Hummingbird sees potential for extension of Mali gold resource

JOHANNESBURG (miningweekly.com) – Integrating the Gonka deposit into its Yanfolila gold project, in Mali, will result in a significant uplift in the project’s net present value (NPV), says Aim-listed gold miner Hummingbird Resources.

The miner on Tuesday reported that a recently completed desktop study on the Gonka deposit, 5 km from Yafolila, had shown that 92 000 oz could be mined at 2.3 g/t in an openpit operation and 77 000 oz at 4.5 g/t in an underground operation over a six-year mine life.

The study, prepared by DRA Projects, was based on a combination of the South African Mineral Resource Committee-compliant inferred mineral resources of 139 000 oz at 2.9 g/t.

Hummingbird noted that integrating into the Yanfolila project, could lift the total project NPV by $24-million to $166-million, using a gold price of $1 250/oz.

Using a more conservative gold price of $1 100/oz, the value uplift would still be significant at $13-million, with a total project NPV of $101-million.

“It has always been our belief that Yanfolila’s mine life will grow significantly and this is another step in that process. This study adds 169 000 oz of gold to the mine life, a very pleasing piece of upside,” CEO Dan Betts stated.

He added that the company expected extensions of the underground resources to increase the size of the deposit even further in the future. 
 
Meanwhile, Hummingbird reported that it had also reached an agreement with Taurus Mining Finance Fund to extend its $15-million bridge facility by one month to March 8.