Fortuna Mining Updates Mineral Resources and Reserves Summary
Fortuna Mining Corp. Mineral Reserves and Resources Overview
Fortuna Mining Corp. has announced its updated estimates of Mineral Reserves and Resources for its operational sites across various regions. This update reflects significant progress in exploration and resource upgrading, illustrating the company's commitment to enhancing its gold and silver mining operations.
Key Highlights of Updated Estimates
As of the latest review, Fortuna Mining reported notable statistics regarding its Consolidated Inferred Mineral Resources. The company indicated a substantial year-over-year increase of 29 percent, translating to approximately 2.2 million gold equivalent ounces (GEOs). Meanwhile, the Consolidated Measured and Indicated Resources have also seen a notable increase of 36 percent, now estimated at 1.5 million GEOs. This growth is largely attributed to successful infill drilling and the discovery of new inferred resources.
Mineral Reserve Changes
Despite the positive trends in resources, the Consolidated Proven and Probable Mineral Reserves have decreased by 11 percent, now totaling approximately 2.7 million gold GEOs. This decline is primarily due to production-related depletion of around 526,000 GEOs while recent upgrades of certain resources to reserves contributed an increase of 204,000 GEOs.
Detailed Resource and Reserve Breakdown
The detailed breakdown of mineral resources and reserves showcases various mining properties operated by Fortuna, including key projects like Séguéla and Yaramoko. The development initiatives undertaken at these sites have enhanced the overall mineral inventory significantly.
Project Performance: Séguéla Mine
The Séguéla Mine continues to show resilience. As of the end of 2024, it has reported Proven and Probable Mineral Reserves of about 9.8 million tonnes, with 1.1 million ounces of gold. Notably, Inferred Resources marked an impressive increase of 121 percent, backed mainly by the Kingfisher deposit's addition.
Yaramoko Mine Success
The Yaramoko operation has also reported promising results, replenishing its Mineral Reserves with an addition of 0.2 million tonnes containing 64,000 ounces of gold through successful underground developments and further drilling in the Zone 55 and Bagassi South areas.
Lindero Mine and Arizaro Project Developments
At the Lindero Mine, despite significant production depletion, the operations have managed to maintain stable mineral reserves with minimal changes to both tonnes and grade. The Lindero Mine's reserves as of 2024 stand at 69.2 million tonnes averaging 1.2 million ounces of gold, complemented by solid resource figures as well.
The Arizaro Gold Project presents an exciting addition with Inferred Mineral Resources reaching 32.4 million tonnes at a grade of 0.37 g/t, marking a 34 percent increase in ounces year-over-year.
Caylloma Mine Resource Reporting
The Caylloma Mine in Peru has experienced a year-over-year increase of 7 percent in Mineral Reserve tonnes. This achievement reflects successful conversion of Inferred Resources into reserves, underscored by a proactive and effective exploration strategy. As of the end of 2024, Caylloma has proven and probable reserves amounting to 2.4 million tonnes with appreciable silver, gold, lead, and zinc presence.
Exploration and Future Directions
Looking ahead, Fortuna plans substantial exploration programs totaling over $21 million aimed at extending existing mines and exploring new opportunities. The company is focused on the enhancement of its operational and strategic positioning across all its mining projects.
Frequently Asked Questions
What are the main highlights from Fortuna Mining's recent report?
Key highlights include a 29% increase in Consolidated Inferred Mineral Resources to 2.2M GEOs and a 36% rise in Measured and Indicated Resources, exclusive of Mineral Reserves, totaling 1.5M GEOs.
How have the Mineral Reserves changed?
Consolidated Proven and Probable Mineral Reserves decreased by 11% to approximately 2.7M GEOs, primarily due to production depletion.
What is the status of the Séguéla Mine?
The Séguéla Mine has Proven and Probable Mineral Reserves of 9.8 million tonnes, containing 1.1 million ounces of gold, with Inferred Resources increasing significantly due to recent discoveries.
What future plans does Fortuna Mining have for exploration?
Fortuna plans an exploration budget of over $21 million, targeting resource upgrades and the discovery of new opportunities across its mining projects.
Who is responsible for the mineral resources and reserves estimates?
Eric Chapman is responsible for Mineral Resources while Raul Espinoza manages Mineral Reserves, both esteemed professionals in the field.
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