According to a report by BNAmericas, Canadian company Lundin Gold is currently focusing on aggressively advancing the succession of reserves at its Fruta del Norte gold mine in Ecuador, boosting production, and identifying another deposit with similar characteristics.

　　Juan José Herrera, Manager of the company’s Sustainable Development Department, stated at a meeting held by the Ecuadorian Mining Chamber, “We are looking for reserves to replace existing ones and expand our reserve base, increase production, and identify another deposit similar to Fruta del Norte. The company’s exploration strategy encompasses three key areas: conversion, exploration around existing mines, and regional exploration.”

　　The 2024 exploration investment amounts to 44 million U.S. dollars, marking the largest exploration investment in the mine’s history.

　　The goal of exploration around the mine is to increase inferred resource estimates by expanding known ore deposits and discovering new ones.

　　Meanwhile, the regional exploration program aims to increase long-term gold reserves, primarily by exploring unverified areas and identifying large, low-temperature hydrothermal systems similar to those currently being mined.

　　Herrera added that currently, Lundin Gold has no debt and is well-positioned to pursue various growth opportunities, particularly given the significant potential surrounding Fruta Norte.

　　In August, the results from the Bonza Sur target area were released, and the company announced that it would increase its drilling program around the mine by 10,000 meters to a total of 66,000 meters.

　　The company stated that the Bonsanan deposit is located very close to Fruta Norte, indicating significant potential.

　　Herrera said that although the Bongsonan project is still in its early stages, its reserves are expected to be announced in the first half of next year.

　　“The outlook is very promising, and in the medium term, production from Fruta Norte will increase,” Herrera said.

　　Last year, Lundin Mining’s sole operating mine produced 481,274 ounces of gold. The company’s target for 2024 is 450,000 to 500,000 ounces.

　　Herrera said the company is “very likely” to reach the upper limit of its production target.

　　The Fruta Norte gold mine is expected to remain viable until 2034. However, as exploration efforts advance, Lundin Mining hopes to expand its presence in Ecuador and aims to extend the mine’s lifespan by another 50 years.