Hummingbird Resources (HUM ) said it continues to report “exceptional drilling results” at the Kouroussa Gold Mine in Guinea. The resource company said the ongoing results highlight that it has “an asset of significant value, with a material amount of exploration potential.”
The Company said it has now received the second assay batch of results on 40 Reverse Circulation (“RC”) and seven diamond holes on the high-grade KoeKoe (“KK”) deposit, delivering around 4,562m out of its around 24,000 m infill drilling programme for 2021.
Hummingbird reported that drill hole KRCD1729A, a metallurgical hole drilled to collect sample material for metallurgical test work, intersected a significant high-grade mineralisation interval of 55m at 35.72 g/t (from 77m), including an internal zone of 20.75m at 91.98 g/t.
It said the hole exceeded expectations in terms of grade and confirmed the interpretation of the current Mineral Resources Estimate (“MRE”) and potential for further resource growth.
As highlighted from its drilling results in October 2021, Hummingbird said the drilling results continue to demonstrate the high-grade nature of the KK deposit ‘at relatively shallow depths’.
It said the c.24,000m 2021 Kouroussa infill drilling programme is nearing completion, with less than 1,500m drilling to be completed in December. The programme is expected to feed into the Group’s updated 2022 Resources and Reserves statements scheduled for release in 2Q.
The Company noted that further assays which have been recently received from the 2021 Kouroussa infill drilling campaign will be reported once fully reviewed in the new year.
Shares in Hummingbird Resources were up 8.02% to 14.15p following this morning’s news.
CEO, Dan Betts, commented: “The mobilisation of equipment and personnel at Kouroussa marks another important step towards the Company’s strategic goal of being a multi asset producer. A material amount of work has been done, assembling the team and infrastructure, so that construction can commence, and that capex budgets and timelines are delivered.”
He said the “exceptional drilling results” being received highlight that the company has “an asset of significant value, with a material amount of exploration potential” ahead of it.
Commenting this morning, Noris Del Bel Belluz, Group Technical Services Manager of Hummingbird Resources, outlined: “The assays results received so far from the Inferred to Indicated drilling campaign, and the historical drilling results pre-2021, clearly demonstrate that the Koekoe deposit - and Kouroussa in general - host impressive gold grades.”
He said: “We are now finalising plans for our 2022 Kouroussa exploration drilling campaign to build upon the success being seen in 2021. We expect to continue to see the upgrading of the quality of the reserves/resources to further extend the current mine life at Kouroussa.”
Kouroussa is forecast to be a high-grade, low-cost mine that will produce between 120,000 and 140,000 ounces (“oz”) for the first three years of production, and an average 100,000 oz over the initial seven-year life of mine (“LOM”), with upside potential with further exploration.
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