Pasofino Gold Limited a company that was contracted by Hummingbird PLC to explore has announced that it has received encouraging results from the first 4 holes drilled since 2014 at the Tuzon deposit on the Dugbe Gold Project in Southeastern Liberia.
The Company has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia’s 10% carried interest).
Highlights Ø 3 of the 4 holes are ‘step-out’ holes to test the lateral or strike extent of the relatively high-grade ‘zone B’ of the Tuzon deposit. All 3 have been successful.
Highlights of the ‘step-out’ results include the below and are shown in cross-sections in figures 1 to 3.
0- Step-out hole TDC179 returned 22.0 m grading 2.23 g/t gold from 63.90 m downhole in TDC179, and o a second interval of 126.6 m grading 1.05 g/t gold from 102.93 m downhole.
A Step-out hole TDC174 contained 28.4 m grading 2.58 g/t gold from 318 m downhole, including a high-grade zone of 13.8 m grading 3.43 g/t. Ø These are the first holes drilled at Tuzon since 2014.
According to a release from PASOFINO GOLD a total of 17 resource drill-holes have been completed since April, the results of which will be incorporated into an update to the Mineral Resource Estimate (MRE) planned for August 2021.
Ian Stalker, CEO, commented; “We are delighted with these intersections which reaffirm the quality of this deposit, and support our view that there is room to grow it – it already has a 2 Moz Indicated Mineral Resource Estimate (MRE).
The higher-than-average grade of some of the intersections is particularly encouraging and we anticipate more of this. Coupled with the recent good news-flow from our nearby Dugbe “F” deposit we are very positive about the MRE updates scheduled for Q3 of this year.”
The 2,559 km2 Dugbe Project is located in southern Liberia and situated within the south westmost part of the Birimian Supergroup, which is host to the majority of West African gold deposits.
Deplorable roads and bridges
It is however unclear weather the new results will improve the locals around the concession area in that remote part of Liberia.
Roads and bridges near the Dugbe project area which was originally given to Hummingbird Resources PLC remain in a deplorable condition.
To date, two gold deposits have been identified on the Project; Dugbe F and Tuzon.
The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a role in large scale gold mineralization in the area. A large amount of exploration in the area was conducted by Hummingbird, including 74,497 m of diamond coring.
Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V (VEIN).
Pasofino, through its wholly-owned subsidiary, has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia’s 10% carried interest) in the Dugbe Gold Project. Hummingbird and the government of Liberia in 2019 signed a 25 year gold mining agreement of mine gold in southeastern Liberia covering Grand Kru, River Gee and Sinoe counties.
In June 2020 Hummingbird Resources entered into an earn-in agreement with Pasofino Gold Ltd, a Canadian based mineral exploration company listed on the TSX-V (TSXV:VEIN), for up to 49% stake of the Project.
Earn-in over a period of two years including the completion of a mutually agreed exploration programme and the completion of a Definitive Feasibility Study, under joint management committee oversight.
