28th Nov 2013 12:09
LONDON (Alliance News) - Hummingbird Resources Ltd. Thursday announced an updated interim mineral resource estimate for the Tuzon Deposit at Dugbe 1 in Liberia.
The Liberian gold exploration and development company said the estimate, provided by SRK Consulting Ltd., uses a USD1,500 pit shell and comprises 37.6 million tonnes at an average grade of 1.27 grams per tonne of gold, for 1.54 million ounces of gold.
The company said that within the mineral resource are indicated mineral resources of 12.8 million tonnes at 1.22 grams per tonne of gold, and as well as higher grade zones of 337,000 ounces at 1.57 grams per tonne and 77,000 ounces at 1.44 grams per tonne.
Hummingbird said that using a USD1,200 pit shell, the resource remains positive at 1.5 million ounces, including an indicated mineral resource of 12.5 million tonnes at 1.23 grams per tonne gold.
The company said that only another 2,500 metres of infill drilling is required to upgrade the rest of the site to the indicated category, and a drill programme has already been mobilised and should be completed in January 2014, with a detailed feasibility study on track for completion in the third quarter 2014.
Hummingbird shares were up 3.1% to 36.10 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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