Fortuna intersects 1,299 g/t Ag Eq over a true width of 9.9 meters
at the San Jose Mine, Mexico
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.
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 at
the same internal laboratory. 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
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 Geoscientists (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 DirectorFortuna Silver Mines Inc.
Investor Relations:
Carlos Baca |
info@fortunasilver.com | www.fortunasilver.com |X|
LinkedIn | YouTube
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, 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, labour, 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 timely 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 financial 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 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, 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 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 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 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 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.
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 To (m) |
ETW(m)2 |
Au (ppm) |
Ag (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 hole2 ETW: Estimated true width3 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 recovery4 DD: Diamond drilling tail |
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/abcb1e98-17b8-45c4-aca3-018efe883af2
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