Fortuna updates Mineral Reserves and Mineral Resources for the Séguéla Mine, Côte d'Ivoire
NEWS RELEASE
Fortuna updates Mineral Reserves and Mineral Resources for the
Séguéla Mine, Côte d'Ivoire
Vancouver, December 10, 2024 - Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to
announce updated Mineral Reserves and Mineral Resources at its Séguéla Mine 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 67 7,000 gold ounces, including the contribution of four
new mineral deposits.” Mr. 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 Au.
• Measured and Indicated Resources exclusive of Mineral Reserves are reported containing
396,000 oz Au.
• Inferred Mineral Resources are reported containing 67 7,000 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 expect ed 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." Mr. 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 o f 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.
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Mineral Reserves
Proven and Probable
Contained Metal
Location Classification Tonnes (000) Au (g/t) Au (koz)
Stockpile Proven 692 1.50 33
Open Pit
Antenna Probable 2,523 2.39 194
Koula Probable 1,114 6.26 224
Ancien Probable 1,604 4.09 211
Agouti Probable 796 2.56 65
Boulder Probable 578 1.94 36
Sunbird Probable 2,060 3.82 253
Total Probable 9,366 3.38 1,016
Mineral Resources
Measured and Indicated
Contained Metal
Location Classification Tonnes (000) Au (g/t) Au (koz)
Open Pit (OP)
Antenna Indicated 759 1.57 38
Koula Indicated 27 6.91 6
Ancien Indicated 58 4.86 9
Agouti Indicated 189 2.15 13
Boulder Indicated 294 1.50 14
Sunbird Indicated 176 2.99 17
OP Combined Indicated 1,503 2.02 98
Underground (UG)
Koula Indicated 100 7.89 25
Ancien Indicated 390 4.67 59
Sunbird Indicated 1,440 4.63 214
UG Combined Indicated 1,930 4.81 298
Total Indicated 3,433 3.59 396
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Inferred
Contained Metal
Location Classification Tonnes (000) Au (g/t) Au (koz)
Open Pit (OP)
Antenna Inferred 780 2.08 52
Koula Inferred 10 2.23 1
Ancien Inferred 20 1.16 1
Agouti Inferred 40 1.62 2
Sunbird Inferred 10 0.95 0
Badior Inferred 470 4.05 61
Gabbro North Inferred 190 1.67 10
Kestrel Inferred 60 1.75 3
Kingfisher Inferred 4,000 2.29 294
OP Combined Inferred 5,580 2.37 425
Underground (UG)
Koula Inferred 310 5.00 49
Ancien Inferred 80 5.05 13
Sunbird Inferred 1,290 4.58 190
UG Combined Inferred 1,680 4.67 252
Total Inferred 7,260 2.90 677
Notes:
1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
2. Mineral Resources are exclusive of Mineral Reserves.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and exchange rate assumptions; changes in
local interpretations of mineralization; changes to assumed metallurgical recoveries, mining di lution and recovery; and assumptions as to the continued ability to
access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate.
5. Mineral Resources and Mineral Reserves are reported as of October 31, 2024.
6. Mineral Reserves are reported on a 100 percent ownership basis at an incremental gold grade cut -off of 0.75 g/t Au for Antenna, 0.80 g/t Au for Agouti, 0.78 g/t Au
for Boulder, 0.78 g/t Au for Koula, 0.84 g/t Au for Ancien, and 0.81 g/t Au for Sunbird deposits based on a gold price of $1,880/ounce, metallurgical recovery rates of
94 percent, surface mining costs ranging between $3.76/t to $4.28/t, processing cost of $17.87/t and G&A cost of $14.45/t, and only Proven and Probable categories
reported within the final pit designs. The Mineral Reserves pit design for Antenna, Ancien, and Koula were based on inter -ramp angles of 30.6° to 38.3° for oxide
material, 42.9° for transitional material, and 59.6° for fresh material. Agouti and Boulder pits were designed with the inter -ramp angles of 36.8° for oxide, 44.2° for
transitional, and 60.0° for fresh material. The Sunbird pit was designed with inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for
fresh material. The Mineral Reserves are reported with modifying factors of mining dilution and mining recovery represented by regularizing the block models to an
appropriate selective mining unit (SMU) block size. Mineral Resources for Séguéla are reported at a cut-off grade of 0.65 g/t Au for Antenna and Kestrel, 0.70 g/t Au
for Agouti, Boulder, Koula, Sunbird and Kingfisher, and 0.75 g/t Au for Ancien, Badior and Gabbro North based on an assumed gold price of $2,160/oz and constrained
within preliminary pit shells. Underground Mineral Resources are reported inside MSO shapes at a gold cut-off grade of 2.4 g/t Au based on sublevel stoping mining
method. The Séguéla Mine is subject to a 10 percent carried interest held by the State of Cote d'Ivoire. All dollar amounts refer to United States dollars.
7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person
responsible for Mineral Reserves; both being employees of Fortuna Mining Corp.
8. N/A = Not applicable.
9. Totals may not add due to rounding.
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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 percent,
while gold grade increased by 11 percent to 3.3 8 g/t Au and contained gold ounces decreased by 12
percent. 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 identificat ion 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 percent,
or 15,000 oz Au in relation to minor adjustments in the geologic interpretation and reporting cut -off
grades.
Inferred Resources tonnes increased by 13 7 percent to 7.3 Mt, while gold grade increased by 16
percent to 2.9 0 g/t Au, and contained gold ounces increased by 17 6 percent to 67 7,000 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.
Deposit geology and drilling
The Kingfisher deposit is located approximately 1 kilometer to the east of the previously reported
Sunbird deposit, with the Kestrel deposit located just 250 meters to the south of the currently mined
Antenna pit. Badior is located approximately 7 kilomete rs to the north of the processing plant and the
Gabbro North deposit is located 2.5 kilometers to the southeast of Badior, approximately 6 kilometers
from the plant (refer to Figure 1). Kingfisher 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 located 1 and 3 kilometers, respectively, to the north, with a steep easterly dip consistent with
the majority of the other deposits at Séguéla. Kestral is hosted in a series of steep easterly dipping
quartz veins within an intercalated basalt-dolerite sequence associated within the locally named Koula-
Ancien basalt package. Badior appears to be hosted in steeply dipping quartz veins close to the contact
of a series of volcanoclastics to the west and the Koula -Ancien basalt package to the east. Gabbro
North is hosted in the East Domain, a thick sequence of pillow basalts and minor mafic volcanoclastics,
within steeply dipping quartz veins. Structural deform ation is variable across all of the units with the
mineralization and quartz veining usually associated with the development of mylonitic zones.
The maiden Inferred Mineral Resource estimates were prepared using diamond and reserve
circulation (RC) drillholes comprising 168 holes totaling 23,628 meters for Kingfisher, 68 holes totaling
8,285 meters for Badior, 78 holes totaling 9,320 meters for Gabbro North, and 42 holes totaling 4,879
meters for Kestrel, all drilled by Fortuna since 2021. Kingfisher mineralization has been drilled over a
strike length of 2 kilometers to a depth of 250 meters along 50 -meter centers. Badior, Gabbro North
and Kestrel mineralization has been defined over strike lengths of 300, 500, and 150 meters,
respectively, and to depths of 150 meters along 25-meter centers.
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All 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 drilli ng 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 percent representative sample for submission to the analytical laboratory. The residual 87.5
percent 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 Fortuna-controlled core yard.
All diamond drill holes were drilled with HQ sized diamond drill bits. 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's 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 diamond core samples were shipped to ALS Laboratories preparation laboratory in
Yamoussoukro for preparation and then, via commercial courier, to ALS's facility in Ouagadougou,
Burkina Faso for finishing. Routine gold analysis using a 50-gram charge and fire assay with an atomic
absorption finish was completed for all Séguéla samples. Quality control procedures included the
systematic insertion of blanks, duplicates, and standards into the sample stream. In addition, the ALS
laboratory inserted its own quality control samples.
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Figure 1: Séguéla Mine deposit locations
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Mineral Resource estimation
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. Three -dimensional wireframes were generated from the
host lithologies, including the weathering profile and alluvial cover, as well as mineralized envelopes
based on a nominal cut-off grade from 0.2 to 0.3 g/t Au.
Collar locations at Badior, Gabbro North and Kestrel were surveyed using hand -held GPS with
elevations draped on to the topographic surface wireframe. The uncertainty in the accuracy of collar
locations meant these deposits were classified as Inferred Resources despite data density being
sufficient for a higher classification. All collars are in the process of being resurveyed to improve
confidence in their location. Collars at the Kingfisher deposit were surveyed by differential GPS using
Total Station methodology.
Wireframes for each mineralized envelope were used to select and flag drillhole samples. Samples
were preferentially sampled at 1 -meter intervals regardless of drilling technique. Consequently, all
input data was composited to 1 meter.
Composites for each mineralized domain were reviewed separately and in conjunction with log
probability plots, histograms and box and whisker plots, with no clear evidence for multiple discrete
grade populations. All data was collectively treated as a sing le statistical domain for the purposes of
geostatistical analysis.
Input composite data for each individual domain were assessed for the existence of outliers. Top cut
grade capping was applied on a semi -quantitative basis per -domain, based on the histograms, log
probability and mean/variance plots for each domain.
Experimental semi-variogram were generated for the collective input data from all domains at each
deposit and where sufficient data was available semi -variograms were modeled to establish grade
continuity and assist in guiding estimation and search paramet ers used in the estimation of gold
grades.
A block model was built to encompass the mineralization in its entirety for each deposit. The block
model was aligned with the national grid utilizing the same UTM coordinate system as the input data
with consideration of the likely selective mining unit used to define block size.
The wireframes defining mineralized domains were used as hard boundaries in the grade interpolation.
Only grades inside each mineralized wireframe were used to interpolate the blocks inside the same
wireframe. Ordinary kriging (OK) or inverse power of distance (IPD) was selected for grade
interpolation in the mineralized domains depending on data density. It is considered by the Qualified
Person to be appropriate for this style of deposit.
All estimates were performed on a parent block basis. Search parameters for estimation were
determined based on Kriging Neighborhood Analysis (KNA). Single block KNA within a well -informed
portion of the deposit was utilized. An oriented ellipsoid search w as used to select data for
interpolation. Search ellipsoid orientations were based on orientations derived from variogram
analysis. A two -pass expanding search was used to complete the estimation for gold within the
individual mineralization objects, based on the variogram ranges.
Fixed bulk density values were assigned to individual lithologies based on more than 1,000 water
immersion measurements of drill core taken from across the Séguéla property.
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Validation of the block models was undertaken using a variety of methods, including checks for un -
estimated mineralization blocks, incorrect or absent assignation of density values, and mineralized
blocks or blocks with density values above topography.
Following these checks, swath plots were generated along the three principal axes to assess the
representativity of estimated grade profiles in comparison to the input composite grades. Swath plots
were generated on a per -mineralization solid basis. Swath plots and log -probability plots indicate a
suitable level of adherence of the estimated grades to the expected values observed within the input
composite data.
Ongoing exploration program
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 dri lling 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 confide nce classifications, and better define the
extents of the mineralization, which currently remains open at depth and along strike.
Qualified Person
Eric Chapman, Senior Vice President, Technical Services, is a Professional Geoscientist of the
Association of Professional Engineers and Geoscientists of the Province of British Columbia
(Registration Number 36328) and a Qualified Person as defined by Nati onal Instrument 43 -101-
Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific
and technical information contained in this news release and has verified the underlying data.
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 advanced exploration pre -
development 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.