REG - Hummingbird Res. - Exploration Update

Hummingbird ResourcesAnnouncement

23/05/2024 07:00

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RNS Number : 5186P  Hummingbird Resources PLC  23 May 2024

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

 

23 May 2024

Hummingbird Resources plc

("Hummingbird" or the "Company")

Exploration Update

Hummingbird (AIM: HUM) is pleased to provide an exploration update, including
recent drilling results at the Yanfolila Gold mine in Mali ("Yanfolila").
Through Q1-2024, the Company progressed its exploration activities,
particularly at the Sanioumale West North Pit ("SWN") and Kabaya South ("KS")
deposits at Yanfolila.

During the development of the Company's exploration strategy in FY-2023,
Hummingbird identified both SWN and KS as resource upgrade targets, with SWN
showing potential for near term addition to the operations mine plan through
the upgrade of Inferred Resources into the Indicated Resources category.

At SWN, drilling operations have been completed with 2,223 meters ("m")
drilled across 34 Reverse Circulation ("RC") holes and assay results received.

Key drilling results from Sanioumale West North Pit include:

·      21m @14.93 grams per tonne ("g/t") Au from 3m (SNWRC0583)

·      3m @ 6.52 g/t from 10m (SNWRC0595)

·      4m @ 3.48 g/t from 50m (SNWRC0580)

·      26m @ 2.96 g/t Au from 21m (SNWRC0580)

·      19m @ 2.02 g/t Au from 38m (SNWRC0578)

·      12m @ 2.52 g/t Au from 44m (SNWRC0582)

At KS, the Company is progressing with the updating of the historic SAMREC
Resource (85 Koz (1.31g/t)) to align with JORC protocol. RC drill chips from
42 drill holes, drilled between 2006 and 2012 (total 4,192m), were relogged
and are being included in the updated geological model. In addition, drone
surveys were flown to obtain current topographic surfaces to account for
artisanal depletion since the original Mineral Resource was estimated.

Modelling and an updated Mineral Resource Estimate ("MRE") for the drilling
campaigns at SWN and re-logging of drill chips from KS are expected to be
completed within the second half of the year and incorporated into next year's
Resource Statement.

Detailed exploration targeting and planning is being conducted with the aim of
drilling at the end of the wet season in Q3-2024.

Dan Betts, CEO and Interim Executive Chairman of Hummingbird, commented:

"Exploration is central to the long-term success of our operations, and the
success of our recent findings at the Sanioumale West North Pit, demonstrated
by the exceptional 21m at 14.93 g/t, are promising as we look to grow the
Reserve and Resource bases and in turn expand the life of mine. We are
committed to unlocking the full potential of our assets through diligent
analysis and strategic planning. Our low-cost approach, coupled with the
dedication of our team, positions us well for future success. We remain
focused on delivering value to our shareholders while operating responsibly
and sustainably in the communities where we operate."

 

Table of the Q1-2024 Sanioumale West North drilling results

 Hole ID    Depth From (m)  Depth To (m)  Intercept Description (g/t Au)
 SNWRC0568  30              31            1m @ 1.13 g/t
 SNWRC0569  31              33            2m @ 1.54 g/t
 SNWRC0569  38              40            2m @ 0.74 g/t
 SNWRC0569  23              25            2m @ 0.65 g/t
 SNWRC0569  45              46            1m @ 0.68 g/t
 SNWRC0570  54              56            2m @ 1.16 g/t
 SNWRC0570  47              49            2m @ 0.70 g/t
 SNWRC0570  41              42            1m @ 0.63 g/t
 SNWRC0571  18              24            6m @ 0.82 g/t
 SNWRC0571  67              71            4m @ 0.97 g/t
 SNWRC0571  52              57            5m @ 0.75 g/t
 SNWRC0571  28              34            6m @ 0.55 g/t
 SNWRC0571  11              12            1m @ 0.85 g/t
 SNWRC0571  45              46            1m @ 0.66 g/t
 SNWRC0571  83              84            1m @ 0.53 g/t
 SNWRC0571  42              43            1m @ 0.51 g/t
 SNWRC0572  31              33            2m @ 0.80 g/t
 SNWRC0573  20              21            1m @ 0.99 g/t
 SNWRC0573  39              40            1m @ 0.79 g/t
 SNWRC0573  32              33            1m @ 0.78 g/t
 SNWRC0574  56              57            1m @ 0.80 g/t
 SNWRC0577  6               20            14m @ 1.80 g/t
 SNWRC0577  26              28            2m @ 1.04 g/t
 SNWRC0577  31              32            1m @ 0.5 g/t
 SNWRC0578  38              57            19m @ 2.02 g/t
 SNWRC0578  12              13            1m @ 0.63 g/t
 SNWRC0578  20              21            1m @ 0.52 g/t
 SNWRC0579  8               29            21m @ 1.18 g/t
 SNWRC0579  34              35            1m @ 1.38 g/t
 SNWRC0579  75              76            1m @ 0.61 g/t
 SNWRC0580  21              47            26m @ 2.96 g/t
 SNWRC0580  11              18            7m @ 2.00 g/t
 SNWRC0580  50              54            4m @ 3.48 g/t
 SNWRC0581  55              57            2m @ 0.67 g/t
 SNWRC0581  44              45            1m @ 0.52 g/t
 SNWRC0582  44              56            12m @ 2.52 g/t
 SNWRC0582  11              14            3m @ 1.70 g/t
 SNWRC0582  85              88            3m @ 1.55 g/t
 SNWRC0582  79              81            2m @ 1.26 g/t
 SNWRC0582  60              61            1m @ 0.98 g/t
 SNWRC0582  70              71            1m @ 0.55 g/t
 SNWRC0583  3               24            21m @ 14.93 g/t
 SNWRC0583  32              36            4m @ 0.66 g/t
 SNWRC0584  53              56            3m @ 2.11 g/t
 SNWRC0584  63              64            1m @ 2.23 g/t
 SNWRC0585  39              42            3m @ 1.45 g/t
 SNWRC0585  50              51            1m @ 0.50 g/t
 SNWRC0586  36              40            4m @ 0.83 g/t
 SNWRC0586  32              33            1m @ 0.58 g/t
 SNWRC0588  70              75            5m @ 5.84 g/t
 SNWRC0588  49              50            1m @ 5.32 g/t
 SNWRC0588  43              44            1m @ 1.49 g/t
 SNWRC0589  58              65            7m @ 1.39 g/t
 SNWRC0589  107             111           4m @ 0.69 g/t
 SNWRC0589  46              49            3m @ 0.59 g/t
 SNWRC0589  52              53            1m @ 1.33 g/t
 SNWRC0589  100             102           2m @ 0.57 g/t
 SNWRC0589  10              11            1m @ 0.95 g/t
 SNWRC0589  80              81            1m @ 0.94 g/t
 SNWRC0589  73              74            1m @ 0.62 g/t
 SNWRC0589  76              77            1m @ 0.53 g/t
 SNWRC0590  10              13            3m @ 0.70 g/t
 SNWRC0590  17              20            3m @ 0.55 g/t
 SNWRC0591  52              55            3m @ 0.55 g/t
 SNWRC0591  44              45            1m @ 1.32 g/t
 SNWRC0591  78              80            2m @ 0.60 g/t
 SNWRC0591  19              20            1m @ 0.92 g/t
 SNWRC0591  89              90            1m @ 0.56 g/t
 SNWRC0592  36              53            17m @ 1.69 g/t
 SNWRC0592  73              75            2m @ 3.35 g/t
 SNWRC0592  58              61            3m @ 1.48 g/t
 SNWRC0592  66              67            1m @ 3.23 g/t
 SNWRC0592  21              23            2m @ 1.03 g/t
 SNWRC0592  30              31            1m @ 1.07 g/t
 SNWRC0593  3               4             1m @ 0.87 g/t
 SNWRC0594  23              26            3m @ 0.71 g/t
 SNWRC0594  10              11            1m @ 1.66 g/t
 SNWRC0595  10              13            3m @ 6.52 g/t
 SNWRC0595  64              70            6m @ 2.71 g/t
 SNWRC0595  85              86            1m @ 1.48 g/t
 SNWRC0595  35              36            1m @ 0.63 g/t
 SNWRC0596  9               10            1m @ 0.73 g/t
 SNWRC0597  31              34            3m @ 0.69 g/t
 SNWRC0597  5               6             1m @ 0.55 g/t
 SNWRC0598  36              37            1m @ 0.87 g/t
 SNWRC0598  4               5             1m @ 0.58 g/t
 SNWRC0600  6               7             1m @ 0.50 g/t
 SNWRC0601  33              34            1m @ 0.52 g/t

Trigger 0.5 g/t, 1m minimum interval, 2m maximum internal waste

Competent Person Review:

David Muir has reviewed and approved the technical information contained
within this announcement in his capacity as a Competent Person, as required
under the AIM Rules for Companies. David is the Group Exploration and
Database Manager for Hummingbird, and is a "Competent Person", according to
the Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves ("JORC Code, 2012 Edition") and is a member of good standing
with the Australian Institute of Geoscientists (AIG).

 

**ENDS**

Notes to Editors:

Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold producing Company, member of the World Gold
Council and founding member of Single Mine Origin (www.singlemineorigin.com
(http://www.singlemineorigin.com/) ). The Company currently has two core gold
projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa
Gold Mine in Guinea, which will more than double current gold production
once at commercial production. Further, the Company has a controlling interest
in the Dugbe Gold Project in Liberia that is being developed by joint
venture partners, Pasofino Gold Limited. The final feasibility results on
Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year
capex payback period once in production, and a 14-year life of mine at a low
AISC profile. Our vision is to continue to grow our asset base, producing
profitable ounces, while central to all we do being our Environmental, Social
& Governance ("ESG") policies and practices.

 

For further information, please visit hummingbirdresources.co.uk
(https://www.hummingbirdresources.co.uk/)  or contact:

 

 

 Daniel Betts, CEO       Hummingbird Resources plc  Tel: +44 (0) 20 7409 6660

 Thomas Hill, FD

 Edward Montgomery, CD
 James Spinney           Strand Hanson Limited      Tel: +44 (0) 20 7409 3494

 Ritchie Balmer          Nominated Adviser
 James Asensio           Canaccord Genuity Limited  Tel: +44 (0) 20 7523 8000

                         Broker
 Bobby Morse             Buchanan                   Tel:  +44 (0) 20 7466 5000

 Oonagh Reidy            Financial PR/IR            Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)

 George Pope

 

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