Fortuna Drills 2.8 kg/t Ag and 14.5 g/t Au Over a True Thickness of 4.2 m at Trinidad North Discovery, San Jose Mine, Mexico
March 10 2014 - 7:00AM
Marketwired Canada
Fortuna Silver Mines Inc. (TSX:FVI)(NYSE:FSM)(BVLAC:FVI)(FRANKFURT:F4S) is
pleased to announce new 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 January and February 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 200 meter strike extension of the Trinidad
system and generally outside of the limits of the existing Inferred Resources.
Highlights of Step-out Drilling:
-- SJOM-337
-- 498 g/t Ag and 3.03 g/t Au (680 g/t Ag Eq) over estimated true width
of 6.5 m
-- SJOM-340
-- 2,762 g/t Ag and 14.46 g/t Au (3,630 g/t Ag Eq) over estimated true
width of 4.2 m
-- SJOM-343
-- 1,190 g/t Ag and 8.45 g/t Au (1,697 g/t Ag Eq) over estimated true
width of 10.2 m
-- SJOM-345
-- 305 g/t Ag and 2.44 g/t Au ( 452 g/t Ag Eq) over estimated true
width of 10.3 m
-- SJOM-346
-- 1,503 g/t Ag and 7.76 g/t Au (1,969 g/t Ag Eq) over estimated true
width of 6.5 m and
-- 600 g/t Ag and 4.20 g/t Au (852 g/t Ag Eq) over estimated true width
of 18.8 m
Dr. Thomas I. Vehrs, Vice President of Exploration, commented: "The results of
the step-out drilling at Trinidad North confirm the continuation of a very
robust mineralized system with mineralization being present in two sub-parallel
vein systems (Bonanza Vein and Trinidad Vein) and commonly in the form of
stockwork zones between the two structures. The mineralization is closely
associated with hydrothermal breccias formed as a result of boiling of the
epithermal system with the evidence of boiling persisting to the deepest holes
drilled to-date (approximately 600 m below current surface). The mineralization
remains open to the north and to depth as well as vertically above the 1200
meter level."
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 are 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 and January 21, 2014.
Drilling is currently being carried out from two underground drill stations
located at the 1300 meter level with preparations 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 Extension
---------------------------------------------------------------------------
Est
From To Int Width Ag Au Pb Zn Cu Ag Eq
Hole_Id (m) (m) (m) (m) (g/t) (g/t) (ppm) (ppm) (ppm) (g/t)
---------------------------------------------------------------------------
266.20 269.00 2.80 1.9 163 0.83 24,386 57,057 4,621 213
-----------------------------------------------------------------
272.00 278.00 6.00 4.0 121 0.71 2,926 4,415 155 164
SJOM-337 -----------------------------------------------------------------
296.10 313.00 16.90 11.7 219 1.38 345 722 44 302
-----------------------------------------------------------------
314.90 324.35 9.45 6.5 498 3.03 984 1,684 123 680
---------------------------------------------------------------------------
437.45 447.00 9.55 4.9 164 1.23 881 1,626 260 238
SJOM-338 -----------------------------------------------------------------
455.85 457.10 1.25 0.7 328 3.05 973 2,570 84 511
---------------------------------------------------------------------------
214.30 234.20 19.90 15.8 252 1.29 146 170 19 329
-----------------------------------------------------------------
SJOM-339 261.00 264.90 3.90 3.1 96 0.57 142 187 12 131
-----------------------------------------------------------------
276.15 284.30 8.15 6.1 114 0.52 409 1,028 28 145
---------------------------------------------------------------------------
SJOM-340 265.70 273.00 7.30 4.2 2,762 14.46 777 1,463 285 3,630
-----------------------------------------------------------------
Including 266.85 267.50 0.65 0.4 27,669 141 4,670 7,700 2,420 36,129
-----------------------------------------------------------------
300.00 306.25 6.25 3.6 85 0.40 590 1,637 57 109
---------------------------------------------------------------------------
SJOM-342 311.85 312.45 0.60 0.5 323 1.88 48 84 23 436
---------------------------------------------------------------------------
231.05 232.00 0.95 0.7 100 0.96 2,750 6,610 675 158
-----------------------------------------------------------------
SJOM-343 248.40 253.60 5.20 3.6 298 1.27 607 1,184 26 374
-----------------------------------------------------------------
272.00 286.95 14.95 10.2 1,190 8.45 1575 2,316 245 1,697
---------------------------------------------------------------------------
365.85 370.00 4.15 2.3 171 0.93 618 968 54 227
-----------------------------------------------------------------
SJOM-345 397.65 416.60 18.95 10.3 305 2.44 1,154 2,148 101 452
-----------------------------------------------------------------
423.00 430.95 7.95 4.3 102 0.61 703 1,730 67 139
---------------------------------------------------------------------------
293.50 303.50 10.00 6.5 1,503 7.76 2,697 4,928 152 1,969
SJOM-346 -----------------------------------------------------------------
340.50 368.00 27.50 18.8 600 4.20 1,429 2,699 288 852
---------------------------------------------------------------------------
(i) Ag Eq values calculated at Au:Ag ratio of 60 based on metal prices of
US$1,200/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/s/san_jose.asp?ReportID=630015
San Jose Mine
The San Jose mine and processing plant are successfully operating at 1,800 tpd
with expansion to 2,000 tpd projected for the start of the second quarter of
2014. 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 acquisition 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca
Tel (Peru): +51.1.616.6060, ext. 0
www.fortunasilver.com
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