Fortuna Silver Mines Provides Exploration Update for Caylloma Mine, Peru
Mr. Jorge Ganoza reports:
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2017) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) is pleased to provide results for step-out drilling on the Animas NE vein at the Caylloma Mine in Peru. Assay results are included for nineteen drill holes completed during the fourth quarter of 2016 and the first quarter of 2017. The new drill results confirm the continuation of high-grade silver, lead and zinc mineralization at depth below current mining on the Animas NE vein.
Highlights of step-out drilling include:
|•||566 g/t Ag, 2.1% Pb and 2.7% Zn over an estimated true width of 3.6 meters|
|•||116 g/t Ag, 7.8% Pb and 9.4% Zn over an estimated true width of 7.8 meters|
|•||220 g/t Ag, 16.8% Pb and 7.2% Zn over an estimated true width of 5.2 meters|
|•||304 g/t Ag, 13.7% Pb and 10.1% Zn over an estimated true width of 4.0 meters|
David F. Volkert, Vice President of Exploration, commented: "Step-out drilling has been carried out with drill holes spaced approximately 50 to 100 meters apart over an area covering 400 meters along strike and 250 meters down dip, below the present limit of the estimated Mineral Resources. The mineralized intercepts encountered show that the Animas NE vein remains open at depth and along strike to the northeast and prospective for extending mineralization." Mr. Volkert continued, "Of particular significance are the results of drill hole ANIS044416, one of the deepest holes drilled to date, which intercepted a significant width of higher grade silver, lead and zinc."
Assay results for principal mineralized intervals - Animas NE step-out drilling
- ETW = Estimated true width
The Caylloma Mine and processing plant currently operate at a capacity of 1,470 tpd with 2017 annual production projected at 1.0 million ounces of silver, 30 million pounds of lead and 41 million pounds of zinc. The company plans to process at Caylloma 535,000 tonnes of ore averaging 71 g/t Ag, 2.73% Pb and 3.86% Zn. The brownfields exploration budget for 2017 is US$3.9 million, which includes 22,000 meters of diamond drilling (see Fortuna news release dated January 11, 2017) of which 8,400 meters have been drilled so far this year.
In the first quarter of 2017, mine production was sourced mainly from the Animas NE and Animas veins with each area contributing 63% and 31% of ore respectively (see Fortuna news release dated April 18, 2017).
Quality Assurance & Quality Control
Following detailed geological and geotechnical logging, drill core samples are split on-site by diamond sawing. One half of the core is submitted to the ALS Chemex Laboratory in Lima, Peru. The remaining half core is retained on-site for verification and reference purposes. Following preparation, the samples are assayed for gold and silver by standard fire assay methods and for silver and base metals by ICP and atomic absorption methods utilizing aqua regia digestion. The QA-QC program includes the blind insertion of certified reference standards and assay blanks at a frequency of approximately 1 per 15 normal samples as well as the inclusion of duplicate samples for verification of sampling and assay precision levels.
David F. Volkert, Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as defined by National Instrument 43-101, being a member of the American Institute of Professional Geologists (CPG #10759) and the Association of Professional Engineers and Geoscientists of British Columbia (P. Geo. #191936). Mr. Volkert is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by Fortuna Silver Mines Inc.
About Fortuna Silver Mines Inc.
Fortuna is a growth oriented, precious metals producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver Mine in southern Peru, the San Jose silver-gold Mine in Mexico and the Lindero gold Project in Argentina. The company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information, please visit our website at www.fortunasilver.com.