Hummingbird Resources plc said it had materially increased its company reserves from 1.12 million ounces to 4.13Moz and resources by 8% to 7.28Moz for its three gold projects in West Africa.
PROJECTS
The company’s assets comprise Yanfolila in Mali ; Kouroussa in Guinea including an inaugural ore reserve at the Kinkine deposit and higher-grade ore reserves at the Koekoe deposit; and initial reserves for Dugbe in Liberia.
All the company’s resources and reserves are on a 100% basis, while retaining a controlling 51% interest in Dugbe.
YANFOLILA
At Yanfolila, Hummigbird’s reserves and resources total 719 thousand ounces, an increase of 13koz (+2%) at 2.85 g/t.
Resources are of 2.07Moz at 2.22 g/t, which is an increase of 100koz (+5%) net of depletion from mining since the previous statements respectively.
The company added that underground reserves at Komana East (KEUG) have increased by 75koz (+37%), to total 278koz at 3.94 g/t.
Hummingbird added it was confident of a minimum seven-year life of mine (LOM) based on a c.100koz annual production profile.
Potential exists to maintain and extend Yanfolila’s LOM with further drilling campaigns, in particular at the underground deposits which are of higher grade.
KOUROUSSA
Reserves and resources at Kouroussa total 647koz at 4.15 g/t, an increase of 238koz (+58%) and 1.20Moz at 3.02 g/t, an increase of 22koz (+2%) from previous statements respectively.
The key deposit of Koekoe’s reserves increased by 137koz (+33%) since last reported to total 546koz and at a higher-grade profile of 4.69 g/t (+7% versus the last statement at 4.38 g/t).
The company established an inaugural maiden reserve at the other key Kouroussa deposit, Kinkine, of 101koz at 2.56 g/t.
Hummingbird added it was confident of extending the reserves and LOM given the “significant exploration upside potential” at Kouroussa.
DUGBE
The project has an inaugural reserve of 2.76Moz and resources of 4.0Moz as recently announced by Hummingbird’s joint venture partner Pasofino Gold Ltd.
STRATEGY
Chief executive Dan Betts said that Hummingbird had two years ago set a key target to increase its overall reserves.
“As we rapidly move towards our other key strategic goal of being a multi-asset, multi-jurisdiction gold producer, with Kouroussa advancing towards first gold pour by the end of Q2 2023, we are cognisant to maintain and improve our overall company reserves profile.
“With today’s results, and a large body of work now complete by our geology teams, the next steps include the further analysis of our extensive geological base and associated mine plans, as well as the next phase of our exploration campaigns in Mali and Guinea.”