Hummingbird (HUM ) shares rose 4% this morning after the company said development and construction of its Kouroussa gold project was over 50% complete, and that it remained on track to achieve first gold pour by the end of Q2 2023. Kouroussa is the company's second gold mine, expected to double Hummingbird's gold production.
Construction progress and operational readiness
Hummingbird provided details on the project's development as well as aerial footage.
The company said it has erected five CIL tanks and two leach tanks, and completed a plant workshop. A processing plant is near completion with construction of other processing plant building infrastructure commencing. A tower crane is operational and ready to be used for structural, mechanical, and piping installations.
Building camp infrastructure has commenced, including accommodation, mess facilities, offices, and main entrance road works. Civil works are in progress in the following areas: oxide ore crushing, reclaim, milling, reagents, oxygen plant, detox, and services. Structural steel installation and pre-assemblies have commenced on a oxygen plant and reagent areas.
CIL tanks and processing plant infrastructure construction.
Mine camp cement foundations and building infrastructure commencing.
Hummingbird said it was on track to reach over 1 million lost time injury (LTI) free hours in early September.
The company also said all long lead items for the Korossa project have been ordered, with increasing deliveries on site occurring for installation in H2 2022. Operation readiness programmes are being finalised in preparation for mining and first gold pour by the end of Q2 2023.
High-grade assay results at Kouroussa confirmed
Hummingbird has received final assay results from its 2021 infill drilling campaign relating to 27 drill holes totalling 4,138m at Kouroussa's key deposit Koekoe.
Several notable drill results from the deposit include: 12.3m @ 13.84 g/t from 69.7m (KRCD1901); 1.0m @ 11.90 g/t from 112.8m (KRCD1901); 6.0m @ 10.94 g/t from 122m (KRCD1902); and 2.0m @ 47.77 g/t from 154m (KRCD1915).
Koekoe cross section of some notable drill assays received (and historical drilling)
These final assay results, coupled with previous high-grade results, attest to the mine's significant gold endowment. The new results will be added to Hummingbird's 2023 Resources and Reserves statement, expected to be released in H1 2023.
Dan Betts, CEO, commented:
"Hummingbird continues to move towards our key strategic goal of being a multi-asset, multi-jurisdiction gold producer with a key milestone of over 50% of construction now completed at our second gold mine, Kouroussa, located in the prolific Siguiri Basin in Guinea.
In addition, the latest assay results from our 2021 infill drilling campaign are very positive in terms of grade profile and confidence levels they provide us as we move towards beginning to mine at Kouroussa later this year, ahead of the all-important first gold pour by end of Q2 2023."
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