New drilling by Lundin Gold (TSX: LUG)(US-OTC: LUGDF) at its Fruta del Norte property in Ecuador improves the odds that the mine’s operating life can be lengthened.

Hole BLP-2026-483-D2 at the Bonza Sur target cut 5.5 metres of 13.75 grams gold and 50.8 grams silver per tonne from 715 metres depth, including a bonanza interval of 3.2 metres grading 23.21 grams gold and 76.93 grams silver from 718 metres, Lundin Gold said late Thursday in a statement. At the newly discovered Quebrada Dorada vein system, hole CHT-2026-495 cut 13 metres of 6.53 grams gold from about 195 metres.

Lundin Gold’s recent exploration success “highlights both near-mine growth opportunities and continued district-scale discovery potential across the Fruta del Norte property,” Desjardins Securities mining analyst Bryce Adams said in a note. “Ongoing drilling at Bonza Sur continues to support a revised geological interpretation focused on higher-grade mineralization.”

Vancouver-based Lundin Gold is working to maintain or extend Fruta del Norte’s 12-year mine life by expanding resources, detailing new discoveries and converting inferred resources to indicated. The operation — which the company has described as being among the world’s highest-grade operating gold mines — began commercial output in 2020 and churned out 238,736 oz. gold in the first half of 2026. 

In February, the company reported record Fruta del Norte reserves of 5.85 million proven and probable oz. from 25.66 million tonnes grading 7.09 grams gold, including an inaugural Fruta del Norte South reserve of 540,000 ounces.

Continuous mineralization

At Bonza Sur, drilling is refining the geological model and confirming continuity of higher-grade mineralization, while Quebrada Dorada points to further exploration potential beyond existing near-mine targets. The work is helping build a pipeline of potential future resource growth around the mine, Lundin said.

Other exploration highlights released Thursday included hole BLP-2026-475-D2 at Bonza Sur, which cut 5.5 metres of 4.59 grams gold from about 515 metres downhole.

Another Bonza Sur hole, BLP-2026-553, returned the highest-grade interval ever recorded at the deposit. Though only 3 metres wide, it grades at 204.26 grams gold from 140 metres downhole, including a standout interval of 60 cm grading 1,035.60 grams gold, also from 140 metres.

Bonza Sur was discovered by testing a surface geochemical anomaly south of Fruta del Norte South. It is a large, shallow epithermal system defined by widely spaced drilling along about 2 km of strike.

Disseminated gold

Mineralization at Bonza Sur extends to surface and is dominated by disseminated gold. Three rigs are turning at the deposit to tighten drill spacing and better define the continuity and geometry of the higher-grade zones.

The location of those zones could become increasingly important as Lundin Gold advances underground development at Fruta del Norte South.

“High-grade intercepts at Bonza Sur support the case for higher-grade mineralization adjacent to existing Fruta del Norte South underground development and improve the prospect of future underground access to the deposit’s northern portion,” Scotia Capital mining analyst Ovais Habib said in a note.

Open system

Quebrada Dorada’s discovery, meanwhile, extends the known gold mineralized trend on the property to more than 8 km. The new system is located about 2 km south of Bonza Sur.

Drilling at Quebrada Dorada has so far outlined mineralization over about 2.7 km from north to south, with the system remaining open to the south. Two rigs are turning at the site.

Mineralization at Quebrada Dorada occurs in multiple generations of quartz-chalcedony veins, with hydrothermal breccias, stockworks, native gold and minor sulphides.

Expanding inventory

The discoveries add to an expanding exploration inventory around Fruta del Norte. Lundin Gold’s exploration work has already identified Fruta del Norte South, Fruta del Norte East and Bonza Sur, creating a continuous mineralized trend.

Lundin Gold shares fell 1% to C$90.17 Friday morning in Toronto trading, valuing the company at about C$21.8 billion ($15.4 billion). The stock has traded between C$71.51 and C$130.98 in the past year.