- Published: 25 September 2008
- Written by Editor
Fortuna's San Jose In-Fill Drilling Returns 29.1m @ 6.8 g/t Au + 933 g/t Ag
Fortuna Silver Mines Inc. (TSX VENTURE: FVI)(BVL: FVI) is pleased to announce the initial results from the in-fill drilling program in the Trinidad Zone of the San Jose silver-gold deposit located in Oaxaca, Mexico. Assay results have been received for 22 drill holes located in the Trinidad Zone. Highlights include:
SJO-127 29.1m @ 6.75 g/t Au + 933 g/t Ag from 394.5m
SJO-128 3.2m @ 9.41 g/t Au + 603 g/t Ag from 212.9m
15.1m @ 5.71 g/t Au + 1,022 g/t Ag from 296.5m
SJO-121 16.8m @ 2.23 g/t Au + 304 g/t Ag from 298.6m(1)
20.6m @ 8.89 g/t Au + 752 g/t Ag from 428.3m
SJO-123 4.9m @ 8.98 g/t Au + 1,182 g/t Ag from 186.4m
SJO-126 12.2m @ 4.09 g/t Au + 427 g/t Ag from 194.6m
SJO-136 10.3m @ 3.71 g/t Au + 240 g/t Ag from 155.8m
(1) all depths are measured downhole
The 33,000m in-fill drilling program, initiated in June of 2008, is designed to convert a significant portion of the resources in the upper 250m of the deposit to the Indicated category prior to proceeding with a pre-feasibility study. Two surface core drill rigs and two multi-purpose reverse circulation/core drill rigs are currently drilling in the Trinidad Zone.
The San Jose Project is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd. (24%). In August 2008, Fortuna and Continuum announced an agreement whereby Fortuna will acquire all of the issued and outstanding securities of Continuum (see Fortuna News Release dated Aug. 14, 2008). As a result of the acquisition, Fortuna will own a 100% interest in the San Jose Project.
Assay results from the 22 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. True widths of the mineralized veins are estimated at approximately 75 to 90% of the drill intervals. Updated longitudinal sections showing the location of the drill hole intercepts for each of the major veins will be posted on Fortuna's website at www.fortunasilver.com.
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Est.
true
thick- Ag
Interval ness Au Ag eq
Hole No. From (m) To (m) (m) (m) g/t g/t g/t(2)
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SJO-119 227.00 235.40 8.40 4.9 2.03 229 332
SJO-120 136.25 144.75 8.50 6.0 1.07 121 175
SJO-121 298.60 315.40 16.80 10.3 2.23 304 418
And 321.00 325.35 4.35 2.53 265 394
And 358.00 362.85 4.85 1.43 172 245
And 428.25 448.80 20.55 14.0 8.89 752 1,206
SJO-122 252.00 254.90 2.90 2.0 4.03 315 520
SJO-123 186.40 191.30 4.90 3.4 8.98 1,182 1,640
And 214.80 219.00 4.20 1.67 238 323
And 269.80 277.80 8.00 5.6 1.10 219 275
SJO-124 261.90 265.50 3.60 3.5 9.53 292 778
SJO-125 138.10 143.50 5.40 3.5 1.68 189 275
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 1,278
And 427.50 433.50 6.00 1.80 222 314
And 452.90 461.00 8.10 1.08 111 166
SJO-128 212.90 216.10 3.20 1.8 9.41 603 1,083
And 234.80 247.60 12.80 6.9 1.54 151 229
And 252.65 256.15 3.50 3.25 462 628
And 296.50 311.60 15.10 8.4 5.71 1,022 1,313
SJO-129 247.55 248.70 1.15 1.0 1.98 219 320
SJO-130 277.80 285.00 7.20 6.0 1.94 185 284
SJO-131 188.35 189.35 1.00 0.7 1.07 169 224
SJO-132 151.10 154.10 3.00 2.2 4.37 496 718
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-135 174.75 175.75 1.00 0.9 2.37 349 470
SJO-136 155.75 166.00 10.25 3.71 240 429
And 219.40 222.50 3.10 2.4 2.91 155 303
SJO-138 130.00 131.25 1.25 0.8 2.00 237 339
SJO-140 229.90 238.05 8.15 5.4 2.55 167 297
SJO-141 No significant mineralized intervals
SJO-142 181.80 192.45 10.65 6.8 2.47 208 334
And 207.45 216.30 8.85 6.7 0.96 180 229
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(2) 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.
The in-fill drill program has been designed following recommendations by AMEC E&C Services Inc. indicating that at Trinidad a drill spacing of 31 meters is required for classification of the resources to the Indicated category.
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 Fortuna-Continuum joint venture controls mining concessions covering approximately 56,000 hectares in the Taviche Mining District. Exploration is being carried out on a number of target areas within the concession area to define new drill targets. Underground development of the access ramp to the Trinidad Zone was initiated in the 4th quarter of 2007 and is projected to reach the sixth level (150m below surface elevation) by December of 2008. The Company is also advancing with engineering studies for the development of the deposit including preliminary mine design work, metallurgical testing, tailings dam design work and hydrological investigations. An Environmental Impact Study has been initiated and the Community Relations Department is engaging local communities through project presentations, site visits and sustainable development and education programs.
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 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 aggressively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.
ON BEHALF OF THE BOARD
Jorge Alberto Ganoza Durant, President, CEO and Director
Fortuna Silver Mines Inc.
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
Contacts: Fortuna Silver Mines Inc. Carlos Baca Investor Relations - Lima Office 511-616-6060 Fortuna Silver Mines Inc. Erin Ostrom Investor Relations - Vancouver Office (604) 484-4085 (604) 484-4029 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.fortunasilver.com
SOURCE: Fortuna Silver Mines Inc.
mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.fortunasilver.com
