Gold firm announces best discovery so far
BIRMINGHAM-based minerals exploration firm Hummingbird Resources has announced its most significant gold discovery so far.
The firm said the results of its initial drilling operations in the Tuzon target area of Liberia in West Africa had returned the best gold deposits yet, bigger than anything at its previous exploration of the Dugbe F zone.
The announcement cheered investors and shares rose in early trading.
Daniel Betts, Hummingbird chief executive, said: “Hole 3 on the Tuzon drill programme is by far the company’s most significant result to date. Not only is the width of the ore zone of far greater scale to anything returned at Dugbe F, but these are the first results from a different anomaly.
“This gives further proof to the company’s theory of multiple ore deposits within a mineable radius of Dugbe F.”
He said Tuzon was less than two miles away from Dugbe F and a deposit there would form part of the same mine development.
“We are currently drilling hole 18 of a planned 48 hole drill programme at Tuzon and expect to complete this program during Q4 2011. The geological model is consistent with that of Dugbe F, including the high correlation between arsenic and gold,” said Mr Betts.
“As a result of this we have a high level of confidence, based on arsenic readings from our hand-held XRF machine, for the 17 holes drilled to date, that Tuzon’s 1.7km surface expression will translate into further positive drill results and move the company towards its target of discovering a world class gold province.”
The announcement is a boost to firm following the publication of its annual results earlier this week which showed losses doubling .
