Canadian mining company Fortuna Mining has revealed a major update to the mineral resources for its Diamba Sud gold project, located in the gold-rich Kéniéba-Kédougou Inlier (KKI) region of Senegal. The project now hosts more than one million ounces of gold.
According to new estimates published by Fortuna Mining, indicated mineral resources total 724,000 ounces, representing a 53% increase over the previous estimate from 2024. In addition, inferred resources total 285,000 ounces, spread across seven deposits, representing a 93% increase in this category. This increase includes a first estimate of inferred resources for two specific deposits. In total, this brings the indicated and inferred mineral resources to approximately 1 million ounces, equivalent to 28.6 tons of gold.
This update is the direct result of an intensive drilling campaign conducted between July 2024 and July 2025. During this period, Fortuna's teams drilled 243 holes over a cumulative distance of 31,652 meters. This exploration work was aimed at increasing the project's resources, which were acquired by the Canadian company after its purchase from the former owner.
"These results confirm the exceptional potential of Diamba Sud in an area recognized for its world-class gold deposits," said a spokesperson for Fortuna Mining in a statement. The data collected will serve as the basis for a preliminary economic assessment (PEA), which the company plans to complete in the last quarter of 2025. This PEA will provide detailed insights into the economic and technical viability of the project, including projections on operating costs and mine life.
As a reminder, an exploratory study published in 2022 by the former owner estimated that the development of a gold mine in Diamba Sud would require an initial investment of approximately US$149 million. According to this analysis, production could reach 715,000 ounces of gold over a period of 7.5 years, or approximately 20 tons of gold. Fortuna Mining, by continuing its exploration efforts, could revise these figures upward, thereby enhancing the project's appeal to investors.
Senegal, with its KKI gold belt, continues to attract major international mining companies. Diamba Sud is part of this dynamic, potentially contributing to the country's economic growth through job creation and tax revenue generation. Fortuna Mining, a publicly traded company active in several countries in Africa and Latin America, emphasizes sustainable and responsible practices in its operations.
This announcement comes amid rising gold prices on international markets, driven by global geopolitical and economic uncertainties. Mining analysts will be closely monitoring Fortuna Mining's next steps, particularly the publication of the PEA, which could pave the way for a more advanced development phase for Diamba Sud.