Fortuna intersects 7.2 g/t Au over 31.5 meters at Kingfisher, Séguéla Mine, Côte d'Ivoire
Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, 'Exploration drilling at Kingfisher has moved to infilling and improving the resource confidence along the 1-kilometer strike length of the current resource pit, with several notable intersections including 7.2 g/t Au over an estimated true width of 31.5 meters in drill hole SGRC2278.' Mr. Weedon continued, 'At the Sunbird deposit, deep exploration drilling testing the southern extent has continued to return excellent results, including 4.3 g/t Au over a true width of 23.1 meters from 733 meters in drill hole SGRD2215, representing the deepest intercept to date, with mineralization remaining open at depth and down plunge.'
Kingfisher deposit
Once the infill program and near exploration are successfully completed, we expect to migrate the Kingfisher resources into the Séguéla Mine Mineral Reserves in 2025.
Drilling highlights include:
An additional 100 drill holes, totaling 10,978 meters of a planned 28,000-meter drilling program, have been completed at the Kingfisher deposit (see Figure 1) as part of the resource confidence infill program (see Figure 2). Drilling remains ongoing across the current pit-constrained Inferred Resource and will also extend to test the immediate margins, both at depth and along strike, where late 2024 drilling identified several promising intervals intersected after the initial resource estimate was completed ( refer to Fortuna's news release dated December 16, 2024).
The recent drilling has continued to highlight the widths and grade tenor intersected in the first drilling phase, supporting and refining the geological interpretation. Kingfisher remains open at depth for most of the drilled 2-kilometer strike length, with the deepest drilling testing to only approximately 250 meters below surface (refer to Figure 2).
Figure 1: Séguéla Mine deposit locations
Figure 2: Kingfisher deposit long-section - looking west
Sunbird deposit
Drilling has now extended mineralization approximately 700 meters to the south beyond the limit of the current underground Inferred Resource and some 600 meters below surface.
Drilling highlights include:
Results from a further 10 holes, totaling 5,120 meters of a planned 12,000-meter drilling program have been received, including an interval of 4.3 g/t Au over a true width of 23.1 meters from 733 meters in drill hole SGRD2215, which is the deepest intersection drilled at Séguéla (refer to Figure 3).
The last phase of the current program will step out above and below the current intersection to further refine the geometry and controls on the interpreted mineralized shoot during the second quarter of 2025.
Figure 3: Sunbird long section - looking west
Refer to Appendix 1 for full details of the drill holes and assay results for this drill program at the Séguéla Gold Mine.
Quality Assurance & Quality Control (QA - QC)
All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company's personnel.
All reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company-controlled core yard.
All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.
All RC and DD samples were transported to ALS's preparation laboratory in Yamoussoukro, Côte d'Ivoire, before also being transported via commercial courier to ALS's facility in Ouagadougou, Burkina Faso. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.
Qualified Person
Paul Weedon, Senior Vice President, Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with four operating mines and exploration activities in Argentina, Burkina Faso, Côte d'Ivoire, Mexico and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Forward-looking Statements
This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'Forward-looking Statements'). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about further extension potential at the Kingfisher and Sunbird deposits; statements that the Sunbird deposit continues to support underground mining potential; the Company's expectations regarding drilling in the second quarter of 2025 to step out and above of the current interception to refine the geology and controls on the intercepted mineralized shoot at the Sunbird deposit; mineral reserve and mineral resource estimates; expectations regarding additional drilling and exploration programs planned; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'containing', 'remaining', 'to be', or statements that events, 'could' or 'should' occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for gold, silver, and other metals; the timing and success of the Company's proposed exploration programs; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the financial year ended December 31, 2023. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the results from the exploration programs conducted at the Company's mineral properties including the Séguéla Mine; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's information derived from its exploration programs at the Company's mineral properties; current mineral resource and reserve estimates; the presence and continuity of mineralization at the Company's properties; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
Appendix 1
Séguéla Mine drill program details of the drill holes and assay results for the Kingfisher and Sunbird deposits
Kingfisher deposit
HoleID
Easting
(WGS84_29N)
Northing
(WGS84_29N)
Elevation
(m)
EOH1,2
Depth
(m)
UTM
Azimuth
Dip
Depth2,3
From
(m)
Depth2
To
(m)
Drilled2
Width
(m)
ETW4
(m)
Au
(ppm)
Hole
Type5
Area
SGRD2131 743746 892908 428 199.6 90 -60 159 169 10 8.5 0.8 RCD Kingfisher
178 190 12 10.2 3.9 RCD Kingfisher
incl 184 185 1 0.9 21.2 RCD Kingfisher
SGRD2135 743631 892500 414 220 90 -60 NSI RCD Kingfisher
SGRD2137 743719 892906 429 260.2 90 -60 204 213 9 7.7 1.0 RCD Kingfisher
SGRD2138 743580 892500 426 290 90 -60 192 197 5 4.3 1.6 RCD Kingfisher
SGRD2139 743584 892546 430 105 90 -60 NSI RCD Kingfisher
SGRD2146 743584 892545 430 291.3 90 -60 218 230 12 10.2 1.1 RCD Kingfisher
SGRC2147 743604 892802 429 60.0 90 -60 Abandon RC Kingfisher
SGRD2148 743772 893004 413 228 90 -60 161 179 18 15.3 0.9 RCD Kingfisher
SGRD2149 743570 892395 422 295 90 -60 187 195 8 6.8 4.1 RCD Kingfisher
incl 190 191 1 0.9 25.6 RCD Kingfisher
200 204 4 3.4 3.5 RCD Kingfisher
incl 201 202 1 0.9 11.4 RCD Kingfisher
SGRD2150 743604 892802 429 370.4 90 -60 266 297 31 26.4 2.4 RCD Kingfisher
incl 267 268 1 0.9 16.1 RCD Kingfisher
SGRD2151 743526 892592 445 330 90 -60 NSI RCD Kingfisher
SGRD2152 743836 893102 414 160.3 90 -60 121 127 6 5.1 2.3 RCD Kingfisher
SGRD2153 743718 892955 429 291.3 90 -60 223 234 11 9.4 10.6 RCD Kingfisher
incl 223 224 1 0.9 65.9 RCD Kingfisher
and 227 228 1 0.9 44.8 RCD Kingfisher
SGRD2154 743456 892592 463 399 90 -60 384 388 4 3.4 2.6 RCD Kingfisher
SGRD2155 743808 893102 413 201.3 90 -60 135 138 3 2.6 1.8 RCD Kingfisher
164 168 4 3.4 1.3 RCD Kingfisher
SGRD2156 743617 892000 439 168 90 -60 69 81 12 10.2 0.5 RCD Kingfisher
SGRD2157 743828 893200 427 150 90 -60 NSI RCD Kingfisher
SGRC2252 743868 892982 375 61 90 -60 22 33 11 9.4 1.7 RC Kingfisher
SGRC2253 743889 892981 389 30 90 -60 NSI RC Kingfisher
SGRC2254 743894 893031 393 36 90 -60 NSI RC Kingfisher
SGRC2255 743850 892732 366 50 90 -60 NSI RC Kingfisher
SGRC2256 743701 892480 382 66 90 -60 37 39 2 1.7 4.6 RC Kingfisher
SGRC2257 743802 892731 388 100 90 -60 12 25 13 11.1 1.7 RC Kingfisher
36 55 19 16.2 0.7 RC Kingfisher
SGRC2258 743888 892936 373 30 90 -60 NSI RC Kingfisher
SGRC2259 743858 892936 378 60 90 -60 35 44 9 7.7 2.7 RC Kingfisher
SGRC2260 743827 892733 368 61 90 -60 NSI RC Kingfisher
SGRC2261 734802 892887 398 90 90 -60 NSI RC Kingfisher
SGRC2262 743827 892888 394 86 90 -60 67 68 1 0.9 5.4 RC Kingfisher
SGRC2263 743772 892730 388 126 90 -60 65 76 11 9.4 0.6 RC Kingfisher
85 105 20 17.0 3.6 RC Kingfisher
incl 97 98 1 0.9 11.1 RC Kingfisher
and 102 103 1 0.9 27.2 RC Kingfisher
SGRC2264 743853 892888 391 54 90 -60 10 27 17 14.5 8.4 RC Kingfisher
incl 19 21 2 1.7 62.6 RC Kingfisher
31 38 7 6.0 6.9 RC Kingfisher
incl 31 32 1 0.9 43.2 RC Kingfisher
SGRC2265 743852 892833 389 61 90 -60 20 31 11 9.4 1.3 RC Kingfisher
SGRC2266 743825 892834 389 80 90 -60 21 33 12 10.2 1.4 RC Kingfisher
55 66 11 9.4 1.7 RC Kingfisher
SGRC2267 743799 892832 389 113 90 -60 41 61 20 17.0 0.7 RC Kingfisher
70 73 3 2.6 1.8 RC Kingfisher
82 104 22 18.7 0.9 RC Kingfisher
SGRC2268 743750 892679 390 134 90 -60 82 109 27 23.0 3.4 RC Kingfisher
incl 95 97 2 1.7 27.5 RC Kingfisher
SGRC2269 743774 892835 393 133 90 -60 87 99 12 10.2 0.9 RC Kingfisher
118 127 9 7.7 1.2 RC Kingfisher
SGRC2270 743773 892680 388 88 90 -60 33 36 3 2.6 3.9 RC Kingfisher
57 72 15 12.8 5.3 RC Kingfisher
incl 67 69 2 1.7 34.8 RC Kingfisher
SGRC2271 743750 892835 414 36 90 -60 Abandon RC Kingfisher
SGRC2273 743824 892682 382 70 90 -60 NSI RC Kingfisher
SGRD2275 743747 892778 392 150 90 -60 122 148 26 22.1 3.2 RCD Kingfisher
incl 138 139 1 0.9 13.7 RCD Kingfisher
and 145 146 1 0.9 27.4 RCD Kingfisher
SGRC2276 743726 892478 379 110 90 -60 41 66 25 21.3 1.8 RC Kingfisher
incl 60 61 1 0.9 13.6 RC Kingfisher
SGRD2277 743799 892681 385 90 90 -60 15 30 15 12.8 1.1 RCD Kingfisher
SGRC2278 743701 892480 382 132 90 -60 54 65 11 9.4 2.6 RC Kingfisher
74 76 2 1.7 5.0 RC Kingfisher
91 128 37 31.5 7.2 RC Kingfisher
incl 109 110 1 0.9 13.5 RC Kingfisher
and 114 115 1 0.9 18.7 RC Kingfisher
and 118 120 2 1.7 28.9 RC Kingfisher
and 123 124 1 0.9 128.9 RC Kingfisher
and 125 126 1 0.9 10.8 RC Kingfisher
SGRC2279 743776 892783 393 120 90 -60 72 109 37 31.5 1.2 RC Kingfisher
SGRD2280 743725 892629 397 151 90 -60 89 108 19 16.2 8.1 RCD Kingfisher
incl 96 100 4 3.4 18.7 RCD Kingfisher
and 106 108 2 1.7 24.6 RCD Kingfisher
and 112 114 2 1.7 6.2 RCD Kingfisher
incl 113 114 1 0.9 11.8 RCD Kingfisher
SGRC2281 743798 892477 383 50 90 -60 NSI RC Kingfisher
SGRC2282 743751 892631 395 117 90 -60 58 75 17 14.5 1.2 RC Kingfisher
79 87 8 6.8 3.6 RC Kingfisher
incl 79 80 1 0.9 19.1 RC Kingfisher
SGRC2283 743776 892478 399 70 90 -60 NSI RC Kingfisher
SGRC2284 743773 892631 390 100 90 -60 33 48 15 12.8 1.0 RC Kingfisher
SGRC2285 743725 892430 383 102 90 -60 33 75 42 35.7 2.5 RC Kingfisher
incl 36 37 1 0.9 11.0 RC Kingfisher
and 53 54 1 0.9 11.6 RC Kingfisher
and 65 66 1 0.9 13.2 RC Kingfisher
SGRC2286 743801 892801 391 86 90 -60 66 77 11 9.4 0.8 RC Kingfisher
SGRC2287 743800 892631 386 81 90 -60 2 12 10 8.5 6.7 RC Kingfisher
incl 5 6 1 0.9 30.3 RC Kingfisher
and 9 10 1 0.9 16.1 RC Kingfisher
SGRC2288 743775 892428 380 60 90 -60 NSI RC Kingfisher
SGRC2289 743751 892433 379 80 90 -60 NSI RC Kingfisher
SGRC2290 743802 892581 385 50 90 -60 NSI RC Kingfisher
SGRC2291 743799 892429 379 40 90 -60 NSI RC Kingfisher
SGRC2292 743776 892583 380 70 90 -60 3 16 13 11.1 0.8 RC Kingfisher
SGRC2293 743751 892581 383 97 90 -60 34 56 22 18.7 2.1 RC Kingfisher
incl 52 53 1 0.9 13.6 RC Kingfisher
and 55 56 1 0.9 11.6 RC Kingfisher
SGRC2295 743751 892479 382 90 90 -60 NSI RC Kingfisher
SGRC2296 743824 892781 390 80 90 -60 2 8 6 5.1 1.0 RC Kingfisher
19 39 20 17.0 0.9 RC Kingfisher
SGRC2297 743852 892782 382 60 90 -60 3 18 15 12.8 1.0 RC Kingfisher
SGRC2298 743725 892582 391 132 90 -60 66 79 13 11.1 1.5 RC Kingfisher
incl 78 79 1 0.9 10.3 RC Kingfisher
SGRC2299 743800 892532 377 50 90 -60 NSI RC Kingfisher
SGRC2300 743775 892531 379 70 90 -60 NSI RC Kingfisher
SGRC2302 743779 892379 376 36 90 -60 NSI RC Kingfisher
SGRC2303 743752 892380 377 60 90 -60 NSI RC Kingfisher
SGRC2304 743751 892730 391 135 90 -60 19 20 1 0.9 5.6 RC Kingfisher
74 80 6 5.1 1.3 RC Kingfisher
90 132 42 35.7 2.7 RC Kingfisher
incl 118 119 1 0.9 23.1 RC Kingfisher
and 130 131 1 0.9 33.9 RC Kingfisher
SGRC2306 743752 892528 383 90 90 -60 22 29 7 6.0 1.1 RC Kingfisher
SGRC2307 743728 892528 388 110 90 -60 48 59 11 9.4 1.0 RC Kingfisher
76 85 9 7.7 2.8 RC Kingfisher
SGRC2308 743726 892380 377 80 90 -60 19 36 17 14.5 2.3 RC Kingfisher
incl 34 35 1 0.9 14.0 RC Kingfisher
SGRC2309 743701 892380 381 104 90 -60 46 88 42 35.7 3.3 RC Kingfisher
incl 71 72 1 0.9 12.1 RC Kingfisher
and 74 75 1 0.9 26.2 RC Kingfisher
and 79 80 1 0.9 18.1 RC Kingfisher
and 82 83 1 0.9 18.3 RC Kingfisher
SGRC2311 743674 892379 383 111 90 -60 42 48 6 5.1 1.7 RC Kingfisher
70 74 4 3.4 2.2 RC Kingfisher
78 95 17 14.5 0.7 RC Kingfisher
99 105 6 5.1 1.0 RC Kingfisher
SGRC2312 743700 892530 390 150 90 -60 72 78 6 5.1 1.4 RC Kingfisher
86 132 46 39.1 3.8 RC Kingfisher
incl 104 105 1 0.9 13.1 RC Kingfisher
and 110 111 1 0.9 11.6 RC Kingfisher
and 123 125 2 1.7 44.2 RC Kingfisher
SGRC2314 743776 892330 376 30 90 -60 NSI RC Kingfisher
SGRC2315 743749 892331 377 50 90 -60 NSI RC Kingfisher
SGRC2316 743726 892330 379 70 90 -60 6 10 4 3.4 1.9 RC Kingfisher
SGRC2317 743700 892581 396 130 90 -60 97 120 23 19.6 2.1 RC Kingfisher
SGRC2318 743700 892328 380 90 90 -60 36 70 34 28.9 2.2 RC Kingfisher
incl 52 53 1 0.9 23.6 RC Kingfisher
SGRC2320 743674 892330 399 108 90 -60 36 43 7 6.0 1.0 RC Kingfisher
64 78 14 11.9 1.3 RC Kingfisher
82 108 26 22.1 1.6 RC Kingfisher
incl 102 103 1 0.9 11.6 RC Kingfisher
SGRC2322 743676 892482 387 156 90 -60 108 130 22 18.7 2.1 RC Kingfisher
140 154 14 11.9 7.9 RC Kingfisher
incl 144 145 1 0.9 15.0 RC Kingfisher
and 149 150 1 0.9 68.5 RC Kingfisher
SGRC2325 743775 892278 375 30 90 -60 NSI RC Kingfisher
SGRC2328 743753 892279 369 50 90 -60 NSI RC Kingfisher
SGRC2329 743725 892277 377 70 90 -60 NSI RC Kingfisher
SGRC2330 743748 892226 375 40 90 -60 NSI RC Kingfisher
SGRD2331 743649 892380 377 150 90 -60 70 73 3 2.6 5.0 RCD Kingfisher
SGRD2332 743675 892531 405 174 90 -60 101 124 23 19.6 2.1 RCD Kingfisher
incl 109 110 1 0.9 10.8 RCD Kingfisher
158 163 5 4.3 1.8 RCD Kingfisher
SGRC2334 743725 892229 377 60 90 -60 NSI RC Kingfisher
SGRC2336 743701 892230 388 80 90 -60 15 29 14 11.9 1.2 RC Kingfisher
37 51 14 11.9 2.2 RC Kingfisher
incl 48 49 1 0.9 15.3 RC Kingfisher
SGRC2337 743675 892231 390 100 90 -60 43 74 31 26.4 3.5 RC Kingfisher
incl 44 45 1 0.9 18.7 RC Kingfisher
and 52 54 2 1.7 10.7 RC Kingfisher
78 91 13 11.1 2.6 RC Kingfisher
incl 81 82 1 0.9 13.4 RC Kingfisher
SGRD2341 743624 892232 391 132 90 -60 80 97 17 14.5 1.5 RCD Kingfisher
SGRC2342 743752 892182 376 30 90 -60 NSI RC Kingfisher
SGRC2343 743726 892182 377 50 90 -60 NSI RC Kingfisher
SGRC2344 743700 892179 378 70 90 -60 10 14 4 3.4 2.2 RC Kingfisher
18 40 22 18.7 3.9 RC Kingfisher
incl 24 25 1 0.9 23.7 RC Kingfisher
and 28 29 1 0.9 14.8 RC Kingfisher
and 35 36 1 0.9 20.7 RC Kingfisher
SGRC2345 743679 892179 391 94 90 -60 34 71 37 31.5 3.1 RC Kingfisher
incl 35 38 3 2.6 18.1 RC Kingfisher
SGRC2346 743650 892179 381 112 90 -60 53 54 1 0.9 6.7 RC Kingfisher
59 78 19 16.2 3.7 RC Kingfisher
incl 71 73 2 1.7 24.0 RC Kingfisher
SGRC2348 743602 892181 403 153 90 -60 90 103 13 11.1 1.4 RC Kingfisher
114 119 5 4.3 1.5 RC Kingfisher
126 134 8 6.8 1.9 RC Kingfisher
SGRC2351 743725 892132 405 30 90 -60 NSI RC Kingfisher
SGRC2352 743701 892131 405 72 90 -60 12 32 20 17.0 3.7 RC Kingfisher
incl 22 23 1 0.9 12.0 RC Kingfisher
and 26 27 1 0.9 16.7 RC Kingfisher
and 28 29 1 0.9 13.7 RC Kingfisher
SGRC2355 743721 892075 388 34 90 -60 NSI RC Kingfisher
SGRC2356 743698 892074 387 40 90 -60 NSI RC Kingfisher
SGRC2357 743676 892076 386 74 90 -60 35 49 14 11.9 1.0 RC Kingfisher
Notes:
1. EOH: End of hole
2. Depths and widths reported to nearest significant decimal place
3. NSI: No significant intercepts
4. ETW: Estimated true width
5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail
Sunbird deposit
HoleID
Easting
(WGS84_29N)
Northing
(WGS84_29N)
Elevation
(m)
EOH1,2
Depth
(m)
UTM
Azimuth
Dip
Depth2,3
From
(m)
Depth2
To
(m)
Drilled2
Width
(m)
ETW4
(m)
Au
(ppm)
Hole
Type5
Area
SGRD2205 742500 892435 554 450.2 90 -60 363 374 11 7.7 2.2 RCD Sunbird
406 414 8 5.6 3.3 RCD Sunbird
incl 407 408 1 0.7 11.0 RCD Sunbird
423 426 3 2.1 4.8 RCD Sunbird
incl 425 426 1 0.7 11.2 RCD Sunbird
434 440 6 4.2 2.4 RCD Sunbird
SGRD2206 742505 892550 553 456.1 90 -60 351 352 1 0.7 12.2 RCD Sunbird
444 448 4 2.8 2.3 RCD Sunbird
SGRD2207 742565 892485 565 370.2 90 -60 250 255 5 3.5 8.3 RCD Sunbird
incl 250 251 1 0.7 16.8 RCD Sunbird
and 252 253 1 0.7 10.9 RCD Sunbird
281 286 5 3.5 3.3 RCD Sunbird
incl 284 285 1 0.7 10.9 RCD Sunbird
301 307 6 4.2 6.0 RCD Sunbird
incl 304 305 1 0.7 11.2 RCD Sunbird
SGRD2208 742370 892125 596 630.1 90 -60 561 572 11 7.7 2.9 RCD Sunbird
incl 570 571 1 0.7 15.0 RCD Sunbird
583 591 8 5.6 9.3 RCD Sunbird
incl 585 586 1 0.7 60.5 RCD Sunbird
595 598 3 2.1 7.5 RCD Sunbird
incl 595 596 1 0.7 17.4 RCD Sunbird
SGRD2209 742445 892335 567 500.2 90 -60 466 482 16 11.2 1.9 RCD Sunbird
SGRD2211 742324 892026 603 708 90 -60 214 217 3 2.1 2.9 RCD Sunbird
648 682 34 23.8 3.9 RCD Sunbird
incl 670 672 2 1.4 38.0 RCD Sunbird
688 690 2 1.4 3.9 RCD Sunbird
SGRD2212 742540 892510 563 405 90 -60 339 371 32 22.4 6.3 RCD Sunbird
incl 342 344 2 1.4 12.6 RCD Sunbird
and 345 348 3 2.1 29.1 RCD Sunbird
and 349 350 1 0.7 14.9 RCD Sunbird
and 356 357 1 0.7 13.3 RCD Sunbird
SGRD2213 742575 892610 568 400.1 90 -60 308 319 11 7.7 2.2 RCD Sunbird
SGRD2214 742500 892360 564 420 90 -60 274 276 2 1.4 2.9 RCD Sunbird
320 328 8 5.6 1.4 RCD Sunbird
337 345 8 5.6 2.2 RCD Sunbird
incl 337 338 1 0.7 13.8 RCD Sunbird
354 362 8 5.6 2.4 RCD Sunbird
370 380 10 7.0 4.6 RCD Sunbird
incl 371 372 1 0.7 13.6 RCD Sunbird
and 373 374 1 0.7 13.2 RCD Sunbird
SGRD2215 742280 891928 600 780 90 -60 694 718 24 16.8 0.9 RCD Sunbird
723 728 5 3.5 1.0 RCD Sunbird
733 766 33 23.1 4.3 RCD Sunbird
incl 735 736 1 0.7 45.8 RCD Sunbird
and 741 742 1 0.7 10.4 RCD Sunbird
and 745 746 1 0.7 14.9 RCD Sunbird
Notes:
1. EOH: End of hole
2. Depths and widths reported to nearest significant decimal place
3. NSI: No significant intercepts
4. ETW: Estimated true width
5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bf784d28-59c1-43ef-b822-4428d673a584 https://www.globenewswire.com/NewsRoom/AttachmentNg/821a4021-e749-4f40-97f6-64f7b9c6646c https://www.globenewswire.com/NewsRoom/AttachmentNg/3d21f56e-1cc1-4965-a4b0-3c2d69d49a2f
A PDF accompanying this announcement is available at
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The release, publication or distribution of this announcement in jurisdictions other than Australia, the United States, Jersey and the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than Australia, the United States, Jersey and the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in Australia, the United States, Jersey and the United Kingdom or who are subject to the laws of another jurisdiction to vote their MAC Shares in respect of the Scheme, or to execute and deliver forms of proxy appointing another to vote on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located or to which they are subject. Any failure to comply with applicable legal or regulatory requirements of any jurisdiction may constitute a violation of securities laws in that jurisdiction. 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These forward-looking statements include, without limitation, MAC's expectations with respect to future performance of the CSA Copper Mine. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside MAC's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the completion of the Transaction on anticipated terms and timing, including obtaining required shareholder and regulatory approvals, and the satisfaction of other conditions to the completion of the Transaction; (ii) the ability of Harmony or its affiliates to obtain the necessary financing arrangements; (iii) potential litigation relating to the Transaction that could be instituted against MAC, Harmony or their respective directors, managers or officers, including the effects of any outcomes related thereto; (iv) the risk that disruptions from the Transaction will harm MAC's business, including current plans and operations; (v) the ability of MAC to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction; (vii) continued availability of capital and financing and rating agency actions; (viii) legislative, regulatory and economic developments affecting MAC's business; (ix) general economic and market developments and conditions; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the Transaction that could affect MAC's financial performance; (xi) certain restrictions during the pendency of the Transaction that may impact MAC's ability to pursue certain business opportunities or strategic transactions; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities, as well as MAC's response to any of the aforementioned factors; (xiii) significant transaction costs associated with the Transaction; (xiv) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances requiring MAC to pay a break fee or other expenses; (xvi) competitive responses to the Transaction; (xvii) the risks and uncertainties pertaining to MAC's business, including those set forth in Part 1, Item 3(D) of the Company's most recent Annual Report on Form 20-F, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by MAC with the SEC; (xviii) the supply and demand for copper; (xix) the future price of copper; (xx) the timing and amount of estimated future production, costs of production, capital expenditures and requirements for additional capital; (xxi) cash flow provided by operating activities; (xxii) unanticipated reclamation expenses; (xxiii) claims and limitations on insurance coverage; (xxiv) the uncertainty in mineral resource estimates; (xxv) the uncertainty in geological, metallurgical and geotechnical studies and opinions; (xxvi) infrastructure risks; and (xxvii) other risks and uncertainties indicated from time to time in MAC's other filings with the SEC and the ASX. 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There may be additional risks that MAC does not presently know, or that MAC currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect MAC's expectations, plans or forecasts of future events and views as of the date of this communication. MAC anticipates that subsequent events and developments will cause its assessments to change. However, while MAC may elect to update these forward-looking statements at some point in the future, MAC specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing MAC's assessment as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. 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