Hummingbird Resources (AIM:HUM ) said it is planning to conduct a mineral resource update at its Yanfolila operations in Southern Mali as drilling at the site nears its completion.
(Source: Hummingbird) Yanfolila Mineral Resources Map
The African gold ore mining group has drilled over 21,509m this year and is 95% through the budgeted $5m 2020 drilling and exploration programme with ‘encouraging results’ to date.
One of the group’s key internal goals this year is for the programme to further refine the group's mine expansion plans and show the potential for increased resources at Yanfolila.
The Company's 2020 exploration programme is focused on identifying high-grade resources, open pit oxide resources and reserves and testing new greenfield resource targets.
So far, the results have been positive in confirming further confidence in the mineral resource grade, overall geology and further extending the known depths of mineralisation below the current shallow pit design, the Company informed investors this morning.
Hummingbird said 2,000 sample assays remain outstanding, and that once received, the Company intends to update the mineral resource estimate for Sanioumale West open pit.
(Source: Hummingbird) Sanioumale West Deposit (Including the 2020 drill intercepts)
Commenting on operations nearing completion, Dan Betts, CEO of Hummingbird said:
“We are encouraged by the results received to date which is looking like substantiating both our confidence in existing ore bodies that should represent extensions in both resource and categorisation, and also the extension of known and new green field targets.”
Komana East Deposit (Including the 2020 drill Campaign)
Shares in Hummingbird Resources have traded strongly over the past two weeks and opened 4.05% higher this morning at 38.5p following the announcement.
Murray Paterson, Chief Geologist of Hummingbird, said the programme had demonstrated the “geological continuity and the potential to extend further beyond the previous drilling limits.”
He added, “We are busily preparing strategies for the 2021 exploration drilling programme as we look to take advantage of the solid results from this year."
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