Fortuna Mining Corp. (NYSE:FSM) released exploration drilling results from its Diamba Sud Gold Project in Senegal on December 8. The company stated the results were positive.
Management reported that a Preliminary Economic Assessment indicates strong economic potential. It estimates an after-tax NPV5% of US$563 million and a 72% IRR at a gold price of US$2,750 per ounce.
Drill hole DSDD555 returned 6.8 grams per tonne gold over a true width of 35.5 meters. Management described this intercept as exceptionally wide and high-grade.
Another hole, DSDD574, showed 1.7 g/t over 29.6 meters and 2.0 g/t over 20.0 meters true width. The company noted these are broad, consistent intervals.
Management said infill drilling suggests higher grade results and extension drilling. These intervals suggest mineralization expansion, potentially growing the resource.
The company aims for a feasibility study and construction decision by the second quarter of 2026. Results are expected to be updated in first quarter 2026 resource estimates, boosting project value ahead of feasibility.
Fortuna Mining Corp. stock has gained more than 59.27% over the past six months. The company is listed as one of the best performing affordable stocks under $40.
Fortuna Mining Corp. is a Canadian mining company focused on extracting precious metals, primarily gold and silver. It operates mines in Latin America and West Africa, including Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru.