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Hummingbird Resources 'encouraged' by first drilling results at Dugbe Gold Project
StockMarketWire.com
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Gold miner Hummingbird Resources said it is 'encouraged' by the first set of results from Pasofino Gold at the Dugbe Gold Project in Liberia and the progress being made at the project.
The results received were for the first drill holes of the planned 5,500 metres drill programme at the Dugbe F deposit.
Pasofino is carrying out the drill programme, and covering all associated costs as part of its earn-in agreement for a 49% stake in the project, with Hummingbird maintaining a controlling interest of 51%.
It said that Pasofino reported all seven of the new drill holes intersected gold mineralisation of the expected range of thickness and grade, gold bearing intersections being up to 26.7 metres in thickness.
Hummingbird Resources chief executive Dan Betts said: 'This is the first drill programme at the deposit since 2014 and these initial results are already confirming the potential of increasing the value of the project. The objective of the drill programme is to increase the indicated MRE.
'The results we are already starting to see put Pasofino on track to delivering this, supporting the DFS Pasofino are completing as part of its earn-in agreement.'
Pasofino chief executive Ian Stalker added: 'These intersections and the rate at which we are progressing the drilling puts us on track to achieve our target of a 0.6 to 1.0 M ounces in the indicated category at Dugbe F which would bring the project total closer to 3 Moz in the indicated category.'
At 1:39pm: (LON:HUM) Hummingbird Resources share price was 0p at 33p
Story provided by StockMarketWire.com
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