DeSoto-Fortuna JV Secures 591km2 Gold Package in Guinea’s Siguiri Basin

Strategic Acquisition Expands Guinea Gold Footprint

DeSoto Resources Limited (ASX:DES) and Fortuna Mining Corp (TSX: FVI) have taken a significant step in their exploration alliance by securing a substantial package of gold projects in Guinea’s Siguiri Basin. Their joint venture entity, High Guinea Gold SARLU (HGG), signed a Heads of Agreement with Wassolon Mining Group SAU to acquire seven gold exploration projects spanning 591.43 square kilometres.

This acquisition marks the alliance’s first major package, offering HGG immediate access to a sizeable and highly prospective landholding in one of West Africa’s most prolific gold provinces. The Siguiri Basin has long been a hotspot for gold exploration, and this deal positions the JV to systematically advance project evaluation and exploration activities.

Staged, Risk-Managed Transaction Structure

The deal is structured with staged payments totalling US$604,682, including an initial securing payment of US$30,000 and milestone-linked instalments that align with tenure progression and exploration achievements. This approach allows the JV to manage the inherent risks of early-stage project acquisition, particularly the transition from reconnaissance authorisations to exploration permits.

Under the alliance terms, Fortuna holds a 70% initial interest in the JV and will solely fund exploration activities up to either three years from commencement or US$12.5 million of expenditure, whichever comes later. DeSoto retains a 30% stake, contributing its in-country expertise and technical capabilities to complement Fortuna’s funding and operational experience.

Diverse Project Portfolio Across Key Siguiri Clusters

The seven projects are distributed across three clusters within the Siguiri Basin, including north-west, eastern, and south-west blocks. Notable tenements include reconnaissance authorisations 24919 near Koumandianbougou and others covering areas up to nearly 100 square kilometres each. This diverse portfolio offers a broad platform for geological data compilation, target generation, and prioritisation of high-potential zones.

Managing Director Chris Swallow highlighted the alliance’s complementary strengths, noting that the transaction balances opportunity with typical tenure and exploration risks. The JV intends to focus early efforts on validating licence boundaries, compiling historical data, conducting structural interpretations, and initiating geochemical sampling and reconnaissance fieldwork.

Next Steps in Due Diligence and Exploration Planning

Following the signing of the Heads of Agreement, HGG will undertake a three-month due diligence period to verify tenure status and complete legal and corporate assessments. Concurrently, the JV will prioritise targets across the newly acquired projects and negotiate definitive transaction documents with agreed exploration milestones.

This acquisition complements DeSoto’s ongoing exploration initiatives in the Siguiri Basin, including recent extensive sampling and drilling campaigns at other projects, underscoring a concerted push to build a robust gold exploration pipeline in Guinea’s prolific gold belt.