Mali – AIM-listed gold developer Hummingbird Resources has announced its maiden Ore Reserves at its Yanfolila gold project which represents a 20% increase from the in-pit Mineral Resource in the Optimisation Study.
The Reserve Report is based on the resources at the Komana East and West pits as these will be mined first (Phase 1). The project has significant resources at other nearby deposits including Guiren West, Gonka, Sanioumale East and Sanioumale West which will be mined at a later stage (Phase 2).
• Gross maiden Probable Reserves of 6.82 Mt @ 3.03 g/t for 665 600 oz of gold;
Increase of 118 600 oz gold from the in-pit Mineral Resource inventory reported in the March 2015 Optimisation Study mine plan of 547 000 oz gold, with the grade increasing by 15%, using a US$1 100 pit shell
• 100% of in-pit Indicated Resources have converted into Reserves;
Plant throughput capacity increased to 1.24 Mtpa from 1 Mtpa (24% increase), benefits include:
Increased annual gold production for c120 000 oz in first full year of production
Ability to process all ore types including 1 Mtpa of fresh ore
• Updated gross Mineral Resource of 1.8 Moz gold @ 2.54 g/t;
Additionally there is a further 390 700 oz gold @ 1.92 g/t of mineral inventory previously defined by Gold Fields Limited but as yet not converted to JORC or SAMREC compliant Mineral Resources
• Project economics are being updated and will be released in January 2016;
• Project construction timeline remains unchanged at 12-15 months from main debt draw.
Dan Betts, CEO of Hummingbird Resources, says, “Achieving a maiden Ore Reserve at Yanfolila is a significant milestone for the company. With an increased gold grade of 3.03 g/t it confirms Yanfolila as a quality, high-grade, low cost project.”
“We have increased the size of our processing plant to process up to 1.24 Mtpa, as well as processing harder, fresh ore types. The ability to process greater volumes of fresh ore has allowed us to expand and deepen the open pits of our maiden Ore Reserve, resulting in more recoverable gold.”
“Together with a more flexible operating plan it also gives us scope to further expand our Ore Reserves from our existing deposits. The 24% increase in throughput will also significantly enhance annual gold production.”
“Additionally, the plant has been designed with the ability to further increase capacity to 1.5 Mtpa. With so many Indicated ounces outside the mine plan at nearby deposits and high-grade underground potential at Gonka, the Company believes there remains significant production upside at Yanfolila.”
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