------- -----------
Fresh 4,295,000 2.10 290,200
------------------------------------------------------------------ -------------- ------------- -----------
Total 5,877,000 2.07 390,400
------------------------------------------------------------------ -------------- ------------- -----------
Inferred Oxide - - -
------------------------ --------------------- -------------- ------------- -----------
Transitional - - -
------------------------ --------------------- -------------- ------------- -----------
Fresh 1,006,000 1.57 50,800
------------------------------------------------------------------ -------------- ------------- -----------
Total 1,006,000 1.57 50,800
------------------------------------------------------------------ -------------- ------------- -----------
Total Oxide 1,200,000 1.93 74,500
------------------------ ----------------------------------------- -------------- ------------- -----------
Transitional 382,000 2.10 25,800
------------------------------------------------------------------ -------------- ------------- -----------
Fresh 5,301,000 2.00 341,000
------------------------------------------------------------------ -------------- ------------- -----------
Total 6,883,000 1.99 441,200
------------------------------------------------------------------ -------------- ------------- -----------
Grades have been estimated using Ordinary Kriging within constraining wireframes interpreted
at a nominal cut-off of 0.30 g/t Au. The MRE has been depleted for recorded mining at 31 December
2020. Oxide, transitional and fresh material is reported at a cut-off of 0.70 g/t Au above
an irregular surface boundary below which zone continuity deteriorates and which averages
185mRL (vertical depth 270m). Tonnes have been rounded to the nearest 1,000 t; Ounces have
been rounded to the nearest 100 oz. Numbers may not total due to rounding. Contained ounces
have been calculated using 1 oz = 31.1035 g. Density assignation (t/m(3) ) to arrive at contained
tonnages are 2.10 for laterite, 1.80 for upper saprolite, 2.10 for lower saprolite, 2.50 for
transitional material, 2.90 for fresh basalt and 2.80 for other fresh lithologies.
----------------------------------------------------------------------------------------------------------------
Gonka Deposit
Hummingbird Resources - Gonka Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 0.70 g/t Au (open pit)
-------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
------------------------ -------------------- ------------ ------------- ------------
Gonka - OP Indicated Oxide 55,000 2.72 4,800
------------------ ------------------------ -------------------- ------------ ------------- ------------
Transitional 87,000 2.83 8,000
---------------------------------------------------------------- ------------ ------------- ------------
Fresh 815,000 4.22 110,600
---------------------------------------------------------------- ------------ ------------- ------------
Total 957,000 4.01 123,400
---------------------------------------------------------------- ------------ ------------- ------------
Inferred Oxide - - -
------------------------ -------------------- ------------ ------------- ------------
Transitional - - -
------------------------ -------------------- ------------ ------------- ------------
Fresh 26,000 14.67 12,300
---------------------------------------------------------------- ------------ ------------- ------------
Total 26,000 14.67 12,300
---------------------------------------------------------------- ------------ ------------- ------------
Total Oxide 55,000 2.71 4,800
------------------------ --------------------------------------- ------------ ------------- ------------
Transitional 87,000 2.86 8,000
---------------------------------------------------------------- ------------ ------------- ------------
Fresh 841,000 4.55 122,900
---------------------------------------------------------------- ------------ ------------- ------------
Total 983,000 4.29 135,700
---------------------------------------------------------------- ------------ ------------- ------------
Grades have been estimated using Ordinary Kriging within constraining wireframes interpreted
at a nominal cut-off of 0.30 g/t Au. Open Pit Mineral Resources are oxide, transitional and
fresh material constrained within a pit design shell (US$1,100/oz), reported at a 0.70 g/t
Au cut-off . There is no recorded mining for MRE depletion. Tonnes have been rounded to the
nearest 1,000 t; Ounces have been rounded to the nearest 100 oz. Numbers may not total due
to rounding. Contained ounces have been calculated using 1 oz = 31.1035 g. Density assignation
(t/m(3) ) to arrive at contained tonnages are 1.80 for laterite, 1.77 for upper saprolite,
2.20 for lower saprolite, 2.77 for transitional material, 2.90 for fresh basalt and 2.80 for
other fresh lithologies.
-------------------------------------------------------------------------------------------------------------
Hummingbird Resources - Gonka Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 1.20 g/t Au (underground)
---------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
--------------------- ------------------ ------------ ----------- ----------
Gonka - Under ground Indicated Oxide - - -
----------------------------- --------------------- ------------------ ------------ ----------- ----------
Transitional - - -
----------------------------- --------------------- ------------------ ------------ ----------- ----------
Fresh 1,046,000 2.83 95,200
---------------------------------------------------------------------- ------------ ----------- ----------
Total 1,046,000 2.83 95,200
---------------------------------------------------------------------- ------------ ----------- ----------
Inferred Oxide - - -
--------------------- ------------------ ------------ ----------- ----------
Transitional - - -
--------------------- ------------------ ------------ ----------- ----------
Fresh 269,000 7.16 61,900
---------------------------------------------------------------------- ------------ ----------- ----------
Total 269,000 7.16 61,900
---------------------------------------------------------------------- ------------ ----------- ----------
Total Oxide - - -
--------------------- ------------------ ------------ ----------- ----------
Transitional - - -
--------------------- ------------------ ------------ ----------- ----------
Fresh 1,315,000 3.72 157,100
---------------------------------------------------------------------- ------------ ----------- ----------
Total 1,315,000 3.72 157,100
---------------------------------------------------------------------- ------------ ----------- ----------
Grades have been estimated using Ordinary Kriging within constraining wireframes interpreted
at a nominal cut-off o f 0.30 g/t Au. Underground Mineral Resources are Fresh material beneath
the open pit design shell (US$1,100/oz), reported at a 1.20 g/t Au cut-off. There is no recorded
mining for MRE depletion. Tonnes have been rounded to the nearest 1,000 t; Ounces have been
rounded to the nearest 100 oz. Numbers may not total due to rounding. Contained ounces have
been calculated using 1 oz = 31.1035 g. Density assignation (t/m(3) ) to arrive at contained
tonnages are 1.80 for laterite, 1.77 for upper saprolite, 2.20 for lower saprolite, 2.77 for
transitional material, 2.90 for fresh basalt and 2.80 for other fresh lithologies.
---------------------------------------------------------------------------------------------------------------
Total Gonka Deposit (Open Pit & Underground)
Hummingbird Resources - Gonka Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 1.20 g/t Au (underground)
------------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
----------------------- --------------------- -------------- ------------- -----------
Gonka - Total Indicated Oxide 55,000 2.71 4,800
---------------------- ----------------------- --------------------- -------------- ------------- -----------
Transitional 87,000 2.86 8,000
-------------------------------------------------------------------- -------------- ------------- -----------
Fresh 1,861,000 3.44 205,800
-------------------------------------------------------------------- -------------- ------------- -----------
Total 2,003,000 3.39 218,600
-------------------------------------------------------------------- -------------- ------------- -----------
Inferred Oxide - - -
----------------------- --------------------- -------------- ------------- -----------
Transitional - - -
----------------------- --------------------- -------------- ------------- -----------
Fresh 295,000 7.82 74,200
-------------------------------------------------------------------- -------------- ------------- -----------
Total 295,000 7.82 74,200
-------------------------------------------------------------------- -------------- ------------- -----------
Total Oxide 55,000 2.71 4,800
----------------------- -------------------------------------------- -------------- ------------- -----------
Transitional 87,000 2.86 8,000
-------------------------------------------------------------------- -------------- ------------- -----------
Fresh 2,156,000 4.04 280,000
-------------------------------------------------------------------- -------------- ------------- -----------
Total 2,298,000 3.96 292,800
-------------------------------------------------------------------- -------------- ------------- -----------
Open Pit: Grades have been estimated using Ordinary Kriging within constraining wireframes
interpreted at a nominal cut-off of 0.30 g/t Au. Open Pit Mineral Resources are oxide, transitional
and fresh material constrained within a pit design shell (US$1,100/oz), reported at a 0.70
g/t Au cut-off . There is no recorded mining for MRE depletion. Tonnes have been rounded to
the nearest 1,000 t; Ounces have been rounded to the nearest 100 oz. Numbers may not total
due to rounding. Contained ounces have been calculated using 1 oz = 31.1035 g. Density assignation
(t/m(3) ) to arrive at contained tonnages are 1.80 for laterite, 1.77 for upper saprolite,
2.20 for lower saprolite, 2.77 for transitional material, 2.90 for fresh basalt and 2.80 for
other fresh lithologies.
Underground: Grades have been estimated using Ordinary Kriging within constraining wireframes
interpreted at a nominal cut-off o f 0.30 g/t Au. Underground Mineral Resources are Fresh
material beneath the open pit design shell (US$1,100/oz), reported at a 1.20 g/t Au cut-off.
There is no recorded mining for MRE depletion. Tonnes have been rounded to the nearest 1,000
t; Ounces have been rounded to the nearest 100 oz. Numbers may not total due to rounding.
Contained ounces have been calculated using 1 oz = 31.1035 g. Density assignation (t/m(3)
) to arrive at contained tonnages are 1.80 for laterite, 1.77 for upper saprolite, 2.20 for
lower saprolite, 2.77 for transitional material, 2.90 for fresh basalt and 2.80 for other
fresh lithologies.
------------------------------------------------------------------------------------------------------------------
Guirin West Deposit
Hummingbird Resources - Guirin West Deposit
Mineral Resource Estimate, as at 31(st) December 2020
Reported at a cut-off of 0.60 (Oxide) & 0.70 g/t (Transitional) Au
-----------------------------------------------------------------------------------------------------------------
Deposit Classification Regolith Tonnes Au (g/t) Ounces
------------------------ --------------------- --------------- ------------- ----------
Guirin West Indicated Oxide 873,000 1.97 55,200
-------------------- ------------------------ --------------------- --------------- ------------- ----------
Transitional 288,000 2.02 18,700
------------------------------------------------------------------- --------------- ------------- ----------
Fresh - - -
--------------------- --------------- ------------- ----------
Total 1,161,000 1.98 73,900
------------------------------------------------------------------- --------------- ------------- ----------
Inferred Oxide - - -
------------------------ --------------------- --------------- ------------- ----------
Transitional - - -
------------------------ --------------------- --------------- ------------- ----------
Fresh - - -
--------------------- --------------- ------------- ----------
Total - - -
------------------------ --------------------- --------------- ------------- ----------
Total Oxide 873,000 1.97 55,200
------------------------ ------------------------------------------ --------------- ------------- ----------
Transitional 288,000 2.02 18,700
------------------------------------------------------------------- --------------- ------------- ----------
Fresh - - -
--------------------- --------------- ------------- ----------
Total 1,161,000 1.98 73,900
------------------------------------------------------------------- --------------- ------------- ----------
Grades have been estimated using Localised Uniform Conditioning within constraining wireframes
interpreted at a nominal cut-off of 0.30 g/t Au. There is no recorded mining for MRE depletion.
The MRE disclosed in December 2014 included oxide and transitional material only, since this
was the Hummingbird focus of mine planning at that time. The reporting gold grade cut-offs
were informed by optimisation and economic study at the time of reporting. Tonnes have been
rounded to the nearest 1,000 t; Ounces have been rounded to the nearest 100 oz. Numbers may
not total due to rounding. Contained ounces have been calculated using 1 oz = 31.1035 g. Density
assignation (t/m(3) ) to arrive at contained tonnages are 1.80 for laterite, 1.70 for upper
saprolite, 1.90 for lower saprolite, and 2.20 for transitional material. All Gurin West resources
are JORC compliant and post 2020 MRE review have not included non-code compliant resources
from the March 31 2019 MRE release for Gurin West that totalled 2 koz due to an updated geological
model.
-----------------------------------------------------------------------------------------------------------------
JORC Mineral Resource Reporting Notes:
1. Reported Mineral Resources for Komana East, Komana West,
Sanioumale East and Sanioumale West have been prepared in
accordance with the JORC Code (2012 Edition) and are current as at
31 December 2020 .
2. The reported Mineral Resource for Gonka has been prepared in
accordance with the JORC Code (2012 Edition) and was previously
reported by Hummingbird via a press release in March 2019 which
remain current .
3. The reported Mineral Resource for Guirin West oxide material
has been prepared in accordance with the JORC Code (2012 Edition)
and was previously reported by Hummingbird via a press release in
December 2015 which remain current .
4. The MRE reported here for Komana East, Sanioumale East and
Sanioumale West are based on information compiled under the
supervision of Dr Belinda van Lente, Group Mineral Resource
Geologist at Hummingbird Resources. Dr van Lente is a Competent
Person as defined by the JORC Code (2012 Edition).
5. The MRE reported here for Komana West was based on
information compiled under the supervision of Mr. Timothee Sogoba,
Chief Mineral Resource Geologist at Hummingbird Resources. Mr.
Sogoba, is a member of the AusIMM and a Competent Person as defined
by the JORC Code (2012 Edition).
6. The MRE reported here for Guirin West was based on
information compiled under the supervision of Mr. Galen White, of
CSA Global (UK) and Mr Mark Fleming, an independent consultant for
Hummingbird Resources Plc. He acted as the Competent Person, as
defined by the JORC Code (2012 Edition).
The updated MRE incorporates mining depletion up to the 31
December 2020 (from 31(st) March 2019), in addition some previously
reported Gold Field Ltd ("GFL") historical resources from SW and
Guirin West have been removed from the MRE due to improved
understanding of the deposits which led to an updated geological
model, following the 2020 exploration programme. To note, the JORC
+ SAMREC code compliant resources (after depletion) increased from
1,782,000 oz to 1,822,000 oz. The remainder (107 koz) being
reported from the GFL non JORC code compliant Inferred resources
from Kabaya South and Badogo - Malikila. These non-JORC code
compliant resources are expected to be infill drilled and reported
to JORC standards in the near future.
Additionally, the 2020 exploration programme added 43 koz to the
2020 MRE due to standard MRE adjustments which included, density
increases, changes in grade domains, changes in reporting surfaces
and changes in weathering surfaces due to new drilling.
Code compliant mineral resources are those mineral resources
reporting in accordance with the JORC "Joint Ore Reserve Committee"
and SAMREC "The South African Code for the Reporting of Exploration
Results, Mineral Resources and Mineral Reserves" codes for
reporting mineral resources. These are leading industry bodies that
uphold strict guidelines and standards allowing for the reporting
of mineral resources to internationally recognised standards.
Gold Fields 2012 SAMREC Resources
Kabaya South Deposit
Hummingbird Resources - Kabaya South Deposit
Mineral Resource Estimate, as at 31(st) December 2020
------------------------------------------------------------------------------------------------------------------
Deposit Classification Tonnes Au (g/t) Ounces
------------------------------ ------------------- ----------------- -------------
Kabaya South Indicated 1,370,000 1.42 62,400
--------------------------- ------------------- ----------------- -------------
Inferred 650,000 1.10 23,000
------------------- ----------------- -------------
Total 2,020,000 1.31 85,400
------------------- ----------------- -------------
The above Gold Fields ("GFL") reported Mineral Resources are effective December 31, 2012 and
signed off by GFL's competent persons as being in accordance with the SAMREC 2009 code. These
Mineral Resources are constrained by open pit mining envelopes (based on a gold price of USD$1,650/oz)
optimised using scoping study level modifying factors. GFL did not estimate a Mineral Reserve
for these resources, the stated figures above are considered as Mineral Resources only. No
economic cut-off grade was stated by GFL nor the material types i.e. oxide, transitional or
fresh. The figures above were reported as rounded numbers by GFL. These resources were modelled,
estimated, and reported by GFL and not Hummingbird.
------------------------------------------------------------------------------------------------------------------
SAMREC Mineral Resource Reporting Notes:
1. The reported Mineral Resource for Kabaya South has been
prepared in accordance with the SAMREC Code (2009 Edition) by Gold
Fields Ltd and are as reported on the 31(st) of December 2012
2. Hummingbird has not re-evaluated this deposit and continues
to quote the Resource as announced in the RNS on 15(th) December
2015.
3. The MRE reported here for Kabaya South was based on
information compiled under the supervision of Gold Fields Ltd
Mineral resource group and the Competent Person (Mr. Alex Trueman),
as defined by the SAMREC (2009 Edition) on behalf of Gold Fields
Ltd.
Gold Fields De-Risking Study 2013 (Non Code Compliant)
Deposit Classification Cut-off Tonnes Au (g/t) Ounces
Kabaya South (ex-pit) Inferred 0.9 g/t 950,000 1.50 45,800
---------------------- ------------- ------------- ------------ -----------
Badogo Malikila 0.5 g/t 2,347,000 0.81 61,100
------------ ------------- ------------ -----------
Total 3,297,000 1.01 106,900
------------------------------------- ------------------------------- ------------- ------------ -----------
The above tonnes and grade were all reported by Hummingbird as part of the 1.8Mozs in June
2014 upon purchase of the project from GFL. The stated tonnes and grade above have not been
reported or published in accordance with any Mineral Resource code i.e. JORC 2012 or SAMREC
2009. The above tonnes and grades were derived from block models estimated by GFL as part
of their November 2013 Yanfolila De-Risking Study of the Yanfolila Project. These tonnes and
grades are not included in any operational life of mine plan and are for the purpose of developing
strategic long term planning scenarios for the Yanfolila operation by Hummingbird. The tonnes
and grades are not considered as code compliant resources, further drilling is required to
convert these 'inferred resources' to being code compliant. Tonnes have been rounded to the
nearest 1,000 t; Ounces have been rounded to the nearest 100 oz. Numbers may not total due
to rounding. Contained ounces have been calculated using 1 oz = 31.1035 g. The Kabaya South
tonnes and grade have been depleted by the reported inpit tonnes and grades, 2,020,000t at
1.31 g/t (2009 SAMREC figures reported above). Materially nothing has changed i.e. lithology
or weathering surfaces, at these deposits since these tonnes and grade were estimated.
-----------------------------------------------------------------------------------------------------------------
Non-Code Compliant Mineral Resource Reporting Notes:
1. The reported Mineral Resource for Kabaya South is
unconstrained i.e. outside the pit used to report the in-pit SAMREC
2009 compliant resources, modelling was done in accordance and
following the guidelines of SAMREC 2009 however the resource
reported are those beneath the pit shell and are therefore non code
compliant.
2. The MRE reported here for Kabaya South was based on
information compiled under the supervision of Gold Fields Ltd
Mineral resource group and the Competent Person (Mr. Alex Trueman),
as defined by the SAMREC (2009 Edition) on behalf of Gold Fields
Ltd.
3. The reported Mineral Resource for Badogo Malikila is
unconstrained i.e. no pit shell used for reporting within.
Modelling was carried out by the competent person acting on behalf
of Gold Field Ltd Mineral Resource group whose work was audited by
a 3(rd) party independent mineral resource modelling consultants
Optiro Ltd.
4. Badogo Malikila mineral resources was reported internally
within Gold Fields Ltd on the 15(th) November 2013 as part of their
Yanfolila De-Risking Study of the Yanfolila Project, to understand
the project drivers and testing alternative mine plan scenarios to
identify the project's key risks. This work was carried out by Gold
Fields Ltd and the SENET group
5. Hummingbird Resources has reviewed the Badogo-Malikila MRE
model, but has not re-evaluated the Badogo Malikila mineral
resource model and continues to quote the Resource as announced in
the RNS on 15(th) December 2015 and as previously announced in its
purchase of the project in June 2014.
6. Badogo-Malikila deposit is situated approximately 30kms in a
direct line from the Komana Process plant, the deposit is located
within the Faliko-Fodela and Badogo-Malikila exploration licenses
which are 100% owned by The Company.
GLOSSARY OF TECHNICAL TERMS
Units
"g" gram;
"g/t" grams per tonne, equivalent to parts per million;
--------------------------------------------------
"k" thousand;
--------------------------------------------------
"km" kilometres;
--------------------------------------------------
"m" metres;
--------------------------------------------------
"M" million;
--------------------------------------------------
"mt" million tonnes;
--------------------------------------------------
"oz" troy ounce (31.103477 grams);
--------------------------------------------------
"t" tonnes;
--------------------------------------------------
Technical Terms
"Au" the chemical symbol on the periodic table for the
precious metal, gold;
"Cut-off grade" the lowest or highest assay value that is included
in a resource estimate;
--------------------------------------------------------------
"Deposit" mineralisation which has been outlined on surface
and via underground work or drilling sufficient
for a Mineral Resource Estimate to be calculated
with tonnage and grade but where there has been
no ore production;
--------------------------------------------------------------
"Indicated that part of a Mineral Resource for which tonnage,
resource" densities, shape, physical characteristics, grade
and mineral content can be estimated with a reasonable
level of confidence. It is based on exploration,
sampling and testing information gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes. The locations
are too widely or inappropriately spaced to confirm
geological and/or grade continuity but are spaced
closely enough for continuity to be assumed;
--------------------------------------------------------------
"Inferred that part of a Mineral Resource for which tonnage,
Resource" grade and mineral content can be estimated from
geological evidence and assumed but not verified
geological and/or grade continuity. It is based
on information gathered through appropriate techniques
from locations such as outcrops, trenches, pits,
workings and drill holes which is of uncertain quality
and reliability;
--------------------------------------------------------------
"JORC" the Joint Ore Reserves Committee of the Australasian
Institute of Mining and Metallurgy, Australian Institute
of Geoscientists and Mineral Council of Australia;
--------------------------------------------------------------
"JORC 2012" the 2012 edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore
Reserves;
--------------------------------------------------------------
"Measured that part of a Mineral Resource for which tonnage,
Resource" densities, shape, physical characteristics, grade
and mineral content can be estimated with a high
level of confidence. It is based on detailed and
reliable exploration, sampling and testing information
gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill
holes. The locations are spaced closely enough to
confirm geological and grade continuity;
--------------------------------------------------------------
"Mineral Resource" mineral of potential value but not necessarily proven
as a reserve;
--------------------------------------------------------------
"Ore" mineral of proven economic value;
--------------------------------------------------------------
"Ore Reserve" the economically mineable part of a Measured and/or
Indicated Mineral Resource. It includes diluting
materials and allowances for losses, which may occur
when the material is mined. Appropriate assessments
and studies have been carried out, and include consideration
of and modification by realistically assumed mining,
metallurgical, economic, marketing, legal, environmental,
social and governmental factors. These assessments
demonstrate at the time of reporting that extraction
could reasonably be justified. Ore Reserves are
sub-divided in order of increasing confidence into
Probable Ore Reserves and Proved Ore Reserves. A
Probable Ore Reserve has a lower level of confidence
than a Proved Ore Reserve but is of sufficient quality
to serve as the basis for a decision on the development
of the deposit.
--------------------------------------------------------------
"Probable The economically mineable part of an Indicated,
Reserve" and in some circumstances, a Measured Mineral Resource;
--------------------------------------------------------------
"SAMREC" the South African Code for the Reporting of Exploration
Results, Mineral Resources and Mineral Reserves;
--------------------------------------------------------------
"SAMREC 2009" the 2009 edition of the South African Code for the
Reporting of Exploration Results, Mineral Resources
and Mineral Reserves
--------------------------------------------------------------
**ENDS**
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLDKCBPPBKDCNB
(END) Dow Jones Newswires
March 30, 2021 02:00 ET (06:00 GMT)
Hummingbird Resources (LSE:HUM)
Historical Stock Chart
From Feb 2024 to Mar 2024
Hummingbird Resources (LSE:HUM)
Historical Stock Chart
From Mar 2023 to Mar 2024