Fortuna Mining updates reserves and resources for Séguéla Mine, Côte d’Ivoire

Fortuna Mining Corp. [NYSE: FSM; TSX: FVI] updated Mineral Reserves and Mineral Resources at its Séguéla Mine, Côte d’Ivoire, with the discovery of over 500,000 gold ounces of new Inferred Resources.

Jorge A. Ganoza, President and CEO, commented, “Our exploration programs in 2024 have successfully grown our Inferred Resources to 677,000 gold ounces, including the contribution of four new mineral deposits.” Ganoza added, “These new resources come from a growing pipeline of deposits that are planned for further expansion and definition drilling in 2025 as we look for opportunities to replace annual production related depletion and expand reserves.”

Updated Mineral Reserve and Mineral Resources highlights: Proven and Probable Mineral Reserves are reported containing 1.0 Moz gold. Measured and Indicated Resources exclusive of Mineral Reserves are reported containing 396,000 oz Au.

Inferred Mineral Resources are reported containing 677,000 oz Au which includes maiden Inferred Resources containing 294,000 oz for Kingfisher and 61,000 oz for Badior, as well as an additional 141,000 oz Au of underground Inferred Resource at the Sunbird deposit.

Primary drivers for changes in Mineral Reserves and Mineral Resources are production related depletion and the addition of new Inferred Resources as a result of the ongoing exploration drilling activities. For the full year 2024, the Séguéla Mine is expected to produce at the upper range of 126,000 to 138,000 gold ounces.

Paul Weedon, Senior Vice President, Exploration, commented, “The Kingfisher deposit has emerged as an important discovery which remains open along strike and at depth, providing excellent potential for additional growth.” Weedon concluded, “There remains a host of further exploration targets ranked for priority drill testing as we continue to explore the ultimate potential scale of our property package of 62,000 hectares.”

Fortuna estimates the Kingfisher deposit contains an Inferred Mineral Resource of 4.0 Mt at an average grade of 2.29 g/t Au containing 294,000 gold ounces, and the Badior deposit contains an Inferred Mineral Resource of 470,000 tonnes at an average grade of 4.05 g/t Au containing 61,000 gold ounces. The updated Inferred Mineral Resource will not materially change the existing Mineral Resource estimate at the Séguéla Mine.

As of October 31, 2024, the Séguéla Mine has Proven and Probable Mineral Reserves of 9.4 Mt containing 1.0 Moz Au, in addition to Indicated Resources of 3.4 Mt containing 396,000 oz Au and Inferred Resources of 7.3 Mt containing 677,000 oz Au.

From December 31, 2023 to October 31, 2024, Mineral Reserve tonnes decreased by 20%, while gold grade increased by 11% to 3.38 g/t Au and contained gold ounces decreased by 12%. Changes are due to mining related depletion of 123,000 oz Au, pit optimization and increases to the reporting cut-off grade due to higher processing and service costs resulting in a decrease of 53,000 oz Au, adjustments related to the identification of historical artisanal activities at the Ancien deposit resulting in a decrease of 17,000 oz Au, offset by an increase of 55,000 oz Au in relation to grade control drilling conducted at the Antenna, Koula, and Ancien deposits, as well as exploration drilling at Sunbird.

Measured and Indicated Resource gold ounces, exclusive of Mineral Reserves, increased 4%, or 15,000 oz Au in relation to minor adjustments in the geologic interpretation and reporting cut-off grades.

Inferred Resources tonnes increased by 137% to 7.3 Mt, while gold grade increased by 16% to 2.90 g/t Au, and contained gold ounces increased by 176% to 677,000 oz Au. The change is due to the maiden estimates of the Kingfisher, Badior, Gabbro North, and Kestrel deposits adding 368,000 oz Au, an extension of the underground resources at the Sunbird deposit adding 141,000 oz Au, and adjustments to pit shells and an increase in reporting cut-off grades, resulting in a decrease of 71,000 oz Au.

The Kingfisher deposit is located approximately 1 km east of the previously reported Sunbird deposit, with the Kestrel deposit located just 250 metres south of the currently mined Antenna pit. Badior is located approximately 7 km north of the processing plant and the Gabbro North deposit is located 2.5 km southeast of Badior, approximately 6 km from the plant.

The maiden Inferred Mineral Resource estimates were prepared using diamond and reserve circulation (RC) drillholes comprising 168 holes totaling 23,628 metres for Kingfisher, 68 holes totaling 8,285 metres for Badior, 78 holes totaling 9,320 metres for Gabbro North, and 42 holes totaling 4,879 metres for Kestrel, all drilled by Fortuna since 2021. Kingfisher mineralization has been drilled over a strike length of 2 km to a depth of 250 metres along 50-metre centers. Badior, Gabbro North and Kestrel mineralization has been defined over strike lengths of 300, 500, and 150 metres, respectively, and to depths of 150 metres along 25-metre centers.

The maiden Mineral Resource estimates for Badior, Gabbro North, and Kestrel were prepared using data with an effective cut-off date of June 30, 2024, with the Kingfisher deposit prepared using data with an effective date of October 20, 2024.

Drill activities remain ongoing across the Séguéla property. This work is targeting extensions down dip and along strike at the Kingfisher and Sunbird deposits from the currently modeled Inferred Mineral Resource and infilling areas of lower density of drilling within the currently modeled Inferred Mineral Resource.

Following on from the receipt of all data associated with the drilling campaign, the Kingfisher and Sunbird Inferred Mineral Resource estimate will be updated, with a view to potentially upgrading portions of the Inferred Mineral Resource to higher confidence classifications, and better define the extents of the mineralization, which currently remains open at depth and along strike.

Fortuna Mining has five operating mines in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru, as well as the advanced exploration pre-development stage Diamba Sud Gold Project located in Senegal.