Hummingbird
Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
27 February 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 commencement of exploration activities at Bukon Jedeh, a
high-priority target area within the Dugbe Gold Project ("Dugbe"),
Liberia. Hummingbird currently holds a 53% shareholding in Pasofino
following the conversion of its controlling interest in Dugbe into
a controlling interest in Pasofino, and a further US$2 million
investment earlier this year.
Situated 8 km southeast of Dugbe Gold Project's
Tuzon Deposit, Bukon Jedeh 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 some notable high-grade gold
intervals. In August 2022, Pasofino conducted a visit to the area,
collecting rock samples that demonstrated up to 31 grams per tonne
of gold.
Pasofino's exploration efforts will concentrate
on geological mapping and the collection of high-resolution ground
magnetic survey data, activities which have already commenced.
Additionally, Pasofino plans to conduct approximately 1,400 meters
of drilling across roughly 15 drillholes, slated to begin in March
2024. This drilling campaign aims to test a selection of artisanal
pits, replicate some of the previous RC drill-hole results, and
investigate a fold hinge geological structure to enhance the
understanding of this target area.
Per the 2022 Definitive Feasibility Study
("DFS"), the Dugbe Gold Project has total Resources of 3.9 million
ounces of gold ("Moz") and total Reserves of 2.3 Moz. As previously
disclosed, Hummingbird and Pasofino have identified several
opportunities to maximise the value of Dugbe through the
optimisation of the completed DFS and additional exploration
activities, which includes the work at Bukon Jedeh, aimed at
increasing the current Reserves and Resources,
Further details can be found in the
announcement by Pasofino via the following link: www.pasofinogold.com
Dan Betts, CEO of Hummingbird,
commented:
"The initiation of exploration at Bukon Jedeh, a
high priority target area, underscores the opportunity to build
additional Resources beyond the 3.9 Moz Resource already
identified, and in turn grow the existing 2.8 Moz Reserve. It
reaffirms Pasofino's focus on unlocking the full potential of the
exceptional Dugbe Gold Project and ultimately bringing this asset
into full production, further consolidating our presence as a
growing precious metal miner in the broader region."
**ENDS**
About the Dugbe Gold Project
The 2,302 km² Dugbe Gold Project is
in southern Liberia and situated within the southwestern
corner of the Birimian Supergroup which is host to most West
African gold deposits. To date, two deposits have been identified
on the Dugbe Gold Project: Dugbe F and Tuzon discovered by
Hummingbird entities in 2009 and 2011 respectively. The deposits
are located within 4 km of the Dugbe Shear Zone which is
thought to have played a role in large scale gold mineralization in
the area.
A significant amount of exploration in the area
was conducted by Hummingbird up until 2012 including 74,497 m of
diamond coring. Pasofino drilled an additional 14,584 metres at
Tuzon and Dugbe F during 2021. Both deposits have Mineral Resource
Estimates dated November 17 2021, totalling 3.3 Moz gold in
the Measured plus Indicated categories, with an average grade of
1.37 g/t Au using a 0.5 g/t cut-off grade, and an additional 0.6
Moz in Inferred. Following the completion of the Feasibility Study
in June 2022 a Mineral Reserve Estimate was declared,
based on the open-pit mining of both deposits over a 14-year Life
of Mine. A technical report for the Dugbe Gold
Project was prepared in accordance with National Instrument
43-101 and filed on SEDAR+ at www.sedarplus.ca and on
the Pasofino's website.
About Pasofino Gold Limited.
Pasofino Gold Limited is a Canadian-based
mineral exploration company listed on the TSXV (VEIN).
Pasofino, through its wholly owned subsidiary,
has consolidated its interest in the Dugbe Gold
Project and currently owns 100% of the Dugbe Gold
Project (prior to the issuance of the Government
of Liberia's 10% carried interest).
For further information, please
visit www.pasofinogold.com
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). 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 via its controlling shareholding of 53% in Pasofino Gold
Limited, who are focused on developing the project. The 2022
Feasibility Study on Dugbe showcased 2.76Moz in Reserves and strong
economics, including as a 3.5-year capex payback period at
US$1,700/oz, 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 or
contact:
Daniel Betts,
CEO
Thomas Hill,
FD
Edward Montgomery,
CD
|
Hummingbird Resources
plc
|
Tel: +44 (0) 20 7409
6660
|
James
Spinney
Ritchie
Balmer
|
Strand Hanson
Limited
Nominated
Adviser
|
Tel: +44
(0) 20 7409 3494
|
James
Asensio
Ana
Ercegovic
|
Canaccord Genuity
Limited
Broker
|
Tel: +44 (0) 20 7523
8000
|
Bobby Morse
Oonagh
Reidy
George Pope
|
Buchanan
Financial
PR/IR
|
Tel: +44 (0) 20
7466 5000
Email: HUM@buchanan.uk.com
|