Consulting|Exploration|Gold|Mining|PROJECT|Resources|srk|SRK Consulting|Drilling
Consulting|Exploration|Gold|Mining|PROJECT|Resources|srk|SRK Consulting|Drilling

Dugbe gold project, Liberia – update

Image of Dugbe drill core

Photo by Hummingbird Resources

1st March 2024

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor


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Name of the Project
Dugbe gold project.

South-eastern Liberia.

Project Owner/s
Hummingbird Resources completed the conversion of its 51% interest in the Dugbe gold project into a 51% controlling interest in TSX-V-listed Pasofino Gold in December 2023 to provide clear visibility and control, and facilitate more efficient decision-making and project advancement.

Project Description
Dugbe has estimated mineral reserves of 66-million tonnes at a grade of 1.30 g/t gold for 276 000 oz of gold.

To date, two deposits have been identified – Dugbe F and Tuzon.

A feasibility study completed in June 2022 highlighted the project’s potential five-million-tonne-a-year throughput for a potential mine life of 14 years, based on the openpit mining of both deposits.

Average production of 200 000 oz/y is estimated for the first five years, with a life-of-mine average of 172 000 oz/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The feasibility study estimates a net present value, at a 5% discount rate, of $524-million and an internal rate of return of 23.6%, with a payback of 3.3 years.

Capital Expenditure
Average startup capital is estimated at $435-million.

Planned Start/End Date
Not stated.

Latest Developments
Hummingbird Resources has welcomed subsidiary company Pasofino Gold's announcement of the start of exploration activities at Bukon Jedeh – a high-priority target area within the Dugbe gold project.

Hummingbird recently exchanged its shareholding in the Dugbe project for a controlling stake in Pasofino.

Bukon Jedeh is situated 8 km from the Dugbe project's Tuzon deposit. Pasofino’s exploration efforts at Bukon Jedeh will concentrate on geological mapping and the collection of high-resolution ground magnetic survey data.

Additionally, Pasofino plans to conduct about 1 400 m of drilling across about 15 drill holes, starting in March. This drilling campaign will test a selection of artisanal pits, replicate some of the previous reverse-circulation drill-hole results, and investigate a fold hinge geological structure to enhance the understanding of this target area.

The initiation of exploration at Bukon Jedeh underscores the opportunity to build additional resources beyond the 3.9-million-ounce resource already identified at Dugbe and, in turn, increase the existing 2.8-million-ounce reserve.

Key Contracts, Suppliers and Consultants
DRA Global (lead consultant); SRK Consulting; and Epoch Resources (preliminary economic assessment).

Contact Details for Project Information
Hummingbird Resources, tel +44 20 7409 6660 or email
Pasofino Gold, tel +1 416720 2540 or email

Edited by Creamer Media Reporter



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