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Fortuna Extends Gold Mineralization at Sunbird and Identifies New Regional Prospects at Séguéla

VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) — Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its…

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VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) — Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its exploration program at the Séguéla gold Project located in Côte d’Ivoire.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Drilling at Sunbird has continued to extend the high grade mineralized footprint to at least 400 meters below surface where it remains open with drill hole SGDD102 intersecting 5.1 g/t gold over an estimated true width of 10.5 meters demonstrating the potential upside at depth.” Mr. Weedon continued, “Furthermore, results from drill hole SGRD1411 of 13.6 g/t gold over a true width of 6.3 meters highlight the definition of a second shoot to the south which also remains open at depth and along strike.” Mr. Weedon concluded, “In addition to the exploration success at Sunbird, regional target generation on the Séguéla property has identified several new high grade prospects, including Kestrel with drill hole SGRC1456 intersecting 24.0 g/t gold over an estimated true width of 2.8 meters.”

Sunbird Deposit drill highlights include:

  • SGRD1411: 13.6 g/t gold over an estimated true width of 6.3 meters from 332 meters
  • SGRD1423: 8.2 g/t gold over an estimated true width of 4.9 meters from 359 meters
  • SGDD095: 16.6 g/t gold over an estimated true width of 2.8 meters from 217 meters
  • SGDD098: 6.9 g/t gold over an estimated true width of 5.6 meters from 290 meters
  • SGDD099: 4.3 g/t gold over an estimated true width of 11.2 meters from 389 meters
  • SGDD102: 5.1 g/t gold over an estimated true width of 10.5 meters from 373 meters

Drilling further down-dip and down-plunge at Sunbird has continued to intersect high grade mineralization beyond the previously reported intersections (refer to Fortuna news release dated June 7, 2022) extending drill defined mineralization associated with the central high grade core a further 100 meters down-plunge where it remains open at depth, some 400 meters below surface (see Figure 1). Further drilling is planned in the fourth quarter of 2022 to test the projected extensions at depth.

In addition to extending the central high grade core, drilling has extended the down-plunge extent of the southern shoot a further 200 meters to the south, with drill hole SGRD1411 intersecting 13.6 g/t gold over an estimated true width of 6.3 meters where it remains open approximately 250 meters below surface. Further drilling is planned in the fourth quarter of 2022 to test the projected depth extensions.

This recent drilling has extended the defined mineralized strike at Sunbird to more than 1.1 kilometers. A further 480 meters to the south along the projected strike, a single exploration trench intersected two zones of mineralization interpreted from geophysics to be extensions of the Sunbird structure, returned true width intervals of 3.8 g/t gold over 7 meters and 1.3 g/t gold over 9 meters (see Prospect P14 in Figure 2). Drilling is planned for this area.

Full results received for this recent 15-hole, 5,093-meter drill program are listed in Appendix 1.

Figure 1: Sunbird Deposit long-section looking west showing recent drilling results

Sunbird Deposit long-section looking west showing recent drilling results

Figure 2: Seguela Project regional plan showing recent drilling results

Seguela Project regional plan showing recent drilling results

Ancien Deposit underground highlights

A 6-hole, 1,957-meter program was completed at Ancien which was drilled to test the projection of several high grade zones to help improve the structural understanding of the mineralization controls. This program was designed to help support future testing for potential targets and mineralized extensions which may be amenable to underground mining in the future. Highlights include results from drill hole SGRD1432 of 4.1 g/t gold over an estimated true width of 11.9 meters, including 1.4 meters at 23.5 g/t gold and results from drill hole SGRD721 of 3.5 g/t gold over 4.9 meters, including 11.7 g/t gold over 0.7 meters (see Figure 3). Refer to Appendix 2 for full results.

Figure 3: Ancien Deposit long-section looking west showing recent drilling results at depth.

Ancien Deposit long-section looking west showing recent drilling results at depth.

Séguéla Project Regional Exploration

Reverse circulation (RC) and diamond drilling (DD) at the Kestrel, G7 and Winy regional exploration targets returned encouraging results (see Figure 2).

Kestrel (formerly P12): located approximately 500 meters to the south along strike of Antenna, a 10 hole, 1,137-meter first pass scout RC and DD program identified a new structure associated with strong silica alteration and quartz veining, with highlights over a 100-meter strike length including:

  • SGRC1456: 24.0 g/t gold over an estimated true width of 2.8 meters from 87 meters
  • SGRC1452: 13.2 g/t gold over an estimated true width of 1.4 meters from 78 meters
  • SGRC1451:    5.3 g/t gold over an estimated true width of 2.1 meters from 31 meters
  • SGDD103: 14.3 g/t gold over an estimated true width of 1.4 meters from 36 meters

Regional geophysical interpretations suggest this structure may be a southerly extension of the structure hosting the main Antenna mineralization. Further drilling is planned in the fourth quarter of 2022. Refer to Appendix 3 for full results.

G7: following up on the previous air core and scout RC drilling program (refer to Fortuna news release dated June 7, 2022), a follow-up 9-hole 840meter RC program was completed. The program was designed to test the continuity of mineralization associated with extensive surface gold anomalism with drilling results intersecting mineralization over a 200-meter zone which remains open along strike and at depth. True width intersections include 2.2 g/t gold over 6.3 meters from 115 meters in drill hole SGRC1442 and 1.8 g/t gold over 9.1 meters from 38 meters in drill hole SGRC1444 (see Figure 2). Further mapping and a review of the data is planned with G7 hosted in the easternmost volcaniclastic and schistose domain and represents a potentially new host setting. Refer to Appendix 4 for full results.

Winy: a 19-hole 1,961 meter scout RC program was completed over a 600 meter strike length at Winy, following up on previous air core results (refer to Fortuna news release dated June 7, 2022). Drilling intersected a relatively narrow but continuous silicification zone and associated quartz veining with pyrite, with results including 12.3 g/t gold over 1.4 meters from 26 meters in drill hole SGRC1460 and 14.9 g/t gold over 1.4 meters from 39 meters in drill hole SGRC1461 (see Figure 2). Refer to Appendix 5 for full results.

Quality Assurance & Quality Control (QA-QC)

All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company’s personnel.

Trench samples were collected in either 1, 2 or 4-meter composites along one wall of the trench, according to identified lithologies, and below any transported horizons for a final sample weight of 2-3 kilograms.

All RC drilling at Séguéla used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5% representative sample for submission to the analytical laboratory. The residual 87.5% sample were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the company-controlled core yard.

All DD drill holes at Séguéla were drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the company core yard at the project site. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All Séguéla trench, RC and DD core samples were shipped to ALS Laboratories’ preparation laboratory in Yamoussoukro for preparation and then, via commercial courier, to ALS’s facility in Ouagadougou, Burkina Faso for finishing. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all Séguéla samples. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.

Qualified Person

Paul Weedon, Senior 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 Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, and the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core.  There were no limitations to the verification process.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Côte d’Ivoire. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.

Investor Relations:
Carlos Baca | [email protected] | Twitter: @Fortuna_Silver | LinkedIn: fortunasilvermines

Forward looking Statements

This news release contains forward looking statements which constitute “forward looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward looking Statements”). All statements included herein, other than statements of historical fact, are Forward looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward looking Statements. The Forward looking Statements in this news release may include, without limitation, statements about the Company’s plans for the Séguéla gold Project and mineral properties, including the Sunbird and Ancien deposits and other areas of mineralization at Séguéla; the anticipated exploration and other development programs at the Sunbird and Ancien deposits and at other mineral prospects and areas at the Séguéla gold Project, together with the investment, nature, implementation and timing thereof; the timing for, and anticipated results of the exploration programs at the Séguéla gold Project, and the intention to expand mineralization at the Séguéla gold Project; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the duration and effects of the COVID-19 pandemic on our operations and workforce and the effects on the global economy and society; changes in prices for silver, gold and other metals; the timing of the Company’s proposed exploration programs at the Sunbird and Ancien deposits and at the Séguéla gold Project in general; the success of the Company’s proposed exploration programs; technological and operational hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; our ability to obtain all necessary permits, licences and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company’s Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the results from the exploration programs conducted at the Séguéla gold Project; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s information derived from its exploration programs at the Séguéla gold Project; current mineral resource and reserve estimates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward looking Statements.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves.

Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.

APPENDIX 1. Sunbird Deposit drill results, Séguéla gold Project, Côte d’Ivoire

HoleID Easting (WGS84_29N) Northing (WGS84_29N) Elevation (m) EOH Depth (m) UTM Azimuth Dip Depth From (m) Depth To (m) Downhole Width (m) Est. True Width (m) Au (ppm) Hole Type
SGRD1411 742574 892563 571 420.1 90 -60 309 313 4 2.8 1.4 RCD
              332 341 9 6.3 13.6 RCD 
            incl 335 337 2 1.4 55.1 RCD 
SGRD1423 742614 892956 526 402.4 90 -60 341 353 12 8.4 2.7 RCD
            incl 342 343 1 0.7 18.2 RCD
              359 366 7 4.9 8.2 RCD
            incl 360 361 1 0.7 11.2 RCD
            and 362 364 2 1.4 12.4 RCD
SGRD1425 742615 892735 559 340.3 90 -60 230 244 14 9.8 1.1 RCD
              279 289 10 7 1.1 RCD
SGRD1426 742655 892660 556 260.2 90 -60 135 149 14 9.8 3.1 RCD
            incl 142 143 1 0.7 17.5 RCD
              154 158 4 2.8 1.7 RCD
              163 171 8 5.6 4.5 RCD
SGRD1427 742710 893035 499 225.4 90 -60 181 184 3 2.1 1.9 RCD
              196 200 4 2.8 5.7 RCD
            incl 198 199 1 0.7 15.4 RCD
SGRD1428 742605 892610 571 360.3 90 -60 194 207 13 9.1 3.2 RCD
              221 229 8 5.6 1.5 RCD
SGRD1429 742715 893385 472 296.5 90 -62 250 253 3 2.1 11.0 RCD
            incl 250 252 2 1.4 15.4 RCD
SGDD095 742715 893385 472 303.4 90 -60 217 221 4 2.8 16.6 DD
            incl 217 219 2 1.4 28.9 DD
SGDD096 742685 893010 508 255.5 90 -60 136 142 6 4.2 0.9 DD
              187 205 18 12.6 2.6 DD
            incl 202 204 2 1.4 13.9 DD
SGDD097 742644 893034 513 348.9 90 -60 291 300 9 6.3 2.6 DD
SGDD098 742635 892985 523 350.9 90 -60 281 286 5 3.5 4.2 DD
              290 298 8 5.6 6.9 DD
            incl 295 296 1 0.7 38.4 DD
SGDD099 742560 892935 514 441.0 90 -60 389 405 16 11.2 4.3 DD
            incl 399 401 2 1.4 21.9 DD
SGDD100 742660 892960 524 300.2 90 -60 239 244 5 3.5 2.0 DD
              249 255 6 4.2 4.6 DD
            incl 250 251 1 0.7 16.0 DD
              262 267 5 3.5 1.6 DD
SGDD101 742610 892935 527 387.1 90 -60 325 333 8 5.6 1.0 DD
              373 375 2 1.4 3.6 DD
SGDD102 742580 892910 525 400.8 90 -60 229 234 5 3.5 1.3 DD
              292 297 5 3.5 1.5 DD
              364 368 4 2.8 3.7 DD
            incl 364 365 1 0.7 13.1 DD
              373 388 15 10.5 5.1 DD
                  incl 376 377 1 0.7 18.6 DD
            and 382 383 1 0.7 12.8 DD

Notes:

  1. RCD: reverse circulation pre-collar, diamond core tail
  2. DD: Diamond Drilling

APPENDIX 2. Ancien Deposit drill results, Séguéla gold Project, Côte d’Ivoire

HoleID Easting (WGS84_29N) Northing (WGS84_29N) Elevation (m) EOH Depth (m) UTM Azimuth Dip Depth From (m) Depth To (m) Downhole Width (m) Est. True Width (m) Au (ppm) Hole Type
SGRD1430 743275 888350 374 274.4 277 -55 246 249 3 2.1 4.4 RCD
SGRD1431 743443 888403 370 211.5 277 -55 Not sampled  Hole abandoned   0   RCD
SGRD1432 743409 888411 371 390.4 277 -55 328 345 17 11.9 4.1 RCD
            Incl 334 336 2 1.4 23.5 RCD
SGRD721 743271 888325 377 270.4 277 -55 248 255 7 4.9 3.5 RCD
            Incl 254 255 1 0.7 11.7 RCD
SGRD1433 743442 888402 370 420.4 277 -55 349 356 7 4.9 1.5 RCD
SGRD1434 743404 888436 370 390.4 277 -55 315 318 3 2.1 7.1 RCD
            incl 316 317 1 0.7 12.7 RCD

Note:

  1. RCD: reverse circulation pre-collar, diamond core tail

APPENDIX 3. Kestrel Prospect drill results, Séguéla gold Project, Côte d’Ivoire

HoleID Easting (WGS84_29N) Northing (WGS84_29N) Elevation (m) EOH Depth (m) UTM Azimuth Dip Depth From (m) Depth To (m) Downhole Width (m) Est. True Width (m) Au (ppm) Hole Type
SGRC1451 742004 893900 440 60 270 -55 31 34 3 2.1 5.3 RC
SGRC1452 742037 893900 438 115 270 -55 78 80 2 1.4 13.2 RC
SGRC1453 742029 893800 441 71 270 -55 NSI     0   RC
SGRC1454 741983 893700 443 100 270 -55 NSI     0   RC
SGRD1455 742017 893700 441 100 270 -55 NSI     0   RCD
SGRC1456 742029 893800 441 130 270 -55 87 91 4 2.8 24.0 RC
            Incl 87 88 1 0.7 14.0 RC
            And 88 89 1 0.7 79.1 RC
SGRC1457 741912 893351 447 91 270 -55 NSI     0   RC
SGRC1458 741945 893351 446 151 270 -55 NSI     0   RC
SGRD1459 742017 893700 441 140.4 270 -55 NSI     0   RCD
SGDD103 741991 893800 441 178 270 -55 36 38 2 1.4 14.3 DD
            incl 37 38 1 0.7 28.0 DD

Note:

  1. NSI: no significant interval

APPENDIX 4. G7 Prospect drill results, Séguéla gold Project, Côte d’Ivoire

HoleID Easting (WGS84_29N) Northing (WGS84_29N) Elevation (m) EOH Depth (m) UTM Azimuth Dip Depth From (m) Depth To (m) Downhole Width (m) Est. True Width (m) Au (ppm) Hole Type
SGRD1442 748264 882657 341 168.6 270 -60 115 124 9 6.3 2.2 RCD
SGRC1443 748211 882706 338 60 270 -60 NSI     0   RC
SGRC1444 748241 882706 339 72 270 -60 38 51 13 9.1 1.8 RC
SGRC1445 748271 882706 340 114 270 -60 2 6 4 2.8 2.0 RC
SGRC1446 748245 882756 337 79 270 -60 NSI     0   RC
SGRC1447 748276 882756 340 97 270 -60 NSI     0   RC
SGRC1448 748156 882606 332 50 270 -60 NSI     0   RC
SGRC1449 748187 882606 334 93 270 -60 NSI     0   RC
SGRC1450 748219 882606 337 106 270 -60 NSI     0   RC

APPENDIX 5. Winy Prospect drill results, Séguéla gold Project, Côte d’Ivoire

HoleID Easting (WGS84_29N) Northing (WGS84_29N) Elevation (m) EOH Depth (m) UTM Azimuth Dip Depth From (m) Depth To (m) Downhole Width (m) Est. True Width (m) Au (ppm) Hole Type
SGRC1460 746540 893535 405 100 270 -60 26 28 2 1.4 12.3 RC
SGRC1461 746512 893534 411 50 270 -60 39 41 2 1.4 14.9 RC
            incl 39 40 1 0.7 20.7 RC
SGRC1462 746669 893039 357 100 270 -60 NSI     0   RC
SGRC1463 746615 893040 358 100 270 -60 NSI     0   RC
SGRC1464 746514 893636 406 100 270 -60 NSI     0   RC
SGRC1465 746563 893636 397 100 270 -60 NSI     0   RC
SGRC1466 746567 893041 354 100 270 -60 NSI     0   RC
SGRC1467 746610 893638 381 100 270 -60 NSI     0   RC
SGRC1468 746434 893533 398 140 90 -60 44 45 1 0.7 5.4 RC
SGRC1469 746565 893537 398 150 270 -60 NSI     0   RC
SGRC1470 746465 893634 403 142 90 -60 NSI     0   RC
SGRC1471 746518 893432 392 63 90 -60 NSI     0   RC
SGRC1472 746563 893434 387 100 270 -60 NSI     0   RC
SGRC1473 746611 893432 382 100 270 -60 7 8 1 0.7 5.7 RC
SGRC1474 746514 893137 366 100 270 -60 NSI     0   RC
SGRC1475 746567 893134 359 102 270 -60 NSI     0   RC
SGRC1476 746614 893137 366 100 270 -60 NSI     0   RC
SGRC1477 746668 893139 366 100 270 -60 NSI     0   RC
SGRC1478 746513 893041 353 114 270 -60 NSI     0   RC

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/7c7c9728-6384-43f7-bc85-dd94580a0ed5

https://www.globenewswire.com/NewsRoom/AttachmentNg/c0e7ac12-5a62-478d-9f44-0e3bf245a5e4

https://www.globenewswire.com/NewsRoom/AttachmentNg/29a87c7c-99a5-4cc1-bd2b-b5ce6b6ff027

 

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