Fortuna intersects 14.2 g/t Au over 16.8 meters at the Kingfisher prospect, S?gu?la Mine, C?te d'Ivoire

2024-09-10 / @GlobeNewswire

 

VANCOUVER, British Columbia, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) 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 Auover an estimated true width of 18.2 meters from 21 meters
SGRC1869:2.7 g/t Auover an estimated true width of 30.1 meters from 68 meters
SGRD1874:5.5 g/t Auover an estimated true width of 9.1 meters from 89 meters
SGRD1879:3.7 g/t Auover 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 1: Location of the Kingfisher prospect

Figure 2: Kingfisher prospect long-section - looking west

Figure 2: Kingfisher prospect long-section - looking west

Figure 3: Kingfisher prospect cross section line 892550 - looking north

Figure 3: Kingfisher prospect cross section line 892550 - looking north

Sunbird Deposit drilling highlights include:

SGDD139:8.5 g/t Auover 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 Auover an estimated true width of 4.9 meters from 264 meters
SGRD2083:6.6 g/t Auover 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

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 | info@fmcmail.com | 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 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

HoleIDEasting (WGS84_29N)Northing (WGS84_29N)Elev (m)EOH Depth (m)UTM AzimuthDipDepth From 
(m)
Depth To (m)Drilled Width (m)ETW (m)Au (ppm)Hole TypeArea
SGRC18587436498917993909090-60  00NSIRCKingfisher
SGRC185974361389179741211690-60  00NSIRCKingfisher
SGRC18607436738923503716690-60404110.75.6RCKingfisher
       474810.711.6RCKingfisher
SGRC186174364189234937313690-60859053.54.7RCKingfisher
      Incl.858610.715.3RCKingfisher
       951303524.51.9RCKingfisher
SGRC186274363989230040115090-6077871070.6RCKingfisher
       921313927.31.7RCKingfisher
      Incl.11912010.712.1RCKingfisher
SGRC18637436698923023967290-60677253.51.2RCKingfisher
SGRC18647436718922473889690-60192785.60.7RCKingfisher
       475364.24.7RCKingfisher
      Incl.484910.714.9RCKingfisher
       577720144.3RCKingfisher
      Incl.707221.427.5RCKingfisher
       8395128.43.8RCKingfisher
      Incl.858721.415.2RCKingfisher
SGRC186574363989225339413090-60637074.90.8RCKingfisher
       7586117.70.7RCKingfisher
       1001242416.814.2RCKingfisher
      Incl.10110210.718.7RCKingfisher
      And10510721.431.1RCKingfisher
      And11511721.429.6RCKingfisher
      And11811910.721.4RCKingfisher
      And12012221.464.6RCKingfisher
SGRC18667436888921513995290-6021472618.23.0RCKingfisher
      Incl.394010.711.6RCKingfisher
SGRC186774365489215140011490-60353942.812.6RCKingfisher
      incl.373810.742.9RCKingfisher
       536074.91.1RCKingfisher
       657274.93.2RCKingfisher
       777921.410.6RCKingfisher
      incl.777810.720.6RCKingfisher
SGRC186974362689215040815790-60681114330.12.7RCKingfisher
      incl.697010.714.1RCKingfisher
      and757610.714.2RCKingfisher
SGRC18707436718920514116790-60  00NSIRCKingfisher
SGRC187274364389205041411490-6045641913.30.6RCKingfisher
       737964.21.2RCKingfisher
SGRD187374360689234940719090-6011312296.31.9RCKingfisher
       126139139.11.0RCKingfisher
       14314742.81.5RCKingfisher
SGRD187474363789220039819090-6053782517.52.1RCKingfisher
      incl.626310.715.3RCKingfisher
       89102139.15.5RCKingfisher
      incl.939410.716.4RCKingfisher
      and989910.712.1RCKingfisher
       106117117.74.1RCKingfisher
      incl.11311410.731.1RCKingfisher
SGRD187574360789230340820090-601151251072.0RCKingfisher
      incl.11912010.710.2RCKingfisher
SGRD187674360989205042018090-60  00NSIRCKingfisher
SGRD1877743609892252396180.490-601011232215.41.4RCKingfisher
       13013664.23.6RCKingfisher
       14014221.43.1RCKingfisher
SGRD187874358889209142021090-6014314742.81.7RCKingfisher
SGRD187974358489215039923090-6011111874.93.9RCKingfisher
      incl.11111210.711.6RCKingfisher
       1291512215.43.7RCKingfisher
      incl.13113432.117.6RCKingfisher
SGRC20297436808919504115090-600553.51.3RCKingfisher
SGRC203074365089195141411090-60  00NSIRCKingfisher
SGRD204374358289174940019090-60  00NSIRCKingfisher
SGRD2044743533891492388190.490-60  00NSIRCKingfisher
SGRC20457436228914513846090-60    2.0RCKingfisher
SGRC204674359589139938710090-60    NSIRCKingfisher
SGRD204874357589134137713290-60707885.61.1RCKingfisher
       859385.60.7RCKingfisher
SGRC20497435908911493605490-60  00NSIRCKingfisher
SGRC205074356089115036312190-60  00NSIRCKingfisher
SGRD205174361589195042518090-6069902114.70.9RCKingfisher
SGRC205274359189155041110590-60  00NSIRCKingfisher
SGRD205374356589155039417190-60  00NSIRCDKingfisher
SGRC205474359189127335110090-60727642.83.9RCKingfisher
      incl.747510.714.5RCKingfisher
SGRD2055743553891249392165.590-60  00NSIRCDKingfisher
SGRC205774358589159940812090-60  00NSIRCKingfisher
SGRC20587436468912003865090-60  00NSIRCKingfisher
SGRC20597436138916523869990-60354274.91.3RCKingfisher
       909553.51.5RCKingfisher
SGRC206074361789120037111090-60  00NSIRCKingfisher
SGRC206174358589164938614490-60  00NSIRCKingfisher
SGRC206274361889175038910690-60  00NSIRCKingfisher
SGRC20637435908912013896190-60  00NSIRCKingfisher
SGRC206474362789184840810290-60435296.30.6RCKingfisher
SGRD2065743595891849420168.490-60  00NSIRCDKingfisher
SGRD2066743503891340400240.490-60  00NSIRCDKingfisher
SGRD206774352689124938522090-6912713696.30.7RCDKingfisher
SGRD2068743576891800404203.390-60  00NSIRCDKingfisher
SGRC20697436468917494025090-60162485.60.8RCKingfisher
SGRC20707436588918484095790-60  00NSIRCKingfisher
SGRC20717436418916513995490-60  00NSIRCKingfisher
SGRC20727436268915503008190-60444953.52.8RCKingfisher
      incl.484910.712.9RCKingfisher
SGRC207374359489145038710090-60  00NSIRCKingfisher
SGRC20747436238914003887390-60677253.52.8RCKingfisher
SGRD2076743538891550399201.290-6012413285.61.5RCDKingfisher
SGRC21007436488911543825090-60  00NSIRCKingfisher
SGRC21017436198911503839190-60  00NSIRCKingfisher
SGRC21027436158912523874090-60  00NSIRCKingfisher
SGRD2105743532891447385168.190-60105117128.40.8RCDKingfisher
SGRD2106743564891445383147.390-60909885.60.7RCDKingfisher
SGDD139742496892459528480.490-6037538385.68.5DDSunbird
      incl.37637821.423.0DDSunbird
       39540164.23.7DDSunbird
      incl.39839910.720.7DDSunbird
SGDD14074253889246053336090-60268279117.74.2DDSunbird
      incl.27027110.724.8DDSunbird
       28328964.20.9DDSunbird
       30131096.38.8DDSunbird
      incl.30530721.436.8DDSunbird
       324336128.44.6DDSunbird
      incl.32632821.419.1DDSunbird
SGRD2082742549892435543310.290-6023023110.712.5RCDSunbird
       26427174.98.0RCDSunbird
      incl.26426510.740.1RCDSunbird
SGRD2083742519892409541380.190-6030530721.43.3RCDSunbird
       33834132.16.0RCDSunbird
      incl.33833910.716.2RCDSunbird
       35936896.36.6RCDSunbird
      incl.36036221.421.4RCDSunbird
SGRD208574248989240953548090-60  00NSIRCDSunbird


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

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/31c2e992-51ac-4f0a-84b7-ec0231c86e52
https://www.globenewswire.com/NewsRoom/AttachmentNg/92eea30f-6032-4b2d-8c6b-022dbf1cb8a2
https://www.globenewswire.com/NewsRoom/AttachmentNg/b79fb788-1bf1-47da-bc90-6d60c0f48c32
https://www.globenewswire.com/NewsRoom/AttachmentNg/b177675e-4488-4891-acda-adffdaf4a35f


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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
Figure 4

Sunbird long section - looking west

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