Lundin turns to space tech to find more gold in Ecuador

[Ben Graham]

Lundin Gold (TSX: LUG) has enlisted Australian space company Fleet Space Technologies to sharpen drill targeting and cut exploration risk at its Fruta del Norte mine in southeastern Ecuador as it pushes to extend the asset’s life amid strong gold prices.

The Canadian miner plans to spend $100 million this year on exploration at Fruta del Norte, Ecuador’s first large-scale underground mine, which began production in late 2019 with an initial 12-year mine life.

Lundin Gold expects annual output of 475,000 to 525,000 ounces from 2026 to 2028. In 2025, the operation produced nearly 500,000 ounces, while exports of gold concentrate and doré are projected to reach about $1.8 billion.

The orebody lies beneath more than 200 metres of post-mineralization volcano-sedimentary cover, making conventional surface exploration ineffective. The blind epithermal gold-silver system is structurally controlled by steep, second-order faults within a broader regional fault zone, complicating efforts to define new targets near the mine.

Lundin Gold to invest $100 million in 2026 Ecuador exploration

To better map these concealed structures, Lundin Gold deployed Fleet Space’s ExoSphere platform, which integrates high-resolution active seismic data with existing geological and assay datasets. The company said the approach improved its structural framework, refined its geological model and identified new high-priority drill targets.

Fleet Space and Lundin Gold designed a high-resolution active seismic survey across the project area to complement existing data. ExoSphere processed and standardized the information, integrating it into a layered subsurface model that brought previously obscured geological features into focus. The resulting interpretations enabled more precise drill targeting and improved prioritization of prospective zones.

“Fruta del Norte is a powerful example of how Agile Geoscience is redefining what’s possible in mineral exploration,” Fleet Space chief executive Flavia Tata Nardini said in a statement. She said integrating active seismic data into the platform allows explorers to illuminate complex mineral systems beneath significant cover and translate deeper structural understanding into actionable insights.

Seismic reach boost

Fleet Space strengthened its seismic capability in May 2025 with the acquisition of HiSeis, a provider of seismic solutions to the mining industry. Active seismic technology delivers metre-scale subsurface imaging, helping companies visualize complex mineral systems and optimize drilling strategies.

Fruta del Norte sits in the remote Condor Mountain range, where dense jungle terrain creates logistical and access challenges. Fleet Space said its data-driven approach allows companies to operate with greater precision and speed in constrained environments while reducing risk and environmental impact.

Ecuador holds significant mineral reserves but has lagged Andean neighbours Peru and Chile in large-scale mining development, as projects often face community opposition, legal challenges and shifting regulations.