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Fortuna Silver Mines Inc
Symbol C : FVI
Shares Issued 159,939,595
Close 2019-02-13 C$ 5.01
Recent Sedar Documents

Fortuna Silver drills 13.5m of 119 g/t Ag at San Jose

2019-02-14 07:55 ET - News Release

Mr. David Volkert reports

FORTUNA PROVIDES REVIEW OF BROWNFIELDS EXPLORATION PROGRAMS

Fortuna Silver Mines Inc. has provided an overview of its brownfields exploration programs in Mexico, Peru and Argentina.

David F. Volkert, vice-president of exploration, commented: "An important exploration priority at Fortuna is to continue adding to the longevity of our mines. During the third and fourth quarters of 2017 and throughout 2018, the company drilled a total of 62,412 metres in 134 surface and underground diamond holes at the San Jose and Caylloma mines and at the Arizaro project, located within the Lindero project concession block in Argentina." Mr. Volkert added, "Fortuna is now working to incorporate the results of the brownfields drilling campaigns at San Jose and Caylloma into the updated mineral reserve and mineral resource estimates for those mines, which are expected to be released next month."

San Jose mine, Mexico

Exploration drilling ahead of production is a continuing program at San Jose that continued during the third and fourth quarters of 2017 and throughout 2018, totalling 50,904 metres in 105 holes with up to six drill rigs. A primary target was the Victoria mineralized zone, located 350 metres to the east of and subparallel to the Trinidad vein-Bonanza vein-stockwork complex. Victoria is a blind discovery made in 2015 (see Fortuna news release dated Aug. 12, 2015) consisting of a series of mineralized structures.

Full results for the underground drilling program consisting of 27,302 metres in 53 holes at the Victoria mineralized zone are listed in the "Victoria mineralized zone, San Jose mine Q3 2017, Q4 2017 and 2018 drill results" table. Drill highlights include the following.

SJOM781

  • 119 grams per tonne silver and 0.57 g/t gold over an estimated true width of 13.5 metres.

SJOM789

  • 404 g/t Ag and 2.81 g/t Au over an estimated true width of three metres.

SJOM794

  • 213 g/t Ag and 1.24 g/t Au over an estimated true width of 6.3 metres.

SJOM830

  • 273 g/t Ag and 2.10 g/t Au over an estimated true width of 5.3 metres.

SJOM833

  • 217 g/t Ag and 1.72 g/t Au over an estimated true width of 7.8 metres.

A longitudinal section showing the location of the drill holes is available at the company's website.

See the "San Jose mine additional Q3 2017 and Q4 2017 and 2018 drill results" table for full details of the additional San Jose drill holes completed during the third and fourth quarters of 2017 and 2018.

Following the successful exploration results for 2018, the company has allocated $4.5-million (U.S.) to continued brownfields exploration at San Jose in 2019, including an estimated 11,500 metres of surface and underground diamond drilling and 450 metres of underground development for exploration drilling (see Fortuna news release dated Jan. 17, 2019).

Caylloma mine, Peru

Exploration drilling at Caylloma continued throughout the fourth quarter of 2017 and throughout 2018 totalling 9,330 metres in 17 surface diamond drill holes. Further to previously reported successful stepout drilling results at the Animas northeast silver-polymetallic vein (see Fortuna news releases dated May 18, 2017, and Oct. 11, 2017), drilling continues to intersect mineralized shoots ranging in size from 100 metres by 200 metres to 300 metres by 500 metres along strike to the northeast and at depth along the Animas NE vein. Stepout drilling is systematically completed outside of the present limit of the current mineral resource shell with drill holes spaced approximately 50 metres to 100 metres apart.

Full results for the Animas NE vein drilling program are listed in the "Animas NE vein, Caylloma mine: Q4 2017 and 2018 drill results" table. Drill highlights include the following.

ANIS052517

  • 54 g/t Ag, 4.15 per cent lead and 7.95 per cent zinc over an estimated true width of 7.2 metres.

ANIS053817

  • 25 g/t Ag, 2.37 per cent Pb and 4.04 per cent Zn over an estimated true width of 6.8 metres.

ANIS062718

  • 158 g/t Ag, 13.6 per cent Pb and 10.5 per cent Zn over an estimated true width of 3.7 metres.

ANIS063318

  • 87 g/t Ag, 2.51 per cent Pb and 2.19 per cent Zn over an estimated true width of 7.0 metres.

ANIS063418

  • 49 g/t Ag, 2.01 per cent Pb and 6.04 per cent Zn over an estimated true width of 3.5 metres.

A longitudinal section showing the location of the stepout drill holes is available at the company's website.

The company has allocated $800,000 (U.S.) to the continued brownfields exploration program at Caylloma in 2019, which includes surface mapping and sampling of additional silver-base metal mineralized veins throughout the 36,000-hectare claim block (see Fortuna news release dated Jan. 17, 2019).

Arizaro gold-copper project, Lindero camp, Argentina

The Arizaro project is located within the Lindero mining concession, 3.2 kilometres southeast of the Lindero project. While Arizaro is not included in the current Lindero mine plan it represents upside opportunity for Lindero if a satellite operation can be developed. Previous owners completed a total of 8,854 metres of drilling in 29 diamond drill holes over four campaigns carried out in 2002 and 2010-2013 and a historical resource estimation (1) prepared in accordance with National Instrument 43-101.

The historical resource estimate is included in a technical report entitled "Technical Report on the Arizaro Gold-Copper Deposit and Lindero Heap Leach Operation, Salta Province, Argentina" dated July 24, 2013, with an effective date of July 1, 2013, which was prepared for Goldrock Mines Corp. by Mine Development Associates and Kappes, Cassiday & Associates, before the company acquired the Lindero project.

The historical estimate includes indicated and inferred mineral resources relating to the Arizaro deposit. The historical estimate was based upon assumptions contained in the Goldrock report and uses categories as set out in National Instrument 43-101. There has been no further mineral resource estimates conducted at Arizaro since July 1, 2013.

Additional drilling was conducted at Arizaro in 2018 to improve the understanding of the geologic controls on mineralization and to verify assumptions used in the estimation of the historical estimate. There can be no assurance that the historical estimate will be updated.

The company has not verified as a current mineral resource or mineral reserve the historical estimate contained in the Goldrock report, which was prepared before the company acquired an interest in the property that contains the mineralization.

Recent independent verification of the data has not been performed. A qualified person has not done sufficient work to classify the historical estimate contained in the Goldrock report as current mineral resources or mineral reserves. The company is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate referred to in the Goldrock report should not be relied upon.

During 2018 Fortuna completed a surface core drill program of 2,178 metres in 12 holes to vertical depths of less than 200 metres aimed at identifying near surface porphyry-style gold-copper mineralization hosted in magnetite and biotite-rich breccia zones and in associated stockwork veins.

Full results for the Arizaro drill program are listed in the "Arizaro project, Lindero camp, 2018 drill results" table. Drill highlights include the following.

ARD32

  • 0.61 g/t Au and 0.14 per cent Cu over 78 metres.

ARD38

  • 0.67 g/t Au and 0.16 per cent Cu over 52 metres.

ARD41

  • 0.70 g/t Au and 0.29 per cent Cu over 82 metres.

Drill hole ARD41 is located approximately 350 metres west of previous drilling and represents a new zone that requires additional exploration.

A map showing the location of the drill holes is available at the company's website.

Quality assurance and quality control (QA-QC)

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 Global Laboratory in Lima, Peru, for samples from the Caylloma mine, the ALS Global Laboratory in Guadalajara, Mexico, for samples from the San Jose mine or the ALS Global Laboratory in Mendoza, Argentina, for samples from the Arizaro project. 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 inductively coupled plasma and atomic absorption methods utilizing aqua regia digestion at the ALS Global Laboratory in Lima, Peru, for samples from the Caylloma mina and Arizaro project and at the ALS Global Laboratory in Vancouver, B.C., Canada, for samples from the San Jose mine. The quality assurance/quality control program includes the blind insertion of certified reference standards and assay blanks at a frequency of approximately one per 20 normal samples as well as the inclusion of duplicate samples for verification of sampling and assay precision levels.

Qualified person

David F. Volkert, vice-president of exploration for Fortuna Silver Mines, is a qualified person as defined by National Instrument 43-101 being a member of the American Institute of Professional Geologists (CPG No. 10759) and the Association of Professional Engineers and Geoscientists of British Columbia (PGeo No. 191936). Mr. Volkert has reviewed and approved the scientific and technical information contained in this news release. Mr. Volkert has verified the data disclosed, and the sampling, analytical and test data underlying the information or opinions contained herein, by completing on-site visits to each mine and project, reviewing geochemical and geological databases, and reviewing diamond drill core. There were no limitations to the verification process.

About Fortuna Silver Mines Inc.

Fortuna is a growth-oriented, precious metals producer focused on mining opportunities in Latin America. The company's primary assets are the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold project, currently under construction, in Argentina. The company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas.

VICTORIA MINERALIZED ZONE, SAN JOSE MINE Q3 2017, Q4 2017 AND 2018 DRILL RESULTS

Drill hole       From        To  Interval       ETW (1)    Ag        Au
                   (m)       (m)       (m)       (m)     (g/t)     (g/t)

SJOM-649       258.70    262.50      3.80       1.7        51      0.37
and            350.00    352.65      2.65       1.2        91      0.63
and            363.00    367.00      4.00       1.8       196      1.21
and            373.50    376.50      3.00       1.4       473      2.71
and            383.00    390.40      7.40       3.6       281      1.24
and            409.50    414.30      4.80       2.2       230      1.45
SJOM-665       290.70    294.15      3.45       1.5       146      0.99
and            447.75    451.00      3.25       1.4        98      0.74
SJOM-670       327.05    332.80      5.75       2.1        88      0.70
and            401.45    404.95      3.50       1.3       107      0.70
and            408.80    414.85      6.05       2.2        67      0.61
and            417.60    424.70      7.10       2.5       110      0.90
SJOM-675       287.00    290.75      3.75       1.9       342      2.26
SJOM-676       381.40    388.40      7.00       4.5       356      3.53
and            400.95    402.40      1.45       1.0        87      0.66
SJOM-681A      280.80    283.55      2.75       1.8        88      0.88
and            370.10    371.35      1.25       1.1        76      0.49
SJOM-684       189.80    202.25     12.45       8.0       695      3.96
and            302.80    305.50      2.70       1.3       114      0.57
SJOM-686       211.30    221.30     10.00       4.2       213      1.37
SJOM-688       NSI (2)
SJOM-689       NSI (2)
SJOM-694A      194.85    196.65      1.80       1.1        84      0.81
SJOM-695       322.80    324.35      1.55       1.1       191      0.28
SJOM-696       NSI (2)
SJOM-698       424.50    428.15      3.65       1.8       127      1.25
and            439.95    449.60      9.65       5.2       363      3.21
and            452.35    457.80      5.45       2.9        90      0.89
SJOM-700       NSI (2)
SJOM-702       NSI (2)
SJOM-703       NSI (2)
SJOM-704       256.25    257.75      1.50       1.3       114      0.68
and            261.05    261.95      0.90       0.8       272      2.47
SJOM-710       439.35    442.00      2.65       2.4        62      0.53
and            445.50    456.85     11.35      10.3       275      1.59
SJOM-711       396.00    397.90      1.90       1.1       671      4.00
and            412.20    413.20      1.00       0.6        42      1.27
and            424.25    427.75      3.50       2.0       123      0.78
and            433.60    435.55      1.95       1.1        84      0.58
SJOM-714       NSI (2)
SJOM-716       362.20    364.45      2.25       1.1       134      0.51
SJOM-717       549.05    554.20      5.15       5.0        59      0.47
SJOM-721       NSI (2)
SJOM-725       NSI (2)
SJOM-727       NSI (2)
SJOM-730       NSI (2)
SJOM-733A      486.05    488.00      1.95       1.6       125      1.00
and            499.00    505.00      6.00       4.9        90      1.17
and            508.75    511.40      2.65       2.1       312      2.62
and            516.15    517.85      1.70       1.4        80      0.65
SJOM-746       NSI (2)
SJOM-747       NSI (2)
SJOM-761       253.55    258.45      4.90       3.7        57      0.59
and            334.50    338.50      4.00       3.0        98      1.05
SJOM-763       313.90    315.00      1.10       1.0        79      0.66
and            322.15    332.50     10.35       9.3       302      2.98
and            344.50    349.00      4.50       4.0        49      0.57
SJOM-770       NSI (2)
SJOM-779       355.50    357.00      1.50       1.4        39      0.35
SJOM-781       238.20    242.90      4.70       2.5        75      0.58
and            238.20    242.90      4.70       2.5        75      0.58
and            369.55    403.10     33.55      13.5       119      0.57
SJOM-785       377.05    378.65      1.60       1.1        51      0.72
and            385.95    387.55      1.60       1.1       210      1.77
SJOM-787       NSI (2)
SJOM-789       494.45    498.75      4.30       3.0       404      2.81
SJOM-794       320.00    321.95      1.95       0.9       169      0.86
and            340.75    353.20     12.45       6.3       213      1.24
SJOM-795       303.00    305.00      2.00       1.2       143      0.99
and            379.50    385.50      6.00       3.7        87      0.64
SJOM-802       NSI (2)
SJOM-803       NSI (2)
SJOM-811       254.95    257.40      2.45       1.8       114      0.95
SJOM-813       NSI (2)
SJOM-817       395.80    399.65      3.85       2.0       440      4.78
SJOM-821       249.30    253.10      3.80       1.2       113      0.58
SJOM-823A      NSI (2)
SJOM-826       475.90    480.00      4.10       1.9        60      0.42
SJOM-827       NSI (2)
SJOM-828       314.15    323.80      9.65       5.7        65      0.56
and            361.60    363.30      1.70       1.0       108      0.59
SJOM-830       429.30    431.00      1.70       1.0        57      0.50
and            448.00    456.50      8.50       5.1        82      0.57
and            475.00    476.95      1.95       1.2        78      0.49
and            486.45    495.25      8.80       5.3       273      2.10
and            553.15    556.00      2.85       1.8        53      0.40
SJOM-832       239.60    241.20      1.60       1.3       784      2.48
SJOM-833       282.15    291.25      9.10       7.8       217      1.72

(1) ETW: estimated true width.
(2) NSI: no significant intervals.

                ANIMAS NE VEIN, CAYLLOMA MINE: Q4 2017 AND 2018 DRILL RESULTS

Drill hole         From         To   Interval        ETW (1)     Ag         Au         Pb         Zn
                     (m)        (m)        (m)        (m)      (g/t)      (g/t)        (%)        (%)
 
ANIS052517        569.9      579.8        9.9        7.2         54       0.05       4.15       7.95
ANIS053517        380.9      386.4        6.0        4.7         24       0.16       1.15       3.99
ANIS053817        588.1      595.6        7.5        6.8         25       0.02       2.37       4.04
ANIS054217        390.6      392.6        2.0        1.6         23       0.05       1.96       2.48
ANIS054917        537.4      538.5        1.1        1.0        218       0.06       0.59       1.37
ANIS055417        481.9      482.9        1.0        0.9         26       0.04       1.61       2.47
ANIS055917        NSI (2)
ANIS056117        555.1      556.6        1.5        1.3        102       0.02       6.19       4.10
ANIS056417        332.4      335.7        3.4        2.8         13       0.28       0.48       6.46
ANIS061018        NSI (2)
ANIS061718        492.8      495.8        3.0        2.9         41       0.03       2.53       3.01
ANIS062318        493.5      495.8        2.3        2.1         31       0.10       1.83       3.10
ANIS062718A       519.0      523.9        4.8        3.7        158       0.10      13.58      10.48
ANIS063318        530.3      538.7        8.4        7.0         87       0.05       2.51       2.19
ANIS063418        507.6      511.4        3.8        3.5         49       0.04       2.01       6.04
ANIS063918        502.3      503.7        1.4        1.3         95       0.04       3.33       2.76
ANIS064618A       531.9      535.6        3.7        3.2         25       0.02       1.22       2.06

(1) ETW: estimated true width.
  
(2) NSI: no significant intervals.
  
 

       ARIZARO PROJECT, LINDERO CAMP, 2018 DRILL RESULTS

Drill hole       From        To  Interval (1)    Au        Cu
                   (m)       (m)       (m)     (g/t)       (%)

ARD-30             16        96        80      0.51      0.39
ARD-31             90       108        18      0.46      0.24
ARD-32             72       150        78      0.61      0.14
ARD-33             44        74        30      0.53      0.15
ARD-34              0        26        26      0.60      0.13
ARD-35             82       154        72      0.53      0.23
ARD-36            114       134        20      0.46      0.21
ARD-37             58        64         6      1.19      0.56
ARD-38              8        78        70      0.59      0.16
ARD-39              4        18        14      0.30      0.10
ARD-40             32        44        12      0.55      0.16
ARD-41              8        90        82      0.70      0.28

(1) Down-the-hole intervals; orientation of the mineralization 
    has not been established and therefore true widths cannot be 
    estimated at this time.
 

SAN JOSE MINE ADDITIONAL Q3 2017 AND Q4 2017 AND 2018 DRILL RESULTS  

Drill hole     From     To    Int.  ETW (1) Ag           Au
                 (m)    (m)    (m)   (m)   (g/t)       (g/t)
SJOM-657      NSI (2)
SJOM-679      NSI (2)
SJOM-679A     NSI (2)
SJOM-680      NSI (2)
SJOM-682      NSI (2)
SJOM-683      NSI (2)
SJOM-685      NSI (2)
SJOM-687      NSI (2)
SJOM-689      NSI (2)
SJOM-696      NSI (2)
SJOM-700      NSI (2)
SJOM-703      NSI (2)
SJOM-708      NSI (2)
SJOM-709      NSI (2)
SJOM-721      NSI (2)
SJOM-730      NSI (2)
SJOM-734      NSI (2)
SJOM-737      397.10 398.75   1.65   1.2    58         0.18
SJOM-746      NSI (2)
SJOM-748      NSI (2)
SJOM-753      NSI (2)
SJOM-753A     NSI (2)
SJOM-764      297.60 301.70   4.10   3.7   108         0.73
SJOM-765      NSI (2)
SJOM-771      NSI (2)
SJOM-778      NSI (2)
SJOM-780      NSI (2)
SJOM-782      NSI (2)
SJOM-783      NSI (2)
SJOM-784      NSI (2)
SJOM-786      NSI (2)
SJOM-788      NSI (2)
SJOM-790      NSI (2)
SJOM-791      NSI (2)
SJOM-792      NSI (2)
SJOM-793      NSI (2)
SJOM-796      285.60 286.85   1.25   1.0   268         2.63
SJOM-797      NSI (2)
SJOM-798      NSI (2)
SJOM-799      NSI (2)
SJOM-800      NSI (2)
SJOM-801      NSI (2)
SJOM-804      NSI (2)
SJOM-805      118.85 120.30   1.45   1.3   116         0.66
SJOM-806      NSI (2)
SJOM-807      NSI (2)
SJOM-808      106.45 108.20   1.75   1.4   188         0.73
SJOM-809      197.00 198.65   1.65   1.1    94         0.10
SJOM-810      111.00 116.60   5.60   4.6    92         0.32
and           211.15 213.25   2.10   1.7    90         4.61
SJOM-812      NSI (2)
SJOM-814      NSI (2)
SJOM-815      NSI (2)
SJOM-816      NSI (2)
SJOM-818      NSI (2)
SJOM-819      NSI (2)
SJOM-820      NSI (2)
SJOM-822      NSI (2)
SJOM-825      NSI (2)
SJOM-829      NSI (2)
                            
(1) ETW: estimated true width.
  
(2) NSI: no significant intervals.
  
 

We seek Safe Harbor.

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