Fortuna boosts underground potential in Côte d’Ivoire

[Ben Graham]

Exploration drilling at Fortuna Mining’s (TSX: FVI; NYSE: FSM) Séguéla open-pit mine in Côte d’Ivoire improves the odds of an underground operation at the Sunbird deposit, the company said.

Hole SGRD2434 cut 16 metres grading 7.3 grams gold per tonne from 688 metres depth, while hole SGRD2444 intersected 11.9 metres of 8.3 grams gold from 448 metres downhole, Fortuna said Thursday in a statement. Other drill results highlight the strengthening of a second high-grade shoot extending at least 900 metres down plunge from the pit base.

Fortuna is spending an estimated C$13.5 million this year exploring at Séguéla – the largest of its four operating mines – to expand the deposit. Mineralization on the property is characterized by high-grade, coarse gold, quartz vein hosted systems that support  robust economics, according to the company.

The latest drill results “reinforce the underground potential at Sunbird, building on previous updates that highlighted the emergence of the second high-grade shoot and the extension of mineralization at depth supporting further resource growth and potential mine life extension,” National Bank Financial mining analyst Mohamed Sidibé said in a note.

Infill drilling

Another 40 drill holes, covering 15,088 meters, have been completed at Sunbird as part of an underground resource confidence infill and extension program, Fortuna said. Five rigs are turning to expand the mineralized envelope and test its full extent. Mineralization remains open at depth and along strike, according to the company.

Other highlights released Thursday include hole SGRD2461, which cut an estimated true width of 11.9 meters at 6 grams gold from 669 meters depth, and hole SGRD2471, which intersected 9.8 metres grading 6 grams gold from 378 metres.

Séguéla poured its first gold in May 2023. It produced 137,781 oz. of gold last year, ahead of the company’s 133,000 oz. average annual forecast for the first six years. Output is forecast to climb to as many as 147,000 oz. this year and up to 180,000 oz. in 2026, company data show.

Road network

Located about 500 km northwest of Abidjan, Côte d’Ivoire’s biggest city, the mine is accessible via major highways to the regional city of Séguéla, and via 40 km of unsealed roads.

It held 9.75 million proven and probable tonnes grading 3.38 grams gold per tonne for contained metal of 1.06 million oz., according to a December 2024 resource. On that basis, Séguéla has a mine life of five years, Fortuna said.

Sunbird is one of six deposits on the property – along with Antenna, Koula, Agouti, Boulder and Ancien – to be mined via open-pit methods. Fortuna’s 620-sq.-km land package includes more than 30 targets.

Fortuna shares were little changed at C$11.55 Friday morning in Toronto, giving the company a market value of about C$3.5 billion. The stock has climbed 75% this year along with rising gold prices.