Fortuna intersects 6.9 g/t Au over 33.3 meters at the Diamba Sud Project, Senegal

Author's Avatar
Sep 12, 2024

VANCOUVER, British Columbia, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to provide an update on its exploration programs at the Diamba Sud Gold Project in Senegal.

Diamba Sud Gold Project exploration highlights

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “The exploration focus at Diamba Sud has turned to testing and expanding some of the previously lightly drilled anomalies, with Western Splay rapidly emerging as the next potential prospect. Encouraging results such as 6.9 g/t Au over an estimated true width of 33.3 meters from 115.4 meters in drill hole DSDD293, and 8.9 g/t Au over an estimated true width of 27.7 meters from 104 meters in drill hole DSR680 highlight the potential.”

Western Splay Prospect drilling highlights include:

DSDD293:6.9 g/t Au
32.4 g/t Au
over an estimated true width of 33.3 meters from 115.4 meters, including over an estimated true width of 3.9 meters from 127.1 meters
DSDD301:5.9 g/t Auover an estimated true width of 8.9 meters from 107 meters
DSDD314:3.8 g/t Auover an estimated true width of 14.9 meters from 59 meters
DSDD315:4.0 g/t Auover an estimated true width of 14.1 meters from 145 meters
DSDD335:5.7 g/t Auover an estimated true width of 11.9 meters from 29 meters
DSR402:3.8 g/t Auover an estimated true width of 23.8 meters from 204.2 meters
DSR680:8.9 g/t Auover an estimated true width of 27.7 meters from 104 meters

Karakara Prospect drilling highlights include:

DSDD300:8.8 g/t Au
34.3 g/t Au
over an estimated true width of 6.4 meters from 70 meters, including
over an estimated true width of 1.6 meters from 74 meters
DSDD331:5.3 g/t Au
16.2 g/t Au
over an estimated true width of 9.6 meters from 93 meters, including
over an estimated true width of 2.4 meters from 96 meters
DSR749:4.9 g/t Auover an estimated true width of 12.8 meters from 21 meters

Exploration activities at Diamba Sud concluded in July for the season with a further 13,319 meters drilled totaling 95 drill holes. The focus of the recent program has been to expand the extent of the Western Splay and Kassasoko prospects, as well as testing the margins of the Bougouda and Karakara prospects (refer to Figure 1). Recent results from Western Splay (refer to Figure 2) have highlighted the potential for this prospect to continue to grow as the mineralization remains open along strike and at depth.

A detailed review of the overall geological model to further advance the understanding of the mineralization controls was completed in July, improving the understanding of the relationships and linkages between the different prospects, including the nearby Moungoundi and Kassasoko prospects. This revised geological model has identified several additional targets for testing across the property.

Results from this program will be incorporated into the ongoing project development work, with the encouraging results from Western Splay and Kassasoko expected to contribute toward growing the project portfolio and resource base, while also improving confidence in the regional geological understanding.

Figure 1: Diamba Sud Project location plan

fig1.jpg

Figure 2: Western Splay Prospect cross-section showing select results - looking north

fig2.png

Refer to Appendix 1 for full details of the drill holes and assay results for this drill program at the Diamba Sud Gold Project.

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 Kedougou, Senegal 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 | [email protected] | fortunamining.com | X | LinkedIn | YouTube

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 potential of the Diamba Sud Gold Project based on the exploration results at the Western Splay and Kassasoko prospects, statements relating to the potential to progress the satellite opportunities at the Diamba Sud Gold Project; statements about the revised geological model identifying several additional targets for testing across the property; the Company’s objectives for the drill program conducted at the Diamba Sud Gold Project in 2024 and expectations regarding the revised geological model and the development of the project; 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 - Diamba Sud

Hole IDEasting
(WGS84_29N)
Northing
(WGS84_29N)
Elev
(m)
EOH
Depth
(m)
UTM
Azimuth
DipDepth
From
(m)
Depth
To
(m)
Drilled
Width
(m)
ETW
(m)
Au
(ppm)
Hole TypeArea
DSDD2762317381428059149239347.31-49.17NSIDDKarakara
DSDD298231645142822215386272.65-49.5525643.21.8DDKarakara
606110.85.7DDKarakara
DSDD300231685142822015210187.6-54.53233297.20.8DDKarakara
707886.48.8DDKarakara
Inc747621.634.3DDKarakara
DSDD302231690142824815395274.13-53.65132186.40.9DDKarakara
DSDD3042317301428258151113268.41-53.549410175.61.7DDKarakara
DSDD306231649142824315292271.68-49.33NSIDDKarakara
DSDD3082319191428350154149271.28-57.99637186.41.1DDKarakara
757832.2DDKarakara
DSDD3282318841428247151208270.56-60.19NSIDDKarakara
DSDD3292319141428403155164271.36-60.29310297.20.9DDKarakara
DSDD3302316371428097152155340.15-50.66116128129.60.9DDKarakara
DSDD3312318701428430155152270.18-60.7293105129.65.3DDKarakara
DSDD331Incl.969932.416.2DDKarakara
DSDD334231580142811515268337.42-51.01142286.41.7DDKarakara
DSDD334283354.01.7DDKarakara
DSDD3362319411428265150192271.43-55.21859164.82.4DDKarakara
DSDD3361341481411.21.1DDKarakara
DSDD3412319201428173146185270.63-51.39NSIDDKarakara
DSR747231699142827615396271.12-60.51293454.07.5RCKarakara
Inc303221.614.9Karakara
DSR7482318621428174149100271.6-56.0671254.04.3RCKarakara
253054.01.3Karakara
DSR7492316321428121152120341.91-50.9321371612.84.9RCKarakara
Inc222310.819.2Karakara
Inc262710.817.6Karakara
Inc343510.814.8Karakara
10110986.46.7Karakara
Inc10210310.813.1Karakara
Inc10610710.829.2Karakara
DSR7502315991428102150150341.33-51.33627086.44.1RCKarakara
DSR7512315231428207155126160.4-49.33NSIRCKarakara
DSDD2872312461426227146179310.94-48.314815687.92.1DDWestern Splay
Inc151.151520.850.810.3Western Splay
DSDD2892312631426278146173308.64-49.7NSIDDWestern Splay
Western Splay
DSDD293231186142630414618089.7-49.22115.414933.633.36.9DDWestern Splay
Inc127.11313.93.932.4Western Splay
131.6132.250.650.613.6Western Splay
13313411.011.1Western Splay
14714811.010.1Western Splay
DSDD297231188142632914722188.65-50.181381531514.92.8DDWestern Splay
Inc14014111.012.4Western Splay
Inc15215311.011.2Western Splay
DSDD301231009142628214617587.6-54.5333491615.81.4DDWestern Splay
10711698.95.9Western Splay
Inc10810911.012.3Western Splay
DSDD305231070142628414514390.43-50.6922.53310.510.41.2DDWestern Splay
DSDD309230963142627614619590.07-55.97NSIDDWestern Splay
DSDD312230952142630914514390-5592.593.20.70.742.1DDWestern Splay
DSDD314230993142625214514989.15-49.7459741514.93.8DDWestern Splay
Inc717211.042.5Western Splay
DSDD315231159142630014718389.52-50.72747511.07.4DDWestern Splay
145159.214.214.14.0Western Splay
DSDD332231080142623414516491.30-50.86NSIDDWestern Splay
DSDD3332310271426224145125.0088.66-50.4440.2421.81.84.3DDWestern Splay
DSDD335231109142618614511987.59-49.229411211.95.7DDWestern Splay
DSDD335Incl.323533.018.8DDWestern Splay
DSDD337231092142621314513489.68-53.7336491312.91.1DDWestern Splay
DSDD338231102142622614511694.23-49.51414433.03.0DDWestern Splay
495676.94.6DDWestern Splay
Incl.495011.011.3DDWestern Splay
Incl.525311.011.3DDWestern Splay
DSDD3392311461426255145206.0094.29-49.9615215865.94.6DDWestern Splay
DSDD3402311771426256146206.0093.59-49.33NSIDDWestern Splay
DSDD342231068142618514517291.66-49.6416616822.024.4DDWestern Splay
DSDD342Incl.16716811.045.8DDWestern Splay
DSR4022310771426349147264.0083.50-59.84263265.92.3RCDWestern Splay
DSR4022310771426349147264.0083.50-59.84424976.97.4RCDWestern Splay
DSR402Incl.454611.039.5RCDWestern Splay
DSR402204.2228.22423.83.8RCDWestern Splay
DSR402And21521611.010.5RCDWestern Splay
DSR402And223.2224.41.21.215.6RCDWestern Splay
DSR40223924565.93.1RCDWestern Splay
DSR40224925676.92.1RCDWestern Splay
DSR4072308501426398147261.0084.50-59.6015916787.90.8RCDWestern Splay
DSR40721822022.03.1RCDWestern Splay
DSR40725025222.02.9RCDWestern Splay
DSR6782312131426347148265.0088.61-60.58394787.93.2RCDWestern Splay
DSR5842312141426326147196.0091.10-48.8817351817.82.1RCDWestern Splay
DSR584586133.03.7RCDWestern Splay
DSR584123.5133.239.739.63.6RCDWestern Splay
DSR584123.51251.51.513.2RCDWestern Splay
DSR5802311621426327147272.0091.53-50.32191.21986.86.73.3RCDWestern Splay
DSR6742313481426181146102325.02-51.05NSIRCWestern Splay
DSR6752313941426186147126329.22-51.24NSIRCWestern Splay
DSR67623116814264511507886.43-51.25NSIRCWestern Splay
DSR677231127142644814912694.44-50.88NSIRCWestern Splay
DSR678231212.711426346.814813288.61-60.58394787.93.2RCWestern Splay
DSR679231261142632614713290.89-51.9771144.08.8RCWestern Splay
Incl.91011.025.6RCWestern Splay
202444.04.5RCWestern Splay
Incl.212211.015.5RCWestern Splay
475476.96.1RCWestern Splay
Incl.474811.025.2RCWestern Splay
58691110.91.5RCWestern Splay
DSR680231217142630014613889.73-51.361041322827.78.9RCWestern Splay
Incl.10510611.013.7RCWestern Splay
And11011444.028.6RCWestern Splay
And11912011.011.3RCWestern Splay
DSR681231063142621414515693.54-51.82NSIRCWestern Splay
DSR682231129142630214618690.69-50.4931187.91.2RCWestern Splay
DSR683230980142626914615690.99-50.6510811244.02.4RCWestern Splay
12913565.93.2RCWestern Splay
DSR684230996142629514613994.57-52.95515987.91.9RCWestern Splay
DSR7522311321426397148164273.19-61.5NSIRCWestern Splay
RCWestern Splay
DSR763231239142630414512091.39-50.3545955.01.1RCWestern Splay
DSR764231285142632714712090.68-52.4NSIRCWestern Splay
DSR765230966142634314615688.67-56.813113765.92.3RCWestern Splay
DSR766230948142642414716292.57-60.79657055.01.2RCWestern Splay
DSR767231137142642814911494.735-56.73NSIRCWestern Splay
DSR768231101142642714912093.39-55.6NSIRCWestern Splay
DSDD317234610.631412009.66171142148.01-51.61NSIDDBougouda
DSDD318231908142588314380329.27-56.24NSIDDKassassoko
DSDD3202316451425899145101330.67-49.5711332215.41.1DDKassassoko
40551510.50.9DDKassassoko
DSDD3212318411425831143122331.17-55.676276149.83.2DDKassassoko
Inc686910.720.9DDKassassoko
DSDD3222316611425851144128152.75-48.9961596.30.6DDKassassoko
3444107.01.2DDKassassoko
DSDD3242318041425841143104330.97-51.02525864.21.0DDKassassoko
667264.20.8DDKassassoko
7677.21.20.84.7DDKassassoko
DSDD3252315931425922145152152.02-49.432335128.42.3DDKassassoko
48671913.30.7DDKassassoko
7891139.10.7DDKassassoko
DSDD3262318741425897143101151.44-49.75NSIDDKassassoko
DSR7532317761425843143100328.42-51.49NSIRCKassassoko
DSR7542316211425869144132331.67-55.326563021.01.0RCKassassoko
859385.60.7RCKassassoko
DSR7552315591425973144114148.88-50.51NSIRCKassassoko
DSR7562315421425912145120153.24-50.95NSIRCKassassoko
DSR7572318181425943144126151.66-51.01RCKassassoko
DSR7582315901425877145120151.56-50.8212352316.10.7RCKassassoko
DSR759231678142580314480154.65-51.39NSIRCKassassoko
DSR7602315781425798144102152.22-50.86929421.45.4RCKassassoko
DSR7612316521425889145120149.60-51.551828107.02.3RCKassassoko
546396.30.9RCKassassoko
849285.61.0RCKassassoko
DSR762231661142597514312146.68-51.135832.11.9RCKassassoko
DSDD2992347451410788167197328.41-51.47616432.17.1DDBougouda
Inc626310.718.3DDBougouda
162164.52.51.83.7DDBougouda
DSDD3032347901410808167101.5326.72-52.27636410.713.8DDBougouda
778696.30.6DDBougouda
DSDD3072349901410889167116327.68-52.46NSIDDBougouda
DSDD3102346601411629167125326-50505332.11.9DDBougouda
DSDD3132348151411578167100323.58-54.05NSIDDBougouda
DSDD3192349311412058167154320.24-51.64109120117.71.6DDBougouda
DSDD3232351151412178167130316.69-51.9510510832.14.0DDBougouda
DSR736234790141201616760321.93-51354053.51.8RCBougouda
515210.76.6RCBougouda
DSR7372348101411987167113328.48-51.139910564.21.3RCBougouda
DSR738235110141224516790324.77-51.99NSIRCBougouda
DSR7392353451412424167126329.55-50.54NSIRCBougouda
DSR740235270141237416790325.88-50.76NSIRCBougouda
DSR741235192141231916784328.3-49.58NSIRCBougouda
DSR7422351461412207167126323.90-50.9110510832.14.3RCBougouda
DSR7442349931412093167162319.69-51.58NSIRCBougouda
DSR745235215141228516766323.92-51.73NSIRCBougouda

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

Infographics accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/949916c4-9422-427d-ade2-7542ac37f720

https://www.globenewswire.com/NewsRoom/AttachmentNg/9837d7c0-c949-46f0-85d5-ce4b72f2f5d4


Fortuna-Mining-Corp-.png