• Fortuna Mining signed a joint venture deal with DeSoto Resources to explore gold in Guinea’s Siguiri basin.
• Fortuna will hold 70% and invest up to $12.5 million over three years once permits are granted.
• DeSoto Resources already runs over 15 gold projects in Guinea, giving the venture local leverage.

Fortuna Mining announced on October 2 that it signed an agreement with Australia-based DeSoto Resources Limited to form a joint venture focused on gold exploration in Guinea. The Canadian miner said the deal will allow it to enter the Siguiri basin, a region already hosting several known deposits.

The venture will apply for, acquire and explore new permits in a defined zone within the basin. Fortuna will own 70% of the joint entity and commit up to $12.5 million to finance exploration over three years, once targeted permits are secured. DeSoto will hold the remaining 30% and contribute through its local expertise.

Unlike Fortuna, DeSoto already operates extensively in Guinea, where it manages more than 15 gold projects across the Siguiri basin. Fortuna said this track record is key to its planned expansion into the country.

Fortuna currently operates the Séguéla gold mine in Côte d’Ivoire, commissioned in 2023, and is developing the Diamba Sud project in Senegal, which hosts around 1 million ounces of mineral resources.

“The Siguiri basin in Guinea has demonstrated potential to host multi-million-ounce gold deposits, in a country with a long mining history,” said Paul Weedon, senior vice-president of exploration at Fortuna. “This agreement with DeSoto offers Fortuna an excellent opportunity to enter this high-potential region alongside a highly qualified team with strong discovery experience in West Africa.”

The companies did not disclose a timeline for the joint venture’s launch. Meanwhile, Fortuna continues to invest in Côte d’Ivoire through the Séguéla Regional and Tongon North exploration projects.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum