FVI.TO · 2021-09-05 12:00:00

Fortuna intersects 1,299 g/t Ag Eq over a true width of 9.9 meters at the San Jose Mine, Mexico

Drill Results

Fortuna intersects 1,299 g/t Ag Eq over a true width of 9.9 meters at

the San Jose Mine, Mexico

Vancouver, September 5, 2021-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce

the discovery of the Yessi vein, a new blind mineralized structure, at the San Jose Mine in Mexico.

Paul Weedon, Senior Vice President of Exploration, commented, " Drilling by the mine geology team

recognized a new blind zone of alteration and brecciation, resulting in the intersection of 1,299 g/t Ag Eq

over 9.9 meters in drill hole SJOM-1387, and 621 g/t Ag Eq over 5 meters in drill hole SJOM-1391. This

new zone has been named the Yessi vein.” Mr. Weedon continued, “ Extension drilling intersected the

Yessi vein approximately 200 meters further east of the Victoria Mineralized Zone , highlighting the

potential size and strength of San Jose´s mineralized system.” Mr. Weedon added, “Drilling continues with

additional holes planned along strike to the north and south to further define the extent of Yessi´s

mineralization.”

Yessi vein drilling highlights include:

• SJOM1387: 1,299 g/t Ag Eq over an estimated true width of 9.9 meters

• SJOM1391: 621 g/t Ag Eq over an estimated true width of 5.0 meters

• SJOM1396: 483 g/t Ag Eq over an estimated true width of 0.7 meters

Three drill holes totaling 1,118 meters were completed from an underground platform after infill drilling

on the Victoria Mineralized Zone intersected alteration and brecciation towards the original planned

depth in drill hole SJOM-1387. The resulting 200-meter extension returned intervals of up to 90 meters of

brecciation, alteration , and zones of mineralization (refer to Figure 1). These holes support the

interpretation of the Yessi vein, which represents the easternmost limit of mineralization intersected at

San Jose to date and which does not have any surface expression, highlighting the regional prospectivity.

A review of the geochemical signature of the Yessi vein indicates a potentially different phase of

mineralization with respect to the other San Jose mineralized structures, containing a higher gold to silver

ratio and low levels of base metals. Further work is planned to better understand the relationship between

the Yessi vein and the broader mineralized system at the San Jose Mine.

Additional drilling is currently underway to define the strike extent and geometry of the Yessi vein.

Mineralization remains open along strike to the north and south, and at depth. Refer to Appendix 1 for

details of the Yessi vein drill holes and assay results.

NEWS RELEASE

- 2 -

Figure 1: Cross section A - A’ looking north showing recent drilling results.

Quality Assurance & 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 internal laboratory located in the CMC facilities. The CMC

laboratory has been accredited by the Standard Council of Canada (ISO 17025: 2017) for preparation,

drying, gravimetry, fire assay, Inductively Coupled Plasma , and Atomic Absorption processes. 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 as well as three acid digestion a t the same internal l aboratory. The

QA-QC program includes the blind insertion of certified reference standards and assay blanks at a

frequency of approximately 1 per 20 normal samples as well as the inclusion of duplicate samples for

verification of sampling and assay precision levels.

- 3 -

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 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.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in

Argentina, Burkina Faso, Cote d’Ivoire, Mexico, and Peru. 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:

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 include, without limitation, statements about the Company’s plans for

the Company’s plans for additional drilling to further define the extent of Yessi’s mineralization ; statements

regarding the potential size and strength of San Jose’s mineralized system; 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,

- 4 -

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; changes in prices

for silver, gold and other metals; the timing and success of the Company’s proposed exploration programs at the

San Jose Mine; technological and operational hazards in Fortuna’s mining and mine development activities; risks

inherent in mineral exploration; fluctuations in prices for energy, la bour, materials, supplies and services;

fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and

metal recoveries; our ability to obtain all necessary permits, licenses and regulatory approvals in a time ly

manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active;

labour relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual

Information Form for the financia l year ended December 31, 2022. Although the Company has attempted to

identify important factors that could cause actual actions, events or results to differ materially from those

described in Forward looking Statements, there may be other factors that cau se actions, events or results to

differ from those anticipated, estimated or intended.

Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions

of management, including but not limited to expectations regarding the results from the exploration programs

conducted at the San Jose Mine; expected trends in mineral prices and currency exchange rates; the accuracy of

the Company’s information derived from its exploration programs at the Company’s mineral properties; current

mineral resource and reserve estimates; the presence and continuity of mineralization at the San Jose Mine; 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 looking Statements are made as of the date hereof and the Company disclaims any obligation

to update any Forward look ing 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 establishes 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 disclos ure 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 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.

- 5 -

APPENDIX 1. Yessi vein drill results, San Jose Mine, Mexico

Hole ID Easting

(NAD27_14N)

Northing

(NAD27_14N)

Elevation

(m)

EOH

Depth

(m)1

UTM

Azimuth Dip

Depth

From

(m)

Depth

(m)

ETW

(m)2

(ppm)

Ag Eq

(ppm)3

Hole

Type4

SJOM-1387 745298 1847650 1236 355.6 101 -12 203 205 1.8 0.43 60 92 DD

including 202.6 203 0.5 0.69 93 144 DD

239 240 1.1 0.86 109 174 DD

241 242 0.5 2.25 243 412 DD

250 251 0.9 2.27 229 400 DD

252 253 0.9 1.70 196 324 DD

268 270 1.0 0.75 88 144 DD

270 271 1.1 0.62 79 126 DD

274 275 1.1 1.88 242 383 DD

289 291 1.3 0.67 74 124 DD

301 314 9.9 6.40 820 1,299 DD

including 301 302 0.6 0.62 79 125 DD

and 302 303 0.7 4.27 743 1,063 DD

and 303 304.5 1.4 0.60 71 116 DD

and 304.5 305 0.4 0.56 65 107 DD

and 305 307 1.2 4.56 556 898 DD

and 307 308 1.2 4.31 531 854 DD

and 308 309 0.9 27.52 3,516 5,580 DD

and 309 310 0.4 3.62 571 843 DD

and 310 311 0.4 1.67 276 401 DD

and 311 312 1.3 11.97 1,569 2,467 DD

and 312 313 0.7 8.70 858 1,511 DD

and 313 314 0.8 1.16 157 244 DD

320 322 1.5 0.78 132 191 DD

SJOM-1391 745298 1847650 1236 360.0 101 -20 209 213 2.4 1.74 226 357 DD

including 212 213 0.4 5.92 779 1,223 DD

337 345 5.0 3.13 386 621 DD

including 337 338 0.6 1.13 191 276 DD

and 338 340 1.0 3.51 455 718 DD

and 340 340.3 0.5 4.32 488 812 DD

and 342 343 0.7 0.98 95 169 DD

and 343 343.4 0.2 3.77 481 764 DD

and 344.6 345 0.2 10.36 1,525 2,302 DD

SJOM-1396 745298 1847649 1237 402.2 102 -3 192 196 3.5 0.44 50 83 DD

including 194.8 196 1.3 0.53 59 99 DD

263.6 264.4 0.7 2.50 295 483 DD

273 275 1.4 0.56 73 115 DD

275 276 0.8 0.78 105 163 DD

1 EOH: End of hole

2 ETW: Estimated true width

3 Ag Eq calculated using a factor of 75:1 using metal prices of US$1,840/oz for gold with 90% metallurgical recovery, and US$24.14/oz for silver with

91% metallurgical recovery

4 DD: Diamond drilling tail

← Back to feed