Lundin Gold has published an updated mineral reserve estimate (MRE) for its major Fruta del Norte gold project in Ecuador and reported that it increased by 6% to 5.85 million ounces in proven and probable categories.
According to the company, the Fruta del Norte project is among the highest-grade operating gold mines in the world, as the average grade in the abovementioned categories amounted to 7.09 g/t. Measured and indicated resources were also 6% up year on year to 7.48 million ounces at an average grade of 7.13 g/t.
Earlier, the company published inaugural MREs for the South and the East parts of the deposit. Drilling has further confirmed and expanded the high grade mineralization and highlighted a meaningful untapped potential.
Lundin is actively engaged in exploration around the Fruta del Norte project within the Zamora copper-gold belt. This location is recognized as a significant geological setting for major porphyry and epithermal systems.
The company will invest $100 million in the 2026 exploration campaign which involves 133,000 m of drilling within the province. The Sandia, Trancaloma, Trancaloma West, and Castillo blocs define a multi-kilometre trend of clustered mineralization, while the new Chontas discovery extends the broader porphyry corridor to at least 10 km, the company said.
Fruta del Norte, Ecuador's first large-scale underground mine, began production in late 2019 with an initial 12-year lifespan. In 2025, the mine produced around 500,000 ounces of gold.
Theodor Lisovoy, Managing Editor, Rough&Polished
