Fortuna discovers new Kingfisher prospect at Séguéla Mine and provides exploration update at the Diamba Sud Gold Project
NEWS RELEASE
Fortuna discovers new Kingfisher prospect at Séguéla Mine
and provides exploration update at the Diamba Sud Gold Project
Vancouver, March 11, 2024: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an
update on its exploration programs at the Séguéla Mine in Côte d’Ivoire and the recently acquired Diamba
Sud Gold Project in Senegal.
Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Emphasizing the exploration
potential at Séguéla, t he team has continued their impressive run -rate of discoveries with the new
Kingfisher prospect. This follows the Barana, Badior and Kestrel discoveries made during 2022 and 2023.”
Mr. Weedon continued, “In addition to the exploration success at Kingfisher, drilling for Koula underground
mining potential has resulted in several high -grade intersections . This includes 68.0 g/t Au over an
estimated true width of 2.1 meters in SGRD1783, as part of a larger interval of 22.5 g/t Au over an
estimated true width of 9.8 meters, highlighting the opportunity for underground mining.”
Commenting on the successful drilling at the Diamba Sud Gold Project, Mr. Weedon noted, “With the
initial campaign of confirmatory drilling wrapping up at Area A and Area D, exploration focus is progressing
towards testing the satellite opportunities . Early success at the Moungoundi, Western Splay , and
Kassasoko satellite prospects highlight the potential of Diamba Sud.” Mr. Weedon continued, “In addition
to improving the confidence at Area A, Area D, and Karakara, drilling intersected several mineralized zones
extending beyond the historic pit optimization shells. These extensions will be incorporated into a resource
model to be prepared later in 2024.”
Exploration program highlights
Séguéla Mine, Côte d’Ivoire
Kingfisher prospect
SGRD1724: 5.2 g/t Au over an estimated true width of 8.4 meters from 98 meters, including
14.8 g/t Au over an estimated true width of 2.1 meters from 100 meters
SGRC1728: 1.9 g/t Au over an estimated true width of 17.5 meters from 41 meters
SGRC1762: 2.9 g/t Au over an estimated true width of 19.6 meters from 106 meters
SGRC1763: 2.9 g/t Au over an estimated true width of 16.1 meters from 136 meters
SGRC1764: 2.4 g/t Au over an estimated true width of 16.8 meters from 125 meters, including
19.2 g/t Au over an estimated true width of 1.4 meters from 147 meters
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Koula deposit
SGRD1781: 20.3 g/t Au over an estimated true width of 2.1 meters from 110 meters
SGRD1783: 22.5 g/t Au over an estimated true width of 9.8 meters from 208 meters, including
68.0 g/t Au over an estimated true width of 2.1 meters from 215 meters, and
40.7 g/t Au over an estimated true width of 1.4 meters from 220 meters
SGRD1784: 4.9 g/t Au over an estimated true width of 7.7 meters from 268 meters, including
33.7 g/t Au over an estimated true width of 0.7 meters from 276 meters
SGRD1806: 11.6 g/t Au over an estimated true width of 2.8 meters from 36 meters
Diamba Sud Gold Project, Senegal
Area A
DSR515: 3.5 g/t Au over an estimated true width of 23.4 meters from 74 meters
DSDD140: 6.2 g/t Au over an estimated true width of 11.2 meters from 126.6 meters
Area D
DSDD163: 6.0 g/t Au over an estimated true width of 32.0 meters from 7 meters, including
39.4 g/t Au over an estimated true width of 2.2 meters from 31 meters
DSDD173: 3.5 g/t Au over an estimated true width of 44.8 meters from 8 meters
DSDD176: 4.4 g/t Au over an estimated true width of 15.6 meters from 36 meters, including
20.6 g/t Au over an estimated true width of 2.4 meters from 38 meters
DSDD196: 6.3 g/t Au over an estimated true width of 18.4 meters from 3 meters, including
20.9 g/t Au over an estimated true width of 1.6 meters from 16 meters
DSDD206: 4.6 g/t Au over an estimated true width of 19.0 meters from 48 meters, including
70.7 g/t Au over an estimated true width of 0.8 meters from 63 meters
Karakara
DSDD205: 2.0 g/t Au over an estimated true width of 6.8 meters from 20 meters, and
5.2 g/t Au over an estimated true width of 14.4 meters from 74 meters
DSDD207: 8.5 g/t Au over an estimated true width of 9 meters from 79 meters, including
36.2 g/t Au over an estimated true width of 1.5 meters from 80 meters
DSR541: 4.2 g/t Au over an estimated true width of 12.8 meters from 92 meters
DSR546: 2.8 g/t Au over an estimated true width of 14.3 meters from 79 meters, and
4.5 g/t Au over an estimated true width of 11.3 meters from 117 meters
Moungoundi
DSR551: 2.1 g/t Au over an estimated true width of 20.3 meters from 31 meters
DSR558: 5.4 g/t Au over an estimated true width of 6.8 meters from 88 meters
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DSR563: 2.7 g/t Au over an estimated true width of 14.2 meters from 45 meters
DSR568: 30.7 g/t Au over an estimated true width of 11.3 meters from 46 meters, including
146.0 g/t Au over an estimated true width of 2.25 meters from 46 meters
Kassasoko
DSR604: 1.5 g/t Au over an estimated true width of 11.3 meters from 29 meters
Western
Splay
DSR584: 2.1 g/t Au over an estimated true width of 13.5 meters from 17 meters
DSR598: 7.4 g/t Au over an estimated true width of 7.5 meters from 56 meters, including
19.6 g/t Au over an estimated true width of 1.5 meters from 61 meters
Séguéla Mine, Côte d’Ivoire
Kingfisher prospect
A 2,040-meter, 20-hole program was completed at the newly discovered Kingfisher prospect identifying
three lodes along a 1.9-kilometer strike, all of which remain open along strike and at depth (refer to Figures
1 and 2). Results include drill hole SGRC1762 intersecting 2.9 g/t Au over an estimated true width of
19.6 meters from 106 meters downhole, and drill hole SGRC1763 intersecting 2.9 g/t Au over an estimated
true width of 16.1 meters from 136 meters downhole.
The Kingfisher prospect is hosted in a set of quartz veins along a moderately sheared contact between a
series of basalt-dolerite units which also hosts the Boulder and Agouti deposits, one and three kilometers,
respectively, to the north, with a steep easterly dip consistent with the majority of other deposits at
Séguéla.
Additional drilling at Kingfisher is scheduled in the second quarter of 2024 to further test its strike and
depth potential.
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Figure 1: Kingfisher prospect location; approximately one kilometer east of the Sunbird deposit
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Figure 2: Kingfisher prospect long section (looking west)
Koula deposit
A 3,106-meter, 12-hole program was completed at the Koula deposit in December 2023 (refer to Figure
3). As part of the support for potential underground mining, the program was designed to infill and further
improve the understanding of the structural controls on the central and hanging wall high-grade lodes.
Results such as 22.5 g/t Au over an estimated true width of 9.8 meters from 208 meters downhole,
including 68.0 g/t Au over an estimated true width of 2.1 meters from 215 meters downhole in drillhole
SGRD1783, highlight the potential of Koula. Drilling continues to expand Koula’s underground potential
and the further delineation of the hanging wall lodes.
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Figure 3: Koula deposit long-section showing select recent results (looking west)
Refer to Appendix 1 for full details of the Séguéla drill holes and assay results.
Diamba Sud Gold Project, Senegal
The Diamba Sud Gold Project’s initial 10,945-meter, three-drill rig drilling program, started on October 8,
2023 (refer to Fortuna news release dated December 12, 2023 ) and was extended into the
2024 budget of $9.2 million which consists of a 42,700 meter RC and diamond drilling campaign. The
current program has seen the completion of 181 drill holes totaling 23,170 meters since December 2023.
The objectives of the 2024 drilling program are to:
• Conduct selected confirmatory drilling to improve resource confidence at Area A, Area D , and
Karakara (refer to Figure 4)
• Drill to test for extensions to the existing historic resource in support of project development and
advancing further economic studies
• Advance prospective areas such as Moungoundi, Kassasoko, Western Splay, Area A North , and
others (refer to Figure 4)
• Improve understanding of key geological controls including controlling structures, favorable
lithologies, alteration, and secondary enrichment zones
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Figure 4: Location plan of the Diamba Sud Gold Project
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Drilling continues at Diamba Sud focusing on growing the project’s historic resource base through testing
satellite areas and other anomalies with limited previous drilling. In addition, drilling is continuing to
delineate extensions to high-grade lodes extending beyond the historic pit optimization shells at Area A,
Area D, and Karakara.
Highlights of recent drilling at Area A and Area D include several areas where mineralization has extended
beyond the historic pit optimization shells. Further drilling is planned to determine the full extent of the
mineralization and the relationship with key structures and lithologies. In addition, infill drilling to support
resource confi dence has intersected several broad zones of mineralization in areas of previous low
confidence, as demonstrated by drill hole DSDD176 at Area D intersecting the following estimated true
width intervals (refer to Figure 5):
• 1.0 g/t Au over 15.2 meters from 10 meters, and
• 4.4 g/t Au over 15.6 meters from 36 meters, and
• 1.0 g/t Au over 10.2 meters from 81 meters, and
• 1.6 g/t Au over 8.6 meters from 111 meters
Figure 5: Area D cross-section showing select recent results (looking north)