11:04 AM EDT, 09/12/2024 (MT Newswires) -- (Adds analyst comment.)

Fortuna Mining (FVI.TO) on Thursday reported "encouraging" results from the Dianna Sud gold project in Senegal, particularly from the Karakara, Western Splay and Kassasoko prospects.

Highlights of the results include 31.3 grams per tonne (g/t) gold over 12 meters from the Karakara prospect, 2.9 g/t over 15.3 meters from the Kassasoko prospect, and 8.9 g/t over 27.7 meters from the Western Splay prospect.

The focus of drilling has moved to testing and upgrading several key high-priority satellite prospects, including Western Splay and Kassasoko, as well as further work to improve the definition and understanding of mineralization at Bougouda and Karakara.

Results from this program will be incorporated into ongoing project development work. Promising results from Western Splay and Kassasoko are expected to contribute to project portfolio and resource base growth.

National Bank of Canada reiterated its sector-perform rating and $8.75 price target following the announcement.

The bank said the results improved visibility for resource accretion, although it remains early. It added that it ascribed a neutral bias on incremental addition to an expanding database.

Fortuna shares were last seen up $0.43 to $6.30 on the Toronto Stock Exchange.

Price: 6.30, Change: +0.43, Percent Change: +7.33