FVI 2010-02-02 (provided courtesy of Canada NewsWire Group)
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[CNW] Fortuna Discovers High-Grade Ag-Au Mineralization at the Caylloma Mine, Peru
VANCOUVER, Feb. 2 /CNW/ - Fortuna Silver Mines Inc. (TSX: FVI / Lima
Exchange: FVI) is pleased to announce the discovery of high-grade silver-gold
mineralization in the upper portion of the Animas Vein at the Caylloma Mine in
southern Peru. A series of exploration raises and cross-cuts recently
developed along the Animas structure cut Bonanza-style silver-gold
mineralization above level 6 (production to date from the Animas Vein has all
been derived from below the 6th level.)
Mr. Jorge Ganoza, President and CEO, commented: "This is an exciting
discovery of high grade silver-gold mineralization in the Animas vein,
traditionally a polymetallic vein, that is the source of 85% per cent of
production at our Caylloma mine. We're currently investigating the full
significance of the new discovery and our exploration and mine planning teams
are working to define resources to be included in our mine plan".
<<
Highlights of sampling on the new zone include:
Raise CH 418N: 41 channel samples taken every two meters along 84m of
vertical extent on the raise returned an average of 1,890
g/t Ag and 5.4 g/t Au over an average sample width of
1.35m.
Cross-Cut 418N: Averaged 2110 g/t Ag and 13.27 g/t Au over a true width
of 4.36m.
Raise CH412N: 30 channel samples taken every two meters along 60m of
vertical extent on the raise returned an average of 404
g/t Ag and 1.26 g/t Au over an average sample width of
1.55m.
>>
The high-grade silver-gold zone is open laterally over a strike distance
of 400m and vertically to the surface, a distance of 150 to 200m along the
inclination of the vein. The significance of these results still needs to be
fully quantified and built into the current mine plan.
Results of the systematic channel sampling every two meters of the raises
are summarized in the following table. Silver and gold values range up to
13,202 g/t and 181.95 g/t, respectively.
<<
Table 1.
-------------------------------------------------------------------------
Sampled Interval
along
Avg Channel Sample Inclination Ag Au Pb Zn Cu
Raises Width (m) of Vein (m) (g/t) (g/t) % % %
-------------------------------------------------------------------------
CH 418N 1.35 (41 Channels) 84 1,890 5.37 1.06 2.06 0.10
CH 412N 1.55 (30 Channels) 60 406 1.26 1.71 3.38 0.08
CH 414N 1.42 (11 Channels, 22 653 1.28 0.99 2.09 0.05
in-progress)
-------------------------------------------------------------------------
>>
The average widths in Table 1 correspond to the average width of the
channel samples in the raise and not to the true width of the structure. The
true width of the mineralized structure has been measured in 3 cross cuts and
one raise bore and appears to be greater than the width measured in the raises
in Table 1.
<<
Table 2.
-------------------------------------------------------------------------
Cross-Cuts/ True Width -
Raise-Bore Animas Vein (m) Ag (g/t) Au (g/t) Pb % Zn % Cu %
-------------------------------------------------------------------------
EST 418N 4.36 2,110 13.27 1.73 2.47 0.11
CHA 407N 10.0 1,453 6.12 0.62 0.66 0.09
EST 412N 6.85 179 0.46 0.94 1.94 0.06
EST397N 7.35 261 0.31 1.19 1.13 0.08
-------------------------------------------------------------------------
>>
To-date, only one drill hole has been completed above level 6 in the
Animas vein. Drill hole ANIS007506 intersected the Animas vein just above
level 6, approximately 200m north-northwest of raise CH418N, and assayed 116
g/t Ag, 1.03 g/t Au, 3.74% Pb, 5.43% Zn and 0.29% Cu over an interval of 5.2m.
The drill hole was oriented perpendicular to the mineralized structure. The
location of the underground workings and the single existing drill hole are
illustrated in the attached longitudinal section of the Animas Vein. Please
click on the following thumbnail to view the section:
http://www.fortunasilver.com/i/maps/caylloma/FortunaSilver_AnimasVein_Lv6
_21jan2010.pdf
A 1,300m, 15 hole diamond drill program has been developed to test the
lateral and vertical continuity of this Bonanza-style mineralization. Drilling
should start in mid-February.
Other High-Grade Targets
Initial exploration drilling will also be carried out at the Don Luis II
and Vilafro prospects where surface sampling and mapping have identified
mineralized structures with strong silver and gold mineralization. Surface
channel samples collected over a strike length of 400m at the Don Luis II vein
include 9.89 g/t Au and 347 g/t Ag (sample 251778), 10.0 g/t Au and 93.5 g/t
Ag (sample 251740) and 1.16 g/t Au and 1250 g/t Ag (sample 251751). In the
Vilafro area, high grade silver mineralization ranging to 3,132 g/t Ag in rock
chip samples is associated with a northwest-trending fracture zone.
QA/QC
Sample results reported for the underground workings, including raises
and cross-cuts, 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.
Qualified Person
Mr. Miroslav Kalinaj, 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 selectively pursuing additional acquisition opportunities. For
more information, please visit our website at www.fortunasilver.com.
<<
ON BEHALF OF THE BOARD
Jorge Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
>>
Symbol: TSX: FVI / Lima Exchange: FVI
-0- 02/02/2010
/For further information: Investor Relations: Lima office: Carlos Baca -
Tel: 51-1-616-6060, Vancouver office: Erin Ostrom - Tel: (604) 484-4085/
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