Fortuna Intercepts 2.6 kg/t Ag and 10.8 g/t Au Over 3 m at Trinidad
North Discovery, San Jose Mine, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 29, 2014) -
Fortuna Silver Mines Inc. (NYSE:FSM)
(TSX:FVI)(BVLAC:FVI)(FRANKFURT:F4S) is pleased to announce
additional results for step-out drilling of the Trinidad North
discovery located contiguous with the San Jose Mine in Oaxaca,
Mexico. Assay results are included for eight drill holes completed
in March and April of 2014. The results continue to confirm the
extension of the Trinidad North zone with high-grade silver-gold
mineralization present over wide vein widths. The results reported
herein lie within a 230 meter strike extension of the Trinidad
system and generally outside of the limits of the existing Inferred
Resources.
Highlights of Step-out Drilling
SJOM-349A
- 929 g/t Ag and 4.87 g/t Au (1,221 g/t Ag Eq) over ETW* of 4.5 m
and
- 1,808 g/t Ag and 13.21 g/t Au (2,601 g/t Ag Eq) over ETW of 4.1
m
SJOM-359
- 887 g/t Ag and 4.04 g/t Au (1,129 g/t Ag Eq) over ETW of 3.4
m
SJOM-364
- 2,573 g/t Ag and 10.77 g/t Au (3,219 g/t Ag Eq) over ETW of 3.0
m
* ETW = Estimated True Width
Dr. Thomas I. Vehrs, Vice President of Exploration, commented:
"The results of the step-out drilling at Trinidad North continue to
confirm the presence of a robust mineralized system with excellent
potential for further expansion. Particularly impressive are the
results of drill hole SJOM-364 which encountered high-grade silver
and gold mineralization at the extreme northern limit of the
current drilling. This drill intercept is located 50 meters to the
north of the previously reported high-grade intercept in drill hole
SJOM-335 (3,511 g/t Ag and 15.04 g/t Au (4,413 g/t Ag Eq) over ETW
of 3.7 m) (see Fortuna news release of January 21, 2014) and
validates that the mineralized system remains open along strike to
the north and to depth. The vertical extension of the mineralized
zone currently exceeds 600 meters."
The Trinidad North discovery was announced in February of 2013
(see Fortuna news release of February 4, 2013) and a maiden
resource for the Trinidad North zone was announced in October of
2013. At a 70 g/t Ag Eq cutoff, Inferred Resources at Trinidad
North as of the July 4, 2013 data cutoff date were estimated at 1.9
Mt averaging 269 g/t Ag and 1.67 g/t Au, containing 16.3 Moz Ag and
100.8 koz Au. Resource estimates at higher cutoff grades were also
presented and the reader is referred to the October 17, 2013 news
release for additional information. Step-out drilling of the
Trinidad North discovery was initiated in late September of 2013
with initial results being reported in Fortuna news releases dated
November 25, 2013, January 21, 2014 and March 10, 2014. Drilling is
currently being carried out from two underground drill stations
located at the 1300 meter level with work underway to advance the
underground access a further 300 meters to the north to allow for
further testing of the strike extension of the mineralized
system.
Assay Results for Principal Mineralized Intervals -
Trinidad North Step-out Drilling |
|
Hole_Id |
From (m) |
To (m) |
Int (m) |
ETW* (m) |
Ag (g/t) |
Au (g/t) |
Pb (ppm) |
Zn (ppm) |
Cu (ppm) |
Ag Eq** (g/t) |
SJOM-348 |
No significant mineralized intervals |
SJOM-349A |
314.00 |
317.90 |
3.90 |
1.7 |
238 |
1.20 |
539 |
820 |
25 |
310 |
320.00 |
330.20 |
10.20 |
4.5 |
929 |
4.87 |
4402 |
7300 |
103 |
1221 |
346.55 |
348.50 |
1.95 |
0.9 |
375 |
2.51 |
984 |
1808 |
65 |
526 |
367.00 |
375.45 |
8.45 |
4.1 |
1808 |
13.21 |
5984 |
11838 |
905 |
2601 |
SJOM-353 |
415.45 |
415.85 |
0.40 |
0.2 |
857 |
7.58 |
4690 |
22900 |
109 |
1312 |
SJOM-356 |
344.10 |
346.50 |
2.40 |
1.1 |
127 |
0.79 |
506 |
906 |
44 |
175 |
397.95 |
412.00 |
14.05 |
7.0 |
202 |
1.70 |
6182 |
12287 |
419 |
304 |
SJOM-359 |
386.40 |
387.05 |
0.65 |
0.4 |
1330 |
6.95 |
1165 |
2588 |
126 |
1747 |
389.25 |
395.30 |
6.05 |
3.4 |
887 |
4.04 |
3759 |
9764 |
1110 |
1129 |
SJOM-360 |
336.00 |
339.00 |
3.00 |
1.5 |
352 |
2.33 |
505 |
775 |
163 |
491 |
364.60 |
383.00 |
18.40 |
9.2 |
181 |
1.46 |
6643 |
9908 |
718 |
269 |
SJOM-364 |
437.90 |
439.00 |
1.10 |
0.5 |
195 |
1.37 |
789 |
1095 |
22 |
277 |
462.05 |
467.30 |
5.25 |
3.0 |
2573 |
10.77 |
2616 |
4529 |
223 |
3219 |
SJOM-365 |
280.20 |
298.20 |
18.00 |
9.5 |
248 |
1.17 |
922 |
1690 |
31 |
318 |
335.70 |
340.55 |
4.85 |
2.6 |
415 |
4.86 |
1917 |
3642 |
536 |
706 |
* ETW = Estimated True Width |
** Ag Eq values estimated at Au:Ag ratio of 60 based
on metal prices of US$1200/oz Au and US$20.00/oz Ag and
metallurgical recoveries of 89% for both Au and Ag; Averages
calculated at cutoff of 70 g/t Ag Eq |
Longitudinal sections for the Bonanza and Trinidad veins showing
the location of the step-out drill hole results relative to the
Trinidad North maiden resource area are available at the following
link:
http://www.fortunasilver.com/i/pdf/map/NR-Trinidad-North-Longitudinal-Sections-25-APR-14.pdf
San Jose Mine
The San Jose mine and processing plant were successfully
expanded to 2,000 tpd in April 2014 (see Fortuna news release of
April 14, 2014) and investigations are currently underway to assess
the potential for a further expansion to 3,000 tpd. Production for
the first quarter of 2014 was 997,035 oz silver and 7,627 oz gold,
12 percent and 13 percent above budget, respectively. Production
guidance for 2014 is for the processing of 683,000 tonnes of ore
averaging 203 g/t Ag and 1.56 g/t Au, resulting in the estimated
production of 4.0 million ounces of silver and 30.4 thousand ounces
of gold.
Quality Assurance & Quality Control
Following detailed geological and geotechnical logging, drill
core samples are split on-site by diamond sawing. One-half of the
core is submitted to the ALS Chemex Laboratory in Guadalajara,
Mexico. The remaining half core is retained on-site for
verification and reference purposes. Following preparation, the
samples are assayed for gold and silver by standard fire assay
methods and for silver and base metals by ICP and atomic absorption
methods utilizing aqua regia digestion. The QA-QC program includes
the blind insertion of certified reference standards and assay
blanks at a frequency of approximately 1 per 15 normal samples as
well as the inclusion of duplicate samples for verification of
sampling and assay precision levels.
Qualified Person
Thomas I. Vehrs, Ph.D., Vice President of Exploration is the
Qualified Person for Fortuna Silver Mines Inc. as defined by
National Instrument 43-101. Dr. Vehrs is a Founding Registered
Member of the Society for Mining, Metallurgy, and Exploration, Inc.
(SME Registered Member Number 3323430RM) and is responsible for
ensuring that the information contained in this news release is an
accurate summary of the original reports and data provided to or
developed by Fortuna Silver Mines.
Fortuna Silver Mines Inc.
Fortuna is a growth-oriented, silver-, gold- and base
metal-producer focused on mining opportunities in Latin America.
Our primary assets are the Caylloma silver mine in southern Peru
and the San Jose silver-gold mine in Mexico. The Company is
selectively pursuing additional exploration and development
opportunities in the Americas. For more information, please visit
our website at www.fortunasilver.com.
ON BEHALF OF THE BOARD
Jorge Ganoza, President, CEO and Director
Fortuna Silver Mines Inc.
Forward looking
Statements
This news release contains forward-looking statements which
constitute "forward-looking information" within the meaning of
applicable Canadian securities legislation and "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts and that are subject to a variety of risks and uncertainties
which could cause actual events or results to differ materially
from those reflected in the forward-looking statements. When used
in this document, the words such as "anticipates", "believes",
"plans", "estimates", "expects", "forecasts", "targets", "intends",
"advance", "projects", "calculates" and similar expressions are
forward-looking statements.
The forward-looking statements are based on an assumed set
of economic conditions and courses of actions, including estimates
of future production levels, expectations regarding mine production
costs, expected trends in mineral prices and statements that
describe Fortuna's future plans, objectives or goals. There is a
significant risk that actual results will vary, perhaps materially,
from results projected depending on such factors as changes in
general economic conditions and financial markets, changes in
prices for silver and other metals, technological and operational
hazards in Fortuna's mining and mine development activities, risks
inherent in mineral exploration, uncertainties inherent in the
estimation of mineral reserves, mineral resources, and metal
recoveries, the timing and availability of financing, governmental
and other approvals, political unrest or instability in countries
where Fortuna is active, labor relations and other risk
factors.
Although Fortuna has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements or information, there may
be other factors that cause results to be materially different from
those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements or
information will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements or information. Accordingly, readers should not place
undue reliance on forward-looking statements or
information.
Fortuna Silver Mines Inc.Carlos BacaInvestor RelationsTel
(Peru): +51.1.616.6060, ext. 0www.fortunasilver.com
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