Fortuna expands West African presence, forms exploration alliance in Guinea with DeSoto Resources

Core Viewpoint - Fortuna Mining Corp. has entered into a binding Heads of Agreement with DeSoto Resources Limited to form an exploration alliance and joint venture in the Siguiri Basin of Guinea, which is known for its potential to host multi-million-ounce gold deposits [1][2]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company operating three mines and holding exploration projects in Argentina, Côte d'Ivoire, Mexico, Peru, and Senegal [4]. - The company emphasizes sustainability in its operations, focusing on efficient production, environmental stewardship, and social responsibility [4]. Joint Venture Details - The agreement establishes a new joint venture company (JVCo) to apply for and acquire new mining permits in targeted areas [6]. - The joint venture will have a board of up to four directors, with two from each party, and the majority partner will hold a casting vote [6]. - The project generation phase will last 36 months, focusing on identifying significant discoveries, termed "Go Projects" [6]. - Once a Go Project is identified, the joint venture will transition into a formal agreement where Fortuna will hold 70% and DeSoto 30%, with Fortuna funding exploration until either three years have passed or US$12.5 million has been spent [6]. DeSoto Resources Limited Overview - DeSoto Resources Limited is an Australian-listed gold exploration company with a focus on Guinea [3]. - The management team of DeSoto has a successful track record in West African exploration, including the discovery of a 5.4-million-ounce gold project [3]. Exploration Potential - The Siguiri Basin in Guinea is highlighted for its historical mining activity and potential for significant gold deposits, making it an attractive area for exploration [2].