Fortuna Reports High-Grade Gold and Silver Values at Tlacolula, Mexico
Last update: 7/3/2012 7:00:00 AM
VANCOUVER, July 3, 2012 /PRNewswire via COMTEX/ -- Fortuna Silver Mines Inc. (FSM)(CA:FVI) (bvl:FVI) (frankfurt:F4S.F) is pleased to provide an update of Brownfields exploration results at the San Jose Mine in Oaxaca, Mexico and the Caylloma Mine in Arequipa, Peru. Two diamond drill rigs are currently operating at the San Jose Mine and four diamond drill rigs are operating in the Caylloma District. In addition, generative activities have identified significant untested epithermal systems in the Tlacolula area in Oaxaca and in the Cerro Vilafro area at Caylloma.
Dr. Thomas Vehrs, Vice President of Exploration, commented: "The discovery of high-grade gold and silver mineralization at the Tlacolula Project in Mexico is a significant benchmark in our Brownfields exploration program. We are aggressively advancing the project and look forward to the initiation of drill testing of the Tlacolula vein system in mid-July."
San Jose Mine Brownfields Exploration, Oaxaca, Mexico
Tlacolula Vein System
Surface mapping and sampling has identified a large and untested low sulfidation epithermal vein system in the Tlacolula area of central Oaxaca. Fortuna has an option to acquire a 60% interest in the Tlacolula Property from Radius Gold Inc. by making certain cash payments and issuance of shares in the capital stock of Fortuna, and by completing expenditures totaling US$2 million on the property (see Fortuna news release dated Sept. 23, 2009).
Highlights of the surface channel sample results include the following mineralized intervals:
CH 136366:6.30 m averaging 19.34 g/t Au and 986 g/t Ag (open)
CH 135709:9.60 m averaging 0.13 g/t Au and 295 g/t Ag (open)
CH 138105: 3.30 m averaging 0.07 g/t Au and 234 g/t Ag
CH 135862:1.00 m averaging 4.28 g/t Au and 367 g/t Ag
CH 135820:1.50 m averaging 0.52 g/t Au and 561 g/t Ag
CH 138118:9.00 m averaging 0.22 g/t Au and 83 g/t Ag (open)
The channel samples are generally oriented sub-perpendicular to the strike of the vein systems and are believed to approximate true widths of the mineralized structures. For several of the channels, the mineralized intervals are minimum thicknesses as the channels start and/or end in mineralization (indicated as 'open' in above highlights). Two main veins totaling approximately 1,700 meters in strike length have been identified in the project area to-date with on-going exploration focused on the discovery of further extensions of the veins (click to view Tlacolula Project Channel Sample Results). Drill testing of the Tlacolula mineralized vein system is scheduled to start in mid-July.
Bonanza Vein System
Exploration drilling was initiated in late May on the southeastern extension of the Bonanza vein system at the San Jose Mine. The drilling is following-up on results of late 2011 exploration drilling which confirmed that the Bonanza vein system remains open along strike to the southeast.
Fortuna's San Jose Brownfields exploration program for 2012 includes 15,000 meters of diamond drilling in the San Jose mine area and adjoining 58,200 hectare concession land package.
Caylloma Mine Brownfields Exploration, Arequipa, Peru
The Brownfields exploration program at Caylloma includes 24,000 meters of diamond drilling to test high priority silver-rich targets throughout the district. Drilling is currently being carried out on the Don Luis and San Pedro vein systems. Additionally, district-scale and detailed mapping and sampling are being carried out to identify and evaluate new targets in the 11,700 ha land package at Caylloma.
Animas/Nancy Vein System
As of late June, Fortuna has completed ten additional exploration drill holes in the Animas vein at Caylloma. Four of the drill holes (prefix 'ANIM') have tested the down-dip extension of the Animas mineralized structure below the 12th level, currently the deepest working level of the mine. The remaining six drill holes tested the northeastern extension of the Animas structure and nearby Nancy Vein. Approximately 90% of current production at Caylloma is sourced from the Animas vein system.
Highlights of the drilling include:
ANIM021512 4.65 m avg. 121 g/t Ag, 6.35 % Pb and 5.37 % Zn
ANIM022012 5.05 m avg. 106 g/t Ag, 6.90 % Pb and 7.54 % Zn
ANIS022412 6.75 m avg. 78 g/t Ag, 3.20 % Pb and 3.68 % Zn
NANS002012 9.55 m avg. 91 g/t Ag, 5.30 % Pb and 7.62 % Zn
NANS002112 5.20 m avg. 38 g/t Ag, 2.06 % Pb and 5.21 % Zn
Widths reported are drill hole widths with the drill holes generally oriented sub-perpendicular to the strike and inclination of the vein. True widths are estimated at 80 to 100% of the drill hole widths in general. Assay results from the drill program are summarized below with length-weighted assay averages reported for the principal mineralized intervals (click to view a drill hole location map and longitudinal sections for the Animas Vein system).
Animas/Nancy vein system assay results:
Hole_Id From To Interval Ag Au Pb Zn Cu
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
ANIM021512 102.95 107.60 4.65 121 0.14 6.35 5.37 0.32
ANIM021712 73.60 74.50 0.90 19 0.06 0.95 1.71 0.02
ANIM022012 179.80 180.95 1.15 139 0.27 9.15 18.01 0.26
184.00 189.05 5.05 106 0.01 6.90 7.54 0.19
ANIM022112 238.45 238.80 0.35 95 0.01 0.56 0.73 0.11
ANIS022212 209.40 231.20 3.80 67 0.05 2.29 3.75 0.65
ANIS022412 126.40 133.15 6.75 78 0.49 3.20 3.68 0.20
NANS001712 224.90 226.50 1.60 60 0.11 0.50 16.02 0.29
NANS001912 118.50 120.85 2.35 183 0.30 2.77 5.56 2.02
197.15 199.70 2.55 43 0.02 1.54 2.38 0.24
NANS002012 85.20 97.30 12.10 58 0.07 0.47 3.36 0.31
130.80 140.35 9.55 91 0.07 5.30 7.62 0.25
NANS002112 124.90 130.10 5.20 38 0.02 2.06 5.21 0.23
157.20 160.95 3.75 36 0.06 1.56 4.35 0.16
202.15 204.45 2.30 34 6.44 1.14 3.78 0.15
"The Animas drill program has been successful in demonstrating the continuity of the number 3 ore shoot of the Animas Vein system below the 12th level of the mine," commented Dr. Thomas Vehrs. "We are also encouraged by the mineralized intercepts encountered in the Animas NE and Nancy areas. The drilling results from this area will be included in the 2012 Caylloma resource update and will allow for the development of an initial mine plan for the Animas NE and Nancy areas."
Cerro Vilafro
Detailed surface mapping and channel sampling in the Cerro Vilafro area, located adjacent to the Caylloma plant site, has identified strong silver and gold values associated with a NE-SW trending vein swarm (click to view Cerro Vilafro). The mineralization is hosted by Cretaceous quartzites and is currently being evaluated as a potential bulk-minable, open-pit target. While initial sampling has reported high-grade gold and silver values over narrow widths, sampling is currently underway to evaluate the lower grade, quartz veinlet-controlled mineralization in the wallrocks between the main mineralized structures.
Highlights of the surface channel sample results include the following mineralized intervals:
CH 5037150.40 m averaging 3.23 g/t Au and 827 g/t Ag
CH 5037080.40 m averaging 2.14 g/t Au and 2,440 g/t Ag
CH 5037160.95 m averaging 0.83 g/t Au and 459 g/t Ag
CH 5037260.25 m averaging 0.57 g/t Au and 791 g/t Ag
CH 5036150.60 m averaging 0.41 g/t Au and 661 g/t Ag
Initial drill testing of the Cerro Vilafro target is planned for early fourth quarter of 2012.
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 or Guadalajara, Mexico. The remaining half core is retained on-site for verification and reference purposes. Following preparation, the samples are assayed for gold 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.
AI
News 
Market Data 
Discover 
