Hummingbird includes maiden Guinea reserve in company update

Hummingbird Resources released an updated, JORC-compliant company reserve statement on Thursday, which included a maiden reserve for the Kouroussa mine in Guinea.

The AIM-traded firm said its updated reserves totalled 1.12 million ounces of gold which was a 438,600 ounce increase to its previous reserve statement in October 2019.

At the Yanfolila mine in Mali, it reported 705,800 ounces at 2.57 grams per tonne, being a net increase of 29,700 ounces, including depleted reserves from mining since its previous reserve statement.

It said the Yanfolila mine reserves included both open-pit reserves on six deposits totalling 503,600 ounces at 2.3 grams per tonne including stockpiles, and a maiden underground reserve at Komana east of 202,200 ounces at 3.64 grams per tonne.

At the Kouroussa mine in Guinea, Hummingbird reported 408,900 ounces at 4.38 grams per tonne, establishing a maiden reserve at that asset.

The Hummingbird board said the reported reserves for both Yanfolila and Kouroussa had upside potential as they did not include the 2021 drilling campaign of around 68,000 metres.

It said the results of that drilling would be included in the 2022 updated company resource and reserve statements, scheduled to be released in the second quarter of 2022.

At 1545 GMT, shares in Hummingbird Resources were down 0.71% at 17.38p.