Exploration

Diamba Sud – Regional Exploration (pipeline)

Acquired in September 2023, the Diamba Sud Gold Project is located in the highly prospective Kenieba-Koudougou Inlier (KKI) which hosts several world class gold deposits in eastern Senegal and western Mali. Associated with north north-east trending fertile splays from the regionally significant Senegal Mali Shear Zone, the Diamba Sud Gold Project hosts three deposits with historic JORC compliant resources of 625,000 ounces of Indicated and a further 235,000 ounces of Inferred. An extensive work program is underway to support a Preliminary Economic Assessment by the end of 2024.

Historical Resources

This estimate was prepared in accordance with the JORC Code; refer to the Scoping Study Report entitled “Diamba Sud Project, Senegal, prepared by Chesser Resources Limited (“Chesser”) and published on March 15, 2022 and subsequently amended on October 27, 2022, and December 12, 2022.

Disclosure of the historical estimate on this website is derived from the Diamba Sud Scoping Study completed in March 2022 by Chesser Resourced Ltd and updated in October and December 2022 and has been judged to be relevant and therefore suitable for disclosure, however, it should not be relied upon. Mineral Resources were reported within a $1,800/oz gold price pit shell and at a cut-off grade of 0.5 g/t Au. In the Company’s view, there are no material differences between the confidence categories assigned under the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Counsel of Australia, as amended (the “JORC Code”) and the equivalent confidence categories in the Canadian Institute of Mining 2014 Definition Standards for Mineral Resources and Reserves. NI 43-101, defined below, reporting requirements do not allow for “Inferred Mineral Resources” to be added to other Mineral Resource categories and must be reported separately. The Inferred Resource category estimates above under the JORC Code were reported separately in each instance. There are numerous uncertainties inherent in the historical estimate, which is subject to all of the assumptions, parameters, and methods used to prepare such historical estimates. The historical estimate has been prepared in accordance with the requirements of the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia and does not comply with or fulfill the CIM Definition Standards on Mineral Resources and Mineral Reserves, as amended, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM Definition Standards”) as required by National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”), and may vary significantly from actual amounts, grade, and quality of minerals recovered from the property. There are no other more recent estimates. Fortuna has completed 200 diamond drillholes totaling 32,934 meters and 232 reverse circulation drillholes totaling 29,613.4 meters as part of an ongoing program to confirm the historical estimate with no material discrepancies identified to date. A detailed study of the drill results, technical data and economic parameters relating to the property, together with the preparation of an updated development plan, is required to be conducted in order to update these historical estimates, as a current Mineral Resource or Mineral Reserve. A qualified person has not done sufficient work to classify the historical estimates as current Mineral Resources or current Mineral Reserves and Fortuna is not treating the historical estimate as current Mineral Resources. Investors are cautioned not to place undue reliance on the historical estimates on this website.

Tongon Nth – Regional Exploration (emerging)

Located in northern Côte d’Ivoire, Fortuna entered into an option agreement with Turaco Gold to explore the 1,180 kilometers²  Tongon Nth prospect. Covering several highly prospective shear zones within the Senoufo greenstone belt that also hosts the nearby Barrick Gold Tongon Mine, and Lilium Mines’ Wahgnion Mine complex 25 kilometers north in Burkina Faso. Historical exploration has defined several large-scale gold anomalies in prospective geological which are yet to be tested.

Séguéla Regional – Regional Exploration (pipeline)

The Séguéla Gold Mine supports an active and extensive exploration program which has delivered several discoveries since 2019.  With a focus on generating new anomalies as well as expanding emerging underground opportunities associated with the high-grade open pits Koula, Sunbird and Ancien, much of the 620 kilometers² property remains untested.

Cecilia – Regional Exploration (emerging)

Located in northern Sonora, exploration activities will initially focus on mapping and regional reconnaissance before deep drill testing to follow up on shallow historic drilling which intersected widespread gold anomalism associated with silicified breccias and veins in the upper part of a large scale dome complex.  

San Jose: Yessi Vein (pipeline)

Discovered in 2023 and located approximately 200 meters southeast of the Victoria Mineralized Zone, exploration on the Yessi Vein has delineated mineralization over an area of at least 200 meters by 300 meters and where it remains open with an active drill program underway.

Lindero – Regional Exploration (pipeline)

Located 3 kilometers from Lindero, the Arizaro project is a similar gold-porphyry system and represents upside opportunity if a satellite mine can be developed on the property that could supplement the Lindero operation. Arizaro remains open to the south-west and at depth, with future exploration to be phased with the long-term mine plans for Lindero.

Caylloma – Regional exploration (emerging)

With a mining history of over 500 years, the Caylloma district is still considered to be a fertile exploration district.  Comprising numerous low to intermediate sulfidation epithermal vein systems, Fortuna maintains an active exploration program to test historic workings at depth as well as identifying new, untested targets across the district.

Caylloma – Animas extensions (pipeline)

The Animas system extends for at least 4 kilometers along strike and hosts the active mining for Caylloma. Exploration has continued to replace reserves through targeted drilling at depth and along strike where the Animas vein remains open.