hummingbird resources_ tuzon update
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8/3/2019 Hummingbird Resources_ Tuzon UPDATE
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UK: +44 (0)1202 770386
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Price: 159.25p
Market Cap: 84.97M
1 Year Share Price Graph
Share Information
Code: HUM
Listing: LSE
Sector: General Mining - Gold
Website:
www.hummingbirdresources.co.uk
Company Synopsis:Hummingbird Resources plc is an AIM
quoted mineral exploration company
incorporated in England and Wales and
headquartered in London. Since its
establishment in November 2005, the
Company and its subsidiaries (the "Group")
has been active in Liberia, West Africa, and
is currently the holder of the largest area of
mineral exploration ground in the highly
prospective Birimian geological region of
eastern Liberia.
Hummingbird Resources
Feb 1st 2012
Hummingbird Resources: Tuzon propels Dugbe 1estimate to 3.8 million ounces of gold - UPDATE
Hummingbird Resources (LON:HUM) this morning unveiled a maiden resourcefor the Tuzon prospect in Liberia of 2.05 million ounces of gold bringing theglobal resource estimate for the Dugbe 1 project area to 3.8 million ounces.
The figure is well ahead of analysts' expectations, but the company says thereis scope for further resource growth within a minable radius of the originalDugbe F deposit.
The deposit grade at Tuzon, its geology and general mineralogy look to beconsistent with Dugbe F, simplifying project engineering, Hummingbird said.
Chief executive Dan Betts said: "The significance of this maiden resourcediscovery at Tuzon cannot be under estimated. It marks a seminal moment inthe development of our company.
"The Tuzon resource is more than just a significant discovery because it haspotential to be part of the same mine development as the Dugbe F deposit.
"The Dugbe 1 Project now has a global Resource of 3.8 million ounces.
"During 2011 we have added 3 million ounces of gold at a discovery cost of $6per ounce.
"Tuzon itself is not yet drilled out, but the most exciting thing for me is that wehave several other targets within the mineable radius of the Dugbe 1 project,which we are looking to drill imminently.
"Further afield along the shear zone we have many more. The potential of thisregion is really only just starting to be realised, as has been demonstrated bythe speed of this discovery.
"We now have a tremendous opportunity not just to discover more gold in whatwe believe to be a virgin, multi-mine world class gold province, but to build
Liberia's first multi-million ounce Birimian Gold mine.
"We are now setting up a dedicated evaluation team to drive the Dugbe 1project forward to deliver this."
In December Betts told Proactive Investors that a global resource of around 3 million ounces of the precious metalwould give the Dugbe area the critical mass needed to go into mine development.
"As soon as you are north of 3 million ounces you are able to start considering commitments to a pre-feasibility studyand mine development in the minable radius of Dugbe F," the Hummingbird CEO said in that interview.
It would be a multi-pit development around a central point there are currently three other anomalies at soil and trenchsampling stage within a 5 kilometre radius.
If it is able to compile an economic resource around Dugbe, then Hummingbird may consider splitting the Liberiaoperation into two discrete teams one tasked with developing the asset, with the other responsible for continuing the
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8/3/2019 Hummingbird Resources_ Tuzon UPDATE
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exploration effort.
It is worth remembering there is more to Hummingbird than just this one target. In fact there is the potential here toopen up a whole new gold district.
For the uninitiated, the Birimian is elephant country. It is host to multi-million ounce mines such as Morila, Chirano andAhafo.
That the Liberian portion has remained untapped owes more to the years of civil war that preceded this recent period ofpolitical stability than it does to the unpromising geology of the area.
So far Hummingbird has drilled only a small portion of a geological anomaly called the Dugbe shear zone, whichextends for around 70 kilometres from the coast of Liberia in a north-easterly direction.
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