TIDMHUM
RNS Number : 2346M
Hummingbird Resources PLC
13 September 2023
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
13 September 2023
Hummingbird Resources pl c
("Hummingbird", the "Group" or the "Company")
2023 Updated Company Reserves and Resources Statements
Hummingbird Resources plc (AIM: HUM) is pleased to provide
updated Reserves and Resources Estimate Statements for the Company
as at 31 December 2022.
Updated Group Reserves totalled 4.03 million ounces ("Moz") of
gold and Group Resources totalled 6.95 Moz, a net decrease of 98
thousand ounces ("Koz") and 327 Koz respectively, on the Company's
2022 Reserves and Resources statement ("2022 statement" or
"2022").
Kouroussa Gold Mine, Guinea
-- Reserves at the Kouroussa Gold Mine increased 28 Koz to 676
Koz at 4.13g/t (2022 statement: 647 Koz at 4.15g/t) and total
Resources also increased 30 Koz to 1.23 Moz at 3.06g/t versus the
previous statement (2022: 1.20 Moz at 3.02g/t).
-- Under the current mine plan, Kouroussa has a defined life of
mine ("LOM") of at least six years. The mine holds significant
untapped exploration upside with the Company planning on starting
and executing exploration campaigns over the next 12 months with
the goal of lifting the LOM to 10-plus years and increasing the
Reserve profile to over 1.0 Moz.
Yanfolila Gold Mine, Mali
-- Following the curtailing of exploration activities in 2022,
operational depletion, and re-interpreting geology from grade
control drilling and improved in-pit mapping that increased
geological confidence for mining plans, Yanfolila saw total
Reserves decrease 126 Koz to 593 Koz at 2.64g/t (2022: 719 Koz at
2.85g/t) and Resources decreased 360 Koz to 1.71 Moz at 2.21g/t
(2022: 2.07 Moz at 2.22g/t).
-- Yanfolila has a projected LOM of approximately six years
based on its existing Reserve profile. Despite the reduction in
Yanfolila's Reserves and Resources profile through 2022, the
Company remains confident in its ability to maintain and extend
Yanfolila's LOM. Exploration plans on greenfield and existing
brownfield sites at Yanfolila are currently being implemented and
expected to add to the Mineral Resource base in H2-2023 through to
2024.
Dugbe Gold Project, Liberia
-- Reserves remained as per last statements at 2.76 Moz at
1.30g/t and Resources at 4.01 Moz at 1.27g/t, of which the Company
retains a 51% controlling interest.
Exploration activity
-- As noted in the Q2-2023 Operational and Trading Update, the
Company is currently finalising its exploration plans at both
Kouroussa and Yanfolila, with extension drilling re-commenced at
Yanfolila's Gonka and Sanioumale West deposits . Further detail on
the Group's exploration plans, including updates on the completed
extension drilling, are expected to be provided later in the
year.
-- The core focus of the exploration programmes will be to
increase the respective Resource bases and, ultimately, enlarge the
Reserves bases and LOM at both assets. In particular, the Company
believes there remains material upside opportunity at Kouroussa,
which is located within Guinea's gold prolific Siguiri Basin.
2023 Company Reserves and Resources Summary Table
Company Reserves
Reserves Summary Net change from previous updates
---------------------- ----------------------------------
Asset: kt g/t Koz Koz % change
------- ----- ------ ----------- ---------------------
Yanfolila, Mali 6,978 2.64 593 -126 -18%
------- ----- ------ ----------- ---------------------
Kouroussa, Guinea 5,093 4.13 676 28 4%
------- ----- ------ ----------- ---------------------
Dugbe, Liberia (100%) 66,000 1.30 2,760 0 0%
------- ----- ------ ----------- ---------------------
Total Company Reserves 78,071 1.60 4,028 -98 -2%
------- ----- ------ ----------- ---------------------
Company Resources
Resources Summary Net change from previous updates
---------------------- ----------------------------------
Asset: kt g/t Koz Koz % change
------- ----- ------ ----------- ---------------------
Yanfolila, Mali 24,009 2.21 1,705 -360 -17%
------- ----- ------ ----------- ---------------------
Kouroussa, Guinea 12,506 3.06 1,230 30 2%
------- ----- ------ ----------- ---------------------
Dugbe, Liberia (100%) 98,100 1.27 4,013 0 0%
------- ----- ------ ----------- ---------------------
Total Company Resources 134,614 1.61 6,951 -327 -4%
------- ----- ------ ----------- ---------------------
All Company Resources and Reserves are shown on a 100% basis.
Hummingbird has a controlling interest in Dugbe of 51%.
Dan Betts, CEO of Hummingbird Resources, commented:
"The last 18 months have been a period of significant
operational progress for Hummingbird, with the construction and
ramp-up of Kouroussa, which is expected to reach steady state
production in Q4-2023, and the successful return to more consistent
operational performance at Yanfolila. We are confident that our
asset base has material LOM upside, with exploration plans being
developed, in particular at Kouroussa, where we are targeting to
increase Reserves to 1.0 Moz and a 10-plus year LOM."
Company Reserves Summary Table:
31st December 2022 Yanfolila, Mali Reserves Strip Ratio Au Oz Change in Au Oz
from previous
updates (net of
depletions)
------------------------------------------------ ----------- ------------
Deposit Location Classification kt Au (g/t) t:t Koz Koz
--------------------
Komana West (KW) In Pit Proved 13 1.92 - 0.8 -
-------------------- --------------- ------ -------- ----------- ------------
Probable 450 2.56 - 37.0 -
-------------------------------------------------- ------ -------- ----------- ------------
TOTAL: 463 2.54 16.5 37.8 -37.4
------ -------- ----------- ------------ -------------------
Komana East (KE) In Pit Proved - - - - -
-------------------- ------------- --------------- ------ -------- ----------- ------------
Probable 720 2.73 - 63.1 -
-------------------------------------------------- ------ -------- ----------- ------------
TOTAL: 720 2.73 6.4 63.1 -42.6
------ -------- ----------- ------------ -------------------
Sanioumale West (SW) In Pit Proved 313 2.25 - 22.6 -
-------------------- ------------- --------------- ------ -------- ----------- ------------
Probable 79 1.96 - 5.0 -
-------------------------------------------------- ------ -------- ----------- ------------
TOTAL: 392 2.19 6.0 27.6 -27.7
------ -------- ----------- ------------ -------------------
Sanioumale East (SE) In Pit Proved - - - - -
-------------------- ------------- --------------- ------ -------- ----------- ------------
Probable 1,230 2.57 - 101.5 -
-------------------------------------------------- ------ -------- ----------- ------------
TOTAL: 1,230 2.57 13.6 101.5 -10.3
------ -------- ----------- ------------ -------------------
Gonka (GK) In Pit Proved - - - - -
-------------------- --------------- ------ -------- ----------- ------------
Probable 327 3.01 - 31.7 -
TOTAL: 327 3.01 23.2 31.7 -34.1
------ ------------ -------------------
Guirin West (GW) In Pit Proved - - - - -
--------------- ------ -------- ----------- ------------
Probable 108 2.13 - 7.4 -
TOTAL: 108 2.13 8.4 7.4 7.4
Komana East U/G Proved - - - - -
Underground (KE U/G)
--------------- ------ -------- ----------- ------------
Probable 2,050 4.02 - 265.1
-------------------------------------------------- ------ -------- ----------- ------------
TOTAL: 2,050 4.02 - 265.1 -12.4
Run-of-Mine
Stockpiles ROM Stockpile Proved 1,687 1.08 - 58.3 -
--------------- ------ -------- ----------- ------------
Probable - - - - -
------ -------- ----------- ------------
TOTAL: 1,687 1.08 - 58.3 30.7
Total Yanfolila SUB-TOTAL: Proved 2,013 1.26 - 81.7 54.1
-------------------- --------------- ------ -------- ------------
Probable 4,965 3.20 - 510.8 -180.5
-------------------------------------------------- ------ -------- ----------- ------------ -------------------
TOTAL: 6,978 2.64 12.3 592.5 -126.4
------------------------------ ------------------- ------ -------- ----------- ------------ -------------------
Kouroussa, Guinea Reserves Strip Ratio Au Oz Change in Au Oz
from previous
updates (net of
depletions)
-------------------- ------------------------------------------------ ----------- ------------
Deposit Location Classification kt Au (g/t) t:t Koz Koz
------
Kinkine (KI) In Pit Proved - - - - -
------------- --------------- ------ -------- ----------- ------------
Probable 1,234 2.56 - 101.4 -
-------------------------------------------------- ------ -------- ----------- ------------
TOTAL: 1,234 2.56 6.2 101.4 0
-------------------
Koekoe (KK) In Pit Proved 16 1.73 - 0.9 -
-------------------- ------------- --------------- ------ -------- ----------- ------------
Probable 3,842 4.64 - 573.2 -
-------------------------------------------------- ------ -------- ----------- ------------
TOTAL: 3,858 4.63 15.6 574.1 28.3
------------------------------ ------ -------- ------------ -------------------
Total Kouroussa SUB-TOTAL: Proved 16 1.73 - 0.9 0.9
-------------------- --------------- ------ -------- ------------ -------------------
Probable 5,092 4.12 - 674.6 27.4
------------ -------------------
TOTAL: 5,108 4.11 13.3 675.5 28.3
------------------- ----------- ------------ -------------------
Dugbe, Liberia Reserves Strip Ratio Au Oz Change in Au Oz
from previous
updates (net of
depletions)
-------------------- ------------------------------------------------ ----------- ------------
Deposit Location Classification kt Au (g/t) t:t Koz Koz
-------------------- ------------- --------------- ------ -------- ----------- ------------
Dugbe F and Tuzon In Pit Proved - - - - -
-------------------- ------------- --------------- ------ -------- ----------- ------------
Probable 66,000 1.30 - 2,760.0 -
-------------------------------------------------- ------ -------- ----------- ------------ -------------------
TOTAL: 66,000 1.30 0.3 2,760.0 0.0
------------------------------ ------ -------- ----------- ------------ -------------------
Total Company Reserves Strip Ratio Au Oz insitu Change in Au Oz
from previous
updates (net of
depletions)
-------------------- ------------------------------------------------ ----------- ------------
Location Classification kt Au (g/t) t:t Koz Koz
------------- --------------- ------ -------- ----------- ------------
All Deposits (100%
Attributable) In Pit Proved 342 2.21 - 24.3 -
------------- --------------- ------ -------- ----------- ------------
Probable 7,991 3.58 13.5 920.3 -140.7
-------------------------------------------------- ------ -------- ----------- ------------ -------------------
U/G Proved - - - - -
--------------- ------ -------- ----------- ------------
Probable 2,050 4.02 - 265.1 -12.4
-------- ------------ -------------------
Dugbe F and Proved - - - - -
Tuzon
--------------- ------ -------- ----------- ------------
Probable 66,000 1.30 0.3 2,760.0 0.0
-------------------------------------------------- ------ -------- ----------- ------------ -------------------
Proved 1,687 1.08 - 58.3 30.7
ROM Stockpile Probable - - - - -
------------- ------------------------------------ ------ -------- ----------- ------------ -------------------
TOTAL: Proved 2,029 1.08 - 82.6 55.0
------------- ------------------------------------ ------ -------- ----------- ------------ -------------------
Probable 76,041 1.61 - 3,945.4 -153.1
-------------------------------------------------- ------ -------- ----------- ------------ -------------------
TOTAL: 78,070 1.60 1.8 4,028.0 -98.1
------------------------------ ------ -------- ----------- ------------ -------------------
Footnotes:
-- Company Reserves are shown on a 100% basis. Hummingbird
retains a controlling interest in Dugbe of 51%.
-- Yanfolila and Kouroussa Reserves are based on a US$1,500 Au
price. Dugbe Reserves are based on a US$1,600 Au price.
-- Yanfolila and Kouroussa Reserves statements effective date is
31 December 2022. Dugbe Reserves effective date as completed by
Pasofino is 01 May 2022. Rounding may produce slightly different
sums.
Other footnotes: Due to the length of the footnotes to the
Reserves summary table, they are provided at the end of this
document.
Company Resources Summary Table:
31st December 2022 Yanfolila, Mali Resources Au Oz Change in Au Oz from
previous updates (net
depletions)
Deposit Location Classification kt Au (g/t) Koz Koz
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Komana West (KW) In Pit Measured 39 1.88 2.0 -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 1,654 2.11 112.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 302 1.87 18.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 1,994 2.07 133.0 -220.0
------------------------------- -------- --------- -------- -------------------------
Komana East (KE) In Pit Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 2,932 3.47 327.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 199 2.12 14.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 3,131 3.38 340.0 225.0
------------------------------- -------- --------- -------- -------------------------
Gonka (GK) In Pit Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 1,033 3.80 126.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 425 4.81 66.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 1,458 4.09 192.0 125.0
------------------------------- -------- --------- -------- -------------------------
Sanioumale West (SW) In Pit Measured 520 2.13 36.0 -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 796 1.39 36.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 760 1.47 36.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 2,077 1.60 107.0 -84.0
------------------------------- -------- --------- -------- -------------------------
Sanioumale East (SE) In Pit Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 1,753 2.59 146.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 180 2.54 15.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 1,933 2.58 161.0 -75.0
------------------------------- -------- --------- -------- -------------------------
Komana West Underground U/G Measured - - - -
(KW U/G)
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 312 2.47 25.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 405 3.04 40.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 717 2.79 64.0 64.0
------------------------------- -------- --------- -------- -------------------------
Komana East Underground U/G Measured - - - -
(KE U/G)
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 1,355 3.65 159.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 845 3.57 97.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 2,201 3.62 256.0 -299.0
------------------------------- -------- --------- -------- -------------------------
Gonka Underground (GK U/G) U/G Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 290 2.88 27.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 467 3.58 54.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 756 3.31 80.0 -145.0
------------------------------- -------- --------- -------- -------------------------
Sanioumale West
Underground (SW U/G) U/G Measured 2 1.86 0.1 -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 188 2.21 13.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 177 2.30 13.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 366 2.25 26.0 26.0
------------------------------- -------- --------- -------- -------------------------
Sanioumale East U/G Measured - - - -
Underground (SE U/G)
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 417 2.73 37.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 196 2.62 16.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 613 2.70 53.0 53.0
------------------------------- -------- --------- -------- -------------------------
Guirin West (GW) In Pit Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 165 2.04 11.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 66 1.81 4.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 231 1.97 15.0 -59.0
------------------------------- -------- --------- -------- -------------------------
Kabaya South (KS) In Pit Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 1,370 1.42 62.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 650 1.10 23.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 2,020 1.31 85.0 0.0
------------------------------- -------- --------- -------- -------------------------
Kabaya South (KS - Ex Pit Measured - - - -
non-code)
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Inferred 950 1.50 46.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 950 1.50 46.0 0.0
------------------------------- -------- --------- -------- -------------------------
Badogo-Malikila (BM - In Pit Measured - - - -
non-code)
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Inferred 2,347 0.81 61.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 2,347 0.81 61.0 0.0
------------------------------- -------- --------- -------- -------------------------
Run-of-Mine Stockpiles Stockpiles Measured 1,687 1.08 58.0 -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Inferred - - - -
------------- ---------------- -------- --------- -------- -------------------------
TOTAL: 1,687 1.08 58.0 30.0
------------------------------- -------- --------- -------- -------------------------
Heap Leachable Stockpiles
(HLS) Stockpiles Measured 1,528 0.57 28.0 -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Inferred - - - -
------------- ---------------- -------- --------- -------- -------------------------
TOTAL: 1,528 0.57 28.0 -3.0
------------------------------- -------- --------- -------- -------------------------
Total Yanfolila SUB-TOTAL: Measured 3,776 1.02 124.1 65.0
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 12,265 2.74 1,081.0 -453.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 7,969 1.96 503.0 31.0
SUB-TOTAL: 24,009 2.21 1,705.0 -360.0
------------------------------- --------
Kouroussa, Guinea Resources Au Oz Change in Au Oz from
previous updates (net
depletions)
--------------------------- ---------------------------------------------------- -------- -------------------------
Deposit Location Classification kt Au (g/t) Koz Koz
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Kinkine (KI) In Pit Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 1,884 2.20 133.3 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 63 1.60 3.3 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 1,947 2.18 136.6 0.0
------------------------------- -------- --------- -------- -------------------------
Koekoe (KK) In Pit Measured 33 1.64 2.0 -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 5,008 4.21 678.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 1,039 2.51 84.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 6,080 3.90 763.0 59.0
------------------------------- -------- --------- -------- -------------------------
Bag Farm-Junction (BFJ) In Pit Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Inferred 1,743 1.59 89.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 1,743 1.59 89.0 0.0
------------------------------- -------- --------- -------- -------------------------
X-Vein (XV) In Pit Measured - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated - - - -
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Inferred 354 7.33 83.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 354 7.33 83.0 0.0
------------------------------- -------- --------- -------- -------------------------
Kinkine Underground (KI U/G Measured - - - -
U/G)
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 97 1.70 5.3 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 324 1.76 18.4 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 421 1.75 23.7 0.0
------------------------------- -------- --------- -------- -------------------------
Koekoe Underground (KK U/G Measured - - - -
U/G)
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 1,184 2.05 78.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 777 2.24 56.0 -
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 1,961 2.11 133.0 -31.0
------------------------------- -------- --------- -------- -------------------------
Total Kouroussa SUB-TOTAL: Measured 33 1.64 2.0 2.0
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 8,172 3.40 894.6 19.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 4,301 2.41 333.7 9.0
SUB-TOTAL: 12,506 3.06 1,230.3 30.0
------------------------------- --------
Deposit Dugbe, Liberia Resources Au Oz Change in Au Oz from
previous updates (net
depletions)
--------------------------- ---------------------------------------------------- -------- -------------------------
Deposit Location Classification kt Au (g/t) Koz Koz
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Dugbe F & Tuzon In Pit Measured 1,200 1.44 56.0 0.0
--------------------------- ------------- ---------------- -------- --------- -------- -------------------------
Indicated 80,000 1.30 3,340.0 0.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 16,900 1.13 617.0 0.0
SUB-TOTAL: 98,100 1.27 4,013.0 0.0
------------------------------- --------
Total Company Resources Au Oz Change in Au Oz from
previous updates (net
depletions)
--------------------------- ---------------------------------------------------- -------- -------------------------
Location Classification kt Au (g/t) Koz Koz
--------------------------- ------------- ---------------- -------- --------- --------
All Deposits (100%
Attributable) In Pit Measured 592 2.10 40.0 40.0
------------- ---------------- -------- --------- -------- -------------------------
Indicated 16,595 3.06 1,631.3 -97.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 5,781 2.34 435.3 31.0
---------------------------------------------------------- -------- --------- -------- -------------------------
U/G Measured - - - -
------------- ---------------- -------- --------- -------- -------------------------
Indicated 3,843 2.79 344.3 -337.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 3,191 2.87 294.4 9.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Yanfolila Measured - - - -
Non-code
------------- ---------------- -------- --------- -------- -------------------------
Indicated - - - -
------------- ---------------- -------- --------- -------- -------------------------
Inferred 3,297 1.01 107.0 0.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Dugbe Measured 1,200 1.44 56.0 0.0
------------- -------------------------------------------- -------- --------- -------- -------------------------
Indicated 80,000 1.30 3,340.0 0.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 16,900 1.13 617.0 0.0
---------------------------------------------------------- -------- --------- -------- -------------------------
ROM
Stockpiles Measured 1,687 1.08 58.0 30.0
------------- -------------------------------------------- -------- --------- -------- -------------------------
Indicated - - - -
------------- ---------------- -------- --------- -------- -------------------------
Inferred - - - -
------------- ---------------- -------- --------- -------- -------------------------
Heap
Leachable
Stockpiles Measured 1,528 0.57 28.0 -3.0
------------- -------------------------------------------- -------- --------- -------- -------------------------
Indicated - - - -
------------- ---------------- -------- --------- -------- -------------------------
Inferred - - - -
------------- ---------------- -------- --------- -------- -------------------------
TOTAL: Measured 5,007 1.13 182.0 67.0
------------- -------------------------------------------- -------- --------- -------- -------------------------
Indicated 100,437 1.65 5,315.6 -434.0
---------------------------------------------------------- -------- --------- -------- -------------------------
Inferred 29,170 1.55 1,453.7 40.0
---------------------------------------------------------- -------- --------- -------- -------------------------
TOTAL: 134,614 1.61 6,951.3 -327.0
------------------------------- -------- --------- -------- -------------------------
Footnotes:
-- Mineral Resources are inclusive of Reserves.
-- Mineral Resources are not Mineral Reserves and have no
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal,
marketing or other relevant issues.
-- Tonnes have been rounded to the nearest 1,000 t; Ounces have
been rounded to the nearest 100 oz. Numbers may not total due to
rounding.
-- Contained ounces have been calculated using 1 oz = 31.1035 g.
Other footnotes: Due to the length of the footnotes to the
Resources summary table, they are provided at the end of this
document.
Yanfolila Gold Mine, Mali Reserves and Resources key
highlights:
Reserves at Yanfolila totalled 593 Koz at 2.64g/t, a decrease of
126 Koz, and Resources totalled 1.71 Moz at 2.21g/t, a decrease of
360 Koz. The decrease has been primarily driven by the significant
geological reinterpretation of several deposits at Yanfolila
utilising additional data captured through detailed grade control
drilling and improved in-pit mapping, increasing geological
confidence in Yanfolila's overall Resource base.
The Company remains confident in the ability to maintain and
extend Yanfolila's LOM, with property wide exploration plans being
implemented and expected to accelerate in H2-2023 and 2024.
The Yanfolila gold mine is located within the Yanfolila
exploitation permit area. This area contains the following key
deposits, that are included within the 2023 Company Reserves
Statement:
-- Komana West ("KW")
-- Komana East ("KE")
-- Sanioumale West ("SW")
-- Sanioumale East ("SE")
-- Gonka ("GK")
-- Guirin West ("GW")
-- Komana East Underground ("KEUG")
-- Run-of-Mine Stockpiles ("ROM")
For the updated 2023 Yanfolila Resources Statement, the above
deposits are included in addition to the below:
-- Komana West Underground ("KWUG")
-- Gonka Underground ("GKUG")
-- Sanioumale West Underground ("SWUG")
-- Sanioumale East Underground ("SEUG")
-- Kabaya South ("KS")
-- Badogo-Malikila ("BM") (non-code compliant)
-- Heap Leachable Stockpiles ("HLS")
KE and KEUG
The KE open pit deposit holds Reserves of 63 Koz (2.73g/t) and
are included in the KE open pit Resources of 340 Koz (3.38g/t)
respectively. The remaining Reserves for the KE open pit are
located at the North and South ends of the pit that are on strike
with the mineralised trend. The KE open pit Resources are reported
within a US$1,800 per oz Au conceptual pit shell, resulting in a
deeper pit and bringing previous potential Underground Resources
into the new theoretical open pit, hence reducing the Underground
Resource when compared with the last Resource statement of
2022.
The KEUG Reserves have been adjusted by depleting mineralisation
that was recovered in 2022 in the KE open pit, standing at 265 Koz
(4.02g/t). The Underground Reserves were estimated using a cut-off
grade of 1.87g/t Au at an input price of US$1,500 per oz Au.
Remaining open pit reserves of the current KE open pit are expected
to be mined in FY-2024. Notably, there exists potential for a
longer LOM at KEUG, well above the deposit's current Reserves and
Resources profile which remains open at depth and to the north of
the deposit. This provides confidence that Reserves can be
increased, and Resources can be upgraded from Inferred Resources to
the Measured and Indicated category through additional drilling
campaigns at KEUG.
KEUG is currently being developed in H2-2023, with the
expectations that once it enters production, further underground
exploration drilling will take place to extend the LOM for that
deposit.
KW
The KW open pit deposit holds Reserves and Resources of 38 Koz
(2.54g/t) and 133 Koz (2.07g/t) respectively, accounting for mining
depletions and geological reinterpretation since the previous
statements. This deposit retains its potential at depth and along
its southern strike for LOM extension with further exploration.
GK and GKUG
The GK open pit deposit currently holds Reserves and Resources
of 32 Koz (3.01g/t) and 192 Koz (4.09g/t) respectively, accounting
for mining depletions and the additional remodelling versus the
2022 statements. The GK deposit is being gradually mined, providing
ore to be processed at the mill.
For GKUG, there are no current Reserves, and Resources have
decreased, now standing at 80 Koz (3.31g/t) since the previous
update. The primary cause for the changes in Resources, beyond
mining depletion, is the larger pit shell using an input price of
US$1,800 per ounce Au, increasing the proportion of the Resources
that are within the open pit.
The Company does not expect GKUG to be part of the mine plans
for several years, with additional technical studies and drilling
currently being planned. However, the Company views GKUG as a
future high-grade ore source for the processing plant, like KEUG,
with the belief that further drilling is needed to enhance its
potential.
SE and SEUG
The SE deposit had a slightly reduced Reserves and Resources
profile of 102 Koz (2.57g/t), and 161 Koz (2.58g/t) respectively
versus the 2022 statements. The increased reduction at SE was
driven by optimisation of the mine design to reflect an updated
Yanfolila exploitation permit area. Additionally, a Resource of 53
Koz (2.70g/t) was reported at SEUG. As with KEUG and GKUG, the
Company anticipates further potential for expansion of Resources
and Reserves with additional exploration drilling.
Mining at the SE open pit deposit commenced in Q2-2023, ahead of
schedule, and will provide increased ore to be processed through
H2-2023. Over the near term, the SE open pit will be a primary
source of material for the processing plant and the Company is
looking to increase operational tonnages to improve blending
opportunities.
SW and SWUG
The SW open pit Reserves and Resources have decreased, now
standing at 28 Koz (2.19g/t) and 107 Koz (1.60g/t) respectively,
after accounting for mining depletion. The SW open pit remains a
source of oxide ore material within the current LOM plan.
A Resource estimate of 26 Koz (2.25g/t) has been established at
SWUG. Like the Company's other underground deposits, it expects
there to be further potential for open pit mineralisation through
additional exploration drilling.
GW
A Maiden Reserve of 7 Koz (2.13g/t) has been reported for GW.
The GW deposit is located near to the processing plant and could
provide a future source of oxide material, with further exploration
upside potential.
KS & BM
KS Resources classified under SAMREC protocols were maintained
at 85 Koz (1.31g/t). Additionally, the deposit includes non-code
compliant Resources of 46.0 Koz (1.50g/t). BM holds a total
non-code compliant Resources of 61 Koz (0.81g/t).
HLS
HLS Resources have seen a slight reduction to 28 Koz (0.57g/t).
Currently, HLS is not included in the Yanfolila LOM plans. However,
the Company believes through additional studies, HLS Resources
could be converted into Reserves, making HLS a potentially viable
ore source for processing in the upcoming years.
ROM (stockpiles)
Presently, the ROM contains Reserves amounting to 58 Koz
(1.08g/t), a rise of 31 Koz compared to the figures stated in
previous statements. This increase is due to improved geological
confidence in the ability to profitably mine the existing ROM
stockpiles in the future.
Kouroussa Gold Mine, Guinea Reserves and Resources key
highlights:
Kouroussa Reserves increased 28 Koz to 676 Koz at 4.11g/t and
Resources increased 30 Koz to 1.23 Moz at 3.06g/t from previous
statements.
The project holds significant exploration upside both on site
and in the surrounding region. The Company remains confident in
reaching its target of a 10+ year LOM and a 1.0 Moz Reserve at
Kouroussa.
The current Kouroussa Reserves stated are for the Koekoe and
Kinkine open pits only. Resources are included for other deposits
and potential underground mineralisation below the Koekoe and
Kinkine open pits for the following;
-- Koekoe ("KK")
-- Kinkine ("KI")
-- Bag Farm-Junction ("BFJ")
-- X-Vein ("XV")
-- Koekoe underground ("KKUG")
-- Kinkine underground ("KIUG")
KK and KKUG
Reserves at KK increased 28 Koz, to total 574 Koz (4.63g/t),
while Resources increased 59 Koz, to total 763 Koz (3.90g/t) from
the previous statements. At KKUG, Resources decreased to 133 Koz
(2.11g/t) since the last statement. The principal factors driving
these changes we re the inclusion of additional assay results not
included in the previous 2022 statement, as well as the remodelling
of the deposit which incorporated the shallower regions of the KKUG
deposit into the KK open pit model .
KI and KIUG
The Reserve at KI remained unchanged from the previous
statements, totalling 101 Koz (2.56g/t), while Resources also
remained steady at 137 Koz (2.18g/t). Resources at KIUG have
remained unchanged from the previous statements, totalling 24 Koz
(1.75g/t). The Company believes that there is potential to grow the
underground Resources at KIUG through additional exploration.
Bag Farm-Junction (BFJ) and X-Vein (XV)
The Resources for BFJ and XV have remained unchanged from the
previous statements, at 89 Koz (1.59g/t) and 83 Koz (7.33g/t)
respectively. Both deposits possess the potential to be develop
into future mining deposits, pending more detailed exploration.
Dugbe Gold Project, Liberia Reserves and Resources key
highlights:
The Reserves and Resources for Dugbe have remained unchanged
since the previous statements, standing at 2.76 Moz and 4.01 Moz
respectively. Hummingbird retains a 51% controlling interest in the
project.
A strategic review of the Dugbe Project remains ongoing with the
Company's joint venture partner, Pasofino Gold Limited
("Pasofino").
Footnotes to the Company Reserves Summary table as per
above:
Yanfolila
1. Mineral Reserves are reported within Komana East, Komana
West, Gonka, Sanioumale West, Sanioumale East and Guirin West
ultimate pit designs, using the marginal cut-off grade where the
total ore-based cost, excluding mining cost and classified as
Measured or Indicated will be deemed as processable and included
within the mineral ore reserve estimate.
2. Mineral Reserves are defined within a mine plan, with phase
designs guided by Lerch-Grossman (LG) Pit Shells, generated using a
fixed gold price of US$1,500/oz Au. The total ore-based cost
(including processing, G&A, Grade control, ore differential
costs and sustaining costs) is variable and depends on the pit
location and material type which is between US$37.26/t milled to
US$47.20/t milled.
3. The Overall inter-ramp open pit slopes varied from 37deg to
50deg derived from geotechnical and hydrological studies.
4. Metallurgical processing recoveries have been estimated as 93.6% across all material types.
5. Mining dilution estimated 10% for Komana East, Sanioumale
West, Gonka, Sanioumale East, Guirin West and 15% for Komana West.
Mining Recovery estimated 95% for all deposits, appropriate for the
style of deposit, mining method and mining fleet.
6. Rounding as required by reporting guidelines may result in
apparent summation differences between quantities, grades and
contained metal.
7. Quantity and grade measurements are in metric units.
Contained gold is reported as troy ounces.
8. Topography as of 31 December 2022 was used for depletion in this estimate.
9. The mineral reserve includes 1.69 Mt @1.08g/t of existing stockpiles.
10. The Komana West marginal ore stockpile reported at a cut-off
of 0.89g/t Au for fresh material; the cut-off calculated based on
the rationalise costs at the end of mine life when the material
being process.
11. The Komana East, Komana West, Gonka and Sanioumale West open
pit mines have been depleted up to 31 December 2022.
KEUG
1. Reserves based on - an average dilution rate of 15% at zero
grade applied outside of stope shapes.
-- Ore recovery is 84% based on geotechnical pillars that must
remain after mining is complete.
-- Approximately 50% recovery of the in-situ crown pillar tonnes and ounces.
-- US$1500.00 Au price
2. Mine design criteria follow Geotechnical recommendations from Peter Gash. PE.
3. Mine design criteria follow hydrological recommendations from
Alex Gallagher of Hydrotechnica.
4. MRE resource models provided by Belinda van Lente of Hummingbird Resources.
5. Cutoff grade is 1.87g/t Au contained all in the Fresh ore type.
6. Metallurgical recovery at the process plant is 92% and is all Fresh material type.
7. Processing costs are US$37.67/t based on Fresh material type.
Kouroussa Open Pits
1. Kinkine allows for mining ore loss of 5% and mining dilution
of 5%. There have been no changes for the reserves since June 30,
2022.
2. Koekoe has a regularised Model based on a selective mining
unit (SMU) which has internal mining dilution and ore losses.
3. The Ore Reserve estimate has been based on marginal cut-off grades.
4. Figures above may not sum due to rounding.
5. The mining block model at Koekoe has been depleted for artisanal mining (orpaillage).
6. Due to no previous mining at Kouroussa (outside of the
artisanal mining), there are no site stockpiles to report.
7. Notes of particular importance are:
-- Resource model for Koekoe has been prepared by Belinda van Lente of Hummingbird Resources.
-- Resource model for Kinkine has been prepared by Ben Parsons
of SRK Consulting and there have been no changes for 2022.
-- A fixed gold price of US$1,500/oz for the pit optimisations as advised by HUM.
-- Discount rate used of 10%.
-- Metallurgical processing recoveries have been estimated as
95% for oxide and transitional material and 96% for fresh
material.
-- Mining assumptions and operating cost estimates are as
advised by HUM, based on a contract mining fleet and processing and
selling costs from operating site data.
-- A direct economic cut-off grade has been applied for each
block whereby a block grade exceeding this cut-off grade and
contained within the pit design and classified as Measured or
Indicated will be deemed as processable and included within the
ORE.
-- Pit optimisations have been prepared by Mr Paul O'Callaghan of OTC Mine Planning.
-- Mine designs have been prepared by Mr Paul O'Callaghan of OTC
Mine Planning, based on the optimisation results.
-- Schedule developed by KGM and used by Paul O'Callaghan of OTC Mine Planning.
-- Financial modelling has been prepared by HUM and reviewed by OTC Mine Planning.
Dugbe Project
1. Reserves based on - an average dilution rate applied to Dugbe F is 10.1% and Tuzon 6.9%.
- the average ore recovery applied to Dugbe F is 93.7% and for Tuzon is 95%
- US$1600.00 Au price
2. Scientific or technical information that relates to mining
results was reviewed by Mr Frikkie Fourie, an independent
consultant for DRA Global (SA).
3. Scientific or technical information that relates to
metallurgy and processing results was reviewed by Mr Marius
Phillips and Robin Welsh; full-time employees of DRA Global
(SA).
4. MRE resource models provided by Martin Pittuck of SRK (UK) Consulting
5. Mineral Reserves are reported at 0.50g/t Au cut-off grade.
6. Metallurgical recovery at the process plant is 87% on average
and is specific to material type.
7. Processing cost has been determined to be US$10.71/t with
additional G/A and other costs adding to US$7.22/t.
Footnotes to the Company Resources Summary table as per
above:
Yanfolila
1. The MREs have been depleted for recorded mining and orpaillage at end of 31 December 2022.
2. KE, KW & GK - Open pit reported at a cut-off of 0.75g/t
Au for oxide and transitional and 0.85g/t Au for fresh material,
within a US$1,800/oz gold conceptual pit shell, and Underground
reported at a 1.40g/t Au cut-off beneath the US$1,800/oz gold
conceptual pit shell.
3. SE & SW - Open pit reported at a cut-off of 0.80g/t Au
for oxide and transitional and 0.90g/t Au for fresh material,
within a US$1,800/oz gold conceptual pit shell, and Underground
reported at a 1.40g/t Au cut-off beneath the US$1,800/oz gold
conceptual pit shell.
4. GW - Open pit reported at a cut-off of 0.75g/t Au for oxide
and transitional and 0.85g/t Au for fresh material, within a
US$1,800/oz gold conceptual pit shell.
5. KE includes 4 Koz at 0.69g/t Au, KW includes 6 Koz at 0.59g/t
Au, GK includes 1 Koz at 0.52g/t Au, & GW includes 0.4 Koz at
0.53g/t Au marginal material reported between 0.30 to 0.75g/t Au
(oxide and transitional) and between 0.30 to 0.85g/t Au (fresh),
within the US$1,800/oz gold conceptual pit shells, considered as
potentially heap leachable.
6. SE includes 7 Koz at 0.60g/t Au & SW includes 11 Koz at
0.57g/t Au marginal material reported between 0.30 to 0.80g/t Au
(oxide and transitional) and between 0.30 to 0.90g/t Au (fresh),
within the US$1,800/oz gold conceptual pit shells, considered as
potentially heap leachable.
7. Hummingbird has not re-evaluated the historical Gold Fields
Ltd Mineral Resources for KS or BM and continues to quote the
Resources as announced in the RNS on 15th December 2015 and as
previously announced in its purchase of the project in June
2014.
8. The KS and BM non-code compliant Mineral Resources remain in
the current statement as no further exploration work has been
carried out in these areas since 2013. The Company intends to carry
out further exploration work at these deposits with the aim of
converting these resources to JORC compliant standards.
9. Heap Leachable stockpiles accumulated are low grade suitable
for potential Heap Leaching and are classified as a Resource
consistent with current classifications with a lower COG of
0.30g/t. They are Measured Resources since they have been drilled
off, mined, measured, transported and stockpiled separately since
grades were too low to process in the CIL plant. Studies are
ongoing to convert these stockpiles to Reserves that can be
economically processed using Heap Leach methods.
10. Reported Mineral Resources for KE, KW, GK, SE, SW and GW
have been prepared in accordance with the JORC Code (2012 Edition)
and are current as of end 31 December 2022.
11. The MREs reported here for KE, KW, SE, SW and GW are based
on information compiled under the supervision of Dr Belinda van
Lente, Group Mineral Resource Geologist at Hummingbird Resources.
Dr van Lente is a member of AIG and a Competent Person as defined
by the JORC Code (2012 Edition).
12. The MRE reported here for GK was based on information
compiled under the supervision of Mr. Timothee Sogoba, previous
Chief Mineral Resource Geologist at Hummingbird Resources, and Mr.
Murray Paterson, previous Chief Geologist at Hummingbird Resources.
Mr. Paterson acted as the Competent Person, as defined by the JORC
Code (2012 Edition).
13. The historical MRE reported here for KS was based on
information compiled under the supervision of Gold Fields Ltd
Mineral Resource Group and the Competent Person (Mr. Alex Trueman),
as defined by the SAMREC (2009 Edition) on behalf of Gold Fields
Ltd.
14. The reported non-code historical Mineral Resources for BM
and KS were carried out by Gold Field Ltd Mineral Resource
Group.
Kouroussa
1. Reported Mineral Resources for KK have been prepared in
accordance with the JORC Code (2012 Edition).
2. The KI, BFJ and XV block models have not been reported in
accordance with the JORC Code (2012), however the classification
has been completed in accordance with the "Australasian Code for
Reporting of Mineral Resources and Ore Reserves" (the JORC Code as
prepared by the Joint Ore Reserve Committee of the AusIMM, AIG and
MCA and updated in December 2012, (JORC., 2012)). The major
classifications and terminologies have been adhered to. The
resource classification has been applied to the MRE based on the
data spacing, grade and geological continuity, and quality of the
estimation. These resources have been prepared under the JORC
guidelines (2012).
3. The effective date of the KI MRE is 28 February 2012 and was
previously reported by Hummingbird as announced in its purchase of
the project in June 2020.
4. The reported Mineral Resource for KI was carried out by Mr.
Ben Parsons (MAusIMM) as an independent Qualified Person as this
term is defined by NI 43-101. Mr. Parsons was an employee of SRK
Consulting (UK) Ltd at the time of estimation and reporting.
5. KI In Pit - Reported at a cut-off grade of 0.43g/t for
laterite and saprolite material, 0.48g/t for transitional material
and 0.53g/t for fresh material, constrained within a conceptual pit
shell (US$1,400/oz).
6. KI U/G - Reported at a cut-off grade of 1.25g/t Au for
laterite and saprolite material, 1.28g/t Au for transitional
material and 1.37g/t Au for fresh material, beneath a conceptual
pit shell (US$1,400/oz).
7. The effective date of the KK MRE is 31 December 2022.
8. The MRE reported here for KK is based on information compiled
under the supervision of Dr Belinda van Lente, Group Mineral
Resource Geologist at Hummingbird Resources. Dr van Lente is a
member of AIG and a Competent Person as defined by the JORC Code
(2012 Edition).
9. KK In Pit - Reported at a cut-off grade of 0.75g/t Au for
oxide, 0.85g/t Au for transition and 1.00g/t Au for fresh material,
within a US$1,800/oz gold conceptual pit shell.
10. KK U/G - Reported at 1.80g/t Au (operating cut-off grade)
and 1.00g/t Au (marginal cut-off grade), beneath a US$1,800/oz gold
conceptual pit shell.
11. The BFJ and XV Mineral Resources were previously reported by
Hummingbird as announced in its purchase of the project in June
2020.
12. The BFJ and XV Deposits were estimated by Mining Plus Pty
Ltd and have been reported inside optimised pit shells
(US$1,750/oz), at a cut-off grade of 0.50g/t Au.
13. The MRE for BFJ and XV Deposits relates to the Estimation
and Reporting of Mineral Resources compiled by Mr. Richard Hingston
(Chartered Professional and MAusIMM) in December 2018. At the time
of reporting, Mr.Hingston was an employee of Mining Plus Pty Ltd
and has acted as an independent consultant on the BFJ and XV
deposits Mineral Resource estimation.
Dugbe
1. See Dugbe release dated 13(th) June 2022 for more details.
2. The effective date of the Mineral Resource Estimate is 17 November 2021.
3. The marginal cut-off grades for Tuzon are 0.34g/t Au for
fresh material and 0.39g/t Au for weathered material. The marginal
cut-off grades for Dugbe F are 0.36g/t Au for fresh material and
0.40g/t Au for weathered material.
4. Mineral Resource estimates are stated within conceptual pit
shells using the following main parameters: (i) Au price of
US$1,700/ounce; (ii) plant recovery of 90%; and (iii) mean specific
gravity of 2.78 t/m(3) for mineralised gneiss and 2.64 t/m(3) for
pegmatite in fresh rock and 2.1 t/m(3) for oxide material.
5. The reported Mineral Resource for Dugbe was carried out by
Mr. Martin Pittuck (CEng, MIMMM) as an independent Qualified Person
as this term is defined by NI 43-101. Mr. Pittuck was an employee
of SRK Consulting (UK) Ltd at the time of estimation and
reporting.
6. The Mineral Resource has been classified under the guidelines
of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM,
2014) and undertaken within the context of the Canadian Securities
Administrators' National Instrument 43-101 (NI 43-101, 2011).
7. The previous Mineral Resource for the Dugbe Project was
reported effective as of 19 August 2020 by Pasofino Gold Ltd, as
filed on SEDAR.
Competent Persons:
Reserves
Andri Wiratama (MAusIMM) is the Manager of Technical Services at
the Yanfolila project in Mali and is the Competent Person as
defined by the JORC Code (2012 Edition) for the updated Open Pit
Reserves at Yanfolila.
Nick MacNulty (BSc Engineering, MSAIMM) is the Manager of
Underground at Hummingbird Resources and is the Competent Person as
defined by JORC Code (2012 Edition) and has estimated the Reserves
for the updated Underground Reserves for KE at Yanfolila.
Paul O'Callaghan (FAUSIMM) is an independent consultant and Mine
Engineer, and the Competent Person as defined by the JORC Code
(2012 Edition) for the Maiden Reserves at Kinkine and updated
Reserves at Koekoe in Kouroussa.
Frikkie Fourie (B.Eng, Pr.Eng, MSAIMM) is an independent
consultant for DRA Global. Mr Fourie is a Professional Engineer in
good standing with the Engineering Council of South Africa, is a
Member of the South African Institute of Mining and Metallurgy and
has sufficient experience to be considered as a Qualified Person
under National Instrument 43-101 for the Dugbe project.
Resources
Dr. Belinda Van Lente (MAIG), the Group Mineral Resource
Geologist at Hummingbird Resources, has compiled the Reported
Mineral Resources for KE, KW, SW, SE, GK and GW in accordance with
the JORC Code (2012 Edition). These Mineral Resources are current
as of 31 December 2022. Additionally, Dr. Belinda Van Lente
prepared the updated resources for KK and KKUG. Dr Van Lente is a
Competent Person as defined by the JORC Code (2012 Edition).
Martin Pittuck (CEng, MIMMM) is the Independent Competent Person
as defined by the JORC code (2012 edition) for the Dugbe Resource
update and has sufficient credentials to be considered as the
independent Qualified Person as this term is defined by NI 43-101
for the Dugbe Resource statement.
Ben Parsons (AusIMM) prepared the Kinkine Resource estimate in
2012 and is the Qualified Person as this term is defined by NI
43-101.
Competent Person Review:
Noris Del Bel Belluz (PGeo), who was the Group Technical
Services Manager for Hummingbird Resources and now working as a
Senior Project Manager for Stantec Consulting, has reviewed and
approved the technical information contained within this
announcement. He has coordinated the work of Hummingbird's
Competent Persons and has verified that the Resource and Reserves
work has been completed according to JORC standards ("JORC Code,
2012 Edition"), as required under the AIM Rules for Companies.
Glossary of Technical Terms
"g" gram
"g/t" grams per tonne, equivalent to parts per million
-----------------------------------------------------------------------------------------------
"k" thousand
-----------------------------------------------------------------------------------------------
"km" kilometres
-----------------------------------------------------------------------------------------------
"m" metres
-----------------------------------------------------------------------------------------------
"M" million
-----------------------------------------------------------------------------------------------
"mt" million tonnes
-----------------------------------------------------------------------------------------------
"oz" troy ounce (31.103477 grams)
-----------------------------------------------------------------------------------------------
"t" tonnes
-----------------------------------------------------------------------------------------------
"Au" the chemical symbol on the periodic table for the precious metal, gold.
-----------------------------------------------------------------------------------------------
"Cut-off grade" the lowest or highest assay value that is included in a resource estimate.
-----------------------------------------------------------------------------------------------
"Deposit" mineralisation which has been outlined on surface and via underground work or drilling
sufficient
for a Mineral Resource Estimate to be calculated with tonnage and grade but where there has
been no ore production.
-----------------------------------------------------------------------------------------------
"Indicated resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics,
grade, and mineral content can be estimated with a reasonable level of confidence. It is based
on exploration, sampling and testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings, and drill holes. The locations are too
widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced
closely enough for continuity to be assumed.
-----------------------------------------------------------------------------------------------
"Inferred Resource" that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated
from geological evidence and assumed but not verified geological and/or grade continuity.
It is based on information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings, and drill holes which is of uncertain quality and
reliability.
-----------------------------------------------------------------------------------------------
"JORC" the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy,
Australian
Institute of Geoscientists and Mineral Council of Australia.
-----------------------------------------------------------------------------------------------
"JORC 2012" the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources
and Ore Reserves.
-----------------------------------------------------------------------------------------------
"Measured Resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics,
grade, and mineral content can be estimated with a high level of confidence. It is based on
detailed and reliable exploration, sampling and testing information gathered through
appropriate
techniques from locations such as outcrops, trenches, pits, workings, and drill holes. The
locations are spaced closely enough to confirm geological and grade continuity.
-----------------------------------------------------------------------------------------------
"Mineral Resource" mineral of potential value but not necessarily proven as a reserve.
-----------------------------------------------------------------------------------------------
"Ore" mineral of proven economic value.
-----------------------------------------------------------------------------------------------
"Ore Reserve" the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes
diluting materials and allowances for losses, which may occur when the material is mined.
Appropriate assessments and studies have been carried out and include consideration of and
modification by realistically assumed mining, metallurgical, economic, marketing, legal,
environmental,
social, and governmental factors. These assessments demonstrate at the time of reporting that
extraction could reasonably be justified. Ore Reserves are sub-divided in order of increasing
confidence into Probable Ore Reserves and Proved Ore Reserves. A Probable Ore Reserve has
a lower level of confidence than a Proved Ore Reserve but is of sufficient quality to serve
as the basis for a decision on the development of the deposit.
-----------------------------------------------------------------------------------------------
"Probable Reserve" The economically mineable part of an Indicated, and in some circumstances, a Measured Mineral
Resource.
-----------------------------------------------------------------------------------------------
**ENDS**
Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold producing Company, member of the World Gold
Council and founding member of Single Mine Origin
(www.singlemineorigin.com). The Company currently has two core gold
projects, the operational Yanfolila Gold Mine in Mali, and the
Kouroussa Gold Mine in Guinea, which will more than double current
gold production once at commercial production. Further, the Company
has a controlling interest in the Dugbe Gold Project in Liberia
that is being developed by joint venture partners, Pasofino Gold
Limited. The final feasibility results on Dugbe showcase 2.76Moz in
Reserves and strong economics such as a 3.5-year capex payback
period once in production, and a 14-year life of mine at a low AISC
profile. Our vision is to continue to grow our asset base,
producing profitable ounces, while central to all we do being our
Environmental, Social & Governance ("ESG") policies and
practices.
For further information, please visit hummingbirdresources.co.uk or contact:
Daniel Betts, CEO Hummingbird Resources plc Tel: +44 (0) 20 7409 6660
Thomas Hill, FD
Edward Montgomery, CD
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Ritchie Balmer Nominated Adviser
-------------------------- ----------------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523 8000
Gordon Hamilton Broker
-------------------------- ----------------------------
Bobby Morse Buchanan Tel: +44 (0) 20 7466 5000
Oonagh Reidy Financial PR/IR Email: HUM@buchanan.uk.com
George Pope
-------------------------- ----------------------------
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