Hummingbird Resources (HUM ) has completed the 2021 exploration drilling programme at the Yanfolila gold mine after the firm received and analysed its final batch of assays results.
These final drilling results totalling around 48,000 metres will be included in Hummingbird’s updated 2022 resources and reserves statement which is scheduled for release in 2Q22.
Hummingbird has received and analysed a further around 12,000 m of assays from the SE deposit and around 3,179 m of assays from the initial drilling done at greenfield deposit BBC.
During 2021, a total of around 17,700 m of drilling was completed at Yanfolila’s SE deposit.
The Group said results for SE ‘continue to show significant grade and extending at depth for the deposit’, as illustrated, for example, by hole SNEDD0005 containing 4m at 64.68 g/t.
Hummingbird believes these drilling results highlight the upside potential to SE’s current Resources and Reserves profile of 204,000 ounces (“oz”) and 100,300 oz respectively, and provide an increasing level of confidence in the overall geology of the SE deposit as a key future deposit to be mined at Yanfolila, which is scheduled to commence this year in 1Q23.
In particular, the company has highlighted the extent of the SE deposit’s potential, including multiple open pits over the yet to be fully explored c.1.5 kilometres (“Km”) strike zone.
Meanwhile, the Greenfield target BBC is receiving its first round of drill testing, and has shown the potential to establish new resources at this deposit. Hummingbird said this further adds to additional greenfield upside at Yanfolila’s other greenfield deposits Karma and Diaban.
Commenting today, CEO, Dan Betts said: “Today’s announcement marks the completion of our 2021 Yanfolila exploration programme of c.48,000 m. We are still awaiting on further assays from our 2021 Kouroussa drilling campaign of c.24,000 m which we will release findings on once received and analysed, which we expect to be completed this quarter.”
He said “significant upside” to extend the life of mine at Yanfolila on existing known deposits has been proven, coupled with upside from its greenfield deposits “still only in their infancy.”
“The results from the SE drilling are particularly encouraging, shoring up our confidence that SE will be a key future minable deposit at Yanfolila for the years ahead,” said Betts. Looking ahead, Hummingbird’s objective is to achieve an over 10-year Reserve mine life at Yanfolila.
Commenting, Noris Del Bel Belluz, Group Technical Services Manager of Hummingbird Resources, told investors: “As we round out receiving and analysing assay data from our extensive 2021 drilling campaign, the key focus for the geology team is to incorporate these into the Company’s updated 2022 Resources and Reserves databases so as to provide valuable data to be used in our future mine plans at both Yanfolila and Kouroussa.”
On Tuesday, Hummingbird noted that “positive developments” were being made from an ongoing feasibility study being undertaken on the Dugbe Gold Project by DRA Global, a group of independent consultants that were appointed by Pasofino to complete the study in Liberia.
The study at the project demonstrated that open pittable resources include 57-million-tonne (“Mt”) material, grading 1.58 grams a tonne (“g/t”) with 2.88 million ounces (“Moz”) gold.
Hummingbird noted that these ‘favourable’ results from the on-site geotechnical work should allow steeper pit slopes to be developed, which should translate to lower strip ratios in turn.
The company stated that these recently updated results show the continual strong progress towards delivering an economically robust FS, as highlighted by the PEA back in June 2021.
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