Hummingbird Resources (HUM) has released further positive results from its 2021 drilling campaign at the Sanioumale East ('SE') deposit at the Yanfolila gold mine in Mali which the Company said represents “some of the very best intersections” it has seen at Yanfolila yet.

To date, 13,836m of the planned 15,000m drill programme has been completed at SE as part of the Group’s 2021 exploration campaign at Yanfolila (versus 8,457m drilled at SE in 2020).

The Group said 14 new holes drilled at SE as part of its ongoing exploration drilling program ‘continue to show excellent high grade open pit potential’. Of particular significance is hole SNERC0425 which showed 5.33 grammes per tonne ('g/t') at surface for ~40 metres ('m').

Hummingbird said these 14 new holes have focused on finding additional resources in the current SE central pit area where the Company drilled extensively back in 2020 and 2021. 

To date, the Company has experienced mineralisation being delineated down to 150m below surface, with the mineralisation ‘remaining open and continuing with good grades,’ it said.

In addition, further high-grade zones are continuing to be intersected now, at depth, the company noted, with 2 assay values returning grades of 212.35 g/t in hole SNERC0423 (from a down the hole depth of 110m over a one metre sample) and 93.3 g/t in hole SNERC0431. 

Hummingbird said the results ‘continue to provide further confidence that the Company will build on the 2020 SE deposit JORC compliant mineral resource base of 204,000 ounces.’

The Company informed investors that it expects to release further drilling results from its 2021 drilling campaign ‘in the coming months’ once further assays have been received.

Hummingbird said it remains on track to release an updated reserve statement later this year.  In future, it is looking to release a joint resource and reserve update annually from 1H22.

"Our 2021 drilling campaign continues to build on from the success of last year's campaign,” Dan Betts, Chief Executive Officer of Hummingbird Resources told the Group's shareholders. 

He commented, “It is important to note that this morning's results are not infill drilling but are the continuation of extensions to the known resources at SE. They provide increasing confidence in our ability to add economic resources and therefore mine life at Yanfolila.”

“The metres planned for drilling at SE in 2021 are nearly double those of the successful 2020 campaign, and the grade profile (and shallow depth) of the 14 new holes released highlight very encouraging results and follow on from those highlighted in the release dated 1 April 2021 and represent some of the very best intersections we have seen at Yanfolila,” he said.

The Group said its main objectives at Yanfolila have been to stabilise operational performance to ensure a more reliable platform and to build tangible value through extending the mine life. 

“These results and the continued exploration programme are strong steps in this direction and we look forward to keeping the market updated with our progress, added Dan Betts.

The Company highlighted to investors that it continues to explore at Dugbe in Liberia through its JV partners Pasofino, and increasingly at the company’s Kouroussa project in Guinea.

It said both of these projects are also aimed at showcasing “the considerable exploration upside Hummingbird has across its portfolio” in order to increase the value of its projects.

View from Vox

Due to the success of the 2020 exploration and drilling programme, the Sanioumale East ('SE') deposit has become a major focus of the Company's 2021 resource growth strategy. 

The previous 2020 drilling programme showed that the mineralisation was not closed off, continued deeper into the fresh rock and further along strike than previously interpreted.

The planned 2021 drill programme has been designed to add new resources by testing the strike extensions and following up at depth high grade intersections.  Further field investigations, geophysical data analysis,and revisions to the deposit's model are also being carried out to assist with future drill hole planning for further resource growth, it noted.

Back in April 2021, Hummingbird said production levels during the 1Q21 were in-line with forecast projections. It also added that it expected 2021 production to pick up in 2Q21.

Shares in Hummingbird were trading 4.94% higher today at 21.25p following the news.

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