12th Mar 2014 09:56
LONDON (Alliance News) - Hummingbird Resources PLC Wednesday said a new mineral resources estimate carried out at the Tuzon deposit on its Dugbe 1 project in Liberia had materially increased the resource grade, size and indicated ounces in the deposit.
The mineral resources estimate was carried out by SRK Consulting. The details are as follows:
· Hummingbird Resources total resource inventory increased to 4.2 Moz
· Significant increase in the Indicated Resource grade from 1.23 to 1.56 Au g/t within the US$1,200/oz Au constrained pit
· Tuzon Indicated Resource within a US$1,500/oz Au constrained pit increased to 42 Mt @ 1.5 Au g/t for 2.0m Moz
· Tuzon Mineral Resource across both pit shell scenarios:-
|
| Inferred | Indicated | Total | ||||
Deposit | Pit Shell | Tonnage | Au (g/t) | Au (Koz) | Tonnage | Au (g/t) | Au (Koz) | Au (Koz) |
Tuzon | $1,200 | 4,965 | 1.55 | 244 | 37,400 | 1.56 | 1,879 | 2,123 |
Tuzon | $1,500 | 10,201 | 1.32 | 435 | 41,800 | 1.51 | 2,031 | 2,466 |
*Total resource inventory is the Dugbe F inferred resource of 1,764 Koz + the Tuzon US$1,500 pit shell resource of 2,466 Koz
*Reported with cut-off grade of 0.5 g/t, US$1,200 pit shell is not categorised as Mineral Resource Estimate for purposes of SRK report
· Technical risk of the Dugbe 1 Project is materially de-risked through development of a robust resource model and significant increase in expected mine life
· This programme concludes the necessary resource drilling required for the Definitive Feasibility Study ("DFS") which is on track to be completed in Q3 2014
· Final US$5m tranche of royalty funding from Anglo Pacific Group in the process of being paid to Hummingbird
Hummingbird Resources shares were up 15.7% at 55.237 pence Wednesday morning, one of the biggest increases on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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