AMN - MALI: Desktop study released for Gonka deposit

Hummingbird Resources has announced the results of a Desktop Study on the Gonka deposit, located 5km south of the proposed Yanfolila Gold Project plant in Mali.

Gonka is not currently included in the Yanfolila Definitive Feasibility Study (DFS) and the results of the Study demonstrate the potential to significantly increase the NPV and mine life of the project.

Hummingbird Resources CEO Dan Betts says: “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 US$24 million to the DFS NPV and 169k ozs gold to the mine life, a very pleasing piece of upside. This study is early stage however we anticipate extensions of the underground resources to increase the size of this deposit even further in the future. 

"Gonka is located only 5km south of the Yanfolila process plant and so is ideally placed to add open pit ore and higher grade, over 4g/t, underground ore into the mine plan to increase the project’s production rate and enhance the overall economics. As the underground mineralisation is open, we intend to not only improve the resource categorisation of Gonka but also test and define depth extensions, potentially adding to the mine life.” 

Gonka study highlights:

The Study is based on a combination of the SAMREC compliant Inferred Mineral Resources of 139koz @ 2.9 grams/tonne (corresponding to the open pit) and additionally a Goldfields internal estimate of 170koz @ 4.03 grams/tonne (corresponding to the underground), as reported in the company’s London Stock Exchange announcement of 15 December 2015 (a copy of which is available on the company’s website).

Using the above mentioned resources, intitial underground mine design and pit optimisation work undertaken resulted in a mining inventory of 169koz, mined over a six year mine life, including:

92k ozs @ 2.3 grams/tonne in open pit; and

77k ozs @ 4.5 grams/tonne underground.

www.hummingbirdresources.co.uk

News courtesy of International Mining