VANCOUVER,
Nov. 25, 2013 /PRNewswire/ -
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (BVL: FVI)
(Frankfurt: F4S.F) is pleased to announce assay results for the
initial step-out drilling of the Trinidad North discovery located
adjacent to the San Jose Mine in Oaxaca,
Mexico. Three drill holes have been completed to-date with
assay results currently being available for the first two drill
holes, representing step-outs of approximately 80 and 150 meters
from prior drill holes.
Highlights of Step-out Drilling
Hole_Id |
From
(m) |
To
(m) |
Interval
(m) |
ETW*
(m) |
Ag
(g/t) |
Au
(g/t) |
Ag Eq**
(g/t) |
SJOM-329 |
271.60 |
273.45 |
1.85 |
1.0 |
1509 |
7.77 |
1924 |
305.50 |
314.50 |
9.00 |
5.3 |
904 |
8.60 |
1363 |
329.15 |
342.10 |
12.95 |
7.5 |
402 |
3.42 |
585 |
SJOM-330 |
346.85 |
347.70 |
0.85 |
0.4 |
500 |
3.46 |
685 |
386.70 |
396.00 |
9.30 |
4.4 |
288 |
1.76 |
382 |
402.80 |
411.50 |
8.70 |
4.1 |
347 |
2.48 |
479 |
* |
ETW = estimated true width |
** |
Ag Eq values calculated at Au:Ag ratio of 53.37 based on metal
prices as of Dec. 31, 2012 (Au: US$1572.19; Ag: US$29.46) and
metallurgical recoveries of 89 percent for both Au and Ag |
Step-out drilling of the Trinidad North
discovery was initiated in late September following the completion
of underground access and drill stations at the 1300 meter level
with two drill rigs currently exploring the extension of the
mineralized shoot to the north and to depth.
Dr. Thomas I.
Vehrs, Vice President of Exploration, commented: "The
results of the initial step-out drilling at Trinidad North confirm
the extension of a robust mineralized system to the north. The
mineralized zones are characterized by strong development of
hydrothermal breccias and quartz vein stockworks containing
high-grade gold-silver mineralization. The system remains open to
the north and to depth and we eagerly look forward to the results
of this exciting program. With two drill rigs now operating, we
anticipate being able to complete 8 drill holes by the end of 2013
with results being available by mid-January. This drilling will
provide an initial indication of the resource potential of a 200
meter extension of the Trinidad North zone as well as testing the
potential for mineralization to depths below the 900 meter level.
Drilling planned for 2014 will test a further 300 meter extension
of the structure for a total of 500 meters from the northern limit
of existing Inferred Resources."
Trinidad North Discovery
A maiden resource estimate for the Trinidad
North discovery was announced by Fortuna in October 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
Oct. 17, 2013 news release for
additional information.
Longitudinal sections for the Bonanza and
Trinidad veins showing the
location of the new drill hole results relative to the Trinidad
North maiden resource area are available at the following
link:
http://www.fortunasilver.com/i/maps/sanjose/SanJoseLS_19Nov2013.pdf.
San Jose Mine, Mexico
The expansion of the San Jose Mine's processing
plant capacity to 1,800 tpd was successfully completed and
commissioned in September of this year on-time and on-budget. The
mine is on schedule to meet its annual production guidance of 2.4
million ounces of silver and projects to be 10 to 12 percent below
guidance of 20,900 ounces of gold for 2013.
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 acquisition opportunities. 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.
Trading symbols: NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F
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.
SOURCE Fortuna Silver Mines Inc.