(Ecofin Agency) - Fortuna Silver Mines started mining gold at the Séguéla mine in Côte d’Ivoire in 2023, with exploitation forecast to last eight years minimum. Now, however, the mine's reserves could be increased through exploration, potentially extending Séguéla's lifespan.

Fortuna Silver Mines announced on March 11 the discovery of a new prospect at its Séguéla gold mine in Côte d’Ivoire. The conversion of this prospect into a potential gold deposit could enhance the expected gold production over Séguéla's lifespan.

Fortuna discovers new Kingfisher prospect at Séguéla Mine and provides exploration update at the Diamba Sud Gold Project https://t.co/j65bwjtm2P

— Fortuna Silver Mines | $FSM $FVI (@Fortuna_Silver) March 11, 2024

The new Kingfisher gold prospect has already undergone 2,040 meters of drilling, identifying various veins. Fortuna Silver intercepted gold grades ranging from 1.9 g/t to 19.2 g/t at depths between 41 and 147 meters. The Australian firm will conduct further exploration work in Q2 2024.

Séguéla produced its first gold in May 2023. It is Fortuna’s first gold mine in Côte d’Ivoire. The asset has an eight-year lifespan, averaging 133,000 ounces per year over the first six years. The mine delivered 78,617 ounces of gold last year.

Emiliano Tossou