Kouroussa Guinea Update

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

6 April 2022

Hummingbird Resources plc

('Hummingbird' or the 'Company')

Kouroussa Guinea Update

Civil Works Begin & Material High-Grade Drilling Assays Received

Hummingbird Resources plc (AIM: HUM) provides an update on the Company's mine development progress and results from further assays of the 2021 Resources and Reserves infill drilling programme at the Kouroussa Gold Mine ("Kouroussa" or "the Project") in Guinea. 

For the full release, including photos and drilling graphics, please follow the linkhttp://www.rns-pdf.londonstockexchange.com/rns/3929H_1-2022-4-5.pdf

Further, updated video footage of the Kouroussa development is available here, and an updated interview with COO, Anthony Köcken on the overall progress at Kouroussa, can be viewed here. 

Kouroussa Update:

The development and construction of Kouroussa continues to advance rapidly and remains on track to achieve the scheduled first gold pour by the end of Q2 2023. The construction update is as follows:

· Civil and construction works:

o Civil works have begun, and earthworks are nearing completion at the processing plant with mine camp site areas to then allow for cement foundation works to begin

o Foundation concrete and steel reinforcement work is taking place for the CIL tanks installation

o Mine camp for construction personnel is now operational, allowing the Company to have more construction personnel on site versus housed in the local areas, with over 350 construction, administrative and security personnel in place for the overall construction process

· Processing plant:

o Fabrication of the CIL tanks have commenced on-site and are rapidly advancing towards completion

o Structural, mechanical, and piping works will begin following the completion of foundation works at the process plant area

· Long lead items, contracts, and community engagement:

o Further long lead items have been purchased, including apron feeders, jaw crusher, SAG mill, cyclone cluster and agitators

o Construction equipment, tooling, machinery, personnel, and consumables continue to arrive on-site and are in position for the next phase of the overall build process

o Power plant and mining contractor contracts are in the final stages of negotiation and are expected to be awarded soon

o Detailed community engagement is taking place with our on-site health, safety, environmental and community ("HSEC") teams

Kouroussa Drilling Highlights:

Hummingbird has received assay results on a further 86 Reverse Circulation ("RC") and 12 diamond holes on the high-grade Koekoe ("KK") deposit, delivering approximately 9,900 meters ("m") of the Company's c.24,000m infill 2021 drilling programme. The focus of this infill drilling programme has been to convert current in-pit Inferred material to Indicated and build upon the already extensive historical drilling to expand Kouroussa's life of mine and overall Reserves base.

The Company is awaiting the final c.3,600m of assays, which are expected to be received soon and will conclude the 2021 Kouroussa drilling results to be received.

· Notable drill results from the KK deposit include:

o 3m @ 18.63 g/t from 27m (KRC1953)

o 7m @ 2.98 g/t from 36m (KRC2003)

o 11m @ 5.62 g/t from 64m (KRC2036)

o 3m @ 34.84 g/t from 51m (KRC2041)

o 1m @ 47.60 g/t from 152m (KRC2042) *

o 9m @ 4.55 g/t from 34m (KRC2044)

o 2m @ 9.65 g/t from 120m (KRCD1886)

o 8.6m @ 6.31 g/t from 107.6m (KRCD1891)

o 7m @ 9.83 g/t from 101m (KRCD1896)

o 12.6m @ 5.11 g/t from 66.45m (KRCD1898)

*Note that Hole KRC2042 ended with mineralisation ongoing

These and previous results continue to show the significant gold endowment at Kouroussa, with multiple high-grade zones that remain open.

These assays, alongside additional results from the Kouroussa and Yanfolila drilling programmes will feed into the updated Company 2022 Resources and Reserves statement that is expected to be released in Q2 2022.

Dan Betts, CEO of Hummingbird Resources, commented:

"We are rapidly advancing into the next phase of the Kouroussa build process with civil works now underway. We remain focused on delivering Kouroussa on schedule and on budget for a first gold pour by the end of Q2 2023, which will then more than double our current production profile.

Our 2021 Kouroussa drilling programme continues to deliver results that highlight the significant gold endowment we have at Kouroussa. Our geology team has also identified thicker mineralisation zones and shallower dipping westerly zones than originally believed, which is a positive for future mining at Kouroussa. These results continue to be analysed and incorporated into our updated Company Resources and Reserves statement, which is expected to be released at the end of Q2."

Anthony Köcken, COO of Hummingbird Resources, commented:

"Our Kouroussa construction team is working well in advancing the Project towards the first gold pour. We are now in the civil work construction phase, which involves a new level of technical expertise that our teams are now bringing into the overall process. The awarding of power and mining contractor contracts is nearing finalisation, which will also be a key milestone for Kouroussa, allowing key infrastructure and mining processes to begin."

Kouroussa Drilling Results Summary

The 2021 Kouroussa infill drilling campaign was completed in December, and all RC assay results have now been delivered, as we await the final diamond drill hole assays of c.3,600m to be received and analysed.

The objectives of this infill drilling campaign have been to convert current Inferred Mineral Resources within the KK open pits to Indicated Mineral Resources and to include the multiple mineralisation zones not contained within the current grade domains. Drilling was targeted at the deeper inferred material within the main KK pit, extensions of the current Mineral Reserve Estimate, shallow mineralised zones and initial testing of underground Mineral Resource potential.

Given the results as seen from today's release, and those of the other four Kouroussa drilling results we have released, as well as the historical drilling results of over 300,000m, the Company believes that these objectives have been achieved. Our geology team and external consultants are busy collating the 2021 drilling data to be included in our upcoming Company Resources and Reserves statement, scheduled for release in late Q2 2022.

Initial observations from this infill drilling programme indicate that there are two predominant orientations of mineralisation, namely the subvertical domains around the main shear zones and flatter lying domains to the west of the main shear zone. The main shear zone domain in Sanu Filanan appears to be wider, and the westerly zones shallower dipping than modelled in the original interpretation. Much of the mineralisation appears to be open at depth. The deepest drill holes were c.200m in length and several drill holes ended in further mineralisation, which is encouraging.

Furthermore, the results show there is significant exploration potential along strike and down plunge with several targets generated for future exploration to expand the current Mineral Resource. There are also Inferred Mineral Resources at deposits X Vein and Bag Farm Junction, which have historical drilling completed, but no drilling has been completed by Hummingbird to date.

Koekoe selected drill results  

Trigger 1 g/t, 1m minimum interval, 2m maximum internal waste

 Koekoe summary of previously released Hummingbird selected drill results

* Downhole length of metallurgical hole intercept (not true width)

Trigger 1 g/t, 1m minimum interval, 2m maximum internal waste

Qualified Person Review:

David Muir has reviewed and approved the technical information contained within this announcement in his capacity as a Qualified Person, as required under the AIM Rules for Companies. David is the Group Database Manager for Hummingbird, and is a "Competent Person", according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code, 2012 Edition") and is a member of good standing with the Australian Institute of Geoscientists (AIG). 

Notes to Editors:

Hummingbird Resources (AIM: HUM) is a multi-asset, multi-jurisdiction gold production, development and exploration Company, a member of the World Gold Council and a founding member of Single Mine Origin (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 when in production, scheduled for first gold pour end of Q2 2023. Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by Pasofino Gold Limited through an earn-in agreement. Our vision is to continue to grow our asset base, producing profitable ounces while placing our Environmental, Social & Governance ('ESG') policies and practices at the heart of all we do.

For further information, please visit hummingbirdresources.co.uk or subscribe to our investor releases via investor email alerts