Continuum Announces Additional Drill Results at San Jose
August 21, 2007: Continuum Resources Ltd. (CNU:TSX-V "Continuum") is pleased to announce additional drill results from Fortuna Silver Mine's 2007 drill program at the San Jose silver-gold deposit located in Oaxaca, Mexico. San Jose is being explored and developed under a joint venture between and Continuum Resources Ltd (24%) and Fortuna (76%).
Analytical results have been received and verified for eight additional drill holes located in the central and northern portions of the Trinidad deposit. Highlights of the current results include:
� Hole SJO-068A averaging 395 g/t Ag and 3.66 g/t Au (581 g/t Ag Eq) over 7.6m from 299.55m (Bonanza Vein) and 563 g/t Ag and 3.91 g/t Au (763 g/t Ag Eq) over 6.8m from 364.83m (Trinidad Vein).
� Hole SJO-071 averaging 131 g/t Ag and 1.00 g/t Au (182 g/t Ag Eq) over 7.0m from 164.25m (Trinidad Vein).
� Hole SJO-074 averaging 758 g/t Ag and 1.49 g/t Au (834 g/t Ag Eq) over 1.3m from 221.3m (Trinidad Vein).
� Hole SJO-075 averaging 183 g/t Ag and 1.60 g/t Au (265 g/t Ag Eq) over 21.9m from 397.97m (Bonanza Vein) and 264 g/t Ag and 2.81 g/t Au (407 g/t Ag Eq) over 2.27m from 432.23m (Stockwork Zone).
Assay results from the eight drill holes are summarized below. Length-weighted assay averages have been calculated for the mineralized intervals using a lower cut-off of 100 g/t Ag-equivalent. An updated long section showing the location of the drill holes will be posted to Fortuna's website at www.fortunasilver.com.
|
Hole_Id |
From (m) |
To (m) |
Interval (m) |
Au g/t |
Ag g/t |
Ageq g/t |
Ageq oz/T |
|
SJO-068A |
299.5 |
307.1 |
7.63 |
3.7 |
395 |
581 |
17.0 |
|
SJO-068A |
364.8 |
371.6 |
6.78 |
3.9 |
563 |
763 |
22.3 |
|
SJO-069 |
482.0 |
484.2 |
2.15 |
0.9 |
113 |
163 |
4.8 |
|
SJO-070 |
96.3 |
97.4 |
1.10 |
0.5 |
121 |
150 |
4.4 |
|
SJO-071 |
164.2 |
171.2 |
7.00 |
1.0 |
131 |
182 |
5.3 |
|
SJO-072 |
No significant mineralized intervals |
|
SJO-073 |
90.4 |
91.6 |
1.15 |
0.9 |
56 |
102 |
3.0 |
|
SJO-074 |
221.3 |
222.5 |
1.25 |
1.5 |
758 |
834 |
24.3 |
|
SJO-075 |
397.97 |
419.83 |
21.86 |
1.6 |
183 |
265 |
7.7 |
|
SJO-075 |
425.58 |
429.27 |
3.69 |
2.0 |
160 |
263 |
7.7 |
|
SJO-075 |
432.23 |
434.50 |
2.27 |
2.8 |
264 |
407 |
11.9 |
|
SJO-075 |
462.35 |
464.50 |
2.15 |
1.2 |
156 |
219 |
6.4 |
*Silver equivalency estimates were derived using US$10.30/oz for silver and US$525/oz for gold yielding a Ag:Au ratio of 51:1. Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of estimating silver equivalency.
The San Jose deposit is a low sulfidation epithermal system located within the Taviche Mining District in southern Oaxaca and is characterized by mineralized multiphase quartz-carbonate-sulfide veins, hydrothermal breccias and stockwork veining within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks. Using a cut-off grade of 150 g/t Ag equivalent, 43-101 compliant indicated and inferred mineral resources for the Trinidad zone at San Jose are estimated at (see Fortuna News Release dated March 12, 2007):
Indicated Mineral Resources: 1.47 million tonnes grading 262.6 g/t Ag + 2.19 g/t Au containing 17.7 million Ag equivalent oz
Inferred Mineral Resources: 3.9 million tonnes grading 260.6 g/t Ag + 2.57 g/t Au containing 49.1 million Ag equivalent oz.
The Fortuna-Continuum joint venture controls mining concessions covering approximately 47,440 hectares in the Taviche Mining District. A 25,000 meter drill program is underway at the Trinidad and San Ignacio zones with 3 Diamond drill rigs. Concurrently, surface geochemical and reconnaissance programs are being conducted throughout the district to identify and evaluate new target areas.
Quality Control & Quality Assurance
For the current drill program, following detailed geological and geotechnical logging, drill core samples are split on-site by Diamond saw. One half of the core is submitted to the ALS Chemex sample preparation facility in Guadalajara, Mexico. The remaining half core is retained on-site for verification and reference purposes. Following preparation, sample pulps are sent to ALS Chemex in Vancouver where they are assayed for gold and silver by standard fire assay methods using a gravimetric finish. Multi-element analyses are also completed for each sample by ICP methods. The QA-QC program at San Jose includes the blind insertion of certified reference standards for silver and gold at a frequency of approximately 1 per 15 normal samples and the insertion of assay blanks at a frequency of approximately 1 per 15 normal samples. All sample results reported in this news release correspond to HQ- or NQ-diameter core. Further
drill results will be released as analytical data are received and validated.
Qualified Person
Mr. Gregory Smith, P.Geo., is Fortuna's Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of this news release.
About Continuum
Continuum is actively exploring 12 separate gold-silver projects within a total land package of over 125,000 hectares, in the State of Oaxaca, including 50,000 hectares covering the entire Natividad district, including the Natividad Mine that historically produced 1,000,000 ounces of Gold and 23,000,000 ounces of Silver.
www.continuumresources.com.
ON BEHALF OF THE BOARD
"Greig Hutton"
Greig Hutton, President
Continuum Resources Ltd.
Tel: 604-629-0000
Symbol: TSX-V:CNU
Renmark Financial Communications Inc.
Barry Mire: bmire@renmarkfinancial.com
Dan Symons: dsymons@renmarkfinancial.com
Tel: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
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