| | Published : March 11th, 2009 | Releases Final Results from 2008 Drill Program, San Jose Project, Mexico |
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CORPORATE OFFICE: Suite 840 - 355 Burrard Str. Vancouver, BC Canada, V6C 2G8 |
PERU OFFICE: Piso 17 Av. Pardo Y Aliaga 640 San Isidro, Lima - Peru |
TRADING SYMBOL: TSXV: FVI Lima Exchange: FVI |
Tel: 604.484.4085 Fax: 604.484.4029 |
Tel: 511.616.6060 |
info@fortunasilver.com www.fortunasilver.com |
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Fortuna Releases Final Results from 2008 Drill Program, San Jose Project, Mexico
March 11, 2009: Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) is pleased to announce the completion of the 2008/2009 in-fill drill program on the Trinidad Zone of the San Jose silver-gold project located in Oaxaca, Mexico. The program has confirmed the presence and consistency of high-grade silver-gold mineralization in association with hydrothermal breccias, crackle breccias, quartz-carbonate veins and zones of sheeted and stockworked quartz-carbonate veinlets.
A total of 113 drill holes (32,925m) were completed in the in-fill drill program, bringing the total to-date for the zone to 198 drill holes (64,233m). Highlights from the in-fill drill program are summarized in the following table with length-weighted assay averages being calculated for mineralized intervals using a lower cut-off of 100 g/t Ag equivalent (Table 2, at the end of the news release, contains a full summary of the final drill holes). Updated longitudinal sections showing drill hole intercepts for the major veins and a drill hole location map are available on Fortuna's website at the following link: Trinidad DH Map & Longitudinal Sections.
Hole # |
From (m) |
To (m) |
Interval (m) |
Est. True Thickness |
Au g/t |
Ag g/t |
Ag Eq. g/t |
SJO-121 |
298.60 |
315.40 |
16.80 |
10.3 |
2.23 |
304 |
418 |
And |
428.25 |
448.80 |
20.55 |
14.0 |
8.89 |
752 |
1206 |
SJO-123 |
186.40 |
191.30 |
4.90 |
3.4 |
8.98 |
1182 |
1640 |
SJO-127 |
394.50 |
423.55 |
29.05 |
14.2 |
6.75 |
933 |
1278 |
SJO-128 |
212.90 |
216.10 |
3.20 |
2.0 |
9.41 |
603 |
1083 |
And |
234.80 |
247.60 |
12.80 |
6.9 |
1.54 |
151 |
229 |
And |
296.50 |
311.60 |
15.10 |
8.4 |
5.71 |
1022 |
1313 |
SJO-137 |
187.30 |
208.20 |
20.90 |
13.5 |
7.84 |
472 |
872 |
SJO-147 |
262.00 |
269.00 |
7.00 |
3.7 |
8.29 |
693 |
1115 |
SJO-169 |
256.40 |
267.55 |
11.15 |
6.0 |
3.10 |
419 |
576 |
And |
275.20 |
280.30 |
5.10 |
3.1 |
4.99 |
863 |
1117 |
SJO-175 |
138.70 |
145.25 |
6.55 |
4.9 |
11.06 |
534 |
1098 |
SJO-187 |
184.90 |
190.10 |
5.20 |
3.7 |
6.82 |
628 |
976 |
And |
204.15 |
225.55 |
21.40 |
15.5 |
5.96 |
453 |
758 |
SJO-193 |
242.45 |
273.00 |
30.55 |
23.0 |
1.34 |
113 |
181 |
And |
314.70 |
327.40 |
12.70 |
8.0 |
5.99 |
973 |
1279 |
SJO-202 |
295.95 |
311.35 |
15.40 |
11.6 |
1.91 |
173 |
270 |
And |
344.25 |
349.35 |
5.10 |
3.2 |
4.54 |
714 |
946 |
SJO-230 |
228.50 |
250.85 |
22.35 |
17.9 |
3.06 |
323 |
479 | Note: 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.
Detailed interpretation of the geology and mineralization is underway as part of the preparation for an updated mineral resource estimate for the Trinidad Zone, scheduled for completion by the end of Q2 2009.
The in-fill drill program was initiated in June of 2008 and was designed to convert a significant portion of the resources in the upper 250 meters of the deposit to the Indicated and Measured classification. Partial results from the program have been previously released (see Fortuna news releases dated September 25, 2008, October 28, 2008, November 27, 2008 and January 7, 2009) as the program advanced. The design of the in-fill drill program was based on recommendations by AMEC E&C Services Inc. indicating that a drill spacing of 31 meters will be required for classification of the resources to the Indicated and Measured category.
Fortuna has also concluded metallurgical tests for the project with Metcon Research of Tucson, Arizona and is advancing with the feasibility level studies for the development of the San Jose deposit. Engineering contracts have been awarded in February for mine design, process plant design, tailings dam, water and power. The Company expects to present the "Manifiesto de Impacto Ambiental" to the Mexican environmental authorities by the end of March.
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. The Company controls mining concessions covering approximately 54,000 hectares in the Taviche Mining District.
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. Additionally, approximately 5% of all samples are submitted to Inspectorate Assay Labs in Reno, Nevada for check assay purposes. All sample results reported in this news release correspond to HQ- or NQ-diameter core.
Qualified Person
Mr. Miroslav Kalinaj, 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 in this news release.
Fortuna Silver Mines Inc.
Fortuna 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 selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Jorge Alberto Ganoza Durant President, CEO and Director Fortuna Silver Mines Inc.
Symbol: TSX.V: FVI / Lima Exchange: FVI
Investor Relations: Lima office: Carlos Baca - Tel: 51.1.616.6060 Vancouver office: Erin Ostrom - Tel: 604.484.4085
Table 2. Final results from Fortuna's in-fill drilling at San Jose, Mexico.
Assay results for the previously unreleased final drill holes in the in-fill drill program are summarized below. As above, length-weighted assay averages have been calculated for the mineralized intervals using a lower cut-off of 100 g/t Ag-equivalent.
Hole_Id |
From (m) |
To (m) |
Interval (m) |
Est. True Thickness |
Au g/t |
Ag g/t |
Ag Eq. g/t |
SJO-119 |
227.00 |
235.40 |
8.40 |
4.9 |
2.03 |
229 |
332 |
SJO-121 |
298.60 |
315.40 |
16.80 |
10.3 |
2.23 |
304 |
418 |
And |
428.25 |
448.80 |
20.55 |
14.0 |
8.89 |
752 |
1206 |
SJO-123 |
186.40 |
191.30 |
4.90 |
3.4 |
8.98 |
1182 |
1640 |
SJO-124 |
261.90 |
265.50 |
3.60 |
3.5 |
9.53 |
292 |
778 |
SJO-126 |
194.60 |
206.80 |
12.20 |
8.1 |
4.09 |
427 |
636 |
And |
247.55 |
258.20 |
10.65 |
7.2 |
1.25 |
219 |
283 |
SJO-127 |
394.50 |
423.55 |
29.05 |
14.2 |
6.75 |
933 |
1278 |
SJO-128 |
212.90 |
216.10 |
3.20 |
2.0 |
9.41 |
603 |
1083 |
And |
234.80 |
247.60 |
12.80 |
6.9 |
1.54 |
151 |
229 |
And |
296.50 |
311.60 |
15.10 |
8.4 |
5.71 |
1022 |
1313 |
SJO-133 |
250.00 |
258.75 |
8.75 |
6.9 |
2.31 |
214 |
332 |
SJO-134 |
179.40 |
187.15 |
7.75 |
5.8 |
2.11 |
254 |
362 |
SJO-136 |
155.75 |
166.00 |
10.25 |
6.2 |
3.71 |
240 |
429 |
SJO-137 |
187.30 |
208.20 |
20.90 |
13.5 |
7.84 |
472 |
872 |
SJO-139 |
226.75 |
236.60 |
9.85 |
5.4 |
2.67 |
290 |
426 |
SJO-142 |
181.80 |
192.45 |
10.65 |
6.8 |
2.47 |
208 |
334 |
SJO-143 |
270.10 |
277.25 |
7.15 |
3.7 |
8.06 |
546 |
957 |
SJO-144 |
190.75 |
212.00 |
21.25 |
15.5 |
2.81 |
322 |
466 |
SJO-145 |
220.50 |
236.45 |
15.95 |
13.9 |
4.09 |
485 |
694 |
SJO-146 |
133.80 |
145.20 |
11.40 |
7.1 |
1.76 |
197 |
287 |
And |
184.65 |
193.70 |
9.05 |
5.4 |
1.55 |
290 |
369 |
SJO-147 |
262.00 |
269.00 |
7.00 |
3.7 |
8.29 |
693 |
1115 |
SJO-150 |
208.00 |
218.50 |
10.50 |
6.1 |
2.08 |
258 |
365 |
SJO-152 |
101.60 |
106.40 |
4.80 |
4.1 |
3.55 |
509 |
690 |
SJO-157 |
472.05 |
486.85 |
14.80 |
11.1 |
1.89 |
194 |
291 |
SJO-160 |
193.75 |
201.70 |
7.95 |
3.7 |
1.49 |
351 |
427 |
SJO-163 |
247.00 |
259.85 |
12.85 |
11.0 |
1.70 |
215 |
302 |
SJO-166 |
210.15 |
213.75 |
3.60 |
2.5 |
8.11 |
548 |
961 |
And |
229.15 |
246.60 |
17.45 |
12.2 |
2.78 |
285 |
427 |
And |
282.75 |
297.10 |
14.35 |
9.0 |
1.88 |
284 |
380 |
SJO-169 |
256.40 |
267.55 |
11.15 |
6.0 |
3.10 |
419 |
576 |
And |
275.20 |
280.30 |
5.10 |
3.1 |
4.99 |
863 |
1117 |
SJO-172 |
264.20 |
271.65 |
7.45 |
6.1 |
4.35 |
264 |
486 |
And |
297.90 |
304.50 |
6.60 |
4.0 |
1.92 |
303 |
401 |
And |
307.45 |
314.75 |
7.30 |
5.4 |
1.93 |
447 |
545 |
SJO-175 |
138.70 |
145.25 |
6.55 |
4.9 |
11.06 |
534 |
1098 | Note: 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.
- View News Release in PDF Format:
http://www.fortunasilver.com/i/pdf/2009-03-11_NR.pdf
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Fortuna Silver Mines Inc.
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PRODUCER |
CODE : FVI.TO |
ISIN : CA3499151080 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Fortuna Silver is a silver producing company based in Canada. Fortuna Silver produces silver, copper, gold, lead and zinc in Mexico and in Peru. Its main assets in production are CAYLLOMA in Peru and SAN JOSE PROJECT in Mexico and its main exploration properties are MARIO PERU in Peru and TLACOLULA in Mexico. Fortuna Silver is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.0 billions as of today (US$ 740.6 millions, € 695.0 millions). Its stock quote reached its lowest recent point on September 15, 2000 at CA$ 0.14, and its highest recent level on November 04, 2016 at CA$ 9.99. Fortuna Silver has 158 850 000 shares outstanding. |
In the News and Medias of Fortuna Silver Mines Inc. |
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3/24/2016 | Fortuna Updates Reserves and Resources |
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4/13/2015 | Fortuna reports production of 1.6 million ounces of silver a... |
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3/30/2015 | Amends and Expands $40 Million Credit Facility |
3/28/2015 | Fortuna files Form 40-F, Annual Report |
3/27/2015 | Fortuna Files Form 40-F, Annual Report |
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3/10/2015 | Fortuna Updates Reserves and Resources: Silver Contained in ... |
3/10/2015 | Fortuna Updates Reserves and Resources: Silver Contained in ... |
3/10/2015 | s Reserves and Resources: Silver Contained in Reserves Incre... |
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3/3/2015 | Fortuna to Release 2014 Yearend Financial Results on March 1... |
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1/15/2015 | Fortuna Reports 2014 Record Production of 8.7 Million Silver... |
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10/9/2014 | Fortuna Reports Production of 1.8 Million Ounces of Silver a... |
8/27/2014 | Fortuna Silver Reports Updated Mineral Resource Estimate for... |
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8/12/2014 | Fortuna to Host Second Quarter 2014 Earnings Conference Call... |
8/5/2014 | Fortuna to Release Second Quarter Financial Results on Augus... |
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7/14/2014 | Fortuna Intercepts 854 g/t Ag and 5.0 g/t Au Over 3.3 m in T... |
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1/18/2010 | Increases silver production by 96% in 2009, issues productio... |
1/6/2010 | Signs commitment letter for US $20 Million credit facility |
11/13/2009 | Reports Record Revenue of US$ 13.23 Million and Mine Operati... |
9/23/2009 | Options Tlacolula Silver Project In Mexico From Radius Gold ... |
8/12/2009 | Reports Net Income of US$ 1.2 Million and Cash from Operatio... |
7/16/2009 | Upgrades Reserves to 20.3 Million Ounces of Silver at the Ca... |
5/19/2009 | Reports Record Revenue of US$ 8.98 Million and a Production ... |
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1/30/2009 | Announces Resignation of Director |
1/27/2009 | Acquisition Circular Mailed |
1/15/2009 | in the News: Proactive Investors |
1/15/2009 | Reports Commercial Concentrate Grades of 135g/t Gold and 17,... |
11/17/2008 | Reports for Q3 2008: Net loss of $0.31 million, positive ope... |
9/25/2008 | San Jose In-Fill Drilling Returns 29.1m @ 6.8 g/t Au + 933 g... |
9/12/2008 | Attends the Silver Summit |
8/18/2008 | Reports Net Income Of $2.39 Million, Revenue Of $7.85 Millio... |
8/15/2008 | To Acquire Continuum Resources And 100% Of San Jose Project,... |
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4/18/2008 | Reports Operating Cash Flow of $13.24 million on Revenue of... |
11/16/2007 | Reports Revenue Of $9.2 Million, Operating Cash Flow Of $3.... |
10/25/2007 | Hires VP Project Development for San Jose |
10/11/2007 | Retains Investor Relations Consultants |
10/11/2007 | Warrant Exercises Increase Cash Position to Cdn $44 million |
8/30/2007 | 's Chairman, Simon Ridgway, Interviewed by WallSt.net |
8/21/2007 | 'S Liquidity And Solvency Unharmed By Market Turmoil |
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8/16/2007 | Reports Revenue Of $8.8 Million, Operating Cash Flow Of $3.0... |
3/12/2007 | increases San Jose Ag-Au Resource: Silver equivalent 17.7 mi... |
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