Fortuna expands West African footprint with Guinea exploration alliance
Canadian precious metals miner Fortuna Mining has signed a binding heads of agreement (HoA) with Australia-listed DeSoto Resources to establish an exploration alliance and joint venture across Guinea’s highly prospective Siguiri basin.
The agreement gives Fortuna a strategic entry point into Guinea, a country with a growing gold exploration profile.
“Guinea’s Siguiri basin has demonstrated potential to host multimillion-ounce gold deposits in a country with a long mining history. This agreement with DeSoto provides Fortuna with an excellent entry into this highly prospective region, alongside a highly qualified and experienced team with a proven track record of discovery across West Africa,” said Fortuna senior exploration VP Paul Weedon.
Under the HoA, the partners will form a new joint venture company (JVCo) with equal board representation. A 36-month project generation phase will focus on acquiring permits and identifying potential 'go projects' – discoveries warranting further development.
Once a so-called 'go project' is confirmed, JVCo will transition into a formal JV, with Fortuna holding 70% and DeSoto 30%. Fortuna will sole-fund exploration until the later of three years or $12.5-million in cumulative expenditure.
DeSoto’s team brings West African expertise, including credit for the discovery of Predictive Discovery’s 5.4-million-ounce Bankan gold project in Guinea.
Fortuna, listed in New York and Toronto, operates three mines across Argentina, Côte d’Ivoire, Mexico and Peru, and is advancing the Diamba Sud gold project in Senegal.
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