FVI. FORTUNA MINING CORP

Fortuna extends Kingfisher deposit with drill intersect of 4.1 g/t Au over 15.3 meters at the Séguéla Mine, Côte d’Ivoire

Fortuna extends Kingfisher deposit with drill intersect of 4.1 g/t Au over 15.3 meters at the Séguéla Mine, Côte d’Ivoire

VANCOUVER, British Columbia, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to provide an update on its exploration program at the Séguéla Mine in Côte d’Ivoire.

Paul Weedon, Senior Vice President, Exploration, commented, “The prospectivity of Kingfisher is underscored by the recent intersections of 15.3 meters averaging 4.1 g/t Au and 17 meters averaging 3.3 g/t Au; approximately 150 meters further along strike of the recently reported maiden Inferred Resource of 294,000 ounces averaging 2.3 g/t Au1.” Mr. Weedon added, “At the Sunbird deposit, mineralization has been successfully drill defined approximately 650 meters further along strike from the limits of the existing underground resource and remains open.”

Drilling highlights include:

Kingfisher deposit

SGRD2133:3.7 g/t Au

3.3 g/t Au

26.9 g/t Au

3.6 g/t Au

11.8 g/t Au
over an estimated true width of 2.6 meters from 167 meters, and

over an estimated true width of 17.0 meters from 175 meters, including

over an estimated true width of 0.9 meters from 186 meters, and

over an estimated true width of 4.3 meters from 202 meters, including

over an estimated true width of 0.9 meters from 202 meters



SGRD2136:4.1 g/t Au

18.9 g/t Au

19.7 g/t Au
over an estimated true width of 15.3 meters from 127 meters, including

over an estimated true width of 0.9 meters from 131 meters, and

over an estimated true width of 0.9 meters from 138 meters



SGRD2124:3.3 g/t Au

31.6 g/t Au
over an estimated true width of 13.6 meters from 229 meters, including

over an estimated true width of 0.9 meters from 244 meters
   

Sunbird deposit

SGRD2091:7.2 g/t Au

21.4 g/t Au

13.4 g/t Au
over an estimated true width of 13.3 meters from 409 meters, including

over an estimated true width of 0.7 meters from 410 meters and

over an estimated true width of 2.1 meters from 418 meters



SGRD2092:4.0 g/t Au

18.1 g/t Au

10.3 g/t Au

11.0 g/t Au
over an estimated true width of 17.5 meters from 314 meters, including

over an estimated true width of 1.4 meters from 316 meters, and

over an estimated true width of 0.7 meters from 335 meters, and

over an estimated true width of 0.7 meters from 337 meters



SGRD2099:20.4 g/t Au

390.8 g/t Au

156.8 g/t Au

18.0 g/t Au
over an estimated true width of 19.6 meters from 397 meters, including

over an estimated true width of 0.7 meters from 402 meters, and

over an estimated true width of 0.7 meters from 422 meters, and

over an estimated true width of 2.8 meters from 431 meters
   

Note:

1.   Refer to Fortuna news release dated December 10, 2024: “”

Kingfisher deposit

A further 58 holes totaling 11,103 meters were completed at the Kingfisher deposit since early September 2024 (refer to Figure 1), of which 16 holes totaling 3,286 meters were drilled subsequent to the maiden Inferred Resource data cut-off date (refer to ). Kingfisher remains open at depth for most of the drilled 2-kilometer strike, with the deepest drilling only testing to approximately 250 meters below surface (refer to Figure 2).

Mineralization at Kingfisher demonstrates a clear association with 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.

Two drill rigs will continue working into the second quarter of 2025 to support resource infill drilling for resource conversion as well as drilling for depth and strike extensions.

Figure 1: Séguéla Mine deposit locations



Figure 2: Kingfisher deposit long-section - looking west





Sunbird deposit

At Sunbird, results from a further 24 holes, totaling 9,065 meters of a planned 12,000-meter drilling program have been received, with several high grades returned including 20.4 g/t Au over an estimated true width of 19.6 meters from 397 meters in drill hole SGRD2099 (refer to Figure 3).

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 more than 600 meters below surface, or more than 800 meters down plunge from the margin of the planned open pit. The most recent drill hole, which stepped out 150 meters to the south of the reported drilling and for which assays are pending, reported more than 15 points of visible gold (VG) associated with extensive alteration and quartz veining over an interval of 28 meters.

Drilling will continue into the first half of 2025 to support an updated resource model and underground mining studies.

Figure 3: Sunbird deposit 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 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 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 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, Côte 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, 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 .

ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director

Fortuna Mining Corp.

Investor Relations:

Carlos Baca | | | | |

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 further extension potential at the Kingfisher deposit; statements that the Sunbird deposit continues to support underground mining potential; the Company’s expectations regarding drilling in the first half of 2025 to support an updated resource model and underground mining studies at the Sunbird deposit; mineral reserve and mineral resource estimates; 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, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; 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 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 drill program details of the drill holes and assay results for the Kingfisher and Sunbird deposits

Kingfisher deposit

HoleIDEasting

(WGS84_29N)
Northing

(WGS84_29N)
Elevation

(m)
EOH1,2

Depth

(m)
UTM

Azimuth
DipDepth2

From

(m)
Depth2

To

(m)
Drilled2

Width

(m)
ETW3

(m)
Au (ppm)Hole

Type
4
Area
SGRD207574356289149440312990-60575921.73.2RCDKingfisher
       778586.80.7RCDKingfisher
       979810.96.1RCDKingfisher
SGRD207774355089165241616590-601311461512.82.7RCDKingfisher
      incl13113210.928.1RCDKingfisher
SGRD2078743559891601416145.690-60919432.62.2RCDKingfisher
       9910676.00.9RCDKingfisher
SGRD207974357989169242015990-60NSI    RCDKingfisher
SGRD208074360789250142021990-6019019886.80.8RCDKingfisher
SGRC21007436488911543965090-60NSI    RCKingfisher
SGRC21017436198911503989190-60NSI    RCKingfisher
SGRC21027436158912524004090-60NSI    RCKingfisher
SGRD210374352889120040218090-6013914343.41.3RCDKingfisher
SGRD2104743557891199401123.390-60NSI    RCDKingfisher
SGRD2105743532891447404168.190-601051171210.20.8RCDKingfisher
SGRD2106743564891445403147.390-60909886.80.7RCDKingfisher
SGRD210774353889133840517190-60NSI    RCDKingfisher
SGRD210874353189140040519890-6010610932.64.4RCDKingfisher
SGRD2109743545892151429210.290-6015316297.71.1RCDKingfisher
       16917010.95.3RCDKingfisher
SGRD2110743543892200424200.290-60152163119.41.4RCDKingfisher
       17217421.72.6RCDKingfisher
SGRD2111743495892198436243.390-60NSI    RCDKingfisher
SGRD2112743593892196414162.290-60961101411.91.0RCDKingfisher
       1201341411.90.9RCDKingfisher
SGRD211374357289204744724390-601261492319.61.0RCDKingfisher
SGRD2114743569892350418198.290-6015516497.73.1RCDKingfisher
SGRD211574356989229942526090-60142153119.40.6RCDKingfisher
SGRD211674357689225041825090-6012513165.11.8RCDKingfisher
       149160119.41.1RCDKingfisher
SGRD211774355289209044526090-60NSI    RCDKingfisher
SGRD211874350789215043829090-60626643.41.3RCDKingfisher
SGRD211974354289250043630090-60NSI    RCDKingfisher
SGRD212074371289285741722890-6018318854.33.2RCDKingfisher
       1942081411.91.1RCDKingfisher
SGRD2121743600892394417216.390-60NSI    RCDKingfisher
SGRD2122743464892453457348.390-6031632043.42.2RCDKingfisher
SGRD212374355089244943225090-6019319521.76.4RCDKingfisher
       204214108.51.0RCDKingfisher
SGRD212474363289264943428090-6017117210.99.6RCDKingfisher
       18819132.62.4RCDKingfisher
       20320632.62.3RCDKingfisher
       2292451613.63.3RCDKingfisher
      incl24424510.931.6RCDKingfisher
SGRD2125743578892650444320.490-60NSI    RCDKingfisher
SGRD212674358789270044631090-6027128097.70.9RCDKingfisher
       28529165.12.1RCDKingfisher
SGRD212774351689270045940090-60NSI    RCDKingfisher
SGRD212874361589254542629390-6021121654.32.2RCDKingfisher
SGRC21297436198927464399790-60Not

Sampled
    RCKingfisher
SGRD2130743669892746430264.190-6014915121.73.0RCDKingfisher
       1942081411.91.9RCDKingfisher
       21221865.13.5RCDKingfisher
      incl22122210.928.0RCDKingfisher
       25926121.74.0RCDKingfisher
SGRD2131743746892908428199.690-60  00.0 RCDKingfisher
SGRD213274362189274444033090-6024925343.45.2RCDKingfisher
       2622771512.80.9RCDKingfisher
SGRD2133743759892955422216.290-6016717032.63.7RCDKingfisher
       1751952017.03.3RCDKingfisher
      incl18618710.926.9RCDKingfisher
       20220754.33.6RCDKingfisher
      incl20220310.911.8RCDKingfisher
SGRD2134743805893004409150.290-60NSI    RCDKingfisher
SGRD213574363189250041422090-60  00.0 RCDKingfisher
SGRD2136743792892955417160.290-601271451815.34.1RCDKingfisher
      incl13113210.918.9RCDKingfisher
      and13813910.919.7RCDKingfisher
SGRD2137743719892906429260.290-60  00.0 RCDKingfisher
SGRD213874358089250042629090-60  00.0 RCDKingfisher
SGRD213974358489254643034090-60  00.0 RCDKingfisher
SGRC21417437808925503998090-60NSI    RCKingfisher
SGRC21427437558925004018090-60NSI    RCKingfisher
SGRC21437437608924503998490-60NSI    RCKingfisher
SGRC21447437108923504028090-60101110.97.1RCKingfisher
       32542218.71.0RCKingfisher
       606997.79.5RCKingfisher
      incl636410.962.0RCKingfisher
SGRC21457437358924004008090-60NSI    RCKingfisher
SGRD1667743780892802407160.190-60777921.73.2RCDKingfisher
       8494108.51.1RCDKingfisher
       9810576.01.2RCDKingfisher
SGRD172374378589270040610090-6019321311.10.9RCDKingfisher
SGRC179774383589285841510090-6014271311.11.0RCKingfisher
       465265.11.3RCKingfisher
SGRD18307438078927504038290-6017291210.21.2RCDKingfisher
       435297.70.7RCDKingfisher
SGRC183474374589255040410090-6026472117.91.0RCKingfisher
SGRD183674372089245040312090-6041682723.02.1RCDKingfisher
       606110.910.4RCDKingfisher
SGRD186074367189235040613090-60404110.95.6RCDKingfisher
       474810.911.6RCDKingfisher
SGRD186374366989230041013090-60677254.31.2RCDKingfisher

Notes:

1. EOH: End of hole

2. Depths and widths reported to nearest significant decimal place

3. NSI: No significant intercepts

4. ETW: Estimated true width

5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail

Sunbird deposit

HoleIDEasting

(WGS84_29N)
Northing

(WGS84_29N)
Elevation

(m)
EOH1,2

Depth

(m)
UTM

Azimuth
DipDepth2

From

(m)
Depth2

To

(m)
Drilled2

Width

(m)
ETW3

(m)
Au (ppm)Hole

Type
4
Area
SGRD208174252589258555642090-60NSI    RCDSunbird
SGRD2082742550892435561310.290-6023023110.712.5RCDSunbird
       26427174.98.0RCDSunbird
      incl26426510.740.0RCDSunbird
SGRD2083742520892410560380.190-6030530721.43.2RCDSunbird
       33834132.16.0RCDSunbird
      incl33833910.716.2RCDSunbird
       35936896.36.6RCDSunbird
      incl36036221.421.4RCDSunbird
SGRD2084742550892550567399.290-60348361139.12.9RCDSunbird
      incl35135210.718.9RCDSunbird
SGRD2085742490892410555480.190-6038739474.91.3RCDSunbird
       4254452014.04.1RCDSunbird
      incl43343632.116.4RCDSunbird
      and43743810.714.0RCDSunbird
SGRC20867425408926355554090-60Not

Sampled
    RCSunbird
SGRC20877425408924005666090-60Not

Sampled
    RCSunbird
SGRC20887425408926355554890-60Not

Sampled
    RCSunbird
SGRD208974254489263754044090-6038739585.61.0RCDSunbird
SGRD2090742541892398540338.190-602812961510.51.4RCDSunbird
SGRD2091742490892408538440.290-604094281913.37.2RCDSunbird
      incl41041110.721.4RCDSunbird
      and41842132.113.4RCDSunbird
SGRD209274255289254455335690-603143392517.54.0RCDSunbird
      incl31631821.418.1RCDSunbird
      and33533610.710.3RCDSunbird
      and33733810.711.0RCDSunbird
SGRD2093742494892383538420.290-603603852517.50.9RCDSunbird
       394404107.01.7RCDSunbird
       41141874.90.8RCDSunbird
SGRD209474256389263654739090-60NSI    RCDSunbird
SGRD2095742468892376553480.290-60427441149.86.2RCDSunbird
      incl43343521.420.8RCDSunbird
      and43743921.415.2RCDSunbird
SGRD2096742550892785540430.190-603854153021.02.8RCDSunbird
      incl40440510.710.3RCDSunbird
      and40640710.721.9RCDSunbird
      and40840910.711.3RCDSunbird
SGRD2097742556892859524456.290-6039740585.61.0RCDSunbird
       411423128.43.9RCDSunbird
      incl41341410.717.7RCDSunbird
      and41541610.716.5RCDSunbird
SGRD2098742497892357557420.290-603443621812.63.5RCDSunbird
      incl34734810.713.7RCDSunbird
      and36136210.710.9RCDSunbird
       38539496.31.5RCDSunbird
SGRD2099742485892334545447.290-60372386149.82.0RCDSunbird
       3974252819.620.4RCDSunbird
      incl40240310.7390.8RCDSunbird
      and42242310.7156.8RCDSunbird
       43143542.818.0RCDSunbird
      incl43443510.766.9RCDSunbird
SGRD220074252089267554448090-6032132210.720.4RCDSunbird
       37737810.7108.2RCDSunbird
       4284512316.12.9RCDSunbird
      incl45045110.710.4RCDSunbird
SGRD2201742465892310569465.290-60366377117.73.6RCDSunbird
      incl36937010.733.1RCDSunbird
       40240753.51.8RCDSunbird
       437450139.11.7RCDSunbird
       46246310.745.2RCDSunbird
SGRD2202742445892275573513.290-60395405107.01.2RCDSunbird
       40941453.51.3RCDSunbird
       4845042014.06.2RCDSunbird
      incl48648710.715.9RCDSunbird
      and48949010.715.6RCDSunbird
      and49849910.719.7RCDSunbird
SGRD2203742545892685553450.190-604044282416.82.0RCDSunbird
SGRD2204742540892510563400.190-603333501711.91.1RCDSunbird

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:

A PDF accompanying this announcement is available at 



EN
16/12/2024

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 PRESS RELEASE

Fortuna reports record earnings for the third quarter of 2024

Fortuna reports record earnings for the third quarter of 2024 (All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the third quarter of 2024. “In the third quarter, a focus on cost discipline and safe operations allowed Fortuna to capture the benefit of rising metal prices and achieve record attributable earnings of $50.5 million and...

Dave Nicoski ... (+2)
  • Dave Nicoski
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Downgrading Health Care to Underweight Our outlook remains bullish following the S&P 500's multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher. We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670. The prior two election years (2016 and 2020) saw 5% and 10% pullbacks, respectfully, during Septem...

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