Fortuna intersects 14.2 g/t Au over 16.8 meters at the Kingfisher prospect, Séguéla Mine, Côte d'Ivoire
Vancouver, September 10, 2024: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI - https://www.commodity-tv.com/ondemand/companies/profil/fortuna-mining-inc/ ) is pleased to provide an update on its exploration programs at the Séguéla Mine in Côte d’Ivoire.
Séguéla Mine exploration highlights
Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Kingfisher is rapidly shaping up as a substantial prospect for Séguéla, with a drill defined strike now over 2 kilometers in length and it remains open at depth. Recent drilling highlights include 14.2 g/t Au over an estimated true width of 16.8 meters from 100 meters from drill hole SGRC1865 with mineralization remaining open at depth.” Mr. Weedon continued, “In addition to exploration success at Kingfisher, infill and depth extension drilling at the Sunbird deposit continues to support underground mining potential, with results including 8.8 g/t Au over an estimated true width of 6.3 meters from 301 meters from drill hole SGDD140.”
Kingfisher prospect drilling highlights include:
SGRC1865:
14.2 g/t Au
31.0 g/t Au
29.6 g/t Au
64.6 g/t Au
over an estimated true width of 16.8 meters from 100 meters, including
over an estimated true width of 1.4 meters from 105 meters, and
over an estimated true width of 1.4 meters from 115 meters, and
over an estimated true width of 1.4 meters from 120 meters
SGRC1866:
3.0 g/t Au
over an estimated true width of 18.2 meters from 21 meters
SGRC1869:
2.7 g/t Au
over an estimated true width of 30.1 meters from 68 meters
SGRD1874:
5.5 g/t Au
over an estimated true width of 9.1 meters from 89 meters
SGRD1879:
3.7 g/t Au
over an estimated true width of 15.4 meters from 129 meters
A further 58 holes for 6,966 meters was completed at the Kingfisher prospect (refer to Figure 1), defining continuous mineralization over more than 2 kilometers of strike and merging the previous three separate lodes into a single zone of continuous mineralization (refer to Figure 2). Drilling is continuing, testing the depth potential along this zone with additional exploratory drilling planned to the south where only minimal surface geochemistry is available. Kingfisher was a “blind” discovery with 1 to 2 meters of transported cover giving rise to very muted or no geochemical signature. Kingfisher remains open at depth for most of the drilled 2-kilometer strike, with the deepest drilling only testing to approximately 200 meters below surface (refer to Figure 3).
Additional drilling at Kingfisher has further refined the understanding of the mineralization controls, with a clear association identified along the strongly deformed contact zone between a series of felsic intrusives, quartz veining, and host basaltic units. The change in strike orientation along the structure from north-south to north-east coincides with the higher grade, broader mineralization intervals. Mineralization is characterized by silica-biotite-sericite-carbonate alteration and pyrite development within and adjacent to the quartz veining, similar to the Boulder and Agouti deposits, 1 to 3 kilometers further north in the same sequence and in similar structural positions. This structure has been identified from regional aeromagnetic surveys as extending the 32-kilometer length of the Seguela permit, highlighting the regional prospectivity of the project.
Drilling is scheduled with two drilling rigs to continue throughout the remainder of 2024 with the aim of expanding the strike and depth potential of Kingfisher and supporting a maiden Inferred resource early in 2025.
Figure 1: Location of the Kingfisher prospect
Figure 2: Kingfisher prospect long-section - looking west
Figure 3: Kingfisher prospect cross section line 892550 - looking north
Sunbird Deposit drilling highlights include:
SGDD139:
8.5 g/t Au
over an estimated true width of 5.6 meters from 375 meters
SGDD140:
4.2 g/t Au
8.8 g/t Au
4.6 g/t Au
over an estimated true width of 7.7 meters from 268 meters, and
over an estimated true width of 6.3 meters from 301 meters, and
over an estimated true width of 8.4 meters from 324 meters
SGRD2082:
8.0 g/t Au
over an estimated true width of 4.9 meters from 264 meters
SGRD2083:
6.6 g/t Au
over an estimated true width of 6.3 meters from 359 meters
At Sunbird, results from the first 5 holes, totaling 2,010 meters of a planned 12,000-meter drilling program have been received, including 8.8 g/t Au over an estimated true width of 6.3 meters from 301 meters in drill hole SGDD140 (refer to Figure 4). The program is designed to infill and extend the current mineralized footprint as part of a program to evaluate underground mining potential, with mineralization remaining open 600 meters below surface, or more than 800 meters down plunge from the margin of the planned open pit.
This work will continue for the remainder of 2024, supported by preliminary underground mining studies.
Figure 4: Sunbird long section - looking west
Refer to Appendix 1 for full details of the drill holes and assay results for this drill program at the Séguéla Gold Mine
Quality Assurance Quality Control (QA - QC)
All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company’s personnel.
All reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5% representative sample for submission to the analytical laboratory. The residual 87.5% samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company-controlled core yard.
All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.
All RC and DD samples were transported to ALS’s preparation laboratory in Yamoussoukro, Cote d’Ivoire before also being transported via commercial courier, to ALS’s facility in Ouagadougou, Burkina Faso. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.
Qualified Person
Paul Weedon, Senior Vice President of Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru, as well as the preliminary economic assessment stage Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca
In Europe:
Swiss Resource Capital AG
Jochen Staiger Marc Ollinger
Forward-looking Statements
This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the exploration potential at the Kingfisher prospect, including the proposed plan to continue with exploratory drilling to the south of the prospect; and to continue drilling with two rigs throughout the remainder of 2024 with the intention of supporting a maiden inferred mineral resource in early 2025; statements about the exploration potential at the Sunbird deposit which may support the potential for underground mining at the Sunbird deposit; the Company’s objectives for the current drilling program at the Séguéla Mine and expectations regarding additional drilling and exploration programs planned; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for gold, silver, and other metals; the timing and success of the Company’s proposed exploration programs; technological and operational hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labour, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the possibility that the appeal in respect of the ruling in favor of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization at the San Jose Mine (the “EIA”) will be successful; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the financial year ended December 31, 2023. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the results from the exploration programs conducted at the Company’s mineral properties including the Diamba Sud Gold Project; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s information derived from its exploration programs at the Company’s mineral properties; current mineral resource and reserve estimates; the presence and continuity of mineralization at the Company’s properties; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that the appeal filed in the Mexican Collegiate Court challenging the reinstatement of the EIA will be unsuccessful; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
Appendix 1 - Séguéla Mine
HoleID
Easting (WGS84_29N)
Northing (WGS84_29N)
Elev (m)
EOH Depth (m)
UTM Azimuth
Dip
Depth From
(m)
Depth To (m)
Drilled Width (m)
ETW (m)
Au (ppm)
Hole Type
Area
SGRC1858
743649
891799
390
90
90
-60
0
0
NSI
RC
Kingfisher
SGRC1859
743613
891797
412
116
90
-60
0
0
NSI
RC
Kingfisher
SGRC1860
743673
892350
371
66
90
-60
40
41
1
0.7
5.6
RC
Kingfisher
47
48
1
0.7
11.6
RC
Kingfisher
SGRC1861
743641
892349
373
136
90
-60
85
90
5
3.5
4.7
RC
Kingfisher
Incl.
85
86
1
0.7
15.3
RC
Kingfisher
95
130
35
24.5
1.9
RC
Kingfisher
SGRC1862
743639
892300
401
150
90
-60
77
87
10
7
0.6
RC
Kingfisher
92
131
39
27.3
1.7
RC
Kingfisher
Incl.
119
120
1
0.7
12.1
RC
Kingfisher
SGRC1863
743669
892302
396
72
90
-60
67
72
5
3.5
1.2
RC
Kingfisher
SGRC1864
743671
892247
388
96
90
-60
19
27
8
5.6
0.7
RC
Kingfisher
47
53
6
4.2
4.7
RC
Kingfisher
Incl.
48
49
1
0.7
14.9
RC
Kingfisher
57
77
20
14
4.3
RC
Kingfisher
Incl.
70
72
2
1.4
27.5
RC
Kingfisher
83
95
12
8.4
3.8
RC
Kingfisher
Incl.
85
87
2
1.4
15.2
RC
Kingfisher
SGRC1865
743639
892253
394
130
90
-60
63
70
7
4.9
0.8
RC
Kingfisher
75
86
11
7.7
0.7
RC
Kingfisher
100
124
24
16.8
14.2
RC
Kingfisher
Incl.
101
102
1
0.7
18.7
RC
Kingfisher
And
105
107
2
1.4
31.1
RC
Kingfisher
And
115
117
2
1.4
29.6
RC
Kingfisher
And
118
119
1
0.7
21.4
RC
Kingfisher
And
120
122
2
1.4
64.6
RC
Kingfisher
SGRC1866
743688
892151
399
52
90
-60
21
47
26
18.2
3.0
RC
Kingfisher
Incl.
39
40
1
0.7
11.6
RC
Kingfisher
SGRC1867
743654
892151
400
114
90
-60
35
39
4
2.8
12.6
RC
Kingfisher
incl.
37
38
1
0.7
42.9
RC
Kingfisher
53
60
7
4.9
1.1
RC
Kingfisher
65
72
7
4.9
3.2
RC
Kingfisher
77
79
2
1.4
10.6
RC
Kingfisher
incl.
77
78
1
0.7
20.6
RC
Kingfisher
SGRC1869
743626
892150
408
157
90
-60
68
111
43
30.1
2.7
RC
Kingfisher
incl.
69
70
1
0.7
14.1
RC
Kingfisher
and
75
76
1
0.7
14.2
RC
Kingfisher
SGRC1870
743671
892051
411
67
90
-60
0
0
NSI
RC
Kingfisher
SGRC1872
743643
892050
414
114
90
-60
45
64
19
13.3
0.6
RC
Kingfisher
73
79
6
4.2
1.2
RC
Kingfisher
SGRD1873
743606
892349
407
190
90
-60
113
122
9
6.3
1.9
RC
Kingfisher
126
139
13
9.1
1.0
RC
Kingfisher
143
147
4
2.8
1.5
RC
Kingfisher
SGRD1874
743637
892200
398
190
90
-60
53
78
25
17.5
2.1
RC
Kingfisher
incl.
62
63
1
0.7
15.3
RC
Kingfisher
89
102
13
9.1
5.5
RC
Kingfisher
incl.
93
94
1
0.7
16.4
RC
Kingfisher
and
98
99
1
0.7
12.1
RC
Kingfisher
106
117
11
7.7
4.1
RC
Kingfisher
incl.
113
114
1
0.7
31.1
RC
Kingfisher
SGRD1875
743607
892303
408
200
90
-60
115
125
10
7
2.0
RC
Kingfisher
incl.
119
120
1
0.7
10.2
RC
Kingfisher
SGRD1876
743609
892050
420
180
90
-60
0
0
NSI
RC
Kingfisher
SGRD1877
743609
892252
396
180.4
90
-60
101
123
22
15.4
1.4
RC
Kingfisher
130
136
6
4.2
3.6
RC
Kingfisher
140
142
2
1.4
3.1
RC
Kingfisher
SGRD1878
743588
892091
420
210
90
-60
143
147
4
2.8
1.7
RC
Kingfisher
SGRD1879
743584
892150
399
230
90
-60
111
118
7
4.9
3.9
RC
Kingfisher
incl.
111
112
1
0.7
11.6
RC
Kingfisher
129
151
22
15.4
3.7
RC
Kingfisher
incl.
131
134
3
2.1
17.6
RC
Kingfisher
SGRC2029
743680
891950
411
50
90
-60
0
5
5
3.5
1.3
RC
Kingfisher
SGRC2030
743650
891951
414
110
90
-60
0
0
NSI
RC
Kingfisher
SGRD2043
743582
891749
400
190
90
-60
0
0
NSI
RC
Kingfisher
SGRD2044
743533
891492
388
190.4
90
-60
0
0
NSI
RC
Kingfisher
SGRC2045
743622
891451
384
60
90
-60
2.0
RC
Kingfisher
SGRC2046
743595
891399
387
100
90
-60
NSI
RC
Kingfisher
SGRD2048
743575
891341
377
132
90
-60
70
78
8
5.6
1.1
RC
Kingfisher
85
93
8
5.6
0.7
RC
Kingfisher
SGRC2049
743590
891149
360
54
90
-60
0
0
NSI
RC
Kingfisher
SGRC2050
743560
891150
363
121
90
-60
0
0
NSI
RC
Kingfisher
SGRD2051
743615
891950
425
180
90
-60
69
90
21
14.7
0.9
RC
Kingfisher
SGRC2052
743591
891550
411
105
90
-60
0
0
NSI
RC
Kingfisher
SGRD2053
743565
891550
394
171
90
-60
0
0
NSI
RCD
Kingfisher
SGRC2054
743591
891273
351
100
90
-60
72
76
4
2.8
3.9
RC
Kingfisher
incl.
74
75
1
0.7
14.5
RC
Kingfisher
SGRD2055
743553
891249
392
165.5
90
-60
0
0
NSI
RCD
Kingfisher
SGRC2057
743585
891599
408
120
90
-60
0
0
NSI
RC
Kingfisher
SGRC2058
743646
891200
386
50
90
-60
0
0
NSI
RC
Kingfisher
SGRC2059
743613
891652
386
99
90
-60
35
42
7
4.9
1.3
RC
Kingfisher
90
95
5
3.5
1.5
RC
Kingfisher
SGRC2060
743617
891200
371
110
90
-60
0
0
NSI
RC
Kingfisher
SGRC2061
743585
891649
386
144
90
-60
0
0
NSI
RC
Kingfisher
SGRC2062
743618
891750
389
106
90
-60
0
0
NSI
RC
Kingfisher
SGRC2063
743590
891201
389
61
90
-60
0
0
NSI
RC
Kingfisher
SGRC2064
743627
891848
408
102
90
-60
43
52
9
6.3
0.6
RC
Kingfisher
SGRD2065
743595
891849
420
168.4
90
-60
0
0
NSI
RCD
Kingfisher
SGRD2066
743503
891340
400
240.4
90
-60
0
0
NSI
RCD
Kingfisher
SGRD2067
743526
891249
385
220
90
-69
127
136
9
6.3
0.7
RCD
Kingfisher
SGRD2068
743576
891800
404
203.3
90
-60
0
0
NSI
RCD
Kingfisher
SGRC2069
743646
891749
402
50
90
-60
16
24
8
5.6
0.8
RC
Kingfisher
SGRC2070
743658
891848
409
57
90
-60
0
0
NSI
RC
Kingfisher
SGRC2071
743641
891651
399
54
90
-60
0
0
NSI
RC
Kingfisher
SGRC2072
743626
891550
300
81
90
-60
44
49
5
3.5
2.8
RC
Kingfisher
incl.
48
49
1
0.7
12.9
RC
Kingfisher
SGRC2073
743594
891450
387
100
90
-60
0
0
NSI
RC
Kingfisher
SGRC2074
743623
891400
388
73
90
-60
67
72
5
3.5
2.8
RC
Kingfisher
SGRD2076
743538
891550
399
201.2
90
-60
124
132
8
5.6
1.5
RCD
Kingfisher
SGRC2100
743648
891154
382
50
90
-60
0
0
NSI
RC
Kingfisher
SGRC2101
743619
891150
383
91
90
-60
0
0
NSI
RC
Kingfisher
SGRC2102
743615
891252
387
40
90
-60
0
0
NSI
RC
Kingfisher
SGRD2105
743532
891447
385
168.1
90
-60
105
117
12
8.4
0.8
RCD
Kingfisher
SGRD2106
743564
891445
383
147.3
90
-60
90
98
8
5.6
0.7
RCD
Kingfisher
SGDD139
742496
892459
528
480.4
90
-60
375
383
8
5.6
8.5
DD
Sunbird
incl.
376
378
2
1.4
23.0
DD
Sunbird
395
401
6
4.2
3.7
DD
Sunbird
incl.
398
399
1
0.7
20.7
DD
Sunbird
SGDD140
742538
892460
533
360
90
-60
268
279
11
7.7
4.2
DD
Sunbird
incl.
270
271
1
0.7
24.8
DD
Sunbird
283
289
6
4.2
0.9
DD
Sunbird
301
310
9
6.3
8.8
DD
Sunbird
incl.
305
307
2
1.4
36.8
DD
Sunbird
324
336
12
8.4
4.6
DD
Sunbird
incl.
326
328
2
1.4
19.1
DD
Sunbird
SGRD2082
742549
892435
543
310.2
90
-60
230
231
1
0.7
12.5
RCD
Sunbird
264
271
7
4.9
8.0
RCD
Sunbird
incl.
264
265
1
0.7
40.1
RCD
Sunbird
SGRD2083
742519
892409
541
380.1
90
-60
305
307
2
1.4
3.3
RCD
Sunbird
338
341
3
2.1
6.0
RCD
Sunbird
incl.
338
339
1
0.7
16.2
RCD
Sunbird
359
368
9
6.3
6.6
RCD
Sunbird
incl.
360
362
2
1.4
21.4
RCD
Sunbird
SGRD2085
742489
892409
535
480
90
-60
0
0
NSI
RCD
Sunbird
Notes:
1.EOH: End of hole
2.NSI: No significant intercepts
3.ETW: Estimated true width
4.Depths and widths reported to nearest significant decimal place
5.RC: reverse circulation drilling |DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail