Hummingbird Resources plc net group estimates have fallen compared with last year’s statement for its projects in Guinea, Mali and Liberia.
UNTAPPED EXPLORATION
Revised group reserves total 4.03 million ounces of gold and group resources of 6.95 Moz, while net figures saw a decrease of 98,000 ounces and 327 Koz respectively.
At the Kouroussa gold mine in Guinea, reserves increased to 676 Koz at 4.13g/t (2022: 647 Koz at 4.15g/t) and total resources rose to 1.23 Moz at 3.06g/t (1.20 Moz at 3.02g/t).
Hummingbird said that Kouroussa, which currently has a defined life of mine of at least six years, held “significant untapped exploration upside”.
The company plans to begin exploration campaigns over the next 12 months to increase the LOM to more than ten years and reserve to more than 1 Moz.
DRILLING
Yanfolila in Mali saw a decrease in total reserves to 593 Koz at 2.64g/t (719 Koz at 2.85g/t) and in resources to 1.71 Moz at 2.21g/t (2.07 Moz at 2.22g/t).
Despite the fall, the company said it remained confident of maintaining and extending Yanfolila’s LOM which is currently six years.
Exploration on greenfield and existing brownfield sites at Yanfolila are expected to add to the mineral resource base in H2-2023 to 2024, and extension drilling has started at the Gonka and Sanioumale West deposits.
Reserves at the Dugbe gold project in Liberia remain the same at 2.76 Moz at 1.30g/t and resources at 4.01 Moz at 1.27g/t. The company retains a 51% controlling interest.