Hummingbird Resources, the Liberian gold exploration and development company, has provided a new mineral resource estimate (MRE) on the company’s Tuzon deposit of the Dugbe 1 Project in Liberia.
A recently completed infill drill programme has increased the total resource inventory of the Dugbe 1 project to 4.2 million ounces and has significantly increased the indicated resource grade from 1.23 g/t to 1.56 g/t within the $1 200/oz-of-gold constrained pit. The study has also increased the indicated resource at the tenement’s Tuzon gold deposit within a $1 500/oz-of-gold constrained pit to 42-million tonnes at 1.5 g/t of gold for two-million ounces.
“The recently completed infill drilling has confirmed that the new resource model developed for Tuzon shows an impressive degree of predictability. This supports the material increase in the level of confidence now provided in this mineral resource estimate with the indicated categorisation of over 80% of the total resource. This predictability also supports the company’s belief in the ability to further increase the Resource at Tuzon which remains open in several directions,” says Dan Betts, Chief Executive of Hummingbird.
“Other work on the DFS continues to unlock value and progresses well. Exploration efforts at interpreting further near pit resources are ongoing and the original belief that Hummingbird was sitting on one of West Africa’s prime new gold districts seems to be being borne out. We believe that the Dugbe 1 Project now represents one of the largest and one of the most robust undeveloped gold projects in West Africa and continues to demonstrate best in class value to potential investors.”