Drill results make Hummingbird trill
Published in Robert Tyerman, Growth Company Investor on
Explorer Hummingbird Resources (HUM) says drilling at Tuzon in Liberia will accelerate a New Year gold resource estimate.
The AIM-quoted company, which has already upgraded estimated resources at its Dugbe project in Liberia to 1.8 million oz at a low grade of 1.28 grammes of gold per tonne of ore, cites what it sees as encouraging intersections at Tuzon.
These include 125.44 metres at 2.41 grammes a tonne, 75.4 metres at 1.97 grammdes a tonne and 85.96 metres at 1.48 grammes a tonne. Chief executive officer Daniel Betts argues ‘these results give us increased confidence that the Tuzon deposit will have significant scale in its own right’ and says directors are ‘excited about the potential for producing a resource calculation for Tuzon in the first quarter of 2012.’
Hummingbird shares, which have traded between 179p and 103p over the past year, now change hands at 126p, up 3.5p this morning. They have speculative potential for further recovery.
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