Liberia cheer for Hummingbird
Published in Robert Tyerman, Growth Company Investor on
Hummingbird Resources (HUM) says Hole 3 in its Tuzon prospect in Liberia has shown 56 metres with an average 1.4 grammes of gold per tonne of ore. The AIM-quoted company indicates drilling at Hole 3 has encountered intersections ranging from one metre with 0.88 grammes a tonne to 22 metres with 1.31 grammes a tonne and 8.52 metres with 1.89 grammes a tonne.
Although these grades are low, chief executive officer Daniel Betts argues Tuzon’s Hole 3 has supplied Hummingbird with ‘by far its most significant result to date’. He points out the width of the ore zone is ‘of far greater scale’ than anything returned at the company’s nearby Dugbe F, where Hummingbird has established a formal gold resource estimate of 1.8 million oz, and contends it further supports the company’s theory that there are multiple ore deposits ‘within a mineable radius of Dugbe F’.
Hummingbird shares, which have traded between 179p and 103p in recent months, now change hands at 135.5p, up 7p this morning, valuing the company at £72.3 million. They could be worth a flutter if you fancy gold.
Read full story at growthcompany.co.uk