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Fortuna drills 22.7 g/t gold over 21.6 meters at Southern Arc, Diamba Sud Gold Project, Senegal
VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to report additional exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project located in Senegal, following the July 7, 2025 resource update (see Fortuna news release dated August 5, 2025). Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, 'Exploration drilling at the Southern Arc deposit has continued beyond the data cut-off date for its maiden resource estimate, returning several high-grade intercepts. Highlights include drillhole DSDD488, which intersected 22.7 g/t Au over an estimated true width of 21.6 meters from a downhole depth of 53 meters.' Mr. Weedon continued, 'These results further demonstrate the potential for resource growth at Diamba Sud. The deposit remains open to the south, east, and at depth, with current drilling only extending to approximately 150 meters. Drilling is scheduled to resume in September, following the end of the rainy season, with further results expected by year-end.' Southern Arc Deposit Drilling highlights include DSDD418: 6.3 g/t Au23.3 g/t Au14.2 g/t Au17.9 g/t Au over an estimated true width of 18.2 meters from 31 meters, includingover an estimated true width of 0.8 meters from 40 meters, andover an estimated true width of 0.8 meters from 42 meters, andover an estimated true width of 1.6 meters from 45 meters DSDD440: 6.3 g/t Au10.3 g/t Au10.6 g/t Au10.4 g/t Au19.4 g/t Au3.7 g/t Au13.6 g/t Au over an estimated true width of 16.8 meters from 30 meters,includingover an estimated true width of 1.1 meters from 30.7 meters, andover an estimated true width of 2.4 meters from 34 meters, andover an estimated true width of 0.8 meters from 41 meters, andover an estimated true width of 0.8 meters from 43 metersover an estimated true width of 11.0 meters from 54.2 meters, includingover an estimated true width of 0.8 meters from 54.1 meters DSDD444: 4.5 g/t Au14.0 g/t Au33.5 g/t Au13.0 g/t Au13.1 g/t Au over an estimated true width of 32.0 meters from 30 meters, includingover an estimated true width of 1.6 meters from 40 meters, andover an estimated true width of 0.8 meters from 45 meters, andover an estimated true width of 1.6 meters from 48 meters, andover an estimated true width of 0.8 meters from 58 meters DSDD4621: 9.7 g/t Au21.9 g/t Au18.4 g/t Au13.4 g/t Au14.2 g/t Au16.8 g/t Au over an estimated true width of 20.8 meters from 117 meters, includingover an estimated true width of 2.2 meters from 120.3 meters, andover an estimated true width of 2.4 meters from 124 meters, andover an estimated true width of 0.8 meters from 129 meters, andover an estimated true width of 0.8 meters from 133 meters, andover an estimated true width of 1.6 meters from 140 meters DSDD4841: 4.2 g/t Au13.3 g/t Au14.6 g/t Au18.4 g/t Au13.2 g/t Au over an estimated true width of 31.2 meters from 5 meters, includingover an estimated true width of 0.8 meters from 7 meters, andover an estimated true width of 1.6 meters from 15 meters, andover an estimated true width of 0.8 meters from 19 meters, andover an estimated true width of 1.6 meters from 32 meters DSDD4871: 7.8 g/t Au33.6 g/t Au20.5 g/t Au11.1 g/t Au13.2 g/t Au over an estimated true width of 22.4 meters from 31 meters, includingover an estimated true width of 1.6 meters from 44 meters, andover an estimated true width of 0.8 meters from 51 meters, andover an estimated true width of 1.6 meters from 53 meters, andover an estimated true width of 0.8 meters from 56 meters DSDD4881: 22.7 g/t Au258.8 g/t Au over an estimated true width of 21.6 meters from 53 meters, includingover an estimated true width of 1.6 meters from 66 meters DSR933: 6.7 g/t Au21.6 g/t Au36.1 g/t Au over an estimated true width of 4.0 meters from surface, andover an estimated true width of 6.4 meters from 65 meters, includingover an estimated true width of 2.4 meters from 67 meters DSR9761: 4.9 g/t Au19.4 g/t Au over an estimated true width of 23.2 meters from 51 meters, includingover an estimated true width of 3.2 meters from 63 meters Note: 1. Not included in the resource estimate; see Fortuna news release dated August 5, 2025 Exploration drilling at Southern Arc has been a key focus for the Diamba Sud project with a further 152 reverse circulation ('RC') and diamond core drill holes for a total of 21,234 meters completed since the previous exploration update (see Fortuna news release dated May 27, 2025). The program at Southern Arc has been paused for the rainy season with drilling expected to resume in mid-September. Of the 152 drill holes, 53 were completed after the data cutoff for Southern Arc's maiden Inferred Mineral Resource estimate of 3.9 Mt averaging 1.57 g/t Au and containing 194 koz of gold (see Fortuna news release dated August 5, 2025) and will, along with additional drilling planned for the fourth quarter of 2025, be included in an updated resource estimate planned for the first quarter of 2026. Details of the completed holes are presented in Appendix 1. Mineralization at Southern Arc occurs as variable fine stockwork vein arrays to diffuse pyrite-silica flooding and has a strong correlation with certain of the tectonic breccias and carbonate units (refer to Figures 1 to 3) and commonly demonstrates an extensive hematite alteration association, similar to the other prospects and deposits at Diamba Sud. Mineralization remains open at depth and along strike to the south and east. Figure 1: Southern Arc Section 600NE Figure 2: Southern Arc Section 650NE Figure 3: Southern Arc Section 700NE Refer to Appendix 1 for full details of the drill holes and assay results for this drill program 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 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 by Company vehicle or commercial courier to ALS Global's preparation laboratories in Kedougou, Senegal or Bamako, Mali, with prepared sample pulps then transported via commercial courier to ALS Global's analytical 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. Samples returning assays >10 ppm Au were reanalyzed using a 50-gram charge and fire assay with a gravimetric finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS Global 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 three operating mines and a portfolio of exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | 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 may include, without limitation, the Mineral Resource estimates at Diamba Sud; the Company's proposed exploration plans at Diamba Sud; statements pertaining to the potential for resource growth at Diamba Sud statements about the Company's business strategies, plans and outlook; the Company's plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company's business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company's mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'proposed', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'anticipated', 'estimated' '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, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company's ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company's mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the fiscal year ended December 31, 2024. 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, the accuracy of the Company's current Mineral Resource and Mineral Reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's 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 these 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 All 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. 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 Drill holes completed after July 7, 2025, are shown in italics HoleID Easting (WGS84_29N) Northing (WGS84_29N) Elev. (m) EOH1,2 Depth (m) UTM Azimuth Dip Depth2,3 From (m) Depth2 To (m) Drilled2 Width (m) ETW4 (m) Au (ppm) Hole Type5 Area DSDD408 232599 1426198 145 110 150 -50 42 48 6 4.8 1.5 DD Southern Arc DSDD409 232666 1426221 146 147 150 -50 NSI DD Southern Arc DSDD410 232588 1426263 146 164 150 -50 39 43 4 3.2 2.2 DD Southern Arc 61 72 11 8.8 0.9 DD Southern Arc DSDD411 232556 1426219 145 134 150 -50 NSI DD Southern Arc DSDD412 232631 1426245 146 150 150 -50 130 133 3 2.4 1.8 DD Southern Arc DSDD413 232717 1426204 145 119 150 -50 NSI DD Southern Arc DSDD414 232404 1426439 148 150 150 -50 68 74 6 4.8 4.5 DD Southern Arc DSDD415 232589 1426101 143 146 150 -50 NSI DD Southern Arc DSDD416 232674 1426174 145 152 150 -50 NSI DD Southern Arc DSDD417 232454 1426461 148 117 150 -50 NSI DD Southern Arc DSDD418 232366 1426364 147 126 90 -50 31 53.75 22.75 18.2 6.3 DD Southern Arc incl 40 41 1 0.8 23.3 DD Southern Arc and 42 43 1 0.8 14.2 DD Southern Arc and 45 47 2 1.6 17.9 DD Southern Arc 61 71 10 8.0 1.9 DD Southern Arc DSDD419 232602 1426262 146 114 90 -50 9 13 4 3.2 5.5 DD Southern Arc incl 10 12 2 1.6 Core Loss DD Southern Arc and 12 13 1 0.8 21.2 DD Southern Arc DSDD420 232563 1426261 146 137 90 -50 98.3 99 0.7 0.6 28.5 DD Southern Arc DSDD421 232405 1426360 147 108 90 -50 56.45 61.35 4.9 3.9 6.8 DD Southern Arc incl 58 60 2 1.6 14.5 DD Southern Arc DSDD422 232218 1426132 145 113 90 -50 NSI DD Southern Arc DSDD423 232601 1426078 142 125 335 -50 NSI DD Southern Arc DSDD431 232350 1426410 147 237 150 -50 58.3 63 4.7 3.8 9.8 DD Southern Arc incl 58 59 1 0.6 57.8 DD Southern Arc 84 104 20 16.0 2.7 DD Southern Arc incl 87 88 1 0.8 13.3 DD Southern Arc and 94 95 1 0.8 18.3 DD Southern Arc 121 133.75 12.75 10.2 3.7 DD Southern Arc incl 127 128 1 0.8 17.3 DD Southern Arc 141 146.1 5 4.1 1.3 DD Southern Arc incl 142 143 1 0.8 Core Loss DD Southern Arc 156 191 35 28.0 1.9 DD Southern Arc DSDD433 232303 1426394 147 129 150 -50 91 97 6 4.8 3.8 DD Southern Arc incl 92 93 1 0.8 10.7 DD Southern Arc 103 120 17 13.6 7.9 DD Southern Arc incl 110 112 2 1.6 46.6 DD Southern Arc and 119 119.5 0.5 0.4 19.4 DD Southern Arc DSDD434 232380 1426482 148 172 150 -50 NSI DD Southern Arc DSDD435 232442 1426416 147 92 150 -50 NSI DD Southern Arc DSDD436 232388 1426437 148 92 150 -50 NSI DD Southern Arc DSDD437 232173 1426134 145 198 90 -50 90 95 5 4.0 1.0 DD Southern Arc DSDD438 232409 1426304 147 81 150 -50 NSI DD Southern Arc DSDD439 232325 1426355 147 113 150 -50 NSI DD Southern Arc DSDD440 232866 1426115 144 144 330 -50 22.2 26 3.8 3.0 2.6 DD Southern Arc 30 51 21 16.8 6.3 DD Southern Arc incl 30.7 32 1.35 1.1 10.3 DD Southern Arc and 34 37 3 2.4 10.6 DD Southern Arc and 41 42 1 0.8 10.4 DD Southern Arc and 43 44 1 0.8 19.4 DD Southern Arc and 45 46 1 0.8 21.2 DD Southern Arc 54.2 68 13.8 11.0 3.7 DD Southern Arc incl 55 56 1 0.8 13.6 DD Southern Arc DSDD441 232338 1426463 148 137 150 -50 117.35 129 11.65 9.3 1.4 DD Southern Arc DSDD442 232197 1426201 146 101 90 -50 NSI DD Southern Arc DSDD443 232799 1426122 145 105 330 -50 2 10 8 6.4 0.8 DD Southern Arc 16 29 13 10.4 3.0 DD Southern Arc 37 45.55 8.55 6.8 0.8 DD Southern Arc 51 66.6 15.6 12.5 5.0 DD Southern Arc incl 58.45 60 1.55 1.2 11.6 DD Southern Arc and 62 63 1 0.8 24.2 DD Southern Arc 75 76.2 1.2 1.0 5.7 DD Southern Arc DSDD444 232380 1426385 147 84 150 -50 30 70 40 32.0 4.5 DD Southern Arc incl 40 42 2 1.6 14.0 DD Southern Arc and 45 46 1 0.8 33.5 DD Southern Arc and 48 50 2 1.6 13.0 DD Southern Arc and 58 59 1 0.8 13.1 DD Southern Arc DSDD445 232176 1426163 145 140 90 -50 86 89 3 2.4 1.8 DD Southern Arc DSDD446 232403 1426387 147 65 150 -50 0 24 24 19.2 4.5 DD Southern Arc incl 3 4 1 0.8 Core Loss DD Southern Arc and 14 15 1 0.8 11.1 DD Southern Arc and 17 18 1 0.8 12.2 DD Southern Arc and 19 20 1 0.8 15.5 DD Southern Arc DSDD447 232743 1426143 145 99 330 -50 53.55 58 4.45 3.6 5.0 DD Southern Arc incl 56 57 1 0.8 15.1 DD Southern Arc 76 80.75 4.75 3.8 1.3 DD Southern Arc DSDD448 232419 1426415 147 101 150 -50 0 35 35 28.0 3.0 DD Southern Arc incl 3 4 1 0.8 Core Loss DD Southern Arc and 16 17 1 0.8 10.8 DD Southern Arc and 22 23 1 0.8 18.0 DD Southern Arc DSDD449 232454 1426388 147 80 150 -50 NSI DD Southern Arc DSDD450 232882 1426077 143 135 330 -50 68 72 4 3.2 2.2 DD Southern Arc DSDD451 232581 1426489 146 110 150 -50 NSI DD Southern Arc DSDD452 232437 1426489 148 143 150 -50 NSI DD Southern Arc DSDD453 232561 1426272 146 170 150 -50 87 99 12 9.6 1.5 DD Southern Arc 103 122 19 15.2 0.9 DD Southern Arc 134 149 15 12.0 5.4 DD Southern Arc incl 139 141 2 1.6 15.6 DD Southern Arc DSDD454 232854 1426075 144 165 330 -50 NSI DD Southern Arc DSDD455 232565 1426304 146 176 150 -50 NSI DD Southern Arc DSDD456 232537 1426251 145 156 150 -50 105 110 5 4.0 1.7 DD Southern Arc DSDD457 232734 1426227 145 123 150 -50 57 74 17 13.6 6.1 DD Southern Arc incl 67 68 1 0.8 12.5 DD Southern Arc and 69 71 2 1.6 16.4 DD Southern Arc and 73 74 1 0.8 16.5 DD Southern Arc 91 94 3 2.4 8.4 DD Southern Arc incl 93 94 1 0.8 14.7 DD Southern Arc DSDD458 232781 1426220 144 140 150 -50 21 43.45 22 18.0 4.5 DD Southern Arc incl 35 36 1 0.8 12.7 DD Southern Arc and 38 41 3 2.4 16.4 DD Southern Arc 119 128 9 7.2 0.7 DD Southern Arc DSDD459 232472 1426085 142 110 150 -50 NSI DD Southern Arc DSDD460 232810 1426257 143 183 150 -50 167 180.7 14 11.0 1.7 DD Southern Arc DSDD461 232869 1426207 143 185 150 -50 78 87 9 7.2 6.2 DD Southern Arc incl 81 83 2 1.6 20.1 DD Southern Arc 155 175 20 16.0 0.9 DD Southern Arc DSDD462 232913 1426251 143 159 150 -50 117 143 26 20.8 9.7 DD Southern Arc incl 120.3 123 3 2.2 21.9 DD Southern Arc and 124 127 3 2.4 18.4 DD Southern Arc and 129 130 1 0.8 13.4 DD Southern Arc and 133 134 1 0.8 14.2 DD Southern Arc and 140 142 2 1.6 16.8 DD Southern Arc DSDD463 232889 1426230 143 149 150 -50 83 94 11 8.8 4.2 DD Southern Arc incl 90 91 1 0.8 26.9 DD Southern Arc 116 132.4 16.4 13.1 5.0 DD Southern Arc incl 124 125 1 0.8 10.1 DD Southern Arc and 130 132.4 2 1.9 17.0 DD Southern Arc DSDD464 232467 1426355 147 108 150 -50 NSI DD Southern Arc DSDD465 232807 1426213 144 169.5 150 -50 9 15 6 4.8 1.4 DD Southern Arc 68 75 7 5.6 2.1 DD Southern Arc 92 103 11 8.8 1.1 DD Southern Arc DSDD466 232949 1426170 143 168 150 -50 NSI DD Southern Arc DSDD467 232797 1426118 144 184 150 -50 NSI DD Southern Arc DSDD468 232694 1426082 144 185 150 -50 126 137 11 8.8 1.0 DD Southern Arc 162 166 4 3.2 5.2 DD Southern Arc incl 162 163 1 0.8 11.0 DD Southern Arc DSDD469 232842 1426105 144 131 150 -50 73.5 88.5 15 12.0 8.4 DD Southern Arc incl 80 83 3 2.4 21.6 DD Southern Arc and 86 87.2 1.2 1.0 11.8 DD Southern Arc 92 99 7 5.6 3.4 DD Southern Arc DSDD470 232763 1426110 144 157 150 -50 138 141 3 2.4 3.7 DD Southern Arc DSDD471 232860 1426076 143 161 150 -50 36.3 46 9.7 7.8 1.5 DD Southern Arc 55.85 75.45 19.6 15.7 3.3 DD Southern Arc DSDD472 232960 1426216 143 161 150 -50 133 149 16 12.8 6.5 DD Southern Arc incl 135 138 3 2.4 17.2 DD Southern Arc and 139 140 1 0.8 20.7 DD Southern Arc 154.85 159.6 4.75 3.8 2.7 DD Southern Arc DSDD473 232554 1426339 146 231 150 -50 97 98 1 0.8 13.7 DD Southern Arc DSDD474 232983 1426171 143 143 150 -50 NSI DD Southern Arc DSDD475 232969 1426254 143 140 150 -50 NSI DD Southern Arc DSDD476 232498 1426323 145 252 150 -50 123 126 3 2.4 1.7 DD Southern Arc 151 161.5 10.5 8.4 0.7 DD Southern Arc DSDD477 232879 1426094 144 166 150 -50 56.5 69.3 12.75 10.2 3.7 DD Southern Arc incl 57 58 1 0.8 11.6 DD Southern Arc and 66 66.6 0.6 0.5 15.3 DD Southern Arc 79.5 90 10.5 8.4 11.9 DD Southern Arc incl 80 84 4 3.2 21.4 DD Southern Arc and 88 89 1 0.8 15.7 DD Southern Arc DSDD478 232740 1426275 144 119 150 -50 31.45 38 6.55 5.2 3.5 DD Southern Arc incl 32.3 33 0.7 0.6 10.8 DD Southern Arc DSDD480 232893 1426117 143 179 150 -50 22.75 35 12.25 9.8 6.4 DD Southern Arc incl 27 28 1 0.8 14.1 DD Southern Arc and 30 32 2 1.6 20.8 DD Southern Arc 50 86.2 36.2 29.0 2.5 DD Southern Arc 139.2 144.5 5.25 4.2 2.3 DD Southern Arc 160.3 162 1.7 1.4 3.2 DD Southern Arc DSDD481 232717 1426265 145 119 150 -50 53 65 12 9.6 6.1 DD Southern Arc incl 59 60 1 0.8 11.5 DD Southern Arc and 61 62 1 0.8 12.0 DD Southern Arc and 64 65 1 0.8 14.6 DD Southern Arc DSDD482 232685 1426240 146 137 150 -50 72 74 2 1.6 10.8 DD Southern Arc incl 73 74 1 0.8 13.4 DD Southern Arc 100.8 104.5 3.65 2.9 3.9 DD Southern Arc DSDD483 232308 1426459 148 249 150 -50 162 171 9 7.2 1.3 DD Southern Arc DSDD484 232923 1426118 143 161 150 -50 5 44 39 31.2 4.2 DD Southern Arc incl 7 8 1 0.8 13.3 DD Southern Arc and 11 12 1 0.8 Core Loss DD Southern Arc and 15 17 2 1.6 14.6 DD Southern Arc and 19 20 1 0.8 18.4 DD Southern Arc and 32 34 2 1.6 13.2 DD Southern Arc DSDD485 232867 1426157 143 179 150 -50 58 64 6 4.8 3.9 DD Southern Arc incl 63 64 1 0.8 14.9 DD Southern Arc 69 92 23 18.4 1.3 DD Southern Arc DSDD487 232905 1426062 143 128 150 -50 31 59 28 22.4 7.8 DD Southern Arc incl 44 46 2 1.6 33.6 DD Southern Arc and 51 52 1 0.8 20.5 DD Southern Arc and 53 55 2 1.6 11.1 DD Southern Arc and 56 57 1 0.8 13.2 DD Southern Arc DSDD488 232899 1426165 143 152 150 -50 53 80 27 21.6 22.7 DD Southern Arc incl 63 64 1 0.8 27.4 DD Southern Arc and 66 68 2 1.6 258.8 DD Southern Arc and 69 69.9 0.85 0.7 13.4 DD Southern Arc and 77 78 1 0.8 17.0 DD Southern Arc DSDD489 232825 1426079 144 182 150 -50 NSI DD Southern Arc DSDD490 232390 1426463 148 123 150 -50 NSI DD Southern Arc DSDD491 232725 1426076 144 200 150 -50 113 118.2 5.2 4.2 3.6 DD Southern Arc 122 147 25 20.0 4.8 DD Southern Arc incl 132 133 1 0.8 10.6 DD Southern Arc and 135 136 1 0.8 10.6 DD Southern Arc and 138 139 1 0.8 15.1 DD Southern Arc and 140 141 1 0.8 10.9 DD Southern Arc 187 196 9 7.2 1.0 DD Southern Arc DSDD492 232725 1426036 143 152 150 -50 68 80 12 9.6 3.8 DD Southern Arc incl 68 69 1 0.8 14.3 DD Southern Arc and 72 73 1 0.8 15.3 DD Southern Arc and 75.8 77 1.2 1.0 19.0 DD Southern Arc 96 112 16 12.8 5.7 DD Southern Arc 103 106 3 2.4 16.2 DD Southern Arc 128 139.8 11.8 9.4 3.2 DD Southern Arc DSR895 232298 1426361 147 132 150 -50 NSI RC Southern Arc DSR896 232572 1426139 143 132 150 -50 79 89 10 8.0 1.4 RC Southern Arc 95 101 6 4.8 4.5 RC Southern Arc incl 95 96 1 0.8 19.7 RC Southern Arc 122 126 4 3.2 6.9 RC Southern Arc incl 122 123 1 0.8 26.4 RC Southern Arc DSR897 232751 1426211 145 143 150 -50 30 38 8 6.4 1.7 RC Southern Arc DSR898 232714 1426298 145 174 150 -50 NSI RC Southern Arc DSR899 232694 1426341 145 186 150 -50 NSI RC Southern Arc DSR900 232636 1426327 146 102 150 -50 NSI RC Southern Arc DSR901 232656 1426261 146 144 150 -50 NSI RC Southern Arc DSR902 232470 1426010 141 102 150 -50 NSI RC Southern Arc DSR903 232499 1426048 141 100 150 -50 NSI RC Southern Arc DSR904 232549 1426073 142 102 150 -50 NSI RC Southern Arc DSR905 232367 1426373 147 162 150 -50 NSI RC Southern Arc DSR908 232356 1426429 148 138 150 -50 NSI RC Southern Arc DSR909 232513 1426256 145 126 150 -50 NSI RC Southern Arc DSR910 232492 1426186 143 138 150 -50 NSI RC Southern Arc DSR911 232462 1426232 144 120 150 -50 NSI RC Southern Arc DSR912 232839 1426260 143 180 150 -50 84 86 2 1.6 8.2 RC Southern Arc incl 85 86 1 0.8 15.7 RC Southern Arc 165 172 7 5.6 0.8 RC Southern Arc DSR913 232757 1426331 144 156 150 -50 119 122 3 2.4 4.1 RC Southern Arc DSR914 232548 1426288 146 180 150 -50 83 89 6 4.8 4.5 RC Southern Arc DSR915 232262 1426400 148 156 150 -50 NSI RC Southern Arc DSR916 232221 1426378 147 162 150 -50 NSI RC Southern Arc DSR927 232282 1426078 144 120 90 -50 NSI RC Southern Arc DSR928 232240 1426077 144 132 90 -50 NSI RC Southern Arc DSR929 232283 1426031 143 114 90 -50 68 70 2 1.6 3.6 RC Southern Arc DSR930 232244 1426028 144 104 90 -50 NSI RC Southern Arc DSR931 232181 1426248 146 132 90 -50 NSI RC Southern Arc DSR932 232910 1426139 143 144 330 -50 NSI RC Southern Arc DSR933 232786 1426147 145 102 330 -50 0 5 5 4.0 6.7 RC Southern Arc incl 2 3 1 0.8 10.6 RC Southern Arc 65 73 8 6.4 21.6 RC Southern Arc incl 67 70 3 2.4 36.1 RC Southern Arc and 71 72 1 0.8 52.2 RC Southern Arc DSR934 232765 1426112 145 120 330 -50 59 73 14 11.2 3.5 RC Southern Arc DSR935 232658 1426146 145 162 330 -50 NSI RC Southern Arc DSR936 232643 1426069 143 108 330 -50 NSI RC Southern Arc DSR937 232380 1426253 145 60 150 -50 NSI RC Southern Arc DSR938 232360 1426291 146 84 150 -50 NSI RC Southern Arc DSR939 232401 1426270 145 90 150 -50 NSI RC Southern Arc DSR940 232519 1426441 148 162 150 -50 NSI RC Southern Arc DSR941 232498 1426476 148 162 150 -50 NSI RC Southern Arc DSR942 232400 1426493 148 150 150 -50 NSI RC Southern Arc DSR943 232817 1426147 144 126 330 -50 NSI RC Southern Arc DSR944 232839 1426105 144 168 330 -50 4 5 1 0.8 6.7 RC Southern Arc 25 38 13 10.4 5.9 RC Southern Arc incl 34 36 2 1.6 15.9 RC Southern Arc 44 84 40 32.0 2.4 RC Southern Arc incl 64 65 1 0.8 13.3 RC Southern Arc DSR945 232862 1426170 143 128 330 -50 99 114 15 12.0 1.3 RC Southern Arc DSR946 232889 1426130 143 162 330 -50 NSI RC Southern Arc DSR947 232739 1426106 144 132 330 -50 NSI RC Southern Arc DSR948 232718 1426080 144 120 330 -50 NSI RC Southern Arc DSR949 232697 1426081 144 168 330 -50 131 135 4 3.2 2.3 RC Southern Arc 148 164 16 12.8 2.3 RC Southern Arc incl 157 158 1 0.8 13.6 RC Southern Arc DSR950 232578 1426084 142 138 150 -50 NSI RC Southern Arc DSR951 232610 1426324 146 138 150 -50 NSI RC Southern Arc DSR952 232613 1426371 145 104 150 -50 NSI RC Southern Arc DSR953 232515 1426289 146 186 150 -50 98 119 21 16.8 4.0 RC Southern Arc incl 114 115 1 0.8 45.7 RC Southern Arc and 117 118 1 0.8 11.0 RC Southern Arc 152 178 26 20.8 4.4 RC Southern Arc incl 157 159 2 1.6 18.8 RC Southern Arc and 166 167 1 0.8 13.0 RC Southern Arc DSR954 232936 1426202 143 114 150 -50 96 113 17 13.6 3.9 RC Southern Arc incl 103 104 1 0.8 19.6 RC Southern Arc and 109 110 1 0.8 24.2 RC Southern Arc DSR955 232915 1426191 143 108 150 -50 83 103 20 16.0 2.6 RC Southern Arc incl 99 100 1 0.8 18.4 RC Southern Arc DSR956 232857 1426141 144 132 150 -50 30 38 8 6.4 2.1 RC Southern Arc 61 72 11 8.8 2.8 RC Southern Arc incl 69 70 1 0.8 12.9 RC Southern Arc 83 110 27 21.6 2.2 RC Southern Arc incl 91 92 1 0.8 11.5 RC Southern Arc 115 128 13 10.4 6.6 RC Southern Arc incl 122 125 3 2.4 18.2 RC Southern Arc DSR957 232820 1426193 144 156 150 -50 44 76 32 25.6 2.3 RC Southern Arc DSR958 232763 1426187 145 108 150 -50 15 23 8 6.4 1.1 RC Southern Arc 42 54 12 9.6 1.3 RC Southern Arc 58 70 12 9.6 0.5 RC Southern Arc 89 101 12 9.6 1.5 RC Southern Arc DSR959 232763 1426243 144 162 150 -50 41 57 16 12.8 1.3 RC Southern Arc DSR960 232859 1426282 143 111 150 -50 91 102 11 8.8 4.0 RC Southern Arc incl 97 98 1 0.8 21.4 RC Southern Arc DSR961 232785 1426306 143 186 150 -50 172 174 2 1.6 3.0 RC Southern Arc DSR962 232324 1426440 148 156 150 -50 123 127 4 3.2 3.5 RC Southern Arc 139 145 6 4.8 3.7 RC Southern Arc incl 140 141 1 0.8 12.2 RC Southern Arc 153 156 3 2.4 1.7 RC Southern Arc DSR963 232883 1426295 143 162 150 -50 NSI RC Southern Arc DSR964 232475 1426474 148 150 150 -50 NSI RC Southern Arc DSR965 232489 1426442 147 162 150 -50 NSI RC Southern Arc DSR966 232512 1426401 147 180 150 -50 NSI RC Southern Arc DSR967 232531 1426374 146 162 150 -50 NSI RC Southern Arc DSR968 232628 1426148 145 162 150 -50 122 123 1 0.8 8.1 RC Southern Arc DSR969 232647 1426112 144 138 150 -50 34 51 17 13.6 1.3 RC Southern Arc 59 63 4 3.2 1.6 RC Southern Arc 67 86 19 15.2 1.5 RC Southern Arc incl 85 86 1 0.8 10.2 RC Southern Arc DSR970 232785 1426069 143 108 150 -50 NSI RC Southern Arc DSR971 232844 1426032 143 144 150 -50 60 64 4 3.2 2.6 RC Southern Arc 78 80 2 1.6 4.6 RC Southern Arc DSR972 232813 1426019 143 120 150 -50 NSI RC Southern Arc DSR973 232537 1426160 143 150 150 -50 NSI RC Southern Arc DSR974 232474 1426264 145 162 150 -50 NSI RC Southern Arc DSR975 232980 1426119 143 126 150 -50 NSI RC Southern Arc DSR976 232962 1426110 143 126 150 -50 51 80 29 23.2 4.9 RC Southern Arc incl 63 67 4 3.2 19.4 RC Southern Arc DSR977 232960 1426162 143 128 150 -50 95 107 12 9.6 4.3 RC Southern Arc DSR978 232766 1426064 143 108 150 -50 NSI RC Southern Arc DSR979 232746 1425990 142 120 150 -50 60 80 20 16.0 3.3 RC Southern Arc incl 62 63 1 0.8 19.9 RC Southern Arc 84 92 8 6.4 1.4 RC Southern Arc 99 111 12 9.6 2.6 RC Southern Arc DSR980 232748 1426033 143 108 150 -50 82 87 5 4.0 1.8 RC Southern Arc 93 101 8 6.4 0.7 RC Southern Arc DSR991 232693 1425987 142 126 150 -50 NSI RC Southern Arc DSR992 232692 1426031 142 126 150 -50 71 83 12 9.6 2.0 RC Southern Arc incl 76 77 1 0.8 10.0 RC Southern Arc 88 102 14 11.2 1.0 RC Southern Arc DSR993 232443 1426350 147 60 150 -50 NSI RC Southern Arc Notes: 1. EOH: End of hole2. Depths and widths reported to nearest significant decimal place 3. NSI: No significant intercepts4. ETW: Estimated true width5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail A PDF accompanying this announcement is available at Photos accompanying this announcement are available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Toronto Star
an hour ago
- Business
- Toronto Star
Fortuna drills 22.7 g/t gold over 21.6 meters at Southern Arc, Diamba Sud Gold Project, Senegal
VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to report additional exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project located in Senegal, following the July 7, 2025 resource update (see Fortuna news release dated August 5, 2025). Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, 'Exploration drilling at the Southern Arc deposit has continued beyond the data cut-off date for its maiden resource estimate, returning several high-grade intercepts. Highlights include drillhole DSDD488, which intersected 22.7 g/t Au over an estimated true width of 21.6 meters from a downhole depth of 53 meters.' Mr. Weedon continued, 'These results further demonstrate the potential for resource growth at Diamba Sud. The deposit remains open to the south, east, and at depth, with current drilling only extending to approximately 150 meters. Drilling is scheduled to resume in September, following the end of the rainy season, with further results expected by year-end.' ARTICLE CONTINUES BELOW Southern Arc Deposit Drilling highlights include Note: 1. Not included in the resource estimate; see Fortuna news release dated August 5, 2025 Exploration drilling at Southern Arc has been a key focus for the Diamba Sud project with a further 152 reverse circulation ('RC') and diamond core drill holes for a total of 21,234 meters completed since the previous exploration update (see Fortuna news release dated May 27, 2025). The program at Southern Arc has been paused for the rainy season with drilling expected to resume in mid-September. Of the 152 drill holes, 53 were completed after the data cutoff for Southern Arc's maiden Inferred Mineral Resource estimate of 3.9 Mt averaging 1.57 g/t Au and containing 194 koz of gold (see Fortuna news release dated August 5, 2025) and will, along with additional drilling planned for the fourth quarter of 2025, be included in an updated resource estimate planned for the first quarter of 2026. Details of the completed holes are presented in Appendix 1. Mineralization at Southern Arc occurs as variable fine stockwork vein arrays to diffuse pyrite-silica flooding and has a strong correlation with certain of the tectonic breccias and carbonate units (refer to Figures 1 to 3) and commonly demonstrates an extensive hematite alteration association, similar to the other prospects and deposits at Diamba Sud. Mineralization remains open at depth and along strike to the south and east. Figure 1: Southern Arc Section 600NE Figure 2: Southern Arc Section 650NE Figure 3: Southern Arc Section 700NE Refer to Appendix 1 for full details of the drill holes and assay results for this drill program 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. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 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 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 by Company vehicle or commercial courier to ALS Global's preparation laboratories in Kedougou, Senegal or Bamako, Mali, with prepared sample pulps then transported via commercial courier to ALS Global's analytical 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. Samples returning assays >10 ppm Au were reanalyzed using a 50-gram charge and fire assay with a gravimetric finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS Global 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 three operating mines and a portfolio of exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and Director Fortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | 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 may include, without limitation, the Mineral Resource estimates at Diamba Sud; the Company's proposed exploration plans at Diamba Sud; statements pertaining to the potential for resource growth at Diamba Sud statements about the Company's business strategies, plans and outlook; the Company's plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company's business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company's mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'proposed', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'anticipated', 'estimated' 'containing', 'remaining', 'to be', or statements that events, 'could' or 'should' occur or be achieved and similar expressions, including negative variations. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 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, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company's ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company's mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the fiscal year ended December 31, 2024. 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, the accuracy of the Company's current Mineral Resource and Mineral Reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's 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 these 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 All 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. 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 Drill holes completed after July 7, 2025, are shown in italics 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 A PDF accompanying this announcement is available at ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Photos accompanying this announcement are available at
Associated Press
an hour ago
- Business
- Associated Press
Fortuna drills 22.7 g/t gold over 21.6 meters at Southern Arc, Diamba Sud Gold Project, Senegal
VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to report additional exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project located in Senegal, following the July 7, 2025 resource update (see Fortuna news release dated August 5, 2025 ). Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, 'Exploration drilling at the Southern Arc deposit has continued beyond the data cut-off date for its maiden resource estimate, returning several high-grade intercepts. Highlights include drillhole DSDD488, which intersected 22.7 g/t Au over an estimated true width of 21.6 meters from a downhole depth of 53 meters.' Mr. Weedon continued, 'These results further demonstrate the potential for resource growth at Diamba Sud. The deposit remains open to the south, east, and at depth, with current drilling only extending to approximately 150 meters. Drilling is scheduled to resume in September, following the end of the rainy season, with further results expected by year-end.' Southern Arc Deposit Drilling highlights include Note: 1. Not included in the resource estimate; see Fortuna news release dated August 5, 2025 Exploration drilling at Southern Arc has been a key focus for the Diamba Sud project with a further 152 reverse circulation ('RC') and diamond core drill holes for a total of 21,234 meters completed since the previous exploration update (see Fortuna news release dated May 27, 2025 ). The program at Southern Arc has been paused for the rainy season with drilling expected to resume in mid-September. Of the 152 drill holes, 53 were completed after the data cutoff for Southern Arc's maiden Inferred Mineral Resource estimate of 3.9 Mt averaging 1.57 g/t Au and containing 194 koz of gold (see Fortuna news release dated August 5, 2025 ) and will, along with additional drilling planned for the fourth quarter of 2025, be included in an updated resource estimate planned for the first quarter of 2026. Details of the completed holes are presented in Appendix 1. Mineralization at Southern Arc occurs as variable fine stockwork vein arrays to diffuse pyrite-silica flooding and has a strong correlation with certain of the tectonic breccias and carbonate units (refer to Figures 1 to 3) and commonly demonstrates an extensive hematite alteration association, similar to the other prospects and deposits at Diamba Sud. Mineralization remains open at depth and along strike to the south and east. Figure 1: Southern Arc Section 600NE Figure 2: Southern Arc Section 650NE Figure 3: Southern Arc Section 700NE Refer to Appendix 1 for full details of the drill holes and assay results for this drill program 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 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 by Company vehicle or commercial courier to ALS Global's preparation laboratories in Kedougou, Senegal or Bamako, Mali, with prepared sample pulps then transported via commercial courier to ALS Global's analytical 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. Samples returning assays >10 ppm Au were reanalyzed using a 50-gram charge and fire assay with a gravimetric finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS Global 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 three operating mines and a portfolio of exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and Director Fortuna Mining Corp. Investor Relations: Carlos Baca | [email protected] | | 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 may include, without limitation, the Mineral Resource estimates at Diamba Sud; the Company's proposed exploration plans at Diamba Sud; statements pertaining to the potential for resource growth at Diamba Sud statements about the Company's business strategies, plans and outlook; the Company's plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company's business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company's mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'proposed', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'anticipated', 'estimated' '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, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company's ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada);risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company's mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the fiscal year ended December 31, 2024. 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, the accuracy of the Company's current Mineral Resource and Mineral Reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's 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 these 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 All 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. 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 Drill holes completed after July 7, 2025, are shown in italics 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 A PDF accompanying this announcement is available at Photos accompanying this announcement are available at
Herald Sun
10-07-2025
- Business
- Herald Sun
Australia's next mid-tier goldie raises $35m
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Ausgold secures commitments for $35 million in institutional placement Funds will 'accelerate' path to FID on 2.44Moz Katanning gold project, which could produce up to 140,000 ounces per annum Directors put skin in the game with $150,000 investment Special Report: Ausgold is accelerating along a path to a final investment decision on its 2.44Moz Katanning gold project in WA after raising $35 million in a placement to sophisticated and professional investors. It comes less than a fortnight after the completion by Ausgold (ASX:AUC) of a landmark definitive feasibility study, which projected the operation in WA's Great Southern region would generate 1.14Moz of gold over a 10-year mine life. That would include 140,000ozpa over the operation's first four years, backed by a 1.25Moz ore reserve, with payback of its $355 million pre-production capex expected to take just 13 months at a conservative Aussie dollar gold price of $4300/oz. Bullion today is fetching close to $5100/oz. The proposed mine is on the home straight to a decision to mine after leading offshore and domestic instos, including new and existing shareholders, backed in Ausgold in the placement, completed at 57c per share, a discount of just 7.3% to its last traded price of 61c. That will enable Ausgold to purchase long-lead items, continue exploration at the KGP and acquire freehold land at the site. Some of that is already under option by AUC, with exploration drilling to focus on near-mine and regional targets. More from Ausgold: Katanning all set for feasibility and financing milestones Skin in the game Ausgold directors will subscribe for $150,000 on top of the $35m placement, subject to approval from shareholders. That's typically a positive sign for investors, with the people closest to the fire backing themselves and their company in to deliver. That includes $100,000 from non-exec director Paul Weedon and $50,000 from executive chairman John Dorward, who says Ausgold is navigating a journey directly to Australia's gold mid-tier. 'The recent on-time and on-budget successful completion of the Definitive Feasibility Study for the Katanning Gold Project was a major milestone on the road to Ausgold becoming Australia's next mid-tier gold producer,' Dorward said. 'This new capital stands us in good stead to progress works in relation to our next goal of rapidly accelerating the development of the KGP to a final investment decision and continuing to explore our extensive tenement holding. 'I am delighted with the support of many of our existing shareholders and welcome a few new high-calibre institutional investors to the Ausgold register.' Canadian insto Dundee Corporation subscribed for $2m in the SCP Resource Finance and Euroz Hartleys-led placement, which was co-managed by Canaccord Genuity. That will give the firm a 10.08% stake once the placement is finalised, assuming it obtains approval from Treasurer Jim Chalmers under the Foreign Acquisitions and Takeovers Act. This article was developed in collaboration with Ausgold, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Originally published as Ausgold snares $35 million in placement that sets course to Katanning gold FID
Yahoo
11-06-2025
- Business
- Yahoo
Fortuna Completes Strategic Investment in Awalé Resources Limited and Files Early Warning Report
VANCOUVER, British Columbia, June 11, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to announce that it has acquired 15,037,593 common shares (the 'Shares') of Awalé Resources Limited ('Awalé), a TSX Venture Exchange listed mineral exploration company which is currently advancing its 100 percent-owned properties at the Odienné Project in Côte d'Ivoire. 'Awalé's Odienné Project represents a compelling opportunity for Fortuna in Côte d'Ivoire,' said Paul Weedon, SVP Exploration of Fortuna. 'Our experienced in-country exploration team is well positioned to help advance discoveries through to production. Awalé has built a strong presence in this emerging district and, through their capable and active team, developed a solid geological understanding across the portfolio. We look forward to supporting exploration across Awalé's 100 percent-owned properties at the Odienné Project with the benefit of their insights.' Mr. Weedon concluded, 'This investment strengthens Fortuna's exploration pipeline in Côte d'Ivoire and is aligned with our long-term growth strategy.' The Shares were acquired pursuant to a non-brokered private placement transaction at a cost of US$0.399 per Share (CAD$0.55 per Share) for gross proceeds of US$6,000,000 (CAD$8,264,999). Prior to this acquisition, Fortuna owned no shares of Awalé, and following the acquisition, Fortuna owns approximately 15 percent of Awalé's issued shares. The Shares were acquired for investment purposes. Fortuna may acquire additional securities of Awalé or dispose of its existing securities of Awalé on the basis of Fortuna's assessment of market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities regulatory requirements. Fortuna's early warning report has been filed and is available for viewing on SEDAR+, and a copy of the report may also be obtained by emailing info@ or by contacting the Corporate Secretary at +1.604.484.4085. In connection with the investment, Fortuna has entered into an investor rights agreement (the 'Investor Rights Agreement') with Awalé. Under the terms of the Investor Rights Agreement, Fortuna has been granted, among other things, (i) pre-emptive rights to maintain its interest in Awalé through participation in future equity financings of the Company and (ii) top-up rights to purchase additional shares in order to maintain its interest in Awalé. Fortuna will have such investor rights for so long as it holds a 10% or greater interest in Awalé (calculated in accordance with the terms of the Investor Rights Agreement). About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the 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 ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | X | LinkedIn | YouTube 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, including, without limitation, the Company's business strategy, plans and outlook, statements regarding the possible future acquisition or disposition by the Company of securities, and statements regarding exploration plans in respect of the Odienné Project. 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, 2024. 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, expected trends in mineral prices and currency exchange rates; 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. PDF available: in to access your portfolio
