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Continuum Resources Ltd.

Publié le 02 avril 2008

Fortuna cuts 7.1 meters with 4.36 g/t Au and 302 g/t Ag in San Ignacio Zon

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Mots clés associés :   Fortuna | G Mexico |

Fortuna cuts 7.1 meters with 4.36 g/t Au and 302 g/t Ag in San Ignacio Zone at San Jose, Mexico

April 2, 2008: Vancouver, British Columbia:  Continuum Resources Ltd (TSXV: CNU) 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 Continuum (24%) and Fortuna Silver Mines Inc. (76%).

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.

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Ag (g/t)

Ag eq (g/t)2

SJO-091

271.20

274.40

3.20

0.83

93

135

 

293.90

295.90

2.00

1.33

244

312

 

373.50

377.20

3.70

1.32

102

169

 

425.50

427.50

2.00

0.55

90

118

SJO-111

439.50

445.25

5.75

2.77

323

464

1True widths of the mineralized veins are estimated at approximately 75 to 90% of the drill intervals.  2Silver 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.

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.

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Ag (g/t)

Ag eq (g/t)2

SJO-112

153.55

157.70

4.15

1.15

132

191

SJO-113

194.60

196.30

1.70

1.11

54

111

SJO-114

210.65

222.25

11.60

1.00

24

75

SJO-115

No significant mineralized intervals

SJO-116

198.75

205.85

7.10

4.36

302

525

 

209.30

210.75

1.45

4.81

246

492

SJO-117

No significant mineralized intervals

SJO-118

169.30

171.10

1.80

1.25

143

207

1True widths of the mineralized veins are estimated at approximately 75 to 90% of the drill intervals.  2Silver 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 Continuum's 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 Fortuna's Qualified Person as defined by National Instrument 43-101, and is responsible for the accuracy of the technical information contained in this news release.

Background

Continuum is actively exploring 9 separate gold-silver projects in the state of Oaxaca, where Continuum has acquired approximately 166,000 hectares. 

On Behalf of the Board of Directors of
CONTINUUM RESOURCES CORP.

Per: "Dale Schultz"

Dale Schultz, Vice President Exploration

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

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Continuum Resources Ltd.

PRODUCTEUR
CODE : CNU.V
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Continuum est une société de production minière d'argent et d'or basée au Canada.

Continuum détient divers projets d'exploration au Mexique.

Son principal projet en production est SAN JOSE PROJECT au Mexique et ses principaux projets en exploration sont LA PREDILECTA, NINO PERDIDO, TALEA, LACHATAO, TERI, LACHIGUIRI, NATIVIDAD et TAVICHE au Mexique et RICHARDSON LAKE au Canada.

Continuum est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 5,6 millions CA$ (4,4 millions US$, 3,5 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2003 à 1,20 CA$, et son plus bas niveau récent le 24 octobre 2008 à 0,01 CA$.

Continuum possède 124 038 000 actions en circulation.

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