Hummingbird shares plummet on Kouroussa missed targets
The mine’s four-week trailing average production reached almost 1,900 ounces, below the 2,000 to 2,500 ounces range Hummingbird expected.
Aris Mining (TSX: ARIS; NYSE: ARMN) has updated its reserve and resource estimate at its Segovia gold-silver operations in Colombia.
Proven and probable reserves now stand at 3.5 million tonnes grading 11.63 g/t gold, containing 1.3 million oz. of gold. The contained number is 75% higher than the 755,000 oz. in reserves a year earlier.
Measured and indicated resources have also risen. This category now has 7.9 million tonnes grading 14.34 g/t gold, containing 3.6 million oz. of gold (up 36%). The inferred portion is 4.7 million oz. at 9.44 g/t gold, containing 1.8 million tonnes (up 28%).
Based on the increases in contained gold in reserves and resources, Aris is going to expand its Maria Dama processing plant capacity by 50% to 3,000 t/d. This will be accomplished using a previously purchased ball mill that is already at the site.
The cost of construction is estimated to be C$11 million, with completion by early 2025.
With increased mill capacity comes increased annual output, which will rise to 300,000 oz. from 200,000 ounces.
The current Segovia profile includes a mining rate of 1,050 t/d by Aris and 350 t/d by its partners. Aris also purchases 500 t/d of ore from partners that operate outside the Segovia mining titles.
