VANCOUVER, April 14 /CNW/ - Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI) is pleased to announce additional assay results from the discovery of
two high-grade silver ore shoots in the Bateas Vein, located in the
central portion of the Caylloma Mine District. Preliminary results were
previously announced in a news release dated December 15, 2010.
Highlights of underground channel sampling:
Gallery 309E: 160m interval averaging 1,225 g/t Ag, 0.06 g/t Au, 0.89%
Pb, 1.23% Zn and 0.60% Cu over average vein width of 0.86m
Gallery 315E: 57m interval averaging 1,336 g/t Ag, 0.08 g/t Au, 0.30%
Pb, 0.44% Zn and 0.38% Cu over average vein width of 0.91m
Chimney 308N: 122m interval averaging 876 g/t Ag, 0.06 g/t Au, 0.37%
Pb, 0.51% Zn and 0.35% Cu over average vein width of 0.82m
Chimney 310N: 46m interval averaging 768 g/t Ag, 0.14 g/t Au, 0.64% Pb,
0.98% Zn and 0.50% Cu over average vein width of 0.64m
"The discovery of the high-grade silver ore shoots in the Bateas Vein is
a strong validation of the continued exploration potential in this
historic district," commented Dr. Thomas Vehrs, Vice President of
Exploration. "The district has been in semi-continuous production since
the arrival of the Spaniards in the early 16th century and the potential for new discovery is still outstanding. We
are currently exploring the lateral and depth extensions of the Bateas,
San Cristobal, Animas and La Plata veins with a Caylloma Brownfields
exploration budget totaling in excess of US$6.5M for 2011."
Longitudinal sections of the Bateas Vein illustrating the sample results
and the newly discovered ore shoots are available on the Company's
website at http://www.fortunasilver.com/i/pdf/NR_Bateas-Vein-Long-Section_8apr2011.pdf.
Underground development is in-progress at the Bateas vein with the aim
of incorporating the new ore shoots into the production plans for
2011. The new high-grade silver ore shoots were discovered through the
extension of exploration and development drifts from current production
areas on the 10th and 12th levels of the Bateas Vein. The exploration drifts have now cross-cut
the strike width of the ore shoots and are being advanced to the
northeast to explore for additional high-grade ore shoots. Vertical
chimneys 308N and 310N have been completed between level 12 (4500m
elevation) and level 10 (4620m elevation) confirming the vertical
continuity of the high-grade shoots. Within the ore shoots, the vein
ranges up to 2m in width with silver mineralization being present as
tetrahedrite, pyrargyrite, proustite and other Ag-bearing sulfosalts in
a banded rhodonite-rhodochrosite-quartz vein matrix. Minor sphalerite,
galena and chalcopyrite are also present in the vein.
The Caylloma Mine currently produces approximately 1,250 tpd with the
production primarily being sourced from the Ag-bearing polymetallic
Animas, Soledad, Santa Catalina and Silvia veins supplemented by
high-grade silver ores from the Bateas Vein and the upper levels of the
Animas Vein. In 2010, the Caylloma Mine produced 1.9M oz of silver in
addition to appreciable quantities of lead, zinc and copper. Production
for 2011 is forecast at the same level (see Fortuna news release dated
Jan. 13, 2011).
Quality Assurance and Quality Control
Sample results reported for the underground workings are based on
channel samples systematically collected perpendicular to the
orientation of the vein. Samples are dried, prepared and analyzed at
company-owned sample preparation and laboratory facilities at the
Caylloma property. Silver and base metals are assayed by atomic
absorption methods utilizing an aqua regia digestion. Gold is assayed
by standard fire assay methods with an atomic absorption finish.
Certified reference standards are blindly inserted into the sample
stream at a frequency of 1 per 20 normal samples. Assay blanks are
blindly inserted at a frequency of 1 per 30 samples and field
duplicates are collected and analyzed at a frequency of 1 per 80 normal
samples. Check assay samples and preparation duplicate samples are
routinely submitted to ALS Chemex facilities in Lima to verify sample
preparation and assay quality.
Mr. Miroslav Kalinaj, P. Geo., is the Company's Qualified Person as
defined by the National Instrument 43-101 and has verified 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.
ON BEHALF OF THE COMPANY
President, CEO and Director
Fortuna Silver Mines Inc.
Symbol: TSX: FVI / Lima Stock Exchange: FVI
Certain statements in this press release constitute forward-looking
statements and as such are based on an assumed set of economic
conditions and courses of action. These include estimates of the time
of commencement, commissioning and full production, future production
levels, expectations regarding mine production costs, expected trends
in mineral prices and statements that describe Fortuna's future plans,
objectives or goals. There is a significant risk that actual results
will vary, perhaps materially, from results projected depending on such
factors as changes in general economic conditions and financial
markets, changes in prices for silver and other metals, technological
and operational hazards in Fortuna's mining and mine development
activities, risks inherent in mineral exploration, uncertainties
inherent in the calculation of mineral reserves, mineral resources, and
metal recoveries, the timing and availability of financing,
governmental and other approvals, political unrest or instability in
countries where Fortuna is active, labor relations and other risk
SOURCE Fortuna Silver Mines Inc.
For further information:
Management Head Office: Carlos Baca - Tel: +51.1.616.6060, ext. 2
Corporate Office: Ralph Rushton - Tel: +1.604.484.4085