TIDMHUM
RNS Number : 0333Z
Hummingbird Resources PLC
18 May 2021
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
18 May 2021
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Update on Dugbe Gold Project
Trenching Results Define New Targets on Strike from Tuzon
Hummingbird Resources plc (AIM:HUM) is pleased to provide the
following update in relation to the Dugbe Gold Project (the
"Project") in Liberia whereby Pasofino Gold Ltd ("Pasofino")
(TSXV:VEIN) has announced results of trenching on strike from the
Tuzon deposit. For the full Pasofino release details and graphics
please follow the link here:
https://money.tmx.com/en/quote/VEIN/news/5994566837571052/Pasofino_Gold_Provides_Results_for_Trenches_Defining_New_Targets_on_Strike_from_Tuzon
.
Pasofino has an earn-in agreement for a 49% stake in the
Project, with Hummingbird maintaining a controlling interest of
51%. For further details on the option and earn-in agreement with
Pasofino, please refer to the Company's RNS dated 4 June 2020.
Highlights from the Pasofino release include:
-- A six-kilometre ("km") long gold ("Au") in soil 'trend'
extending south-westwards 'on-strike' from the two million ounce
(Indicated Mineral Resource Estimate) Tuzon deposit* was recognised
in January 2021. Three 'first pass' trenches were completed in
February 2021 to test the trend. All three returned anomalous Au
results - up to 2 grammes per tonne ("g/t") Au in bedrock and an
interval of 36 m grading 0.6 g/t Au
-- These trench results are important as there has been no
drilling on this trend; the soil anomaly is relatively subtle and
was not previously targeted
-- At the west end of the trend there are two trenches dating
from 2011 that have not been drill-tested to date, despite
including a best interval of 26 m grading 0.79 g/t Au
-- These results highlight the potential for new discoveries
within relative proximity to the existing deposits, within a
trucking distance of the planned processing plant at Tuzon
Dan Betts, CEO of Hummingbird Resources, commented:
"We are encouraged by the trench results received at the Tuzon
deposit, where initial results show potential for additional
discoveries close to the existing deposit. We look forward to
further updates from the Pasofino team on the Tuzon deposit and on
progress to deliver a feasibility study at the Project."
Ian Stalker, CEO of Pasofino, commented:
"The trench results suggest that the mineralised layers hosting
the Tuzon deposit may be more extensive than currently defined and
provide us with some promising new drill targets. That these
results are within six km of the 2.3 million ounce Indicated
Resources we have at the Tuzon and Dugbe F deposits* makes it all
the more meaningful and supports our view that there is more to be
found on the 2,559 square kilometre land package."
-- * Pasofino's Mineral Resources Estimate as at August 19, 2020
as completed by SRK (UK) Limited
Further Information (selected information from the Pasofino
release):
Trench Interval start (m) Interval end (m) Length (m) Grade Au (g/t) Material
TZTR085 38.0 90.0 52.0 0.18 Mottled zone (cover)
------------------- ----------------- ----------- --------------- ---------------------
including 50.0 66.0 16.0 0.25 Mottled zone (cover)
------------------- ----------------- ----------- --------------- ---------------------
TZTR087(*1) 0.0 10.0 10.0 0.13 gneiss bedrock
------------------- ----------------- ----------- --------------- ---------------------
TZTR091 32.0 68.0 36.0 0.60 gneiss bedrock
------------------- ----------------- ----------- --------------- ---------------------
including 34.0 40.0 6.0 1.48 gneiss bedrock
------------------- ----------------- ----------- --------------- ---------------------
KHTR008(*2) 52.0 78.0 26.0 0.79 unknown
------------------- ----------------- ----------- --------------- ---------------------
KHTR007(*2) 116.0 126.0 10.0 0.95 unknown
------------------- ----------------- ----------- --------------- ---------------------
(*1) trench started in the anomalous zone
(*2) untested 2011 Trenches shown on figure 1
Trenching Overview
Pasofino completed the re-analysis of all historic soil
geochemical data which highlighted several weak to moderate
strength anomalies on strike of Tuzon and Dugbe F. To test these,
three trenches were completed during February 2021.
The trenches are variably spaced along a 6.0 km subtle Au in
soil anomaly defined by the 10 ppb contour, extending southwest
from the Tuzon deposit. The 6.0 km long trend was not tested until
now as the Au in soil values are less obvious than others on the
project area. The results of the trenches have been analysed and
support the possibility of a 'belt' mineralisation, located north
of the Dugbe Shear Zone. Further drilling will be required to firm
up on this concept.
At the western end of the trend, trenches KHTR007 and KHTR008
dating from 2011 returned excellent results (best being 26 m
grading 0.79 g/t Au) but were never followed up. The new trench
TZTR085 is located 500 m southwest of the Tuzon deposit and
returned 52 m grading 0.18 g/t Au, this trench was sampled from
mottled zone regolith as bedrock was not reached.
Sampling procedure and Quality Assurance and Quality Control
(QAQC)
The trench start (collar) positions were determined using a
handheld GPS and lidar data for elevation. Trenches were dug to 3 m
or to 'refusal' (if bedrock reached) and were 200-204 m in length.
Samples were all 2 m in length and taken from a horizontal channel
0.1 m above the trench floor. If an interval had bedrock in the
floor of the trench, small chips were taken with a chisel along the
interval. Samples were prepared at Liberia Geochemical Services
(Inc. in Monrovia) and sent to be analyzed by ALS in Burkina Faso,
a facility compliant to ISO 17025:2005 for the analytical methods
used for the samples. A certified standard was inserted into every
100 samples and a blank was inserted every 50 samples. A duplicate
trench sample was collected every 75(th) sample. The results of the
QAQC samples are acceptable. All samples were stored and
transported to the laboratory securely and accompanied by a company
representative until arrival at the laboratory. All samples were
analysed by fire assay with atomic absorption finish on a sample
with 50g nominal weight. The Qualified Person has been unable to
review QAQC data for the 2011 trenches but has observed them in the
field.
Qualified Persons Statement
Scientific or technical information in this disclosure that
relates to exploration results was prepared and approved by Mr.
Andrew Pedley. Mr. Pedley is a full-time consultant of Pasofino
Gold Ltd.'s wholly-owned subsidiary ARX Resources Limited, and has
reviewed this announcement on Hummingbird's behalf. Mr. Pedley is a
member in good standing with the South African Council for Natural
Scientific Professions (SACNASP) and is as a Qualified Person under
National Instrument 43-101.
**ENDS**
For further information please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts, Hummingbird Resources Tel: +44 (0) 20 7409
CEO plc 6660
Thomas Hill, FD
Edward Montgomery,
CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer Nominated Adviser 3494
-------------------------- ---------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
Thomas Diehl Broker 8000
-------------------------- ---------------------
Tim Blythe Blytheweigh Tel: +44 (0) 20 7138
Megan Ray Financial PR/IR 3205
Rachael Brooks
-------------------------- ---------------------
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold production, development and exploration
company and member of the World Gold Council ('WGC'). Hummingbird's
vision is to continue to grow its asset base, producing highly
profitable ounces, while continuing to focus on its Environmental,
Social & Governance ('ESG') policies and practices. The Company
currently has two core gold projects, the producing Yanfolila Gold
Mine in Mali, and the Kouroussa gold development project in Guinea.
Further, the Company has a controlling interest in the Dugbe Gold
Project in Liberia that is being developed by Pasofino Gold Limited
through an earn-in agreement.
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