Hummingbird Resources: first gold at Kouroussa in Q2 2023
Hummingbird Resources has provided an update on the Kouroussa Gold Mine project in Guinea.
Kouroussa is forecast to be a high-grade, low-cost mine that will produce between 120,000-140,000oz for the first three years of production, and an average 100,000oz over the initial seven-year life of mine, with upside potential for further exploration.
Mobilisation of equipment and personnel has begun to enable construction to start early January 2022 by WACOM, in line with the project schedule, and it is targeting first gold pour by the end of Q2 2023. An initial advance of c.US$40 million from Coris Bank International, as part of US$100 million funding package, will enable construction to commence.
Detailed engineering on structural, mechanical, and electrical requirements has commenced and tenders for other key contracts are at advanced and final stages: mining; power; fuel supply and other key related infrastructure.
Hummingbird has received the second assay batch of results on 40 Reverse Circulation and seven diamond holes on the high-grade KoeKoe ("KK") deposit, delivering approximately 4,562m out of the company's c.24,000 m infill drilling programme for 2021.
Notable drill results from the KK deposit include:
▪ 55m at 35.72 g/t from 77m (KRCD1729A)
▪ Including an interval zone of 20.75m at 91.98 g/t
▪ 5.9m at 12.72 g/t from 94m (KRCD1880)
▪ 10.2m at 5.68 g/t from 34m (KRCD1884)
▪ 9.8m at 5.82 g/t from 3m (KRC1821)
▪ 49m at 5.50 g/t from 70m (KRC1866)
▪ 10m at 4.76 g/t from 140m (KRCD1878)
▪ 6m at 4.91 g/t from 29m (KRCD1880)
The above results continue to demonstrate the high-grade nature of the KK deposit at relatively shallow depths.
The c.24,000m 2021 Kouroussa infill drilling programme is nearing completion, with less than 1,500m drilling to be completed in December.
Dan Betts, CEO of Hummingbird Resources, said the mobilisation of equipment and personnel at Kouroussa marks another important step towards the company’s strategic goal of being a multi asset producer.
"A material amount of work has been done, assembling the team and infrastructure, so that construction can commence, and that capex budgets and timelines are delivered. Further, the ongoing exceptional drilling results being received at Kouroussa highlight we have an asset of significant value, with a material amount of exploration potential ahead of us.”
Noris Del Bel Belluz, Group Technical Services Manager of Hummingbird Resources, said the assays results received so far from the Inferred to Indicated drilling campaign, and the historical drilling results pre-2021, clearly demonstrate that the Koekoe deposit - and Kouroussa in general - host impressive gold grades.
"We are now finalising plans for our 2022 Kouroussa exploration drilling campaign to build upon the success being seen in 2021. We expect to continue to see the upgrading of the quality of the reserves/resources to further extend the current mine life at Kouroussa," he said.