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Fortuna intersects 31.3 g/t gold over 12.0 meters from the Karakara Prospect at the Diamba Sud Gold Project

2024-06-25 05:00 ET - News Release

VANCOUVER, British Columbia, June 25, 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.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Drilling at Karakara continues to improve our understanding of the prospect’s potential, returning several high-grade intercepts including a highlight intersection of 31.3 g/t Au over an estimated true width of 12.0 meters in drill hole DSDD243. The exploration team is looking forward to utilizing the improved understanding of the geological controls on gold mineralization to further advance the regional exploration programs.” Mr. Weedon concluded, “Our focus has now moved towards progressing some of the many satellite opportunities at Diamba Sud, with highly encouraging, early-stage results such as 8.9 g/t Au over an estimated true width of 27.7 meters returned from drill hole DSR680 at Western Splay, and 2.9 g/t Au over an estimated true width of 15.3 meters returned from drill hole DSDD262 at Kassasoko. These prospects represent new opportunities for additional ounces and continue to highlight the prospectivity of the wider Diamba Sud Gold Project.”

Diamba Sud Gold Project, Senegal

Drilling at Diamba Sud has continued with the focus moving to testing and upgrading several key high priority satellite prospects (refer to Figure 1), including Western Splay and Kassasoko, as well as further work to improve the definition and understanding of the mineralization controls at Bougouda and Karakara. An additional 20,665-meter, 159-hole program has been completed at Diamba Sud since March 2024 (refer to Fortuna news release dated March 11, 2024).

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. With the tempo of drilling planned to slow across the forthcoming rainy season, the exploration team will continue to review and fine-tune the geological controls on mineralization.

Figure1: Diamba Sud Gold Project location plan

Diamba Sud Gold Project location plan

Karakara Prospect

Infill and extension drilling at Karakara continued to define additional mineralization beyond the historic pit design, while also providing confirmatory data to help validate previous geological interpretations.

Karakara drilling highlights include:

DSDD223:4.6 g/t Au over an estimated true width of 8.2 meters from 139 meters
DSDD229:7.0 g/t Au
23.7 g/t Au
 over an estimated true width of 7.2 meters from 141 meters
 over an estimated true width of 1.6 meters from 157 meters
DSDD238:4.3 g/t Au over an estimated true width of 10.4 meters from 120 meters
DSDD243:31.3 g/t Au
87.0 g/t Au
11.1 g/t Au
1.8 g/t Au
 over an estimated true width of 12.0 meters from 24 meters, including
 over an estimated true width of 4.0 meters from 28 meters, and
 over an estimated true width of 1.6 meters from 34 meters
 over an estimated true width of 8.0 meters from 85 meters
DSDD246:4.6 g/t Au over an estimated true width of 10.8 meters from 128.5 meters
DSDD217:1.6 g/t Au
1.1 g/t Au
9.6 g/t Au
 over an estimated true width of 7.6 meters from 50.5 meters
 over an estimated true width of 6.3 meters from 79.6 meters
 over an estimated true width of 3.2 meters from 117 meters
DSDD219:1.8 g/t Au over an estimated true width of 10.4 meters from 112 meters
DSDD292:6.3 g/t Au over an estimated true width of 5.9 meters from 44 meters

An updated interpretation supported by further drilling will take place during the third quarter of 2024 to further refine the controls on mineralization, the association with the nearby Area D and the Moungoundi to Southern Arc prospects (refer to Figure 2).

Figure2: Karakara cross-section showing select results - looking north

Karakara cross-section showing select results - looking north

Kassasoko Prospect

Drilling at Kassasoko, located approximately 1-kilometer to the southeast of Western Splay, was successful in intersecting several broad zones of mineralization. Drilling highlights include:

DSDD262:2.9 g/t Au over an estimated true width of 15.3 meters from 28.2 meters
DSR685:1.3 g/t Au over an estimated true width of 16.8 meters from 108 meters
DSR6862.5 g/t Au
1.1g/t Au
 over an estimated true width of 7.7 meters from 19 meters, and
 over an estimated true width of 11.9 meters from 116 meters

In comparison to mineralization elsewhere at Diamba Sud, mineralization at Kassasoko is hosted within a granitic unit and in close proximity to a series of dioritic intrusives (refer to Figure 3). Exploration work is continuing.

Figure 3: Kassasoko cross-section showing select results - looking northeast

Kassasoko cross-section showing select results - looking northeast

Western Splay drilling highlights include:

DSDD232:8.6 g/t Au over an estimated true width of 11.9 meters from 132 meters
DSDD275:12.8 g/t Au over an estimated true width of 8.2 meters from 114.7 meters
DSR679:8.8 g/t Au
6.1 g/t Au
 over an estimated true width of 4.0 meters from 7 meters, and
 over an estimated true width of 6.9 meters from 47 meters
DSR680:8.9 g/t Au over an estimated true width of 27.7 meters from 104 meters
DSDD245:2.8 g/t Au
1.3 g/t Au
1.4 g/t Au
 over an estimated true width of 12.9 meters from 11 meters, and
 over an estimated true width of 5.0 meters from 30 meters, and
 over an estimated true width of 7.3 meters from 53 meters
DSDD248:4.8 g/t Au
3.0 g/t Au
2.1 g/t Au
3.4 g/t Au
 over an estimated true width of 7.9 meters from 19 meters, and
 over an estimated true width of 4.0 meters from 31 meters, and
 over an estimated true width of 17.8 meters from 59 meters, and
 over an estimated true width of 5.9 meters from 83 meters
DSDD293:6.9 g/t Au over an estimated true width of 33.3 meters from 115.4 meters

Drilling continues, extending further to the south to test below an active artisanal area, with the objective of increasing the prospect footprint, as well as improving the geological interpretation of the wider southern area of Diamba Sud, particularly the relationships between the Moungoundi-Western Splay-Kassasoko-Southern Arc prospects.

Figure 4: Western Splay cross-section showing select results - looking north

Western Splay cross-section showing select results - looking north

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. 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.


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 potential of the Diamba Sud Gold Project based on the early success at the Western Splay and Kassasoko prospects, statements relating to the potential to progress the satellite opportunities at the Diamba Sud Gold Project; the proposed plan to update the geological interpretation of certain prospects including the Karakara prospect in the third quarter of 2024; the Company’s objectives for the current drilling program at the Diamba Sud Gold Project and expectations regarding additional drilling and exploration programs planned for 2024; 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 Gold Project, Senegal

DSDD2132318711428285153221270-60NSI    DDKarakara
DSDD2262319661428407154179270-65NSI    DDKarakara
DSDD2342316141428102151161340-50NSI    DDKarakara
DSR624231456142820215412090-50NSI    RCKarakara
DSR625231393142819715315090-50NSI    RCKarakara
DSR626231344142820215315090-50NSI    RCKarakara
DSR627231428142827515615690-50NSI    RCKarakara
DSR628231368142827715615490-50NSI    RCKarakara
DSR629233310142826815215090-50NSI    RCKarakara
DSR6312315061428148151130340-50NSI    RCKarakara
DSR6322315261428108151180340-50NSI    RCKarakara
DSR6332315791428053150180340-50NSI    RCKarakara
DSR6702315581428006149102340-50NSI    RCKarakara
DSR6712320401428349157102270-50NSI    RCKarakara
DSR6722321011428398159108270-50NSI    RCKarakara
DSR6732321681428450162102270-50NSI    RCKarakara
DSDD2412317211425826116105330-50NSI    DDKassasoko
DSDD2592316861425747144131330-50NSI    DDKassasoko
DSDD261231814142578714374330-50NSI    DDKassasoko
DSDD263232299142612014280330-50NSI    DDKassasoko
DSDD2712315541425886145164150-50NSI    DDKassasoko
DSDD2732317121425941144134150-55NSI    DDKassasoko
DSR689231892142596214490150-50NSI    RCKassasoko
DSR692232315142618814490150-50NSI    RCKassasoko
DSDD230231070142625014515290-5015227.06.92.0DDWestern Splay
       2733. Splay
      incl3333.50.50.511.5DDWestern Splay
       56.8647.27.13.7DDWestern Splay
      incl56.857.50.70.717.2DDWestern Splay
DSDD232231130142627714515290-5031310.09.90.9DDWestern Splay
       66.5681.51.56.7DDWestern Splay
       13214412.011.98.6DDWestern Splay
      incl132134.42.42.425.1DDWestern Splay
      and1381391.01.015.1DDWestern Splay
      and143143.50.50.514.0DDWestern Splay
DSDD23523123114263251478190-5012197.06.91.9DDWestern Splay
       23318.07.91.8DDWestern Splay
       3540. Splay
      incl3939.80.80.813.1DDWestern Splay
       60633.03.02.5DDWestern Splay
DSDD2362312291426136140178310-55NSI    DDWestern Splay
DSDD245231097142626614521590-50112413.012.92.8DDWestern Splay
      incl19201.01.012.5DDWestern Splay
       30355.05.01.3DDWestern Splay
       5360. Splay
       67.5757.57.40.7DDWestern Splay
       164.7167. Splay
       197.72035.35.21.3DDWestern Splay
DSDD248231035142627614614390-5019278.07.94.8DDWestern Splay
      incl19201.01.014.9DDWestern Splay
       31354.04.03.0DDWestern Splay
       597718.017.82.1DDWestern Splay
       83896.05.93.4DDWestern Splay
DSDD249231109142634314715290-60223210.09.90.8DDWestern Splay
DSDD250231062142632714622790-5039445.05.01.8DDWestern Splay
       92931.01.05.9DDWestern Splay
       1931952.02.02.9DDWestern Splay
DSDD251231085142630014520490-50154168. Splay
       1551561.01.011.5DDWestern Splay
       171.31797.87.71.2DDWestern Splay
DSDD252231115142632814623390-50169178. Splay
      incl1701711.01.014.7DDWestern Splay
DSDD253231031142629314621590-50484.04.04.4DDWestern Splay
      incl561.01.012.5DDWestern Splay
       45.549. Splay
       68768.07.92.5DDWestern Splay
       1821831.01.013.2DDWestern Splay
       1982068.07.91.2DDWestern Splay
DSDD254230882142640014716790-6083918.07.91.7DDWestern Splay
       1001022.02.05.4DDWestern Splay
       1121208.07.92.4DDWestern Splay
       1251327.06.91.4DDWestern Splay
DSDD25523112214263821488190-55NSI    DDWestern Splay
DSDD25623117914264071495990-55NSI    DDWestern Splay
DSDD25723112914264071489390-5541465.05.01.5DDWestern Splay
DSDD258231237142635114812890-50NSI    DDWestern Splay
DSDD274231255142629514612290-50NSI    DDWestern Splay
DSDD275231186142628014614090-50114.71238.38.212.8DDWestern Splay
      incl1161193.03.032.5DDWestern Splay
DSDD2772312021426184146120310-506070. Splay
      incl6969.70.70.717.1DDWestern Splay
DSDD2792311871426174146188310-50NSI    DDWestern Splay
DSDD2822311631426140146117310-5065.2726.84.82.1DDWestern Splay
DSDD2842312201426180146116310-55NSI    DDWestern Splay
DSDD2852311881426118146135310-50NSI    DDWestern Splay
DSR6742313481426181146102330-50NSI    RCWestern Splay
DSR6752313941426186147126330-50NSI    RCWestern Splay
DSR67623116814264511507890-50NSI    RCWestern Splay
DSR677231127142644814912690-50NSI    RCWestern Splay
DSR678231214142634514813290-6039478.07.93.2RCWestern Splay
DSR679231261142632614713290-507114.04.08.8RCWestern Splay
      incl9101.01.025.6RCWestern Splay
       20244.04.04.5RCWestern Splay
      incl21221.01.015.5RCWestern Splay
       47547.06.96.1RCWestern Splay
      incl47481.01.025.2RCWestern Splay
       586911.010.90.7RCWestern Splay
DSR680231217142630014613890-5010413228.027.78.9RCWestern Splay
      incl1051061.01.013.7RCWestern Splay
      and1101144.04.028.6RCWestern Splay
      and1191201.01.011.3RCWestern Splay
DSR681231063142621414515690-50NSI    RCWestern Splay
DSR682231129142630214618690-503118.07.91.2RCWestern Splay
DSR683230980142626914615690-501081124.04.02.4RCWestern Splay
       1291356.05.93.2RCWestern Splay
DSR684230996142629514613990-5051598.07.91.9RCWestern Splay
DSDD2872312461426227146179311-481481568.07.92.1DDWestern Splay
      Inc151.21520.8 10.3  
DSDD2892312631426278146173309-50    NSIDDWestern Splay
DSDD293231186142630414618090-49115.414933.633.36.9DDWestern Splay
DSDD2672345651411999167119150-50NSI    DDBougouda
DSDD2782348731412074167104325-50NSI    DDBougouda
DSDD2812350441412181167122325-50NSI    DDBougouda
DSDD2832350681412150167153325-50NSI    DDBougouda
DSDD2862353721411456167116150-50NSI    DDBougouda
DSR693235294141139316784150-50NSI    RCBougouda
DSR695235460141149416775150-50NSI    RCBougouda
DSR697235244141137316775150-50NSI    RCBougouda
DSR698234576141165416792145-50NSI    RCBougouda
DSR701234645141154816792140-50NSI    RCBougouda
DSR702234732141159716780140-50NSI    RCBougouda
DSR703234822141168316772140-50NSI    RCBougouda
DSR7042346341411729167144145-50NSI    RCBougouda
DSR705234973141095516772150-50NSI    RCBougouda
DSR706234929141093516780150-50NSI    RCBougouda
DSR708234662141092716778200-50NSI    RCBougouda
DSR709234609141093616796200-50NSI    RCBougouda
DSR7142350541411011167100150-50NSI    RCBougouda
DSR715235210141134816754150-50NSI    RCBougouda
DSR718235163141132116781150-50NSI    RCBougouda
DSR719234712141172516778140-50NSI    RCBougouda
DSR720234796141178316796145-50NSI    RCBougouda
DSR7222346741411775167150140-50NSI    RCBougouda
DSR723234617141152216780145-50NSI    RCBougouda
DSR724234777141169916772145-50NSI    RCBougouda
DSR726234857141169616772145-50NSI    RCBougouda
DSR7282346181411592167162145-50NSI    RCBougouda
DSR7322354431411533167156150-50NSI    RCBougouda
DSR7332347151411615167120325-50NSI    RCBougouda
DSR736234790141201616760322-5135405.0 1.8RCBougouda
       51521.0 6.6  
DSR7372348101411987167113328-51991056.0 1.3RCBougouda
DSR738235110141224516790325-52NSI    RCBougouda
DSR7392353451412424167126330-51NSI    RCBougouda
DSR740235270141237416790326-51NSI    RCBougouda
DSR741235192141231916784328-50NSI    RCBougouda
DSR7422351461412207167126324-511051083.0 4.3RCBougouda
DSR7442349931412093167162320-52NSI    RCBougouda
DSR745235215141228516766324-52NSI    RCBougouda
DSR7342347791411714167120327-52NSI    RCBougouda
DSR7352348321411731167126323-51NSI    RCBougouda
DSDD2942354151411382167116327-517779.152.2 5.6DDBougouda
DSDD2902354501411404167128331-5264.9661.1 36.8DDBougouda
      Inc65.4660.6 56.4 Bougouda
DSDD2912354841411458167128329-56NSI    DDBougouda
DSDD2962353711411369167131326-52NSI    DDBougouda

Explanatory Notes:

        A. EOH - End of hole

        B. NSI: No significant intercepts

        C. ETW: Estimated true width

        D. Depths and widths reported to nearest significant decimal place

        E. DD: diamond drilling tail | RC: reverse circulation drilling

A PDF accompanying this announcement is available at 


Photos accompanying this announcement are available at: 





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Figure 1

Diamba Sud Gold Project location plan
Figure 2

Karakara cross-section showing select results - looking north
Figure 3

Kassasoko cross-section showing select results - looking northeast
Figure 4

Western Splay cross-section showing select results - looking north

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