Fortuna extends gold mineralization at Sunbird and identifies new regional prospects at Séguéla, Côte d´Ivoire
Fortuna extends gold mineralization at Sunbird and identifies new
regional prospects at Séguéla, Côte d´Ivoire
Vancouver, September 12, 2022-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide
an update on its exploration program at the Séguéla gold Project located in Côte d’Ivoire.
Paul Weedon, Senior Vice President of Exploration at Fortuna , commented, “Drilling at Sunbird has
continued to extend the high grade mineralized footprint to at least 4 00 meters below surface where it
remains open with d rill hole SGDD102 intersecting 5.1 g/t gold over an estimated true width of
10.5 meters demonstrating the potential upside at depth.” Mr. Weedon continued, “Furthermore, results
from drill hole SGRD1411 of 13.6 g/t gold over a true width of 6.3 meters highlight the definition of a
second shoot to the south which also remains open at depth and along strike.” Mr. Weedon concluded,
“In addition to the exploration success at Sunbird, regional target generation on the Séguéla property has
identified several new high grade prospects, including Kestr el with drill hole SGRC1456 intersecting
24.0 g/t gold over an estimated true width of 2.8 meters.”
Sunbird Deposit drill highlights include:
• SGRD1411: 13.6 g/t gold over an estimated true width of 6.3 meters from 332 meters
• SGRD1423: 8.2 g/t gold over an estimated true width of 4.9 meters from 359 meters
• SGDD095: 16.6 g/t gold over an estimated true width of 2.8 meters from 217 meters
• SGDD098: 6.9 g/t gold over an estimated true width of 5.6 meters from 290 meters
• SGDD099: 4.3 g/t gold over an estimated true width of 11.2 meters from 389 meters
• SGDD102: 5.1 g/t gold over an estimated true width of 10.5 meters from 373 meters
Drilling further down -dip and down -plunge at Sunbird has continued to intersect high grade
mineralization beyond the previously reported intersections (refer to Fortuna news release dated
June 7, 2022) extending drill defined mineralization associated with the central high grade core a further
100 meters down-plunge where it remains open at depth, some 400 meters below surface (see Figure 1).
Further drilling is planned in the fourth quarter of 2022 to test the projected extensions at depth.
In addition to extending the central high grade core, drilling has extended the down-plunge extent of the
southern shoot a further 200 meters to the south, with drill hole SGRD1411 intersecting 13.6 g/t gold over
an estimated true width of 6.3 meters where it remains open approximately 250 meters below surface.
Further drilling is planned in the fourth quarter of 2022 to test the projected depth extensions.
This recent drilling has extended the defined mineralized strike at Sunbird to more than 1.1 kilometers. A
further 480 meters to the south along the projected strike, a single exploration trench intersected two
zones of mineralization interpreted from geophysics to be extensions of the Sunbird structure, returned
true width intervals of 3.8 g/t gold over 7 meters and 1.3 g/t gold over 9 meters ( see Prospect P14 in
Figure 2). Drilling is planned for this area.
Full results received for this recent 15-hole, 5,093-meter drill program are listed in Appendix 1.
NYSE: FSM | TSX: FVI
www.fortunasilver.com NEWS RELEASE
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Figure 1: Sunbird Deposit long-section looking west showing recent drilling results
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Figure 2: Seguela Project regional plan showing recent drilling results
Ancien Deposit underground highlights
A 6-hole, 1,957-meter program was completed at Ancien which was drilled to test the projection of several
high grade zones to help improve the structural understanding of the mineralization controls. This
program was designed to help support future testing for potential targets and mineralized extensions
which may be amenable to underground mining in the future. Highlights include results from drill hole
SGRD1432 of 4.1 g/t gold over an estimated true width of 11.9 meters, including 1.4 meters at
23.5 g/t gold and results from drill hole SGRD721 of 3.5 g/t gold over 4.9 meters, including 11.7 g/t gold
over 0.7 meters (see Figure 3). Refer to Appendix 2 for full results.
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Figure 3: Ancien Deposit long-section looking west showing recent drilling results at depth.
Séguéla Project Regional Exploration
Reverse circulation (RC) and diamond drilling (DD) at the Kestrel, G7 and Winy regional exploration targets
returned encouraging results (see Figure 2).
Kestrel (formerly P12): located approximately 500 meters to the south along strike of Antenna, a 10 hole,
1,137-meter first pass scout RC and DD program identified a new structure associated with strong silica
alteration and quartz veining, with highlights over a 100-meter strike length including:
• SGRC1456: 24.0 g/t gold over an estimated true width of 2.8 meters from 87 meters
• SGRC1452: 13.2 g/t gold over an estimated true width of 1.4 meters from 78 meters
• SGRC1451: 5.3 g/t gold over an estimated true width of 2.1 meters from 31 meters
• SGDD103: 14.3 g/t gold over an estimated true width of 1.4 meters from 36 meters
Regional geophysical interpretations suggest this structure may be a southerly extension of the structure
hosting the main Antenna mineralization. Further drilling is planned in the fourth quarter of 2022. Refer
to Appendix 3 for full results.
G7: following up on the previous air core and scout RC drilling program (refer to Fortuna news release
dated June 7, 2022), a follow-up 9-hole 840meter RC program was completed. The program was designed
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to test the continuity of mineralization associated with extensive surface gold anomalism with drilling
results intersecting mineralization over a 200-meter zone which remains open along strike and at depth.
True width intersections include 2.2 g/t gold over 6.3 meters from 115 meters in drill hole SGRC1442 and
1.8 g/t gold over 9.1 meters from 38 meters in drill hole SGRC1444 (see Figure 2). Further mapping and a
review of the data is planned with G7 hosted in the easternmost volcaniclastic and schistose domain and
represents a potentially new host setting. Refer to Appendix 4 for full results.
Winy: a 19-hole 1,961 meter scout RC program wa s completed over a 600 meter strike length at Winy,
following up on previous air core results (refer to Fortuna news release dated June 7, 2022 ). Drilling
intersected a relatively narrow but continuous silicification zone and associated quartz veining with pyrite,
with results including 12.3 g/t gold over 1.4 meters from 26 meters in drill hole SGRC1460 and 14.9 g/t
gold over 1.4 meters from 39 meters in drill hole SGRC1461 (see Figure 2). Refer to Appendix 5 for full
results.
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.
Trench samples were collected in either 1, 2 or 4-meter composites along one wall of the trench, according
to identified lithologies, and below any transported horizons for a final sample weight of 2-3 kilograms.
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 sp lit 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 left 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 trench, 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. Weedon has reviewed and appr oved the scientific and technical information
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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.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with four operating 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 our 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 Statements”). 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 p lans
for the Séguéla gold Project and mineral properties, including the Sunbird and Ancien deposits and other areas
of mineralization at Séguéla; the anticipated exploration and other development programs at the Sunbird and
Ancien deposits and at other min eral prospects and areas at the Séguéla gold Project, together with the
investment, nature, implementation and timing thereof; the timing for, and anticipated results of the exploration
programs at the Séguéla gold Project, and the intention to expand mine ralization at the Séguéla gold Project;
the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties;
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 from any results,
performance or achievements expressed or implied by the Forward looking Statements. Such uncertain ties and
factors include, among others, changes in general economic conditions and financial markets; the duration and
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effects of the COVID-19 pandemic on our operations and workforce and the effects on the global economy and
society; changes in prices fo r silver, gold and other metals; the timing of the Company’s proposed exploration
programs at the Sunbird and Ancien deposits and at the Séguéla gold Project in general ; the success of the
Company’s proposed exploration programs; 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 the estimation of mine ral 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 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 results to differ materi ally 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 on the assumptions, be liefs, 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 exchange 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 and 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 herein. Forward lookin g 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 Pr ojects ("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 establishes standards for publ ic 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 w ith 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 Securities 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. Sunbird Deposit drill results, Séguéla gold Project, Côte d’Ivoire
HoleID Easting
(WGS84_29N)
Northing
(WGS84_29N)
Elevation
(m)
EOH
Depth
(m)
UTM
Azimuth Dip
Depth
From
(m)
Depth
To
(m)
Downhole
Width (m)
Est. True
Width
(m)
Au
(ppm)
Hole
Type
SGRD1411 742574 892563 571 420.1 90 -60 309 313 4 2.8 1.4 RCD
332 341 9 6.3 13.6 RCD
incl 335 337 2 1.4 55.1 RCD
SGRD1423 742614 892956 526 402.4 90 -60 341 353 12 8.4 2.7 RCD
incl 342 343 1 0.7 18.2 RCD
359 366 7 4.9 8.2 RCD
incl 360 361 1 0.7 11.2 RCD
and 362 364 2 1.4 12.4 RCD
SGRD1425 742615 892735 559 340.3 90 -60 230 244 14 9.8 1.1 RCD
279 289 10 7 1.1 RCD
SGRD1426 742655 892660 556 260.2 90 -60 135 149 14 9.8 3.1 RCD
incl 142 143 1 0.7 17.5 RCD
154 158 4 2.8 1.7 RCD
163 171 8 5.6 4.5 RCD
SGRD1427 742710 893035 499 225.4 90 -60 181 184 3 2.1 1.9 RCD
196 200 4 2.8 5.7 RCD
incl 198 199 1 0.7 15.4 RCD
SGRD1428 742605 892610 571 360.3 90 -60 194 207 13 9.1 3.2 RCD
221 229 8 5.6 1.5 RCD
SGRD1429 742715 893385 472 296.5 90 -62 250 253 3 2.1 11.0 RCD
incl 250 252 2 1.4 15.4 RCD
SGDD095 742715 893385 472 303.4 90 -60 217 221 4 2.8 16.6 DD
incl 217 219 2 1.4 28.9 DD
SGDD096 742685 893010 508 255.5 90 -60 136 142 6 4.2 0.9 DD
187 205 18 12.6 2.6 DD
incl 202 204 2 1.4 13.9 DD
SGDD097 742644 893034 513 348.9 90 -60 291 300 9 6.3 2.6 DD
SGDD098 742635 892985 523 350.9 90 -60 281 286 5 3.5 4.2 DD
290 298 8 5.6 6.9 DD
incl 295 296 1 0.7 38.4 DD
SGDD099 742560 892935 514 441.0 90 -60 389 405 16 11.2 4.3 DD
incl 399 401 2 1.4 21.9 DD
SGDD100 742660 892960 524 300.2 90 -60 239 244 5 3.5 2.0 DD
249 255 6 4.2 4.6 DD
incl 250 251 1 0.7 16.0 DD
262 267 5 3.5 1.6 DD
SGDD101 742610 892935 527 387.1 90 -60 325 333 8 5.6 1.0 DD
373 375 2 1.4 3.6 DD
SGDD102 742580 892910 525 400.8 90 -60 229 234 5 3.5 1.3 DD
292 297 5 3.5 1.5 DD
364 368 4 2.8 3.7 DD