Hummingbird Resources (HUM ) has received ‘significant results’ from its 2021 exploration drilling programme at the Yanfolila gold mine in Mali. The programme is focused on increasing mineral resources at known deposits and testing new greenfield targets.

The African-focused gold ore mining company said around 5,800 metres has been drilled so far in 2021, which includes 3,367 m of reverse circulation (“RC”) drilling at Sanioumale East (“SE”) and 2,474m of diamond core drilling at Komana East (“KE”). 

The drill results from SE and KE show continued resource upside potential at both deposits, as recently highlighted by the group in its mineral resource estimate (MRE) announcement.

Sanioumale East

The group said that with the SE drill holes (See Fig. 1) continuing to intersect mineralisation, the results highlight the potential for SE to be a material deposit, building on the positive 2020 exploration results which led to an increase of SE’s JORC compliant MRE to 204,000 ounces.

Figure 1: SE drilling long intersection deposit map 
 
(Source: Hummingbird Resources)

To date, the 2021 drilling at SE has intersected mineralisation in 11 of the 12 holes drilled, with mineralisation remaining open. Drilling is now proceeding to extend the mineralisation further to the south of the central pit and at depth below the ‘New Zone’ discovery (See Fig. 2).

Figure 2: SE cross section view showing newly discovered ‘New Zone’ at the north end of the central pit
 
(Source: Hummingbird Resources)

There is further exploration upside at the SE deposit, with only 1.5 kilometres having been tested along the highly prospective 3 km Sankarani Shear gold zone anomaly where SE is situated, with more than one zone of mineralisation having already been identified. Looking ahead, the company informed investors that 15,000 m of drilling is planned at SE in 2021.

Komana East

Meanwhile, drilling at KE is targeting mineralisation for underground development (“KEUG”). Of the KEUG drill holes completed to date in the programme, all nine drill holes have intersected the targeted mineralised zones and returned notable ongoing results.

The results for the holes, which were drilled for 2,474m, continue to confirm mineralisation exists at depth at the northern part of the deposit, giving the group ‘increased confidence of further resource growth potential for the planned KEUG mining operation,’ it noted.

“These results for both SE and KEUG (See Fig 3.) continue on from last year’s drilling success, showing further upside growth potential in resources for both deposits,” said CEO, Dan Betts.

Figure 3: KEUG long intersection view with planned mine development


(Source: Hummingbird Resources)

“The SE results indicate that the deposit is potentially of a material size and could be mined in the coming years. Hole SNERC0421, 38 m at 5.39 g/t gold from 58 m depth, is one of the best intersected drill results in the history of Hummingbird which is a pleasing achievement!

Our ongoing work at the KEUG deposit is progressing well, with the aim of bringing an underground mine into our future mine plans once final drilling, permitting, portal hole access and economic studies have been finalised,” he added.

In one year’s exploration, Hummingbird has successfully replaced 21 months of mining depletion with plans to continue growing its resource base by repeating the same activities in 2021. This latest drilling campaign, which has a total budget of £10m to target resource growth opportunities, looks set to build further on that significant track record.

Shares in Hummingbird Resources have moved up by over 6% since the start of 2021 and could continue this trend as investors rotate out of highly valued sectors, such as technology, and into the resources sector.

Reasons to HUM

Strong underlying geological indications at Yanfolila, Kouroussa and Dugbe with more drilled expected to drive resources and production higher.

Hummingbird has put a strong management team in place since 2015 with expertise in mining commodity markets and in-region experience of West Africa who have a track record of delivering projects on time and on budget.

Significant growth potential of this multi-asset and multi jurisdiction mining company with appetite to expand the number of projects going.

Lots of positive news events expected in FY21.

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