Fortuna intersects 6.9 g/t Au over 33.3 meters at the Diamba Sud Project, Senegal
NEWS RELEASE
Fortuna intersects 6.9 g/t Au over 33.3 meters at the Diamba Sud
Project, Senegal
Vancouver, September 12, 2024: 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 Au over an estimated true width of 8.9 meters from 107 meters
DSDD314: 3.8 g/t Au over an estimated true width of 14.9 meters from 59 meters
DSDD315: 4.0 g/t Au over an estimated true width of 14.1 meters from 145 meters
DSDD335: 5.7 g/t Au over an estimated true width of 11.9 meters from 29 meters
DSR402: 3.8 g/t Au over an estimated true width of 23.8 meters from 204.2 meters
DSR680: 8.9 g/t Au over 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 Au over an estimated true width of 12.8 meters from 21 meters
-2-
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 conf idence in the regional geological
understanding.
-3-
Figure 1: Diamba Sud Project location plan
-4-
Figure 2: Western Splay Prospect 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 a ir 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.
-5-
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 inc luded 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 samplin g,
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
-6-
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 th e 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 be en”, “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 unkno wn 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 u ncertainties 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 ope rational 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 o f
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”) wi ll 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 f actors 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 resu lts 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
-7-
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 obligat ion 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 Definit ion 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 miner al 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 Stan dards 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 co mparable to similar information disclosed by
U.S. companies.
-8-
Appendix 1 - Diamba Sud
Hole ID Easting
(WGS84_29N)
Northing
(WGS84_29N)
Elev
(m)
EOH
Depth
(m)
UTM
Azimuth Dip
Depth
From
(m)
Depth
To
(m)
Drilled
Width
(m)
ETW
(m)
Au
(ppm)
Hole
Type Area
DSDD276 231738 1428059 149 239 347.31 -49.17 NSI DD Karakara
DSDD298 231645 1428222 153 86 272.65 -49.5 52 56 4 3.2 1.8 DD Karakara
60 61 1 0.8 5.7 DD Karakara
DSDD300 231685 1428220 152 101 87.6 -54.53 23 32 9 7.2 0.8 DD Karakara
70 78 8 6.4 8.8 DD Karakara
Inc 74 76 2 1.6 34.3 DD Karakara
DSDD302 231690 1428248 153 95 274.13 -53.65 13 21 8 6.4 0.9 DD Karakara
DSDD304 231730 1428258 151 113 268.41 -53.54 94 101 7 5.6 1.7 DD Karakara
DSDD306 231649 1428243 152 92 271.68 -49.33 NSI DD Karakara
DSDD308 231919 1428350 154 149 271.28 -57.99 63 71 8 6.4 1.1 DD Karakara
75 78 3 2.2 DD Karakara
DSDD328 231884 1428247 151 208 270.56 -60.19 NSI DD Karakara
DSDD329 231914 1428403 155 164 271.36 -60.2 93 102 9 7.2 0.9 DD Karakara
DSDD330 231637 1428097 152 155 340.15 -50.66 116 128 12 9.6 0.9 DD Karakara
DSDD331 231870 1428430 155 152 270.18 -60.72 93 105 12 9.6 5.3 DD Karakara
DSDD331 Incl. 96 99 3 2.4 16.2 DD Karakara
DSDD334 231580 1428115 152 68 337.42 -51.01 14 22 8 6.4 1.7 DD Karakara
DSDD334 28 33 5 4.0 1.7 DD Karakara
DSDD336 231941 1428265 150 192 271.43 -55.21 85 91 6 4.8 2.4 DD Karakara
DSDD336 134 148 14 11.2 1.1 DD Karakara
DSDD341 231920 1428173 146 185 270.63 -51.39 NSI DD Karakara
DSR747 231699 1428276 153 96 271.12 -60.51 29 34 5 4.0 7.5 RC Karakara
Inc 30 32 2 1.6 14.9 Karakara
DSR748 231862 1428174 149 100 271.6 -56.06 7 12 5 4.0 4.3 RC Karakara
25 30 5 4.0 1.3 Karakara
DSR749 231632 1428121 152 120 341.91 -50.93 21 37 16 12.8 4.9 RC Karakara
Inc 22 23 1 0.8 19.2 Karakara
Inc 26 27 1 0.8 17.6 Karakara
Inc 34 35 1 0.8 14.8 Karakara
101 109 8 6.4 6.7 Karakara
Inc 102 103 1 0.8 13.1 Karakara
Inc 106 107 1 0.8 29.2 Karakara
DSR750 231599 1428102 150 150 341.33 -51.33 62 70 8 6.4 4.1 RC Karakara
DSR751 231523 1428207 155 126 160.4 -49.33 NSI RC Karakara
DSDD287 231246 1426227 146 179 310.94 -48.3 148 156 8 7.9 2.1 DD Western Splay
Inc 151.15 152 0.85 0.8 10.3 Western Splay
DSDD289 231263 1426278 146 173 308.64 -49.7 NSI DD Western Splay
Western Splay
DSDD293 231186 1426304 146 180 89.7 -49.22 115.4 149 33.6 33.3 6.9 DD Western Splay
Inc 127.1 131 3.9 3.9 32.4 Western Splay
131.6 132.25 0.65 0.6 13.6 Western Splay
133 134 1 1.0 11.1 Western Splay
147 148 1 1.0 10.1 Western Splay
DSDD297 231188 1426329 147 221 88.65 -50.18 138 153 15 14.9 2.8 DD Western Splay
Inc 140 141 1 1.0 12.4 Western Splay
Inc 152 153 1 1.0 11.2 Western Splay
DSDD301 231009 1426282 146 175 87.6 -54.53 33 49 16 15.8 1.4 DD Western Splay
107 116 9 8.9 5.9 Western Splay
Inc 108 109 1 1.0 12.3 Western Splay
DSDD305 231070 1426284 145 143 90.43 -50.69 22.5 33 10.5 10.4 1.2 DD Western Splay
DSDD309 230963 1426276 146 195 90.07 -55.97 NSI DD Western Splay
DSDD312 230952 1426309 145 143 90 -55 92.5 93.2 0.7 0.7 42.1 DD Western Splay
DSDD314 230993 1426252 145 149 89.15 -49.74 59 74 15 14.9 3.8 DD Western Splay
Inc 71 72 1 1.0 42.5 Western Splay
DSDD315 231159 1426300 147 183 89.52 -50.72 74 75 1 1.0 7.4 DD Western Splay
145 159.2 14.2 14.1 4.0 Western Splay
DSDD332 231080 1426234 145 164 91.30 -50.86 NSI DD Western Splay