Hargreaves Lansdown

Hummingbird Resources upbeat on latest results from Yanfolila

Thu 01 April 2021 14:55 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Hummingbird Resources updated the market on its 2021 exploration drilling programme at the Yanfolila gold mine in Mali on Thursday, which was focussed on increasing mineral resources at known deposits and testing new greenfield targets.

The AIM-traded firm said about 5,800 metres had been drilled so far in 2021, which included 3,367 m of reverse circulation drilling at Sanioumale East (SE), and 2,474 metres of diamond core drilling at Komana East (KE).

It said the results from both SE and KE showed continued resource upside potential at both deposits.

With the SE drill holes continuing to intersect mineralisation, the board said the results there highlighted the potential for it to be a material deposit, building on the positive 2020 exploration results which led to an increase of its JORC-compliant mineral resource estimate to 204,000 ounces.

The drilling at KE, meanwhile, waas targeting mineralisation for underground development, and

of the drill holes completed to date in 2021, all nine had intersected the targeted mineralised zones.

"These results for both SE and KE continue on from last year's drilling success, showing further upside growth potential in resources for both deposits," said chief executive officer Dan Betts.

"The SE results are indicating that the deposit is potentially of a material size and could be mined in the coming years."

Betts said hole SNERC0421, with 38 metres at 5.39 grams of gold per tonne from a depth of 58 metres, was "one of the best" intersected drill results in the history of the company.

"Our ongoing work at the KE underground deposit is progressing well, with the aim of bringing an underground mine into our future mine plans once final drilling, permitting, portal hole access and economic studies have been finalised."

At 1425 BST, shares in Hummingbird Resources were up 7.19% at 21.17p.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.

    More AIM news from ShareCast

    No results were found