Aim-listed Hummingbird Resources has completed the conversion of its 51% interest in the Dugbe gold project, in Liberia, into a 51% controlling interest in TSX-V-listed Pasofino, to provide clear visibility and control, to facilitate more efficient decision-making and project advancement.
Pasofino is a Canadian mineral exploration company, which, through its wholly-owned subsidiary, has consolidated its interest in the Dugbe gold project and currently owns 100% of the Dugbe gold project (prior to the issuance of the government of Liberia's 10% carried interest).
Pasofino says in a separate statement that HB is now a control person of Pasofino.
The consolidation is pursuant to Pasofino’s exercise of its right under an option agreement to cause HB to sell to ARX Resources, a wholly-owned subsidiary of Pasofino, HB’s 51% interest in the issued and outstanding shares of Hummingbird Resources.
The 2 302 km² Dugbe gold project is in southern Liberia and situated within the southwestern corner of the Birimian Supergroup, which is host to most West African gold deposits.
To date, two deposits have been identified on the project, namely Dugbe F and Tuzon, discovered by Hummingbird entities in 2009 and 2011, respectively.
The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a role in large-scale gold mineralisation in the area.
A significant amount of exploration in the area, including 74 497 m of diamond coring, was conducted by Hummingbird up until 2012.
Pasofino drilled an additional 14 584 m at Tuzon and Dugbe F during 2021.
Both deposits have mineral resource estimates dated November 17, 2021, totalling 3.3-million ounces of gold in the measured plus indicated categories, with an average grade of 1.37 g/t gold and an additional 600 000 oz in inferred.
Following the completion of the feasibility study in June 2022, a mineral reserve estimate was declared, based on the openpit mining of both deposits over a 14-year life-of-mine.