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Re: News Release - Monday, March 10, 2008
Fortuna drills 6,231 g/t silver over 1.6m at the Caylloma Mine,
Peru
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March 10, 2008: Fortuna Silver Mines Inc. (FVI: TSX-V) is pleased to
announce the discovery of high grade silver mineralization along the
extension of the Bateas Vein located in the central portion of the
Caylloma District, Arequipa, Peru. Fortuna operates the 100% owned
Caylloma Zn-Pb-Ag Mine at a nominal rate of 820 tpd with production
currently sourced primarily from the Animas and Santa Cata veins.
Eleven drill holes totaling 4,380m have been completed to-date in the
eastern extension of the Bateas Vein, one of several silver-rich veins
located in the central portion of the Caylloma District. Highlights of
the current results include:
- Hole BATS001707 cut 6,231 g/t Ag, 3.56% Pb, 4.85% Zn and 3.08%
Cu over 7.35m from 340.55m (est. true thickness of 1.57m),
including:
- 30,170 g/t Ag, 5.95% Pb, 6.68% Zn and 9.01% Cu over 0.45m
from 343.55m,and
- 11,029 g/t Ag, 5.12% Pb, 6.96% Zn and 6.46% Cu over 0.90m
from 344.70m, and
- 24,487 g/t Ag, 8.43% Pb, 9.98% Zn and 9.45% Cu over 0.65m
from 346.05m.
- Hole BATS000207 intersected 1,008 g/t Ag over 1.35m from 200m
(est.true thickness 0.46m).
Assay results from the drill holes are summarized in the table below.
Length-weighted assay averages have been calculated for the mineralized
intervals using a lower cut-off of 100 g/t Ag. Estimated true widths of
the veins are indicated in the table for each of the major intercepts.
A longitudinal section showing the location of the drill hole
intercepts will be posted on Fortuna's website at
www.fortunasilver.com.
To view table, click link below:
http://www.fortunasilver.com/s/NewsReleases.asp?ReportID=290209
Drilling on the Bateas vein will continue during the first half of
2008, one of several drill targets the company will be advancing during
the year. The Company anticipates delineating a new high-grade silver
resource on the Bateas vein that can contribute additional ore to the
short term mine plan this year. Mining in the Bateas vein will use
selective narrow vein mining methods successfully used at Caylloma in
the recent past by the previous owner.
Background
The silver and base metal-rich Caylloma district is located in the
Tertiary volcanic belt of southern Peru. Intermediate-sulfidation
epithermal mineralization is present in vein systems hosted by
andesitic volcanic and volcaniclastic rocks overlying a Jurassic-age
sedimentary basement. The Caylloma Mine was purchased by Fortuna
Silver in 2005 and returned to production in October of 2006.
Fortuna holds exploration and mining rights to concessions covering
approximately 26,700 hectares in the Caylloma area. Exploration
activities include testing of opportunities for high grade silver and
base metal mineralization within the Caylloma District and
reconnaissance evaluation of surrounding properties to identify
opportunities warranting more advanced exploration.
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 Lima, Peru.
The remaining half core is retained on-site for verification and
reference purposes. Following preparation, the samples are assayed for
gold and silver by standard fire assay methods and for base metals by
atomic absorption methods utilizing an aqua regia digestion.
Multi-element analyses are also completed for each sample by ICP
methods. The QA-QC program at Caylloma includes the blind insertion of
certified reference standards 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
Fortuna is a growth oriented, silver and base metal producer focused on
mining opportunities in Latin America. Principal assets include 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.
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Jorge Ganoza Durant, President
Fortuna Silver Mines Inc.
Investor Relations: Ralph Rushton
Tel: 604-484-4085
Symbol: TSX-V:FVI
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Copyright (c) 2008 FORTUNA SILVER MINES INC. (FVI) All rights
reserved. For more information visit our website at
http://www.fortunasilver.com/ or send mailto:news@goldgroup.com
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