Fortuna provides review of Brownfields exploration programs
Fortuna provides review of Brownfields exploration programs
Vancouver, February 14, 2019-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to
provide an overview of its Brownfields exploration programs in Mexico, Peru and Argentina.
David F. Volkert, Vice President of Exploration, commented , "An important exploration priority
at Fortuna is to continue adding to the longevity of our mines . During the third and fourth
quarters of 2017 and throughout 2018, the Company drilled a total of 62, 412 meters in 134
surface and underground diamond holes at the San Jose and Caylloma mines and at the Arizaro
Project, located within the Linde ro Project concession block in Argentina. ” Mr. Volkert added,
“Fortuna is now working to incorporate the results of the Brownfields drilling campaigns at San
Jose and Caylloma into the updated Mineral Reserve and Mineral Resource estimates for those
mines, which are expected to be released next month.”
San Jose Mine, Mexico
Exploration drilling ahead of production is an ongoing program at San Jose that continued
during the third and fourth quarters of 2017 and throughout 2018 totaling 50,904 meters in
105 holes with up to six drill rigs. A primary target was the Victoria mineralized zone, located
350 meters to the e ast of and sub- parallel to the Trinidad vein-Bonanza vein-Stockwork
complex. Victoria is a blind discovery made in 2015 (see Fortuna news release dated August 12,
2015) consisting of a series of mineralized structures.
Full results for the underground drilling program consisting of 27,302 meters in 53 holes at the
Victoria mineralized zone are listed in Appendix 1. Drill highlights include:
SJOM781
• 119 g/t Ag and 0.57 g/t Au over an estimated true width of 13.5 meters
SJOM789
• 404 g/t Ag and 2.81 g/t Au over an estimated true width of 3 meters
SJOM794
• 213 g/t Ag and 1.24 g/t Au over an estimated true width of 6.3 meters
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SJOM830
• 273 g/t Ag and 2.10 g/t Au over an estimated true width of 5.3 meters
SJOM833
• 217 g/t Ag and 1.72 g/t Au over an estimated true width of 7.8 meters
A longitudinal section showing the location of the drill hole s is available at the following link:
https://fortunasilver.com/site/assets/files/4545/2019-02-dhi-victoria-ms-ls-lw.jpg.
See Appendix 4 for full details of the additional San Jose drill holes completed during the thir d
and fourth quarters of 2017 and 2018.
Following the successful exploration results for 2018, the Company has allocated US$4.5 million
to continued Brownfields exploration at San Jose in 2019, including an estimated 11,500 meters
of surface and underground diamond drilling and 450 meters of underground development for
exploration drilling (see Fortuna news release dated January 17, 2019).
Caylloma Mine, Peru
Exploration drilling at Caylloma continued throughout the fourth quarter of 2017 and
throughout 2018 totaling 9,330 meters in 17 surface diamond drill holes . Further to previously
reported successful step -out drilling results at the Animas NE silver -polymetallic vein (see
Fortuna news releases dated May 18, 2017 and October 11, 2017 ), drilling continue s to
intersect mineralized shoots ranging in size from 100 meters by 200 meters to 300 meters by
500 meters along strike to the northeast and at depth along the Animas NE v ein. Step-out
drilling is systematically completed outside of the present limit of the current Mineral Resource
shell with drill holes spaced approximately 50 meters to 100 meters apart.
Full results for the Animas NE v ein d rilling program are listed in Appe ndix 2. Drill highlights
include:
ANIS052517
• 54 g/t Ag, 4.15 % Pb and 7.95 % Zn over an estimated true width of 7.2 meters
ANIS053817
• 25 g/t Ag, 2.37 % Pb and 4.04 % Zn over an estimated true width of 6.8 meters
ANIS062718
• 158 g/t Ag, 13.6 % Pb and 10.5 % Zn over an estimated true width of 3.7 meters
ANIS063318
• 87 g/t Ag, 2.51 % Pb and 2.19 % Zn over an estimated true width of 7.0 meters
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ANIS063418
• 49 g/t Ag, 2.01 % Pb and 6.04 % Zn over an estimated true width of 3.5 meters
A longitudinal section s howing the location of the step- out drill holes is available at the
following link: https://fortunasilver.com/site/assets/files/4544/2019-02-08-ls-animas-ne-
vein.jpg.
The Company has allocated US$0.8 million to the continued Brownfields exploration program at
Caylloma in 2019, which includes surface mapping and sampling of additional silver- base metal
mineralized veins throughout the 3 6,000-hectare claim block (see Fortuna news release dated
January 17, 2019).
Arizaro Gold-Copper Project, Lindero Camp, Argentina
The Arizaro Project is located within the Lindero mining concession, 3.2 kilometers southeast of
the Lindero Project. While Arizaro is not included in the current Lindero mine plan it represents
upside opportunity for Lindero if a satellite operation can be developed. Previous own ers
completed a tot al of 8,854 meters of drilling in 29 diamond drill holes over four campaigns
carried out in 2002 and 2010-2013 and a historical resource estimation1 prepared in accordance
with NI 43-101.
1. The historical resource estimate is included in a technical report entitled “ Technical
Report on the Arizaro Gold -Copper Deposit and Lindero Heap Leach Operation, Salta
Province, Argentina” dated July 24, 2013 with an effective date of July 1, 2013 which was
prepared for Goldrock Mines Corporation by Mi ne Development Associates and Kappes,
Cassiday & Associates (the “Goldrock Report”), before the Company acquired the Lindero
project.
The historical estimate includes Indicated and I nferred Mineral Resources relating to the
Arizaro deposit. The historica l estimate was based upon assumptions contained in the
Goldrock Report and uses categories as set out in National Instrument 43 -101. There
has been no further Mineral Resource estimates conducted at Arizaro since July 1, 2013.
Additional drilling was conducted at Arizaro in 2018 to improve the understanding of the
geologic controls on mineralization and to verify assumptions used in the estimation of
the historical estimate. There can be no assurance that the historical estimate will be
updated.
The Comp any has not verified as a current M ineral Resource or M ineral Reserve the
historical estimate contained in the Goldrock Report, which was prepared before the
Company acquired an interest in the property that contains the mineralization.
Recent independent verification of the data has not been performed. A qualified person
has not done sufficient work to classify the historical estimate contained in the Goldrock
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Report as current M ineral Resources or M ineral Reserves. The Company is not treating
the histori cal estimate as current M ineral Resources or M ineral Reserves and the
historical estimate referred to in the Goldrock Report should not be relied upon.
During 2018 Fortuna completed a surface core drill program of 2,178 meters in 12 holes to
vertical depths of less than 200 meters aimed at identifying near surface porphyry -style gold-
copper mineralization hosted in magnetite and biotite -rich breccia zones and in associated
stockwork veins.
Full results for the Arizaro drill program are listed in Appendix 3. Drill highlights include:
ARD32
• 0.61 g/t Au and 0.14 % Cu over 78 meters
ARD38
• 0.67 g/t Au and 0.16 % Cu over 52 meters
ARD41
• 0.70 g/t Au and 0.29 % Cu over 82 meters
Drill hole ARD41 is located approximately 350 meters west of previous drilling an d represents a
new zone that requires additional exploration.
A map showing the location of the drill holes is available at the following link:
https://fortunasilver.com/site/assets/files/4546/2019-02-arizaro-project.jpg.
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 Lima, Peru,
for samples from the Caylloma Mine, the ALS Global Laboratory in Guadalajara, Mexico, for
samples from the San Jose Mine or the ALS Global Laboratory in Mendoza, Argentina, for
samples from the Arizaro Project. 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
atomic absorption methods utilizing aqua regia digestion at the ALS Global Laboratory in Lima,
Peru, for samples from the Caylloma Mina and Arizaro Project and at the ALS Global Laboratory
in Vancouver, BC, Canada, for samples from the San Jose Mine. 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.
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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 being a member of the American Institute of
Professional Geologists (CPG #10759) and the Association of Profe ssional 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, analyti cal and test data underlying the information or
opinions contained herein by completing on -site visits to each mine and project, reviewing
geochemical and geological databases and reviewing diamond drill core . There were no
limitations to the verification process.
About Fortuna Silver Mines Inc.
Fortuna is a growth oriented, precious metals producer focused on mining opportunities in
Latin America. Our primary assets are the Caylloma silver Mine in southern Peru, the San Jose
silver-gold Mine in Mexico and the Lindero gold Project, currently under construction, in
Argentina. The company is selectively pursuing acquisition opportunities throughout the
Americas and in select other areas. 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.
Trading symbols: NYSE: FSM | TSX: FVI
Investor Relations: Carlos Baca- T (Peru): +51.1.616.6060, ext. 0
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APPENDIX 1. Victoria mineralized zone, San Jose Mine Q3 2017, Q4 2017 and 2018 drill
results
Drill Hole Easting Northing Azimuth
(°)
Dip
(°)
From To Interval ETW¹ Ag Au
(m) (m) (m) (m) (g/t) (g/t)
SJOM-649 745018 1848185 85 -37 258.70 262.50 3.80 1.7 51 0.37
and 350.00 352.65 2.65 1.2 91 0.63
and 363.00 367.00 4.00 1.8 196 1.21
and 373.50 376.50 3.00 1.4 473 2.71
and 383.00 390.40 7.40 3.6 281 1.24
and 409.50 414.30 4.80 2.2 230 1.45
SJOM-665 745018 1848184 98 -30 290.70 294.15 3.45 1.5 146 0.99
and 447.75 451.00 3.25 1.4 98 0.74
SJOM-670 745018 1848184 98 -36 327.05 332.80 5.75 2.1 88 0.70
and 401.45 404.95 3.50 1.3 107 0.70
and 408.80 414.85 6.05 2.2 67 0.61
and 417.60 424.70 7.10 2.5 110 0.90
SJOM-675 745018 1848184 87 -41 287.00 290.75 3.75 1.9 342 2.26
SJOM-676 745034 1847802 107 -7 381.40 388.40 7.00 4.5 356 3.53
and 400.95 402.40 1.45 1.0 87 0.66
SJOM-681A 745018 1848184 87 -30 280.80 283.55 2.75 1.8 88 0.88
and 370.10 371.35 1.25 1.1 76 0.49
SJOM-684 745018 1848184 73 -38 189.80 202.25 12.45 8.0 695 3.96
and 302.80 305.50 2.70 1.3 114 0.57
SJOM-686 745018 1848184 73 -42 211.30 221.30 10.00 4.2 213 1.37
SJOM-688 745018 1848184 73 -46 NSI²
SJOM-689 745034 1848757 273 -64 NSI²
SJOM-694A 745019 1848185 72 -24 194.85 196.65 1.80 1.1 84 0.81
SJOM-695 745034 1847802 99 -9 322.80 324.35 1.55 1.1 191 0.28
SJOM-696 745034 1848757 272 -72 NSI²
SJOM-698 745023 1848004 77 -37 424.50 428.15 3.65 1.8 127 1.25
and 439.95 449.60 9.65 5.2 363 3.21
and 452.35 457.80 5.45 2.9 90 0.89
SJOM-700 745033 1848757 291 -59 NSI²
SJOM-702 745034 1847802 98 -1 NSI²
SJOM-703 745033 1848757 273 -48 NSI²
SJOM-704 745023 1848004 78 -9 256.25 257.75 1.50 1.3 114 0.68
and 261.05 261.95 0.90 0.8 272 2.47
SJOM-710 745023 1848004 89 -36 439.35 442.00 2.65 2.4 62 0.53
and 445.50 456.85 11.35 10.3 275 1.59
(1) ETW= Estimated true width
(2) NSI = No significant intervals
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APPENDIX 1. (Continued) Victoria mineralized zone, San Jose Mine Q3 2017, Q4 2017
and 2018 drill results
Drill Hole Easting Northing Azimuth
(°)
Dip
(°)
From To Interval ETW¹ Ag Au
(m) (m) (m) (m) (g/t) (g/t)
SJOM-711 745033 1847801 112 -5 396.00 397.90 1.90 1.1 671 4.00
and 412.20 413.20 1.00 0.6 42 1.27
and 424.25 427.75 3.50 2.0 123 0.78
and 433.60 435.55 1.95 1.1 84 0.58
SJOM-714 745033 1847801 114 -10 NSI²
SJOM-716 745034 1848757 270 -80 362.20 364.45 2.25 1.1 134 0.51
SJOM-717 745023 1848004 78 -39 549.05 554.20 5.15 5.0 59 0.47
SJOM-721 745031 1848570 276 -77 NSI²
SJOM-725 745034 1847802 96 -18 NSI²
SJOM-727 745023 1848005 68 -40 NSI²
SJOM-730 745034 1848757 265 -87 NSI²
SJOM-733A 745034 1847801 100 -22 486.05 488.00 1.95 1.6 125 1.00
and 499.00 505.00 6.00 4.9 90 1.17
and 508.75 511.40 2.65 2.1 312 2.62
and 516.15 517.85 1.70 1.4 80 0.65
SJOM-746 745037 1848754 220 -83 NSI²
SJOM-747 745033 1847801 110 -19 NSI²
SJOM-761 745018 1848184 102 -23 253.55 258.45 4.90 3.7 57 0.59
and 334.50 338.50 4.00 3.0 98 1.05
SJOM-763 745034 1847803 79 -16 313.90 315.00 1.10 1.0 79 0.66
and 322.15 332.50 10.35 9.3 302 2.98
and 344.50 349.00 4.50 4.0 49 0.57
SJOM-770 745033 1847803 92 -12 NSI²
SJOM-779 745034 1847804 74 -25 355.50 357.00 1.50 1.4 39 0.35
SJOM-781 745018 1848185 84 -42 238.20 242.90 4.70 2.5 75 0.58
and 238.20 242.90 4.70 2.5 75 0.58
and 369.55 403.10 33.55 13.5 119 0.57
SJOM-785 745034 1847803 90 -26 377.05 378.65 1.60 1.1 51 0.72
and 385.95 387.55 1.60 1.1 210 1.77
SJOM-787 745018 1848186 60 -35 NSI²
SJOM-789 745033 1847803 90 -28 494.45 498.75 4.30 3.0 404 2.81
SJOM-794 745017 1848186 60 -43 320.00 321.95 1.95 0.9 169 0.86
and 340.75 353.20 12.45 6.3 213 1.24
SJOM-795 745023 1848003 88 -24 303.00 305.00 2.00 1.2 143 0.99
and 379.50 385.50 6.00 3.7 87 0.64
SJOM-802 745023 1848003 86 -41 NSI²
SJOM-803 745018 1848186 61 -50 NSI²
(1) ETW= Estimated true width
(2) NSI = No significant intervals
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APPENDIX 1. (Continued) Victoria mineralized zone, San Jose Mine Q3 2017, Q4 2017
and 2018 drill results
Drill Hole Easting Northing Azimuth
(°)
Dip
(°)
From To Interval ETW¹ Ag Au
(m) (m) (m) (m) (g/t) (g/t)
SJOM-811 745023 1848003 95 -5 254.95 257.40 2.45 1.8 114 0.95
SJOM-813 745018 1848187 42 -25 NSI²
SJOM-817 745023 1848002 99 -33 395.80 399.65 3.85 2.0 440 4.78
SJOM-821 745018 1848188 34 -37 249.30 253.10 3.80 1.2 113 0.58
SJOM-823A 745023 1848002 102 -37 NSI²
SJOM-826 745034 1847802 93 -28 475.90 480.00 4.10 1.9 60 0.42
SJOM-827 745019 1848185 90 0 NSI²
SJOM-828 745023 1848002 105 -9 314.15 323.80 9.65 5.7 65 0.56
and 361.60 363.30 1.70 1.0 108 0.59
SJOM-830 745034 1847802 82 -31 429.30 431.00 1.70 1.0 57 0.50
and 448.00 456.50 8.50 5.1 82 0.57
and 475.00 476.95 1.95 1.2 78 0.49
and 486.45 495.25 8.80 5.3 273 2.10
and 553.15 556.00 2.85 1.8 53 0.40
SJOM-832 745022 1848004 59 -7 239.60 241.20 1.60 1.3 784 2.48
SJOM-833 745033 1847803 90 10 282.15 291.25 9.10 7.8 217 1.72
(1) ETW= Estimated true width
(2) NSI = No significant intervals