REG - Hummingbird Res. - Pasofino Gold Announces Exploration Update

Hummingbird ResourcesAnnouncement

04/06/2024 07:15

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RNS Number : 9444Q  Hummingbird Resources PLC  04 June 2024

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

 

04 June 2024

Hummingbird Resources plc

("Hummingbird", the "Group" or the "Company")

Pasofino Gold Announces Exploration Update

Hummingbird (AIM: HUM) is pleased to note the recent announcement by Pasofino
Gold Limited ("Pasofino") regarding the completion of its diamond core
drilling programme at the Bukon Jedeh 'gold camp', part of the Company's Dugbe
Gold Project ("Dugbe") in Liberia. Hummingbird holds a 53% shareholding in
Pasofino, following the conversion of its controlling interest in Dugbe into a
controlling interest in Pasofino, and an additional US$2 million investment
earlier this year.

Highlights

·      Several of the holes contain multi metre wide intervals of
pyroxene gneiss with sulphide minerals - this is encouraging as gold at the
nearby Tuzon and Dugbe F deposits is hosted by a similar lithology.

·      The programme targeted various sites, including key existing
mining pits, historic drilling intersections, and new holes drilled to follow
up on the most promising intervals, identified by the relative abundance of
sulphide minerals.

·      Of particular interest is an apparent trend in the east of the
area, now referred as the SPMC-99 Steps trend, a 1.5 km long east-west zone
potentially linking two of the most important pits in the area, not drilled
before.

·      The drilling was completed on time and within budget. Sampling is
currently 50% complete, with the first batch of samples set to be sent to the
laboratory by Pasofino in early June. Results of this first batch are expected
during July 2024, and will be reported as they become available.

Bukon Jedeh, situated 8 km southeast of Dugbe's Tuzon Deposit, lies along a
4.1 km trend known for its highly productive artisanal gold mining operations.
Previous Reverse Circulation ("RC") drilling conducted in 2012 and 2013
yielded promising results, including notable high-grade gold intervals. In
August 2022, Pasofino conducted a site visit, collecting rock samples which
graded as high as up 31 grams per tonne of gold.

 

According to the 2022 Definitive Feasibility Study ("DFS"), Dugbe has total
Resources of 4.01 million ounces of gold ("Moz") and total Reserves of 2.76
Moz. Hummingbird and Pasofino have identified several opportunities to
maximise the value of Dugbe through the optimisation of the completed DFS and
additional exploration activities, including the work at Bukon Jedeh, aimed at
increasing the current Reserves and Resources.

 

The Company also notes and welcomes the appointment of Warren Greenslade as
the Interim CEO of Pasofino.

Further details can be found in the announcement by Pasofino via the following
link: www.pasofinogold.com (http://www.pasofinogold.com)

Dan Betts, CEO of Hummingbird, commented:

"As the exploration efforts at the Dugbe Gold Project continue, we are
encouraged by the progress made at Bukon Jedeh. The broad intervals of
sulphide mineralisation encountered in our drilling programme represent a
significant step forward in understanding the potential scale of the deposit.
This update underscores the opportunity to maximise the value of Dugbe and we
await the sample results in the coming months."

 

**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

 Ana Ercegovic           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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