Fortuna Mining (NYSE: FSM; TSX: FVI) has boosted the resource for its Diamba Sud gold project in Senegal ahead of a preliminary economic assessment (PEA) later this year.
The project now hosts 14.2 million indicated tonnes grading 1.59 grams gold per tonne for 724,000 oz. contained metal, a 53% increase on the previous estimate in December, the company said Tuesday. The site has 6.2 million inferred tonnes at 1.44 grams for 285,000 oz., a 93% jump, according to the release.
Shares of the Canadian-based gold miner rose 8.5% to $9.57 apiece by Tuesday afternoon for a market capitalization of $2.94 billion.
This year, Fortuna sold its non-core San Jose mine in Mexico and exited Burkina Faso because of the country’s challenging business climate. The two mines accounted for about 134,000 oz. in the company’s total 369,637 oz. gold output last year. Vancouver-based Fortuna operates in Argentina, Peru and Côte d’Ivoire, where its largest asset — the Séguéla min — entered production two years ago. The company also produced 3.72 million oz. silver in 2024.
Seven deposits
The new resource covers seven deposits — Area A, Area D, Karakara, Western Splay, Kassassoko, Southern Arc and Moungoundi — based on drilling data from a total of 1,178 diamond and reverse circulation holes completed since 2019.
The update incorporates over 31,000 metres of drilling (243 holes) completed on the property for the one-year period until July. It includes the first estimates for the Southern Arc and Moungoundi deposits, containing 194,000 oz. and 31,000 oz., respectively.
Fortuna said it is planning further drilling for this year’s fourth quarter as it completes a PEA in the same period. It acquired Diamba Sud in 2023 to boost its presence in the region.
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