Pasofino Gold announces exploration update

Hummingbird has noted the recent announcement by Pasofino Gold Limited…

Hummingbird has noted the recent announcement by Pasofino Gold Limited regarding the commencement of exploration activities at Bukon Jedeh, a high-priority target area within the Dugbe Gold Project, Liberia. Hummingbird currently holds a 53% shareholding in Pasofino following the conversion of its controlling interest in Dugbe into a controlling interest in Pasofino, and a further US$2 million investment earlier this year.

Situated 8 km southeast of Dugbe Gold Project’s Tuzon Deposit, Bukon Jedeh lies along a 4.1 km trend known for its highly productive artisanal gold mining operations. Previous reverse circulation (RC) drilling conducted in 2012 and 2013 yielded promising results, including some notable high-grade gold intervals. In August 2022, Pasofino conducted a visit to the area, collecting rock samples that demonstrated up to 31 g/t of gold (Au).

Pasofino’s exploration efforts will concentrate on geological mapping and the collection of high-resolution ground magnetic survey data, activities which have already commenced. Additionally, Pasofino plans to conduct approximately 1400 m of drill-ing across roughly 15 drillholes, slated to begin in March 2024. This drilling campaign aims to test a selection of artisanal pits, replicate some of the previous RC drill-hole results, and investigate a fold hinge geological structure to enhance the understanding of this target area.

Per the 2022 definitive feasibility study (DFS), the Dugbe Gold Project has total Resources of 3.9 million oz Au and total reserves of 2.3 million oz. As previously disclosed, Hummingbird and Pasofino have identified several opportunities to maximise the value of Dugbe through the optimisation of the completed DFS and additional exploration activities, which includes the work at Bukon Jedeh, aimed at in-creasing the current reserves and resources.

Dan Betts, CEO of Hummingbird, commented: “The initiation of exploration at Bukon Jedeh, a high priority target area, underscores the opportunity to build additional Resources beyond the 3.9 million oz resource already identified, and in turn grow the existing 2.8 million oz reserve. It reaffirms Pasofino’s focus on unlocking the full potential of the exceptional Dugbe Gold Project and ultimately bringing this asset into full production, further consolidating our presence as a growing precious metal miner in the broader region.”

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