Fortuna Intersects 1.93 kilos of silver and 6.76 g/t gold over 5.4 meters at the San Jose Mine, Mexico
Fortuna Intersects 1.93 kilos of silver and 6.76 g/t gold over 5.4 meters
at the San Jose Mine, Mexico
Vancouver, March 29, 2021-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce
that step-out and infill drilling at the San Jose Mine has established continuity of high-grade mineralization
in the upper levels of the Trinidad Footwall structures. The successful drill program was conducted from
the second half of 2020 to date, representing 4,670 meters of step-out and infill drilling in 22 drill holes
and targeted both resource upgrades and the potential to expand the resource outside of the current area
of Mineral Reserves. Mineralization remains open in at least two directions, is adjacent to existing mine
infrastructure, and as a result there is potential for inclusion of this material in near-term production.
David F. Volkert, Vice President of Exploration, commented, " In 2020, our exploration team at San Jose
focused on re-evaluating their understanding of the structural and geological controls on mineralization
at the Trinidad Deposit with the goal of identifying new near -mine exploration targets.” Mr. Volkert
continued, “ The interception of wide and high -grade mineralization in close proximity to current
production areas at the mine reflects the structural complexity of the deposit and unveils discovery
potential remaining at the San Jose Mine.”
Step-out drill highlights include:
SJOM-955: 699 g/t Ag and 3.57 g/t Au over an estimated true width of 4.1 meters
SJOM-1002: 1,931 g/t Ag and 6.76 g/t Au over an estimated true width of 5.4 meters
Infill drill highlights include:
SJOM-1014: 306 g/t Ag and 1.38 g/t Au over an estimated true width of 9.5 meters
SJOM-1016: 760 g/t Ag and 3.24 g/t Au over an estimated true width of 3.4 meters
SJOM-1017: 967 g/t Ag and 4.25 g/t Au over an estimated true width of 8.4 meters
SJOM-1020: 809 g/t Ag and 2.78 g/t Au over an estimated true width of 1.4 meters
SJOM-1021: 473 g/t Ag and 1.25 g/t Au over an estimated true width of 14.9 meters
A longitudinal section showing the location of the drill holes is available at the following link :
https://fortunasilver.com/site/assets/files/5716/20210329-trinidad-ls-233evx.pdf.
NYSE: FSM | TSX: FVI
www.fortunasilver.com NEWS RELEASE
- 2 -
Full details of the 22 step-out and infill drill holes completed in the Trinidad Footwall structures are listed
in the appendix section at the end of this news release.
The Brownfields exploration program budget for 2021 at the San Jose Mine is US$10.9 million, which
includes 33,800 meters of diamond drilling and 1,770 meters of underground development for drilling
access, platforms, and services. Underground exploration drilling will focus on the shallow and deep north
and south extensions of the Trinidad vein system and the sub -parallel Victoria mineralized zone, while
surface drilling will test two new targets to the south and north of the mine.
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 ALS Global 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 at the ALS Global Laboratory in
Vancouver, BC, Canada. 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.
Qualified Person
David F. Volkert, Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as defined
by National Instrument 43 -101 - Standards of Disclosure for Mineral Projects , being a member of the
American Institute of Professional Geologists (CPG #10759) and the Association of Professional Engineers
and Geoscientists of British Columbia (P. Geo. #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 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 operations in Peru, Mexico
and Argentina. Sustainability is integral to all our operations and relationships. We produce silver and gold
and generate shared value over the long -term for our shareholders and stakeholders through efficient
production, environmental protection and social responsibility. For more information, please visit our
website at www.fortunasilver.com.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | T (Peru): +51.1.616.6060, ext. 0
- 3 -
APPENDIX: San Jose Mine, Trinidad Footwall structures- intervals of interest
Drill Hole Easting Northing Azimuth
(°)
Dip
(°)
From To Interval ETW¹ Ag Au
(m) (m) (m) (m) (g/t) (g/t)
Step-out drill holes
SJOM-946 745123 1847411 270 39 NSI²
SJOM-955 745122 1847407 243 42 157.30 159.60 2.30 2.0 101 0.61
and 169.20 173.90 4.70 4.1 699 3.57
SJOM-958 745122 1847409 286 20 140.00 141.00 1.00 0.8 67 0.36
SJOM-962 745123 1847410 301 9 NSI²
SJOM-967 745123 1847410 287 30 124.40 126.00 1.60 0.8 60 0.33
SJOM-974A 745122 1847407 258 34 128.30 131.90 3.60 2.2 234 1.06
SJOM-981 745122 1847406 234 48 213.00 217.00 4.00 1.8 95 0.37
SJOM-990 745122 1847409 256 48 190.80 191.80 1.00 0.4 65 0.41
SJOM-990A3 745122 1847409 256 48 188.40 191.35 2.95 1.2 58 0.40
SJOM-1002 745122 1847406 246 11 85.20 87.30 2.10 2.0 118 0.63
and 90.00 94.20 4.20 3.9 79 0.53
and 105.35 111.15 5.80 5.4 1931 6.76
SJOM-1006A 745212 1847506 268 30 NSI²
SJOM-1008 745212 1847506 275 13 NSI²
SJOM-1026 745125 1847404 223 31 130.55 134.80 4.25 2.4 60 0.49
SJOM-1029 745124 1847404 232 36 129.36 132.35 2.99 1.7 176 1.00
Infill drill holes
SJOM-1011 745124 1847405 227 6 87.00 88.95 1.95 1.6 122 0.56
and 93.90 99.10 5.20 4.4 162 2.19
and 113.00 118.95 5.95 5.0 206 1.24
SJOM-1014 745123 1847406 246 -4 98.77 109.35 10.58 9.5 306 1.38
SJOM-1016 745123 1847406 257 -15 79.20 100.85 21.65 21.3 87 0.41
and 102.00 105.50 3.50 3.4 760 3.24
SJOM-1017 745122 1847406 259 4 87.80 105.40 17.60 15.8 113 0.56
and 106.71 116.12 9.41 8.4 967 4.25
SJOM-1020 745122 1847406 264 -28 78.35 79.84 1.49 1.4 809 2.78
and 78.35 82.58 4.23 4.0 298 1.07
SJOM-1021 745121 1847408 273 -12 111.67 127.97 16.30 14.9 473 1.25
SJOM-1022 745122 1847408 274 0 97.40 104.70 7.30 6.2 154 0.69
and 113.18 124.60 11.42 9.6 225 0.93
SJOM-1023 745125 1847403 217 7 112.45 124.11 11.66 8.6 125 0.76
Holes drilled prior to 2020 in area of interest
SJOM-406 745206 1847507 270 0 175.50 176.50 1.00 1.0 68 0.37
SJOM-413 745206 1847506 251 0 203.45 205.10 1.65 1.6 68 0.34
and 218.30 223.60 5.30 5.2 126 0.51
SJO-839 745185 1847258 295 -45 244.30 247.55 3.25 2.2 129 0.67
SJO-887 745191 1847255 304 -56 264.80 270.30 5.50 3.5 163 0.90
and 280.70 283.80 3.10 1.9 145 0.95
- 4 -
Drill Hole Easting Northing Azimuth
(°)
Dip
(°)
From To Interval ETW¹ Ag Au
(m) (m) (m) (m) (g/t) (g/t)
and 292.95 295.15 2.20 1.4 559 3.40
SJO-898 745191 1847255 311 -56 390.15 397.40 7.25 3.6 129 0.51
and 402.40 406.65 4.25 2.1 96 0.55
SJO-906 745137 1847246 299 -46 156.00 158.05 2.05 1.4 163 1.20
SJO-909 745135 1847246 320 -46 240.85 243.20 2.35 1.2 299 1.37
and 247.20 256.35 9.15 4.8 102 0.59
and 278.00 296.60 18.60 9.7 214 1.40
and 308.70 313.80 5.10 2.7 443 0.91
Notes:
1. ETW= Estimated true width
2. NSI = No significant intervals
3. SJOM-990A drilled as a twin to SJOM-990 to a depth of 152 meters
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 plans for its mines and mineral properties; the Company’s
business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; mineral
resource and reserve estimates; the Company’s ability to convert inferred mineral resources to indicated
mineral resources and to convert mineral resources to mineral reserves; timelines; production at the mines;
the future financial or operating performance of the Company; the effects of laws, regulations and
government policies affecting our opera tions or potential future operations; future successful
development of our projects; the estimates of expected or anticipated economic returns from the
Company’s mining operations including future sales of metals, doré and concentrate or other products
produced by the Company and the Company’s ability to achieve its production and cost guidance; capital
expenditures at the Company’s operations; estimated brownfields expenditures in 2021; the success of the
Company’s exploration activities at its mines and d evelopment projects; the duration and impacts of
COVID-19 on the Company’s production, workforce, business, operations and financial condition; metal
price estimates, estimated metal grades in 2021; 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”, “anticipated”, “estimated” “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
uncertainties and factors include, among others, changes in general economic conditions and financial
- 5 -
markets; the impact of the COVID -19 pandemic on the Company’s mining operations and construction
activities; the duration and impacts of COVID -19 on the Company’s production, workforce, business,
operations and financial condition, and the risks relating to a global pandemic, which unless contained
could cause a slowdown in global economic growth; uncertainties related to the impacts of COVID -19
which may include: changing market conditions, changing restrictions on the mining industry in the
countries in which the Company operates, the ability to operate as a result of government imposed
restrictions, including restrictions on travel, the transportation of concentrates and doré, access to
refineries, the impact o f additional waves of the pandemic or increases of incidents of COVID -19 in the
countries in which we operate; the duration of any suspension of operations at the Company’s mines as a
result of COVID -19 which may affect production and the Company’ business operations and financial
condition; changes in prices for gold, silver and other metals; changes in the prices of key supplies;
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; changes to current estimates of mineral reserves and resources; changes to production
and cost estimates; governmental and other approvals; changes in government, political unrest or
instability in countries where Fortuna is active; fluctuations in currencies and exchange rates; the
imposition of capital control in countries in which the Company operates; 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 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 on the assumptions, beliefs, expectations and
opinions of management, in cluding but not limited to the accuracy of the Company’s current mineral
resource and reserve estimates and the assumptions upon which they are based; ore grades and
recoveries; prices for silver, gold and base metals remaining as estimated; currency excha nge rates
remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy, labour,
materials and supplies, transport and services; that the Company’s activities will be in accordance with the
Company’s public statements and st ated goals; that there will be no material adverse change affecting
the Company or its properties; the duration and impacts of COVID -19 on the Company’s production,
workforce, business, operations and financial condition, and the risks relating to a global pandemic, which
unless contained could cause a slowdown in global economic growth; government mandates in Peru,
Mexico and Argentina with respect to mining operations generally or auxiliary businesses or services
required for the Company’s operations; government and the Company’s attempts to reduce the spread of
COVID-19 which may affect may aspects of the Company’s operations, including transportation of
personnel to and from site, contractor and supplier availability and the ability to sell or deliver concentrate
and doré; the expected trends in mineral prices and currency exchange rates; 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 Co mpany or its properties; that all required approvals will be obtained for
the Company’s business and operations; 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-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 these Fo rward-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.