Fortuna Mining (NYSE: FSM, TSX: FVI) has announced updated mineral reserve and resource estimates for its Séguéla Mine in Ivory Coast. Revealing the discovery of over 500,000 gold ounces in new inferred resources. The mine, which began production in May 2023, achieved normal production rates by the third quarter. These discoveries include significant contributions from four newly identified mineral deposits, such as the Kingfisher deposit. Which holds 294,000 ounces, and Badior, with 61,000 ounces. This substantial growth underscores the company’s commitment to expanding its resource base through ongoing exploration efforts.
A Growing Resource Base with Promising Exploration Targets
The latest updates place Séguéla‘s proven and probable reserves at 1 million ounces of gold, with measured and indicated resources amounting to 396,000 ounces. CEO Jorge Ganoza attributed these gains to the success of the 2024 exploration programmes. Which not only replenished production-related depletions but also added new inferred resources. Among these, the Kingfisher deposit, containing 4 million tonnes at an average grade of 2.29 g/t gold, stands out for its potential for further expansion. The Badior deposit also shows promise, with a grade of 4.05 g/t gold. Senior Vice President of Exploration, Paul Weedon, highlighted a pipeline of exploration targets within Séguéla’s expansive 62,000-hectare property, ensuring long-term growth potential.
Séguéla Mine’s Future Plans and Production Expectations
Looking ahead, Fortuna plans to focus on further drilling and resource definition at Séguéla to sustain. Eventually, expanding its gold reserves. The mine is projected to produce between 126,000 and 138,000 ounces of gold in 2024, with operations currently targeting the upper range of these estimates. Additionally, Fortuna is committed to ensuring consistent resource growth by identifying new deposits and exploring unexplored areas. With these robust strategies, the company aims to replace annual production depletion while exploring the untapped potential of the region.
