Fortuna Silver Mines (TSX:FVI) Reports Drill Results at Séguéla Mine and Diamba Sud Gold Project

Figure 1: Kingfisher prospect location; approximately one kilometer east of the Sunbird deposit. Source: Fortuna Silver Mines

Fortuna Silver Mines (TSX:FVI) released an update on its exploration programs at the Séguéla Mine in Côte d’Ivoire and the recently acquired Diamba Sud Gold Project in Senegal.

At the Séguéla Mine in Côte d’Ivoire, a 2,040-meter, 20-hole program was completed at the newly discovered Kingfisher prospect, identifying three lodes along a 1.9-kilometer strike, all of which remain open along strike and at depth. Notable results include drill hole SGRC1762 intersecting 2.9 g/t Au over an estimated true width of 19.6 meters from 106 meters downhole, and drill hole SGRC1763 intersecting 2.9 g/t Au over an estimated true width of 16.1 meters from 136 meters downhole. The Kingfisher prospect is hosted in a set of quartz veins along a moderately sheared contact between a series of basalt-dolerite units, which also hosts the Boulder and Agouti deposits, one and three kilometers, respectively, to the north, with a steep easterly dip consistent with the majority of other deposits at Séguéla. Additional drilling at Kingfisher is scheduled in the second quarter of 2024 to further test its strike and depth potential.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented in a press release: “Emphasizing the exploration potential at Séguéla, the team has continued their impressive run-rate of discoveries with the new Kingfisher prospect. This follows the Barana, Badior and Kestrel discoveries made during 2022 and 2023.” Mr. Weedon continued, “In addition to the exploration success at Kingfisher, drilling for Koula underground mining potential has resulted in several high-grade intersections. This includes 68.0 g/t Au over an estimated true width of 2.1 meters in SGRD1783, as part of a larger interval of 22.5 g/t Au over an estimated true width of 9.8 meters, highlighting the opportunity for underground mining. With the initial campaign of confirmatory drilling wrapping up at Area A and Area D, exploration focus is progressing towards testing the satellite opportunities. Early success at the Moungoundi, Western Splay, and Kassasoko satellite prospects highlight the potential of Diamba Sud.” Mr. Weedon continued, “In addition to improving the confidence at Area A, Area D, and Karakara, drilling intersected several mineralized zones extending beyond the historic pit optimization shells. These extensions will be incorporated into a resource model to be prepared later in 2024.”

A 3,106-meter, 12-hole program was also completed at the Koula deposit in December 2023. As part of the support for potential underground mining, the program was designed to infill and further improve the understanding of the structural controls on the central and hanging wall high-grade lodes. Results such as 22.5 g/t Au over an estimated true width of 9.8 meters from 208 meters downhole, including 68.0 g/t Au over an estimated true width of 2.1 meters from 215 meters downhole in drillhole SGRD1783, highlight the potential of Koula. Drilling continues to expand Koula’s underground potential and the further delineation of the hanging wall lodes.

At the Diamba Sud Gold Project in Senegal, the initial 10,945-meter, three-drill rig drilling program, which started on October 8, 2023, was extended into the 2024 budget of $9.2 million, consisting of a 42,700 meter RC and diamond drilling campaign. The current program has seen the completion of 181 drill holes totaling 23,170 meters since December 2023. The objectives of the 2024 drilling program are to conduct selected confirmatory drilling to improve resource confidence at Area A, Area D, and Karakara, drill to test for extensions to the existing historic resource in support of project development and advancing further economic studies, advance prospective areas such as Moungoundi, Kassasoko, Western Splay, Area A North, and others, and improve understanding of key geological controls including controlling structures, favorable lithologies, alteration, and secondary enrichment zones.

Figure 2: Kingfisher prospect long section (looking west). Source: Fortuna Silver Mines

Early-stage drilling returned encouraging results from Moungoundi, located approximately two to four kilometers south of Karakara. Hosted in a shear zone traversing a sediment/granite contact, Moungoundi remains open at depth where additional follow up drilling is planned in the second quarter of 2024. Results include 2.1 g/t Au over an estimated true width of 20.3 meters from 31 meters in drill hole DSR551, and 5.4 g/t Au over an estimated true width of 6.8 meters from 88 meters in drill hole DSR558. Encouraging results were also received from first pass drilling at Kassasoko, with highlights including 1.0 g/t Au over an estimated true width of 18.75 meters from 29 meters in drill hole DSR613 and 1.5 g/t Au over an estimated true width of 11.25 meters in drill hole DSR604. Similar results were also returned from first pass drilling at Western Splay, including 2.1 g/t Au over an estimated true width of 13.5 meters from drill hole DSR584, and 7.4 g/t Au over an estimated true width of 7.5 meters from drill hole DSR598.

Figure 3: Koula deposit long-section showing select recent results (looking west). Source: Fortuna Silver Mines

Highlights from the results are as follows:

Séguéla Mine, Côte d’Ivoire – Kingfisher prospect

Koula deposit

Diamba Sud Gold Project, Senegal – Area A

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.