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Study on Gonka Deposit and Taurus Extension
Hummingbird Resources (AIM:HUM), has announced the results of a Desktop Study on the Gonka deposit, located 5km south of the proposed Yanfolila Gold Project plant in Mali, prepared for the Company by DRA Projects.
Gonka is not currently included in the Yanfolila Definitive Feasibility Study and the results of the Study demonstrate the potential to significantly increase the NPV and mine life of the Project.
Taurus Mining Finance Fund LP has agreed a one month extension to the US$15 million bridge facility to the 8th March 2016. The Company will provide a further update prior to the 8th March 2016.
Dan Betts, CEO of Hummingbird Resources, said:
“It has always been our belief that Yanfolila’s mine life will grow significantly and this is another step in that process. This Study adds US$24m to the DFS NPV and 169k ozs gold to the mine life, a very pleasing piece of upside. This Study is early stage however we anticipate extensions of the underground resources to increase the size of this deposit even further in the future.
“Gonka is located only 5km south of the Yanfolila process plant and so is ideally placed to add open pit ore and higher grade, over 4g/t, underground ore into the mine plan to increase the Project’s production rate and enhance the overall economics. As the underground mineralisation is open, we intend to not only improve the resource categorisation of Gonka but also test and define depth extensions, potentially adding to the mine life.”
The Study completed by Hummingbird’s consultants, DRA, is based on a combination of the SAMREC compliant Inferred Mineral Resources of 139koz @ 2.9g/t (corresponding to the open pit) and additionally a Goldfields internal estimate of 170koz @ 4.03g/t (corresponding to the underground), as reported in the Company’s London Stock Exchange announcement of 15 December 2015 (a copy of which is available on the Company’s website). Using the above mentioned resources, DRA undertook initial underground mine design and pit optimisation work which resulted in a mining inventory of 169koz, mined over a 6 year mine life, including:
· 92k ozs @ 2.3g/t in open pit; and
· 77k ozs @ 4.5g/t underground
