Birmingham-based gold exploration firm Hummingbird Resources (HUM) has revealed “one of the fastest growing gold resources in Africa” amid a successful first quarter.
The Jewellery Quarter firm said it had discovered of a maiden resource of 2.05 million ounces of gold at its Tuzon prospect in Liberia.
The find took the total estimate for the Dugbe 1 project area to 3.8 million ounces, and chief executive Dan Betts said it represented one of the best in the continent.
“This has given Hummingbird Resources one of the fastest growing gold resources in Africa,” he said.
“What is more exciting for the team is the scale of new targets being discovered across the Dugbe Shear Zone, with multiple new targets for drilling, once the Tuzon extension drilling is completed.
“The true scale of the potential of the Dugbe Shear Zone is only just becoming clear.”
The Tuzon inferred resource is situated just 2.6 kilometres from Dugbe F’s 1.8 million ounces inferred and indicated gold resource.
Hummingbird noted that the Tuzon resource was achieved in only four months of drilling, adding that further drill results and a resource update for the prospect are pending.
The results received so far have indicated a “swarm” of north east trending gold anomalies, which Hummingbird said represents a potentially significant discovery in a completely new area.
Initial scout trenching is already underway, and a major trenching programme will be designed for the next two quarters to target the many gold anomalies.
In the report, the company also highlighted its “strong” cash position of £11 million at the end of the quarter.
Its share price rose by about four per cent, to 130.5p, in early trading after the announcement.