Morning Briefing: Fortuna Grows Diamba Sud 73%, Tops 1.25 Million Indicated Ounces
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Ian Wagner.
It’s Thursday, February 19th.
Gold traded firm through the afternoon session Wednesday and continued grinding higher overnight. Futures moved from roughly $4,865 per ounce late Wednesday morning to about $4,887 per ounce by 9:00am ET Thursday — a gain of around $20 to $25 over that 24-hour window. The move came on modest dollar softness and continued safe-haven flows, with traders positioning ahead of rate commentary and macro data. Silver followed gold’s lead but with slightly more volatility. Futures rose from approximately $49.10 per ounce Wednesday morning to near $49.60 per ounce by Thursday at 9:00am ET — up roughly $0.50. The gold-silver ratio tightened slightly as silver outperformed on a percentage basis.
We will get to the news out of the miners and explorers in a minute, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…REVIVAL GOLD
Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-gold.com
And here’s what you need to know this morning…..
Scorpio Gold reported strong new drill results from its 100%-owned Manhattan District in Nevada, extending mineralization along the Zanzibar Trend. The highlight hole returned 49.6 meters grading 3.14 grams per tonne gold starting at roughly 60 meters depth, including higher-grade intervals within the broader zone. The result confirms near-surface oxide gold continuity and expands the footprint of the Zanzibar target. Management says drilling continues to demonstrate scale potential within the district, with mineralization remaining open along strike and at depth. Scorpio trades on the TSX Venture under SGN and on the OTCQB under SRCRF. NEWS RELEASE
Goliath Resources reported numerous high-grade drill intercepts from its 2025 program at the Surebet Discovery in British Columbia’s Golden Triangle. Highlights include up to 10.83 grams per tonne gold equivalent over nearly 23 meters, with overall grade values increasing by roughly 13 percent across 54 gold-equivalent drill results. The company says mineralization continues to demonstrate strong continuity and scale, with assays pending from an additional 56 holes completed this season. Management noted the program continues to expand the footprint of the high-grade system. Goliath Resources trades on the TSX Venture Exchange under GOT and on the OTCQB under GOTRF. NEWS RELEASE
Borealis Mining Company released an updated NI 43-101 Preliminary Economic Assessment for its Sandman Gold Project in Nevada, outlining strong standalone economics and capital efficiency. The base case, using a gold price of US$2,600 per ounce, delivers an after-tax NPV at a six percent discount rate of approximately US$203 million and an internal rate of return of 105 percent. The study envisions a low-strip, open-pit heap leach operation incorporating ADR processing to enhance recoveries and optimize capital. Sensitivity analysis highlights substantial leverage to higher gold prices. Borealis Mining trades on the TSX Venture Exchange under BOGO and on the OTCQB under BORMF. NEWS RELEASE
Fortuna Mining Corp. reported a 73 percent increase in the indicated mineral resource at its Diamba Sud Project in Senegal, bringing indicated ounces to roughly 1.25 million gold ounces. The updated estimate reflects continued drilling success at the Kari and Diamba Sud deposits, where infill and step-out programs converted inferred material and expanded mineralization along strike and at depth. The company says the resource growth supports ongoing technical studies and positions Diamba Sud as a potential future development asset within its West African portfolio. Fortuna Mining trades on the TSX under FVI and on the NYSE under FSM. NEWS RELEASE
Great Pacific Gold Corp. reported a new high-grade vein discovery that expands the southern corridor at its Wild Dog Project in Papua New Guinea. Recent drilling intersected multiple zones of strong gold mineralization, confirming the presence of a parallel vein system and extending the footprint of the mineralized corridor. The results highlight high-grade structures within a broader epithermal system and suggest potential for additional discoveries along strike and at depth. Management says the new vein supports the project’s district-scale potential and will guide follow-up drilling aimed at growing the overall resource base. Great Pacific Gold trades on the TSX Venture Exchange under GPAC and on the OTCQX under FSXLF. NEWS RELEASE
Denison Mines Corp. has received final regulatory approval from the Canadian Nuclear Safety Commission to construct and operate the Phoenix in-situ recovery, or ISR, uranium mine at its Wheeler River project in Saskatchewan’s Athabasca Basin. The approval marks a major milestone, making Phoenix the first new ISR uranium mine permitted in Canada. Construction is expected to begin shortly, with first production targeted later this decade. The company says Phoenix is designed as a low-cost, low-impact operation leveraging ISR mining methods. Denison Mines trades on the TSX under DML and on the NYSE American under DNN. NEWS RELEASE
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That’s it for today everyone. Have a great day. Stay safe.
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