Hummingbird Resources upbeat on latest Yanfolila drilling results

Hummingbird Resources updated the market on its exploration and drilling programme at the Sanioumale East deposit at Yanfolila in Mali on Wednesday.

The AIM-traded firm said the deposit drilling highlights included seven metres at 3.72 grams per tonne from 45 metres depth in hole SNERC0308, 16 metres at 9.64 grams per tonne from 47 metres depth in hole SNERC0317, and 18 metres at 2.83 grams per tonne from 49 metres depth in hole SNERC0338.

They also included seven m at 7.83 grams per tonne from 21 metres depth in hole SNERC0342, 13 metres at 2.22 grams per tonne from 55 metres depth in hole SNERC0344, and eight metres at 3.57 grams per tonne from 36 metres depth in hole SNERC0370.

Finally, they also highlighted 23 metres at 1.96 grams per tonne from 87 metres depth in hole SNERC0370, and eight metres at 2.68 grams per tonne from 112 metres depth in hole SNERC0370.

Due to the new zones of mineralisation intersected, and the improved grade continuing at depth, the company said it had now extended its Sanioumale East drilling campaign.

The firm said it expected that new set of drilling to be finalised shortly, and would complete the 2020 exploration and drilling programmes.

It said that data would be used to update the Yanfolila mineral resource models, which Hummingbird expected to release by the end of the first quarter of 2021.

The board said the drilling results for the deposit, and those recently-released from Sanioumale West and Komana East Underground, demonstrated potential mine life extension options at its existing deposits.

“The purpose of our 2020 exploration and drilling programmes was primarily to upgrade our confidence levels in known mineral resources,” said chief executive officer Dan Betts.

“It is clear from these results and those previously released that we have been able to achieve this and I am confident that we will be adding to the known mineral resources at Yanfolila.

“We are now modelling this years' drilling results in order to update our mineral resource models which we aim to release in the first quarter of next year.”

At 1056 GMT, shares in Hummingbird Resources were up 3.39% at 29.95p.