Fortuna drills 18.3 g/t gold over 11.9 meters at the Séguéla Project, Côte d’Ivoire
Fortuna drills 18.3 g/t gold over 11.9 meters at the Séguéla Project,
Côte d’Ivoire
Vancouver, June 7, 202 2-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an
update of its Sunbird exploration program at the Séguéla gold Project located in Côte d’Ivoire.
Paul Weedon, Senior Vice President of Exploration, commented, " Following the release of Sunbird ´s
maiden Inferred Mineral Resource containing 350,000 gold ounces in March 2022, expansion drilling has
continued to grow the high grade mineralized footprint at depth and beyond the initial maiden resource
envelope.” Mr. Weedon continue d, “R esults such as 28.2 g/t gold over 3.5 meters from drill hole
SGRD1408 and 12.6 g/t gold over 7.7 meters from drill hole SGRD1422 highlight the open nature of the
deposit´s mineralization.” Mr. Weedon added, “Further drilling is underway to test these extensions, with
drill hole SGRD1423, a further 100 meters down plunge , intersecting several points of visible gold .”
Mr. Weedon concluded, “ In addition to the exploration success at Sunbird this field season, target
generation elsewhere on the Séguéla property has continued to grow the portfolio with several new very
encouraging prospects identified.”
Sunbird Prospect drill highlights include:
• SGRD1405: 18.3 g/t gold over an estimated true width of 11.9 meters from 168 meters
• SGRD1408: 28.2 g/t gold over an estimated true width of 3.5 meters from 351 meters
• SGRD1421: 6.1 g/t gold over an estimated true width of 8.4 meters from 252 meters
• SGRD1422: 12.6 g/t gold over an estimated true width of 7.7 meters from 319 meters
Subsequent to the release of Sunbird´s maiden Inferred Mineral Resource of 3.4 million tonnes at an
average grade of 3.16 g/t gold containing 350,000 gold ounces (refer to Fortuna news release dated March
15, 2022), expansion drilling further down-dip and down -plunge has continued to intersect high grade
mineralization beyond the initial optimized pit shell used to constrain the maiden Inferred Mineral
Resource (refer to Figure 1).
Drilling has successfully intersected an interpreted continuation of the core high grade mineralization a
further 100 meters down -plunge from previous intersections with drill hole SGRD1408 intersecting
28.2 g/t gold over an estimated true width of 3.5 meters and drill hole SGRD1422 intersecting 12.6 g/t
gold over an estimate d true width of 7.7 meters. Assays are pending for drill hole SGRD1423 which
intersected several points of visible gold a further 100 meters down plunge. This structure remains open
at depth, some 350 meters below surface.
In addition to extending mineralization at depth, drilling was also designed to further define the ce ntral
high grade core, with a total of eight holes consistently intersecting high grades (greater than 100 grams
x meter), including the most recent drill hole SGRD1405 intersecting 18.3 g/t gold over an estimated true
width of 11.9 meters from 168 meters down-hole. Full results received for this recent 7,071 meter 20-
hole program are listed in Appendix 1.
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An additional 5,110 meter 15-hole program to infill and extend the depth potential has commenced with
four holes completed to date (refer to Figure 1 ). Drill hole SGDD095, for which assays are pending,
intersected more than five points of visible gold to two millimeters in diameter in geological logging of the
drill core. This interval has the potential to extend the high grade core a further 25 meters to the north.
Figure 1: Sunbird Prospect long-section looking west showing recent drilling results
Séguéla Regional Exploration
Regional exploration across the Séguéla Project has continued to generate attractive targets along the key
structural corridors and building off regional soil and auger sampling campaigns, geophysical anomalies
and field mapping (refer to Figure 2 and Appendix 2).
Highlights from the current generative field season include:
Winy: located approximately five kilometers to the south -east of Antenna, a first pass trench sampling
program returned 52 meters at 1.54 g/t gold which was following up a regional soil anomaly and 25 rock
chip samples ranging from 0.13 g/t gold to 68.2 g/t gold. Winy is in a structurally favorable setting at the
intersection of locally significant north -east trending structures intersecting the pressure shadow to the
north of a small intrusive body.
G7: located approximately 14 kilometers to the south -east of Antenna, a 196 -hole, 5,008-meter,
reconnaissance air core drilling program returned a best intersection of 32 meters at 1.26 g/t gold in hole
SGAC7763 from eight meters with a follow up 6-hole, 504 meter, scout reverse circulation (RC) drilling
intersecting 18 meters at 1.54 g/t gold from 76 meters in drill hole SGRC1396 . G7 is hosted in the
easternmost volcaniclastic and schistose domain and represents a potentially new host setting.
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Barana: located 8 kilometers north of Antenna, a greater than 2-kilometer-long +50 parts per billion (ppb)
gold auger anomaly has been identified, with a 759-hole, 14,204 meter, scout air core drilling program
returning up to seven meters at 2.25 g/t gold from 12 meters in hole SGAC629 and 20 rock chip samples
ranging from 0.01 g/t gold to 9.28 g/t gold. Barana is hosted in the northern extension of the same
Antenna host lithologies.
Folly: located approximately seven kilometers south of Antenna, additional wide spaced 30-hole,
2,451 meter, scout RC drilling program (200-meter line spacing) following up previous reconnaissance RC
drilling returned encouraging results along a greater than 1.2-kilometer strike zone interpreted as the
same structural corridor as hosting the Antenna deposit approximately one kilometer to the north.
Results include 1.5 meters at 12.79 g/t gold from 88 meters (drill hole SGRC1189), 8.2 meters at 1.69 g/t
from 22 meters (drill hole SGRC1252) and 3.0 meters at 7.90 g/t gold from 88 meters (drill hole SGRC1317).
Follow-up drill testing of these prospects along with f urther drilling at the high grade Gabbro North
prospect to follow up previous high grade results including 4 meters at 23.0 g/t gold from 109 meters in
drill hole SGRC1236 and 8 meters at 39.0 g/t from 88 meters in drill hole SGRC1152 (refer to Fortuna news
release dated September 7, 2021 and Roxgold news release dated June 17, 2021) is planned for the second
half of 2022.
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Figure 2: Séguéla Project recent regional exploration highlights; drill intersections are downhole intervals
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Quality Assurance & Quality Control (QA-QC)
All drilling data completed by the Company utilized the following procedures and methodologies. All
drilling was carried out under the supervision of the Company’s personnel.
All air core (AC) drilling at Séguéla used a 3-inch blade bit with 1-meter samples collected and laid out in
rows on the ground, and then spear -sampled in four-meter composites for a final sample weight of
approximately two kilograms. Drilling is maintained until either damp samples are encountered or ground
refusal. Trench samples were collected in 4-meter composites along one wall of the trench and below any
transported horizons for a final sample weight of 2-3 kilograms. All rock-chip, AC and trench samples were
assayed at Elam Laboratories in C ôte d’Ivoire with routine gold analysis using a 50 -gram charge and fire
assay with an atomic absorption finish . Quality control procedures included the systematic insertion of
blanks, duplicates and sample standards into the sample stream. In addition, Elam Laboratories inserted
its own quality control sam ples. AC samples are used for target generation only and not used for any
mineral resource calculation.
All RC drilling at Séguéla used a 5.25 -inch face sampling pneumatic hammer with samples collected into
60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater
inflow. If water ingress exceeded the air pressure , RC drilling was stopped, and drilling converted to
diamond core tails. Once collected, RC samples were riffle split through a three -tier splitter to yield a
12.5% representative sample for submission to the analytical laboratory. The residual 87.5% sample were
stored at the drill site until assay results were received and validated. Coarse reject samples for all
mineralized samples corresponding to significant intervals are retained and stored on -site at the
company-controlled core yard.
All DD drill holes at Séguéla were drilled with HQ sized diamond drill bits. The core was logged, marked up
for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into
equal halves using a diamond saw. One half of the core was l eft in the original core box and stored in a
secure location at the company core yard at the project site. The other half was sampled, catalogued and
placed into sealed bags and securely stored at the site until shipment.
All Séguéla RC and DD core samples were shipped to ALS Laboratories preparation laboratory in
Yamoussoukro for preparation and then, via commercial courier, to ALS’s facility in Ouagadougou, Burkina
Faso for finishing. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption
finish was completed for all Séguéla samples. Quality control procedures included the systematic insertion
of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory
inserted its own quality control samples.
Qualified Person
Paul Weedon, Senior Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as
defined by National Instrument 43 -101 being a member of the Australian Institute of Geoscien tists
(Membership #6001). Mr. We edon has reviewed and approved the scientific and technical information
contained in this news release. Mr. Weedon has verified the data disclosed, and the sampling, analytical
and test data underlying the information or opinions contained herein by reviewing geochemical and
geological databases and reviewing diamond drill core. There were no limitations to the verification
process.
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About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with four oper ating mines in
Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Côte d'Ivoire.
Sustainability is integral to all our operations and relationships. We produce gold and silver and generate
shared value over the long -term for o ur stakeholders through efficient production, environmental
protection, and social responsibility. For more information, please visit our website.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | [email protected] | Twitter: @Fortuna_Silver | LinkedIn: fortunasilvermines
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 (collectively, “Forward
looking Statem ents”). All statements included herein, other than statements of historical fact, are Forward
looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause
actual events or results to differ materially from those reflected in the Forward looking Statements. The Forward
looking Statements in this news release may include, without limitation, statements about the Company’s plans
for the Séguéla gold Project and mineral properties, including the Sunbird Prospect; the anticipated exploration
and other development programs at the Sunbird Prospect and other mineral properties at the Séguéla gold
Project, together with the investment, nature, implementation and timing thereof; the timing for, and
anticipated results of the exploration program s at the Sunbird Prospect and the Séguéla gold Project, and the
intention to expand mineralization at the Séguéla gold Project; the Company’s business strategy, plans and
outlook; the merit of the Company’s mines and mineral prope rties; mineral resource and reserve estimates;
timelines; the future financial or operating performance of the Company; expenditures; approvals and other
matters. Often, but not always, these Forward looking Statements can be identified by the use of words such as
“estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”,
“planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or
“should” occur or be achieved and similar expressions, including negative variations.
Forward looking Statements involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially different fr om any results,
performance or achievements expressed or implied by the Forward looking Statements. Such uncertainties and
factors include, among others, changes in general economic conditions and financial markets; the duration and
effects of the COVID-19 pandemic on our operations and workforce and the effects on the global economy and
society; changes in prices for silver, gold and other metals; the success of the Company’s exploration program
at the Sunbird Prospect and the Séguéla gold Project; technological and operational hazards in Fortuna’s mining
and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor,
materials, supplies and services; fluctuations in currencies; uncertainties inherent in t he estimation of mineral
reserves, mineral resources, and metal recoveries; our ability to obtain all necessary permits, licences and
regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in
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countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors”
in the Company's Annual Information Form. Although the Company has attempted to identify important factors
that could cause actual actions, events or res ults to differ materially from those described in Forward looking
Statements, there may be other factors that cause actions, events or results to differ from those anticipated,
estimated or intended.
Forward looking Statements contained herein are based o n the assumptions, beliefs, expectations and opinions
of management, including but not limited to expectations regarding the results from the exploration programs
conducted at the Séguéla gold Project ; expected trends in mineral prices and currency exchang e rates; the
accuracy of the Company’s information derived from its exploration programs at the Séguéla gold Project;
current mineral resource and reserve estimates; that the Company’s activities will be in accordance with the
Company’s public statements a nd stated goals; that there will be no material adverse change affecting the
Company or its properties; that all required approvals will be obtained; that there will be no significant
disruptions affecting operations and such other assumptions as set out h erein. Forward looking Statements are
made as of the date hereof and the Company disclaims any obligation to update any Forward looking
Statements, whether as a result of new information, future events or results or otherwise, except as required by
law. There can be no assurance that Forward looking Statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, investors should
not place undue reliance on Forward looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have been prepared in accordance with National
Instrument 43 -101 Standards of Disclosure for Mineral Projects ("NI 43 -101") and the Canadian Institute of
Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43 -101
is a rule developed by the Canadian Securities Administrators that estab lishes standards for public disclosure by
a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise
indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been
prepared in accordance with NI 43 -101 and the Canadian Institute of Mining, Metallurgy and Petroleum
Definition Standards on Mineral Resources and Reserves.
Canadian standards, including NI 43 -101, differ significantly from the requirements of the Securi ties and
Exchange Commission, and mineral reserve and resource information included in this news release may not be
comparable to similar information disclosed by U.S. companies.
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APPENDIX 1. Séguéla gold Project, Côte d’Ivoire: Sunbird Prospect drill results
HoleID Easting
(WGS84_29N)
Northing
(WGS84_29N)
Elevation
(m)
End of Hole
Depth (m)
UTM
Azimuth
(m)
Dip
(m)
Depth
From
(m)
Depth
To
(m)
Downhole
Width (m)
ETW1
(m)
Au
(ppm)
Hole
Type2
SGRD1402 742749 893485 478 260.5 90 -60 NSI RCD
SGRD1403 742676 893437 464 381.3 90 -60 61 62 1 0.7 13.50 RCD
221 223 2 1.4 10.64 RCD
including 222 223 1 0.7 15.35 RCD
237 242 5 3.5 4.68 RCD
including 238 239 1 0.7 11.20 RCD
SGRD1404 742666 893337 460 380.5 90 -60 93 94 1 0.7 5.14 RCD
SGRD1405 742734 893240 460 261.5 90 -60 168 185 17 11.9 18.33 RCD
including 168 170 2 1.4 135.00 RCD
and 173 174 1 0.7 16.35 RCD
SGRD1406 742622 893237 485 426.2 90 -60 NSI 0 RCD
SGRD1407 742609 893138 485 444.4 90 -60 NSI 0 RCD
SGRD1408 742590 893036 493 450.5 90 -60 351 356 5 3.5 28.23 RCD
including 353 355 2 1.4 67.15 RCD
SGRD1409 742582 892761 524 384.5 90 -60 286 287 1 0.7 14.50 RCD
351 375 24 16.8 1.61 RCD
SGRD1412 742655 893189 499 450.5 90 -60 NSI 0 RCD
SGRD1413 742753 893436 480 280.2 90 -60 197 200 3 2.1 3.68 RCD
SGRD1414 742715 893385 472 350.2 90 -60 278 280 2 1.4 9.20 RCD
including 278 279 1 0.7 17.45 RCD
SGRD1415 742690 893284 485 339.4 90 -60 NSI 0 RCD
SGRD1416 742635 893086 510 432.2 90 -60 343 350 7 4.9 1.54 RCD
368 370 2 1.4 5.61 RCD
SGRD1417 742678 893235 489 360.3 90 -60 81 83.5 2.5 1.75 4.84 RCD
258 266 8 5.6 2.55 RCD
SGRD1418 742772 893357 486 252.5 90 -60 149 159 10 7 1.87 RCD
SGRD1419 742714 893135 486 294.4 90 -60 202 213 11 7.7 2.55 RCD
including 202 203 1 0.7 10.35 RCD
224 227 3 2.1 4.94 RCD
including 225 226 1 0.7 13.45 RCD
231 233 2 1.4 17.37 RCD
including 231 232 1 0.7 33.80 RCD
SGRD1420 742706 893339 469 339.4 90 -60 268 269 1 0.7 6.36 RCD
SGRD1421 742673 893137 492 318.9 90 -60 247 248 1 0.7 19.86 RCD
252 264 12 8.4 6.13 RCD
including 252 253 1 0.7 27.32 RCD
and 259 260 1 0.7 16.63 RCD
SGRD1422 742643 893035 513 400.4 90 -60 319 330 11 7.7 12.56 RCD
including 320 321 1 0.7 98.90 RCD
and 325 326 1 0.7 13.65 RCD
SGRD1424 742893 893087 525 263.6 90 -60 198 220 22 15.4 2.09 RCD
including 204 205 1 0.7 14.03 RCD
Notes:
1. ETW: estimated true width
2. RCD: reverse circulation pre-collar, diamond core tail