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Fortuna cuts 7.1 meters with 4.36 g/t Au and 302 g/t Ag in San
Ignacio Zone at San Jose, Mexico
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April 2, 2008: Fortuna Silver Mines Inc. (FVI: TSX-V) is pleased to
announce final drill results from the 2007 drill program at the San
Jose silver-gold deposit located in Oaxaca, Mexico. The San Jose
Project is being explored and developed under a joint venture between
Fortuna (76%) and Continuum Resources Ltd (24%).
Final assay results have been received for 2 additional drill holes in
the Trinidad Zone and for 7 additional drill holes in the San Ignacio
Zone (the southern extension of the San Jose vein system). Assay
results from the 2007 drill program are now complete and an updated
resource estimate is projected for completion in the 2nd quarter of
2008. Forty-three drill holes totaling 17,694m were completed in the
Trinidad Zone during 2007, and 23 drill holes totaling 8,910m were
completed to test an 800 meter long interval of the San Ignacio Zone.
Highlights of the current results in the Trinidad and San Ignacio Zones
include:
- Drill hole SJO-116 which cut two major mineralized zones in the San
Ignacio Zone including:
- 4.36 g/t Au and 302 g/t Ag (525 g/t Ag eq) over 7.10m from 198.75m,
and
- 4.81 g/t Au and 246 g/t Ag (492 g/t Ag eq) over 1.45m from 209.30m.
- Drill Hole SJO-111 cut 2.77 g/t Au and 323 g/t Ag (464 g/t Ag eq)
over 5.75m from 439.50m in the Bonanza Vein in the Trinidad Zone
After reviewing the San Ignacio Zone drill data, additional drilling is
being considered to explore the down-structure extension of the
mineralization intersected in drill hole SJO-116, as well as follow-up
in-fill and extension drilling in the Trinidad Zone. Drill contracts
are in preparation with a tentative start date of early May 2008.
Assay results from the 2 drill holes in the Trinidad Zone 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 longitudinal section showing the location of
the drill holes will be posted shortly on Fortuna's website at
www.fortunasilver.com.
Click link below to view table:
http://www.fortunasilver.com/s/NewsReleases.asp?ReportID=294305
Assay results have been received and accepted for the final 7 drill
holes in the San Ignacio Zone, with selected results highlighted in the
table below. Length-weighted assay averages have been calculated for
the mineralized intervals using a lower cut-off of 100 g/t
Ag-equivalent with the exception of drill hole SJO-114 which was
calculated using a lower cutoff of 50 g/t Ag-equivalent.
Click link below to view table:
http://www.fortunasilver.com/s/NewsReleases.asp?ReportID=294305
True widths of the mineralized veins are estimated at approximately 75
to 90% of the drill intervals. Silver equivalency estimates were
derived using a silver-to-gold ratio of 51:1. Metallurgical recoveries
and net smelter returns are assumed to be 100% for purposes of
estimating silver equivalency.
Background
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 currently
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 47,500 hectares in the Taviche Mining District.
The joint venture is advancing with various engineering studies
including preliminary design work and initiation of an Environmental
Impact Study. Underground development of the main access ramp to the
Trinidad Zone began in the 4th quarter of 2007.
Quality Assurance & Quality Control
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.
Qualified Person
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
the technical information on this news release.
Fortuna Silver
Fortuna Silver is a growth oriented, silver and base metal producer
focused on mining opportunities in Latin America. Our primary assets
are the Caylloma Silver 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
Jorge Ganoza Durant, President & CEO
Fortuna Silver Mines Inc.
Investor Relations: Ralph Rushton
Tel: 604-484-4085
Symbol: TSX-V:FVI
Associated File:
http://www.fortunasilver.com/i/pdf/04-02-08_NR.pdf
106 KB in size, approx. 21 seconds to download at 56.6Kbps
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Copyright (c) 2008 FORTUNA SILVER MINES INC. (FVI) All rights
reserved. For more information visit our website at
http://www.fortunasilver.com/ or send mailto:news@goldgroup.com
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