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Fortuna intersects 18.2 meters with 4.9 g/t Au and 503 g/t Ag at
San Jose, Mexico
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February 21, 2008: Fortuna Silver Mines Inc. (FVI: TSX-V) is pleased to
announce additional drill results from the 2007 drill program at the
San Jose silver-gold deposit located in Oaxaca, Mexico. The San Jose
Project is being explored and developed under a joint venture between
Fortuna (76%) and Continuum Resources Ltd (24%).
Assay results have been received for 7 drill holes located in the
Trinidad Zone and for 10 drill holes into the San Ignacio Zone
(southern extension of the San Jose vein system). Highlights of the
current results in the San Jose and Trinidad Zones include:
.. Hole SJO-108 intersected multiple high grade zones within the San Jose
vein system:
. 6.3 g/t Au and 391 g/t Ag (711 g/t Ag eq) over 6.85m from 428.80m,
and
. 2.8 g/t Au and 311 g/t Ag (452 g/t Ag eq) over 7.60m from 448.80m,
and
. 4.9 g/t Au and 503 g/t Ag (752 g/t Ag eq) over 18.20m from 459.90m.
.. Hole SJO-087 cut 1.1 g/t Au and 187 g/t Ag (242 g/t Ag eq) over 13.00m
from 385.60m in the Trinidad Vein.
Infill drill results at Trinidad continue to show consistent high
grades over broad widths in the main mineralized shoot. This zone
remains open at depth in at least two directions with high grade silver
and gold values returned by SJO-084 and SJO-056. The Company is waiting
to receive complete results for the drilling on the San Ignacio zone to
plan a follow-up drill campaign.
Assay results from the 7 drill holes in the Trinidad Zone are
summarized below. An updated longitudinal section showing the location
of the drill holes 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=287429
In addition to the 43 drill holes completed in the Trinidad Zone during
2007, another 23 holes (8,910.2m) were completed to test an 800m long
interval of the San Ignacio Zone, the southern extension of the San
Jose vein system. Assay results have been received and accepted for 10
drill holes, with selected results highlighted in the table below.
Results for 7 other holes in the San Ignacio Zone were previously
released in Fortuna News Release dated Jan. 16, 2008.
To view table, click link below:
http://www.fortunasilver.com/s/NewsReleases.asp?ReportID=287429
Drill holes SJO-093, SJO-096, SJO-097, SJO-098, SJO-102, SJO-107 and
SJO-110 did not intercept significant mineralization.
Assay Delays
Final assay results remain pending for 2 drill holes in the Trinidad
Zone and 7 drill holes in the San Ignacio Zone. Due to increased
industry activity, assay turn-around times at ALS Chemex have increased
dramatically since September of 2007 and currently are greater than two
months.
Background
The San Jose deposit is a low sulfidation epithermal system located
within the Taviche Mining District in southern Oaxaca and is
characterized by mineralized multiphase quartz-carbonate-sulfide veins,
hydrothermal breccias and stockwork veining within a sequence of
Tertiary andesitic volcanic and volcaniclastic rocks. Using a cut-off
grade of 150 g/t Ag equivalent, 43-101 compliant indicated and inferred
mineral resources for the Trinidad zone at San Jose are currently
estimated at (see Fortuna News Release dated March 12, 2007):
Indicated Mineral Resources: 1.47 million tonnes grading 262.6 g/t Ag +
2.19 g/t Au containing 17.7 million Ag equivalent oz
Inferred Mineral Resources: 3.9 million tonnes grading 260.6 g/t Ag +
2.57 g/t Au containing 49.1 million Ag equivalent oz.
The Fortuna-Continuum joint venture controls mining concessions
covering approximately 47,500 hectares in the Taviche Mining District.
Detailed geologic interpretation and modeling of the Trinidad deposit
are being carried out and will lead to an updated resource estimate
currently projected for completion in the 2nd quarter of 2008. The
joint venture is advancing with various engineering studies including
preliminary design work and initiation of an Environmental Impact
Study. Underground development of the main access ramp to the Trinidad
Zone began in the 4th quarter of 2007.
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 Guadalajara,
Mexico. The remaining half core is retained on-site for verification
and reference purposes. Following preparation, sample pulps are sent to
ALS Chemex in Vancouver where they are assayed for gold and silver by
standard fire assay methods using a gravimetric finish. Multi-element
analyses are also completed for each sample by ICP methods. The QA-QC
program at San Jose includes the blind insertion of certified reference
standards for silver and gold 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 contained in this news release.
Background
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 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
Associated File:
http://www.fortunasilver.com/i/pdf/2008-02-21_NR.pdf
141 KB in size, approx. 27 seconds to download at 56.6Kbps
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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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