Fortuna discovers new high grade vein at Caylloma mine; Drilling intercepts 1.7 meters of 105 g/t Ag and 21 g/t Au

VANCOUVER, May 13, 2013 /PRNewswire/ - Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (BVL: FVI) (Frankfurt: F4S.F) is pleased to report that exploration drilling has intercepted high-grade silver-gold mineralization in the Ramal Piso Carolina and Don Luis veins, both located in the northern portion of the Caylloma District.

Exploration Drilling Highlights - Ramal Piso Carolina Vein

Hole_Id From
(m)
To
(m)
Int
(m)
Est. True
Width (m)
Ag
(g/t)
Au
(g/t)
Ag Eq
(g/t)
CARS003213 143.45 146.00 2.55 1.7 247 12.60 919
CARS003713 59.00 60.80 1.80 1.3 666 1.90 767
78.30 82.55 4.25 3.3 158 7.60 563
CARS004613 191.90 196.00 4.10 2.4 163 8.94 640
CARS004813 115.65 117.30 1.65 1.3 119 7.77 533
CARS005013 221.00 221.65 0.65 0.4 989 3.98 1,201
CARS005213 243.20 244.00 0.80 0.6 39 13.95 783
CARS005313 248.50 249.65 1.15 0.7 1,759 18.28 2,735
CARS005513 306.40 308.85 2.45 1.7 105 21.28 1,241
CARS005613 202.35 203.20 0.85 0.6 1,759 1.77 1,853
211.30 212.50 1.20 0.8 117 12.00 757
215.50 216.70 1.20 0.8 430 30.25 2,044

Dr. Thomas I. Vehrs, VP of Exploration, commented, "The exploration results in the Ramal Piso Carolina Vein are very significant for the Caylloma District. Although gold is present in minor quantities in the other veins in the district, the Ramal Piso Carolina Vein is the first discovery of high-grade gold mineralization in the district. The high-grade mineralization remains open to depth and laterally to the northwest and to the southeast with exploration drilling continuing in the area to further test the lateral and depth extensions of the high-grade zone."

Exploration Drilling Highlights - Don Luis Vein

Hole_Id From
(m)
To
(m)
Int
(m)
Est. True
Width (m)
Ag
(g/t)
Au
(g/t)
Ag Eq
(g/t)
DLUS002413 189.75 191.45 1.70 1.5 1,294 3.56 1,484
DLUS002613 317.00 319.80 2.80 1.3 946 0.07 950

Exploration drilling in the Don Luis area at Caylloma has also intercepted high-grade silver-gold mineralization. The 2013 drilling in the Don Luis area follows-up on drilling conducted in the area in 2010 and 2012 and further extends the mineralization to-depth. Particularly interesting are the results of drill holes DLUS002413 and DLUS002613, both of which encountered high-grade silver mineralization in the deeper portions of the western ore shoot.

Full assay results for the principal mineralized intervals in the forty-four drill holes completed at Caylloma in the first quarter of 2013 are appended to this news release.  A location map and longitudinal sections for the Carolina, Ramal Piso Carolina and Don Luis veins are available at the following links:
http://www.fortunasilver.com/i/pdf/Caylloma_District_Plan_Map.pdf
http://www.fortunasilver.com/i/pdf/Caylloma_Longitudinal_Sections.pdf

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.  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 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 as well as the inclusion of duplicate samples for verification of sampling and assay precision levels.

Qualified Person

Thomas I. Vehrs, Ph.D., Vice President of Exploration, is a Qualified Person for Fortuna Silver Mines Inc. as defined by National Instrument 43-101.  Dr. Vehrs is a Founding Registered Member of the Society for Mining, Metallurgy, and Exploration, Inc. (SME Registered Member Number 3323430RM) and is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by Fortuna Silver Mines.

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

Trading symbols: NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F

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.  Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements.  When used in this document, the words such as "anticipates", "believes", "plans", "estimates", "expects", "forecasts", "targets", "intends", "advance", "projects", "calculates" and similar expressions are forward-looking statements.

The forward-looking statements are based on an assumed set of economic conditions and courses of actions, including estimates of future production levels, expectations regarding mine production costs, expected  trends in mineral prices and statements that describe Fortuna's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in  Fortuna's mining and mine development activities, risks inherent in mineral  exploration, uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors.

Although Fortuna has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Assay Results for Principal Mineralized Intervals:

Hole Id From (m) To (m) Int (m) Est. True
Width
Ag (g/t) Au (g/t) Ag Eq (g/t)* Vein
CARS002113 88.90 90.10 1.20 1.2 1050 0.05 1053 Paralela
CARS002213 253.40 253.90 0.50 0.2 75 0.02 76 Paralela
CARS002313 238.30 240.10 1.80 0.5 138 0.03 140 Carolina
CARS002413 72.90 73.20 0.30 0.3 216 0.14 223 Paralela
103.10 103.40 0.30 0.3 199 0.03 201 Carolina
CARS002513 No significant mineralized intervals
CARS002613 188.10 190.90 2.80 1.2 819 0.21 830 Carolina
CARS002713 47.90 50.20 2.30 1.8 108 1.56 191 Ramal Piso Carolina
60.20 62.20 2.00 1.7 133 5.31 416 Carolina
64.10 66.40 2.30 1.9 256 1.09 314 Carolina
CARS002813 No significant mineralized intervals
CARS002913 No significant mineralized intervals
CARS003013 231.00 231.30 0.30 0.1 257 0.10 262 Carolina
CARS003113 157.80 158.20 0.40 0.4 105 3.86 311 Ramal Piso Carolina
159.60 159.90 0.30 0.3 56 1.64 144 Ramal Piso Carolina
162.05 162.50 0.45 0.5 24 1.81 121 Ramal Piso Carolina
CARS003213 143.45 146.00 2.55 1.7 247 12.60 919 Ramal Piso Carolina
CARS003313 114.95 117.95 3.00 1.3 70 0.07 74 Carolina
CARS003413 194.40 194.70 0.30 0.2 78 2.60 217 Ramal Piso Carolina
CARS003513 155.00 155.50 0.50 0.4 46 0.10 51 Carolina
CARS003613 43.30 44.10 0.80 0.7 78 0.93 128 Carolina
CARS003713 59.00 60.80 1.80 1.3 666 1.90 767 Ramal Piso Carolina
64.00 66.05 2.05 1.6 130 5.66 432 Ramal Piso Carolina
67.20 67.65 0.45 0.4 101 0.39 122 Ramal Piso Carolina
70.70 76.00 5.30 4.2 73 3.45 257 Ramal Piso Carolina
78.30 82.55 4.25 3.3 158 7.60 563 Ramal Piso Carolina
CARS003813 76.10 77.50 1.40 1.1 279 0.13 286 Ramal Piso Carolina
85.00 91.20 6.20 4.3 55 4.23 281 Ramal Piso Carolina
91.90 92.80 0.90 0.6 44 1.73 137 Ramal Piso Carolina
94.40 95.85 1.45 1.0 78 1.51 158 Ramal Piso Carolina
CARS003913 No significant mineralized intervals
CARS004013 70.50 70.80 0.30 0.3 92 2.37 218 Ramal Piso Carolina
CARS004113 189.15 190.55 1.40 0.9 25 1.27 93 Ramal Piso Carolina
CARS004213 88.60 92.15 3.55 2.2 36 0.52 64 Ramal Piso Carolina
CARS004313 89.50 89.80 0.30 0.2 303 0.46 328 Ramal Piso Carolina
CARS004413 No significant mineralized intervals
CARS004513 203.00 206.10 3.10 1.2 247 0.18 257 Carolina
CARS004613 185.30 186.55 1.25 0.9 452 1.03 507 Carolina
191.90 196.00 4.10 2.4 163 8.94 640 Ramal Piso Carolina
CARS004713 280.00 281.65 1.65 0.7 29 0.58 60 Ramal Piso Carolina
CARS004813 111.00 112.50 1.50 1.2 46 3.00 206 Ramal Piso Carolina
115.65 117.30 1.65 1.3 119 7.77 533 Ramal Piso Carolina
CARS004913 115.80 116.80 1.00 0.6 336 0.22 348 Carolina
137.60 138.50 0.90 0.5 167 5.65 469 Ramal Piso Carolina
139.80 140.30 0.50 0.3 67 3.00 227 Ramal Piso Carolina
144.90 146.30 1.40 0.8 114 1.55 197 Ramal Piso Carolina
CARS005013 221.00 221.65 0.65 0.4 989 3.98 1201 Ramal Piso Carolina
223.10 224.10 1.00 0.6 156 6.64 510 Ramal Piso Carolina
229.40 230.90 1.50 0.8 81 3.50 268 Ramal Piso Carolina
CARS005113 221.90 222.20 0.30 0.2 56 7.04 432 Ramal Piso Carolina
CARS005213 243.20 244.00 0.80 0.6 39 13.95 783 Ramal Piso Carolina
CARS005313 156.40 158.30 1.90 1.5 229 0.24 242 Carolina
248.50 249.65 1.15 0.7 1759 18.28 2735 Ramal Piso Carolina
CARS005413 152.70 153.30 0.60 0.4 417 7.88 837 Carolina
CARS005513 306.40 308.85 2.45 1.7 105 21.28 1241 Ramal Piso Carolina
CARS005613 202.35 203.20 0.85 0.6 1759 1.77 1853 Ramal Piso Carolina
211.30 212.50 1.20 0.8 117 12.00 757 Ramal Piso Carolina
215.50 216.70 1.20 0.8 430 30.25 2044 Ramal Piso Carolina
DLUS001913 109.50 113.65 4.15 3.0 87 0.20 98 Don Luis
DLUS002013 229.60 230.60 1.00 0.8 69 0.03 70 Don Luis
DLUS002113 203.00 203.55 0.55 0.4 543 0.04 545 Don Luis
DLUS002213 175.50 176.10 0.60 0.4 32 1.59 117 Don Luis
DLUS002313 329.55 329.90 0.35 0.2 24 1.69 114 Don Luis
DLUS002413 189.75 191.45 1.70 1.5 1294 3.56 1484 Don Luis
DLUS002513 331.90 332.60 0.70 0.5 237 0.39 258 Don Luis
354.25 356.90 2.65 1.8 71 0.21 82 Don Luis
DLUS002613 317.00 319.80 2.80 1.3 946 0.07 950 Don Luis
* Ag Eq values = Ag in g/t + (Au in g/t)(1572.19/29.46); metallurgical recoveries not taken into consideration in calculation

 

SOURCE Fortuna Silver Mines Inc.




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