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Fortuna Silver Mines Inc.
Summary
| Project: | San Jose Mine | |
|---|---|---|
| Deposit: | San Jose Mine | |
| Location: | Mexico | |
| Commodities: | Silver-Gold | |
| Date: | 2/22/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-2-2018: Fortuna Silver Mines Inc. announces a Resource Estimation report for its San Jose Mine deposit at the San Jose Mine project. 2017 annual Resource and Reserve update. Vancouver, February 22, 2018-- Fortuna Silver Mines, Inc. (NYSE: FSM) (TSX: FV | |
| Resources: | (Reserve, P+P): 5.037Mt @ 247g/t Ag, 1.61g/t Au at San Jose | |
| CP/QP: | [Resources]: Eric Chapman (Internal) | |
| ABSTRACT: | Vancouver, February 22, 2018-- Fortuna Silver Mines, Inc. (NYSE: FSM) (TSX: FVI) is pleased to report updated Mineral Reserve and Mineral Resource estimates as of December 31, 2017 for the Caylloma Mine located in Peru, the San Jose Mine located in Mexico and the Lindero Project in Argentina. Jorge A. Ganoza, President and CEO, commented: “Our infill drill programs at San Jose and Caylloma mines were successful at replenishing reserves mined in 2017.” Mr. Ganoza continued, “In addition, the exploration programs over the last year at Caylloma have yielded a 92 percent increase in tonnes of Inferred Resources. This success underpins the potential for this mine to continue presenting opportunities to extend its life.” As of December 31, 2017, the San Jose Mine has Proven and Probable Mineral Reserves of 5.0 Mt containing 40.1 Moz of silver and 261 koz of gold, in addition to Inferred Resources of 2.6 Mt containing a further 20.1 Moz of silver and 128 koz of gold. Year-over-year, Mineral Reserves remained unchanged in terms of tonnes and contained silver, while contained gold decreased by 6 percent after net changes resulting from production-related depletion and the upgrading and conversion of Inferred Resources to Mineral Reserves due to a successful infill drill program focused primarily on the Stockwork zones adding 0.7 Mt of new reserves averaging 286 g/t Ag and 1.44 g/t Au. Silver grade decreased 1 percent to 247 g/t and gold grade decreased 6 percent to 1.61 g/t. Measured and Indicated Resources exclusive of Mineral Reserves decreased year-over-year from 0.8 Mt to 0.3 Mt due to a decrease in operating costs and better commercial terms resulting in the breakeven cut-off grade for reserves decreasing from 127 g/t to 117 g/t Ag Eq. | |
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