Fortuna intersects 14.2 g/t Au over 16.8 meters at the Kingfisher prospect, Séguéla Mine, Côte d’Ivoire

VANCOUVER, British Columbia, Sept. 10, 2024 (GLOBE NEWSWIRE) — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to provide an update on its exploration programs at the Séguéla Mine in Côte d’Ivoire.

Séguéla Mine exploration highlights

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Kingfisher is rapidly shaping up as a substantial prospect for Séguéla, with a drill defined strike now over 2 kilometers in length and it remains open at depth. Recent drilling highlights include 14.2 g/t Au over an estimated true width of 16.8 meters from 100 meters from drill hole SGRC1865 with mineralization remaining open at depth.” Mr. Weedon continued, “In addition to exploration success at Kingfisher, infill and depth extension drilling at the Sunbird deposit continues to support underground mining potential, with results including 8.8 g/t Au over an estimated true width of 6.3 meters from 301 meters from drill hole SGDD140.”

Kingfisher prospect drilling highlights include:

SGRC1865: 14.2 g/t Au
31.0 g/t Au
29.6 g/t Au
64.6 g/t Au
over an estimated true width of 16.8 meters from 100 meters, including
over an estimated true width of 1.4 meters from 105 meters, and
over an estimated true width of 1.4 meters from 115 meters, and
over an estimated true width of 1.4 meters from 120 meters
SGRC1866: 3.0 g/t Au over an estimated true width of 18.2 meters from 21 meters
SGRC1869: 2.7 g/t Au over an estimated true width of 30.1 meters from 68 meters
SGRD1874: 5.5 g/t Au over an estimated true width of 9.1 meters from 89 meters
SGRD1879: 3.7 g/t Au over an estimated true width of 15.4 meters from 129 meters

A further 58 holes for 6,966 meters was completed at the Kingfisher prospect (refer to Figure 1), defining continuous mineralization over more than 2 kilometers of strike and merging the previous three separate lodes into a single zone of continuous mineralization (refer to Figure 2). Drilling is continuing, testing the depth potential along this zone with additional exploratory drilling planned to the south where only minimal surface geochemistry is available. Kingfisher was a “blind” discovery with 1 to 2 meters of transported cover giving rise to very muted or no geochemical signature. Kingfisher remains open at depth for most of the drilled 2-kilometer strike, with the deepest drilling only testing to approximately 200 meters below surface (refer to Figure 3).

Additional drilling at Kingfisher has further refined the understanding of the mineralization controls, with a clear association identified along 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, similar to the Boulder and Agouti deposits, 1 to 3 kilometers further north in the same sequence and in similar structural positions. This structure has been identified from regional aeromagnetic surveys as extending the 32-kilometer length of the Seguela permit, highlighting the regional prospectivity of the project.

Drilling is scheduled with two drilling rigs to continue throughout the remainder of 2024 with the aim of expanding the strike and depth potential of Kingfisher and supporting a maiden Inferred resource early in 2025.

Figure 1: Location of the Kingfisher prospect

Figure 1: Location of the Kingfisher prospect

Figure 2: Kingfisher prospect long-section – looking west

Figure 2: Kingfisher prospect long-section - looking west

Figure 3: Kingfisher prospect cross section line 892550 – looking north

Figure 3: Kingfisher prospect cross section line 892550 - looking north

Sunbird Deposit drilling highlights include:

SGDD139: 8.5 g/t Au over an estimated true width of 5.6 meters from 375 meters
SGDD140: 4.2 g/t Au
8.8 g/t Au
4.6 g/t Au
over an estimated true width of 7.7 meters from 268 meters, and
over an estimated true width of 6.3 meters from 301 meters, and
over an estimated true width of 8.4 meters from 324 meters
SGRD2082: 8.0 g/t Au over an estimated true width of 4.9 meters from 264 meters
SGRD2083: 6.6 g/t Au over an estimated true width of 6.3 meters from 359 meters

At Sunbird, results from the first 5 holes, totaling 2,010 meters of a planned 12,000-meter drilling program have been received, including 8.8 g/t Au over an estimated true width of 6.3 meters from 301 meters in drill hole SGDD140 (refer to Figure 4). 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 600 meters below surface, or more than 800 meters down plunge from the margin of the planned open pit.

This work will continue for the remainder of 2024, supported by preliminary underground mining studies.

Figure 4: Sunbird long section – looking west

Figure 4: Sunbird 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 Gold 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% representative sample for submission to the analytical laboratory. The residual 87.5% samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company-controlled core yard.

All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.

All RC and DD samples were transported to ALS’s preparation laboratory in Yamoussoukro, Cote 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 of Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the 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 website.

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.

Investor Relations:
Carlos Baca | [email protected] | fortunamining.com | X | LinkedIn | YouTube

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the exploration potential at the Kingfisher prospect, including the proposed plan to continue with exploratory drilling to the south of the prospect; and to continue drilling with two rigs throughout the remainder of 2024 with the intention of supporting a maiden inferred mineral resource in early 2025; statements about the exploration potential at the Sunbird deposit which may support the potential for underground mining at the Sunbird deposit; the Company’s objectives for the current drilling program at the Séguéla Mine and 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, labour, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the possibility that the appeal in respect of the ruling in favor of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization at the San Jose Mine (the “EIA”) will be successful; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those 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 the appeal filed in the Mexican Collegiate Court challenging the reinstatement of the EIA will be unsuccessful; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any 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

HoleID Easting (WGS84_29N) Northing (WGS84_29N) Elev (m) EOH Depth (m) UTM Azimuth Dip Depth From 
(m)
Depth To (m) Drilled Width (m) ETW (m) Au (ppm) Hole Type Area
SGRC1858 743649 891799 390 90 90 -60     0 0 NSI RC Kingfisher
SGRC1859 743613 891797 412 116 90 -60     0 0 NSI RC Kingfisher
SGRC1860 743673 892350 371 66 90 -60 40 41 1 0.7 5.6 RC Kingfisher
              47 48 1 0.7 11.6 RC Kingfisher
SGRC1861 743641 892349 373 136 90 -60 85 90 5 3.5 4.7 RC Kingfisher
            Incl. 85 86 1 0.7 15.3 RC Kingfisher
              95 130 35 24.5 1.9 RC Kingfisher
SGRC1862 743639 892300 401 150 90 -60 77 87 10 7 0.6 RC Kingfisher
              92 131 39 27.3 1.7 RC Kingfisher
            Incl. 119 120 1 0.7 12.1 RC Kingfisher
SGRC1863 743669 892302 396 72 90 -60 67 72 5 3.5 1.2 RC Kingfisher
SGRC1864 743671 892247 388 96 90 -60 19 27 8 5.6 0.7 RC Kingfisher
              47 53 6 4.2 4.7 RC Kingfisher
            Incl. 48 49 1 0.7 14.9 RC Kingfisher
              57 77 20 14 4.3 RC Kingfisher
            Incl. 70 72 2 1.4 27.5 RC Kingfisher
              83 95 12 8.4 3.8 RC Kingfisher
            Incl. 85 87 2 1.4 15.2 RC Kingfisher
SGRC1865 743639 892253 394 130 90 -60 63 70 7 4.9 0.8 RC Kingfisher
              75 86 11 7.7 0.7 RC Kingfisher
              100 124 24 16.8 14.2 RC Kingfisher
            Incl. 101 102 1 0.7 18.7 RC Kingfisher
            And 105 107 2 1.4 31.1 RC Kingfisher
            And 115 117 2 1.4 29.6 RC Kingfisher
            And 118 119 1 0.7 21.4 RC Kingfisher
            And 120 122 2 1.4 64.6 RC Kingfisher
SGRC1866 743688 892151 399 52 90 -60 21 47 26 18.2 3.0 RC Kingfisher
            Incl. 39 40 1 0.7 11.6 RC Kingfisher
SGRC1867 743654 892151 400 114 90 -60 35 39 4 2.8 12.6 RC Kingfisher
            incl. 37 38 1 0.7 42.9 RC Kingfisher
              53 60 7 4.9 1.1 RC Kingfisher
              65 72 7 4.9 3.2 RC Kingfisher
              77 79 2 1.4 10.6 RC Kingfisher
            incl. 77 78 1 0.7 20.6 RC Kingfisher
SGRC1869 743626 892150 408 157 90 -60 68 111 43 30.1 2.7 RC Kingfisher
            incl. 69 70 1 0.7 14.1 RC Kingfisher
            and 75 76 1 0.7 14.2 RC Kingfisher
SGRC1870 743671 892051 411 67 90 -60     0 0 NSI RC Kingfisher
SGRC1872 743643 892050 414 114 90 -60 45 64 19 13.3 0.6 RC Kingfisher
              73 79 6 4.2 1.2 RC Kingfisher
SGRD1873 743606 892349 407 190 90 -60 113 122 9 6.3 1.9 RC Kingfisher
              126 139 13 9.1 1.0 RC Kingfisher
              143 147 4 2.8 1.5 RC Kingfisher
SGRD1874 743637 892200 398 190 90 -60 53 78 25 17.5 2.1 RC Kingfisher
            incl. 62 63 1 0.7 15.3 RC Kingfisher
              89 102 13 9.1 5.5 RC Kingfisher
            incl. 93 94 1 0.7 16.4 RC Kingfisher
            and 98 99 1 0.7 12.1 RC Kingfisher
              106 117 11 7.7 4.1 RC Kingfisher
            incl. 113 114 1 0.7 31.1 RC Kingfisher
SGRD1875 743607 892303 408 200 90 -60 115 125 10 7 2.0 RC Kingfisher
            incl. 119 120 1 0.7 10.2 RC Kingfisher
SGRD1876 743609 892050 420 180 90 -60     0 0 NSI RC Kingfisher
SGRD1877 743609 892252 396 180.4 90 -60 101 123 22 15.4 1.4 RC Kingfisher
              130 136 6 4.2 3.6 RC Kingfisher
              140 142 2 1.4 3.1 RC Kingfisher
SGRD1878 743588 892091 420 210 90 -60 143 147 4 2.8 1.7 RC Kingfisher
SGRD1879 743584 892150 399 230 90 -60 111 118 7 4.9 3.9 RC Kingfisher
            incl. 111 112 1 0.7 11.6 RC Kingfisher
              129 151 22 15.4 3.7 RC Kingfisher
            incl. 131 134 3 2.1 17.6 RC Kingfisher
SGRC2029 743680 891950 411 50 90 -60 0 5 5 3.5 1.3 RC Kingfisher
SGRC2030 743650 891951 414 110 90 -60     0 0 NSI RC Kingfisher
SGRD2043 743582 891749 400 190 90 -60     0 0 NSI RC Kingfisher
SGRD2044 743533 891492 388 190.4 90 -60     0 0 NSI RC Kingfisher
SGRC2045 743622 891451 384 60 90 -60         2.0 RC Kingfisher
SGRC2046 743595 891399 387 100 90 -60         NSI RC Kingfisher
SGRD2048 743575 891341 377 132 90 -60 70 78 8 5.6 1.1 RC Kingfisher
              85 93 8 5.6 0.7 RC Kingfisher
SGRC2049 743590 891149 360 54 90 -60     0 0 NSI RC Kingfisher
SGRC2050 743560 891150 363 121 90 -60     0 0 NSI RC Kingfisher
SGRD2051 743615 891950 425 180 90 -60 69 90 21 14.7 0.9 RC Kingfisher
SGRC2052 743591 891550 411 105 90 -60     0 0 NSI RC Kingfisher
SGRD2053 743565 891550 394 171 90 -60     0 0 NSI RCD Kingfisher
SGRC2054 743591 891273 351 100 90 -60 72 76 4 2.8 3.9 RC Kingfisher
            incl. 74 75 1 0.7 14.5 RC Kingfisher
SGRD2055 743553 891249 392 165.5 90 -60     0 0 NSI RCD Kingfisher
SGRC2057 743585 891599 408 120 90 -60     0 0 NSI RC Kingfisher
SGRC2058 743646 891200 386 50 90 -60     0 0 NSI RC Kingfisher
SGRC2059 743613 891652 386 99 90 -60 35 42 7 4.9 1.3 RC Kingfisher
              90 95 5 3.5 1.5 RC Kingfisher
SGRC2060 743617 891200 371 110 90 -60     0 0 NSI RC Kingfisher
SGRC2061 743585 891649 386 144 90 -60     0 0 NSI RC Kingfisher
SGRC2062 743618 891750 389 106 90 -60     0 0 NSI RC Kingfisher
SGRC2063 743590 891201 389 61 90 -60     0 0 NSI RC Kingfisher
SGRC2064 743627 891848 408 102 90 -60 43 52 9 6.3 0.6 RC Kingfisher
SGRD2065 743595 891849 420 168.4 90 -60     0 0 NSI RCD Kingfisher
SGRD2066 743503 891340 400 240.4 90 -60     0 0 NSI RCD Kingfisher
SGRD2067 743526 891249 385 220 90 -69 127 136 9 6.3 0.7 RCD Kingfisher
SGRD2068 743576 891800 404 203.3 90 -60     0 0 NSI RCD Kingfisher
SGRC2069 743646 891749 402 50 90 -60 16 24 8 5.6 0.8 RC Kingfisher
SGRC2070 743658 891848 409 57 90 -60     0 0 NSI RC Kingfisher
SGRC2071 743641 891651 399 54 90 -60     0 0 NSI RC Kingfisher
SGRC2072 743626 891550 300 81 90 -60 44 49 5 3.5 2.8 RC Kingfisher
            incl. 48 49 1 0.7 12.9 RC Kingfisher
SGRC2073 743594 891450 387 100 90 -60     0 0 NSI RC Kingfisher
SGRC2074 743623 891400 388 73 90 -60 67 72 5 3.5 2.8 RC Kingfisher
SGRD2076 743538 891550 399 201.2 90 -60 124 132 8 5.6 1.5 RCD Kingfisher
SGRC2100 743648 891154 382 50 90 -60     0 0 NSI RC Kingfisher
SGRC2101 743619 891150 383 91 90 -60     0 0 NSI RC Kingfisher
SGRC2102 743615 891252 387 40 90 -60     0 0 NSI RC Kingfisher
SGRD2105 743532 891447 385 168.1 90 -60 105 117 12 8.4 0.8 RCD Kingfisher
SGRD2106 743564 891445 383 147.3 90 -60 90 98 8 5.6 0.7 RCD Kingfisher
SGDD139 742496 892459 528 480.4 90 -60 375 383 8 5.6 8.5 DD Sunbird
            incl. 376 378 2 1.4 23.0 DD Sunbird
              395 401 6 4.2 3.7 DD Sunbird
            incl. 398 399 1 0.7 20.7 DD Sunbird
SGDD140 742538 892460 533 360 90 -60 268 279 11 7.7 4.2 DD Sunbird
            incl. 270 271 1 0.7 24.8 DD Sunbird
              283 289 6 4.2 0.9 DD Sunbird
              301 310 9 6.3 8.8 DD Sunbird
            incl. 305 307 2 1.4 36.8 DD Sunbird
              324 336 12 8.4 4.6 DD Sunbird
            incl. 326 328 2 1.4 19.1 DD Sunbird
SGRD2082 742549 892435 543 310.2 90 -60 230 231 1 0.7 12.5 RCD Sunbird
              264 271 7 4.9 8.0 RCD Sunbird
            incl. 264 265 1 0.7 40.1 RCD Sunbird
SGRD2083 742519 892409 541 380.1 90 -60 305 307 2 1.4 3.3 RCD Sunbird
              338 341 3 2.1 6.0 RCD Sunbird
            incl. 338 339 1 0.7 16.2 RCD Sunbird
              359 368 9 6.3 6.6 RCD Sunbird
            incl. 360 362 2 1.4 21.4 RCD Sunbird
SGRD2085 742489 892409 535 480 90 -60     0 0 NSI RCD Sunbird

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:
https://www.globenewswire.com/NewsRoom/AttachmentNg/31c2e992-51ac-4f0a-84b7-ec0231c86e52
https://www.globenewswire.com/NewsRoom/AttachmentNg/92eea30f-6032-4b2d-8c6b-022dbf1cb8a2
https://www.globenewswire.com/NewsRoom/AttachmentNg/b79fb788-1bf1-47da-bc90-6d60c0f48c32
https://www.globenewswire.com/NewsRoom/AttachmentNg/b177675e-4488-4891-acda-adffdaf4a35f


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