Jim's Mining Letter - June 5, 2024

Hummingbird Resources (HUM.L HUMRF 2HM.F) noted the recent announcement by Pasofino Gold (VEIN.V EFRGF N07A.F) regarding the completion of its diamond core drilling programme at the Bukon Jedeh gold camp, part of the company's Dugbe Gold project in Liberia. Hummingbird holds a 53% shareholding in Pasofino following the conversion of its controlling interest in Dugbe into a controlling interest in Pasofino, and an additional $2 million investment earlier this year. Several of the holes contain multi metre wide intervals of pyroxene gneiss with sulphide minerals, which is said to be encouraging as gold at the nearby Tuzon and Dugbe F deposits is hosted by a similar lithology. Of particular interest is an apparent trend in the east of the area, now referred as the SPMC-99 Steps trend, a 1.5 km long east-west zone potentially linking two of the most important pits in the area, not drilled before. Sampling is currently 50% complete, with the first batch of samples set to be sent to the laboratory by Pasofino in early June. Results of this first batch are expected during July 2024, and will be reported as they become available. According to the 2022 definitive feasibility study, Dugbe has total resources of 4.01 million ounces of gold and total reserves of 2.76 million ounces of gold. The work at Bukon Jedeh is aimed at increasing those numbers.

Antipa Minerals (AZY.AX) announced that its GEO-01 gold mineralisation strike has doubled following additional results from 2024 Phase 1 drilling at its 100%-owned Minyari Dome Gold-Copper project in the Paterson Province of Western Australia. Assay results returned from 13 further holes have identified new zones of near-surface gold mineralisation. The first six holes returned thick zones of near-surface, potentially open pittable, high-grade gold mineralisation and the current round of results has increased the main zone of GEO-01 mineralisation to 500m along strike (previously 250m) and up to 190m across strike (previously 150m). The Phase 1 programme has been expanded to a total of 81 holes, a direct result of the positive outcomes from the assay results received to date (19 holes). Per the company, GEO-01 mineralisation remains open in most directions, presenting a significant potential maiden resource opportunity.

Kincora Copper (KCC.AX KCC.V) announced that it has been granted the Wongarbon project located on the interpreted northern, under cover extension of the Macquarie Arc, in central New South Wales, Australia, offering new major, completely unexplored porphyry complex and drill targets. The new exploration license is interpreted to host one of the last remaining untested and large intrusive complexes of the Macquarie Arc and presents a globally significant exploration opportunity, evidenced by, among others, AngloGold Ashanti (AU HT3.F) and S2 Resources (S2R.AX) having secured over 10,000 km2 of exploration ground in the last 12 months via four earn-in and joint venture agreements supporting potentially over A$200m in exploration expenditure. Also in the Arc over this period, Cadia and Northparkes, Australia’s largest and second largest porphyry mines, have been the focus of change of control acquisitions.

Oriole Resources (ORR.L S1Y.F) announced an exploration update for its 80%-owned Mbe gold project in the Adamawa region of Cameroon, where BCM International is currently funding up to $4 million in exploration expenditure. Mbe is one of five licences within the company's broader package of contiguous exploration licences, which covers 2,266 km2 of gold prospective ground. Infill soil sampling has significantly improved the definition of previous regional gold-in-soil anomalism, with results from 4,537 samples delivering up to 8,174 parts per billion gold. A trenching programme has commenced and the results, which are anticipated in Q3 2024, will help to define drilling targets for the 2024/25 field season. Results from initial metallurgical analysis of 18 representative pit samples suggests that the near-surface, oxidised material, is non-refractory and should be amenable to conventional leaching extraction methods.

Polymetals Resources (POL.AX) announced that it has received firm commitments for a placement to raise $6.2 million (before issue costs) by issuing 22 million new shares at $0.28. Metals Acquisition (MTAL MAC.AX 7OI.F) has committed to participate in the placement to maintain its current 4.3% shareholding. The company is now well-funded with a pro forma cash position of ~$8.7 million following the equity raising and a recent cash receipt of $2.5 million from MTAL, which has also committed to a further $2.5 million conditional equity payment. Funds will be applied to complete geotechnical drilling, the Endeavor Mine restart optimisation, further exploration and commencement of refurbishment activities. In addition to the placement, $1.4 million of the unsecured loan facility provided by Executive Chairman, David Sproule, will separately be converted into equity at the offer price of $0.28 per new share.

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