Fortuna Cuts 104.9m of 283 g/t Ag + 2.48 g/t Au at San Jose
May 30, 2007: Fortuna Silver Mines Inc. (FVI: TSX-V) ("Fortuna"): Mr.
Jorge Ganoza, President of the Company, is pleased to announce initial
drill results from the 2007 drill program at the San Jose silver-gold
deposit located in Oaxaca, Mexico which is being explored and developed
under a joint venture between Fortuna (76%) and Continuum Resources Ltd
(24%). Analytical results have been received for the first two drill
holes in the initial 11,000m phase of the drill program.
Drill hole SJO-054 returned 283 g/t Ag and 2.48 g/t Au (410 g/t Ag Eq)
over a continuous mineralized drill length of 104.9m, which includes
several intervals of high-grade silver-gold mineralization. The true
width of the mineralized zone is estimated at 83 meters. This hole is
located in the central portion of the Trinidad high-grade shoot and
intersected the mineralized zone between 310m to 400m vertically below
the collar of the surface shaft.
Drill hole SJO-053 was collared to the east of SJO-054 and encountered
the mineralized zone between approximately 370 to 470 meters below the
surface. Assay results for both holes are summarized below. A long
section showing the location of the intersections will be posted on the
Fortuna website shortly (www.fortunasilvermines.com).
Length-weighted assay averages have been calculated using a lower
cut-off of 100 g/t Ag-equivalent. 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.
NB: Estimated true width is approximately 80% of interval in table.
From To Interval Au Ag Ag Eq Ag Eq
(m) (m) (m) (g/t) (g/t) (g/t) (oz/T)
SJO-054 360.70* 465.55 104.85 2.48 283 410 12.0
includes 360.70 367.00 6.30 7.0 510 867 25.3
411.25 417.60 6.35 4.5 692 922 26.9
425.30 438.10 12.80 4.6 633 867 25.3
446.00 455.00 9.00 8.3 848 1272 37.1
SJO-053 442.20 444.70 2.50 1.2 260 322 9.4
462.10 464.70 2.60 2.4 279 399 11.6
* Cut-off not applied.
The San Jose deposit is a low sulfidation epithermal system located
within the Taviche Mining District in southern Oaxaca and is
characterized by multiphase quartz-carbonate-sulfide stockwork veining
and hydrothermal brecciation within a sequence of Tertiary andesitic
volcanic and volcaniclastic rocks. Under prior ownership, the Trinidad
zone was developed on a small scale and partially mined to
approximately 150m below surface.
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 Mar. 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 first phase 11,000 meter drill program is currently being carried out
at the Trinidad zone 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 20 normal samples and the
insertion of assay blanks at a frequency of approximately 1 per 20
normal samples. All sample results reported in this news release
correspond to NQ-diameter core. Further drill results will be released
as analytical data are received and validated.
Mr. Gregory Smith, P.Geo. is the Company's Qualified Person as defined
by National Instrument 43-101, and is responsible for the accuracy of
this news release.
Fortuna is a growth-oriented silver and base metal producer focused on
mining opportunities in Latin America. The Company's primary assets
are the Caylloma Silver-Base Metals Mine in southern Peru and the San
Jose Silver-Gold Project in Mexico. The Company is aggressively
pursuing additional acquisition opportunities. For more information,
please visit our website at www.fortunasilver.com.
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD,
Fortuna Silver Mines Inc.
Symbol: TSX-V: FVI
Copyright (c) 2007 FORTUNA SILVER MINES INC. (FVI) All rights
reserved. For more information visit our website at
http://www.fortunasilver.com/ or send mailto:firstname.lastname@example.org