Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) announces that it will release its unaudited financial statements and MD&A for the first quarter on Tuesday, May 7, 2024, after the market closes.
A conference call to discuss the financial and operational results will be held on Wednesday, May 8, 2024, at 9:00 a.m. Pacific Time | 12:00 p.m. Eastern Time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, Cesar Velasco, Chief Operating Officer - Latin America, and David Whittle, Chief Operating Officer - West Africa.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: https://www.webcaster4.com/Webcast/Page/1696/50484 or over the phone by dialing in just prior to the starting time.
Conference call details:
Date : Wednesday, May 8, 2024
Time : 9:00 a.m. Pacific Time | 12:00 p.m. Eastern Time
Dial in number (Toll Free) : +1.888.506.0062
Dial in number (International) : +1.973.528.0011
Access code : 586882
Replay number (Toll Free) : +1.877.481.4010
Replay number (International) : +1.919.882.2331
Replay passcode : 50484
Playback of the earnings call will be available until Wednesday, May 22, 2024. Playback of the webcast will be available until Thursday, May 8, 2025. In addition, a transcript of the call will be archived on the Company's website .
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | info@fortunasilver.com | www.fortunasilver.com | X | LinkedIn | YouTube
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Endeavour Silver Corp. ("Endeavour Silver" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce Angela Johnson as a nominee for election to its Board of Directors at the Company's 2024 Annual Meeting of Shareholders on May 28, 2024. Current board member and former Chief Financial Officer, Christine West, will be stepping down having announced her retirement in 2023.
"We are excited about adding Angela to the Board, her technical background and Environmental, Social, and Governance (ESG) experience make her an exceptional fit with our existing Board members that achieves succession planning objectives to ensure core board competencies and expertise are in place," said Rex McLennan, Chairman of the Board of Directors of Endeavour Silver. "I would also like to sincerely thank Ms. West for her guidance and tireless commitment to Endeavour Silver over the years."
Angela Johnson brings over thirteen years of experience in the mining industry in both technical and corporate development roles. Her expertise includes managing international exploration efforts at projects and operations across North and South America and conducting project assessments to identify growth opportunities. Ms. Johnson is a Professional Geologist, MBA, with a depth of knowledge and expertise in geology and related technical reporting and project evaluations. Angela compliments this technical expertise with experience and knowledge in ESG best practices.
Ms. Johnson has held key leadership positions at several publicly listed mining companies. She currently serves as the VP of Corporate Development and Sustainability at Faraday Copper Corp., where she oversees corporate development due diligence processes, ESG reporting, permitting, and community engagement efforts.
Ms. Johnson is currently serving as an Independent Director at Gold Royalty Corp., where she sits on the Nomination & Corporate Governance Committee and ESG Committee, providing strategic oversight, particularly in technical due diligence reviews and ESG matters.
Ms. Johnson holds a Bachelor of Geology (Honours) from the University of Alberta, a Master of Science in Geochemistry/Geology from the University of Victoria, and a Master of Business Administration from Dalhousie University. She actively contributes to the industry by presenting at industry events and panels, sharing her expertise and passion for the mining sector. Furthermore, she serves as a committee member of the Association for Mineral Exploration (AME BC) Policy and Government Relations Committee, demonstrating her commitment to shaping policies that impact the mining industry.
About Endeavour Silver – Endeavour Silver is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the Company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
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Record Processed Grades and Recoveries, Silver Equivalent Sales Exceed Plan
TSX: SIL | NYSE American: SILV
SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide interim operational results for the first quarter of 2024 ("Q1, 2024") from the Company's Las Chispas Operation located in Sonora, Mexico . All amounts are expressed in U.S. dollars, unless otherwise noted. Certain amounts shown in this news release may not total to exact amounts due to rounding differences.
Q1, 2024 Operating Results and Sales
N. Eric Fier , CEO, commented, "Our first quarter has set the stage for another year of strong operational performance at Las Chispas, with silver sales exceeding plan and positioning us well to achieve 2024 sales guidance. Mobilization of our new mining contractor began in February 2024 and ramp-up of the underground continues to progress well. In the quarter, we achieved record silver equivalent process grades of 874 grams per tonne and recoveries of 98.3%, while completing planned maintenance ahead of schedule and returning plant availability to 92% in March.
"Strong performance of bullion prices in the quarter contributed to a 4% increase in our bullion holdings, to end the quarter at $20.0 million . As expected a significant cash payment for 2023 taxes and duties was completed, bringing total treasury assets 2 to $91.1 million at the end of the quarter. We look forward to providing more details of our operational and financial performance in mid May."
__________________________ |
1 Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 based on the Las Chispas Operation Technical Report, dated September 5, 2023 with an effective date of July 19, 2023. |
2 Treasury Assets is comprised of bullion holdings and cash. |
Q1, 2024 Operational Highlights
Unit | Q1, 2024 | Q1, 2023 | |
Ore mined | tonnes | 85,737 | 63,600 |
Ore milled (a) | tonnes | 93,373 | 104,400 |
Average daily mill throughput | tpd | 1,026 | 1,160 |
Gold (Au) | |||
Average processed grade | gpt | 4.97 | 4.06 |
Process recovery | % | 98.6 % | 97.5 % |
Recovered | oz | 14,719 | 13,300 |
Sold | oz | 15,000 | 14,200 |
Average realized price | $/oz | 2,062 | 1,879 |
Silver (Ag) | |||
Average processed grade | gpt | 479 | 419 |
Process recovery | % | 98.0 % | 91.9 % |
Recovered | million oz | 1.41 | 1.29 |
Sold | million oz | 1.40 | 1.36 |
Average realized price | $/oz | 23.37 | 23.00 |
Silver equivalent (AgEq) | |||
Average processed grade | gpt | 874 | 742 |
Process recovery | % | 98.3 % | 94.4 % |
Recovered | million oz | 2.58 | 2.35 |
Sold | million oz | 2.59 | 2.49 |
(a) Ore milled includes material from stockpiles and ore mined. |
Q1, 2024 Conference Call
The Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 will be released after market on May 14, 2024 .
A conference call to discuss the Company's Q1, 2024 operational and financial results will be held Wednesday, May 15, 2024 at 8:00 a.m. PT / 11:00 a.m. ET . To participate in the conference call, please dial the numbers below.
Date & Time: | Wednesday May 15, 2024 at 8:00 a.m. PT / 11:00 a.m. ET |
Telephone: | North America Toll Free: 1-800-274-8461 |
Conference ID: SILVER (745837) | |
Webcast: |
Qualified Persons Statement
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier , CPG, P.Eng, CEO for SilverCrest, who has reviewed and approved its contents.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals producer headquartered in Vancouver, BC , with an ongoing initiative to increase its asset base by expanding current resources and reserves, acquiring, discovering, and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas. The Company's principal focus is its Las Chispas Operation in Sonora, Mexico . The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the amount of future production of gold and silver over any period; the strategic plans and expectations for the Company's operation and exploration program; working capital requirements; expected recoveries; expected cash costs and outflows; and the timing of release of the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 . Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: present and future business strategies; continued commercial operations at the Las Chispas Operation; the environment in which the Company will operate in the future, including the price of gold and silver; estimates of capital and operating costs; production estimates; estimates of mineral resources, mineral reserves and metallurgical recoveries and mining operational risk; the reliability of mineral resource and mineral reserve estimates; mining and development costs; the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration programs; and effects of regulation by governmental agencies and changes in Mexican mining legislation. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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SOURCE SilverCrest Metals Inc.
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First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the first quarter of 2024 from the Company's three producing mines in Mexico, the San Dimas SilverGold Mine, the Santa Elena SilverGold Mine and the La Encantada Silver Mine, reached 5.2 million silver equivalent ("AgEq") ounces, consisting of 2.0 million silver ounces and 35,936 gold ounces. The Company's financial results for the first quarter of 2024 are scheduled to be released on Wednesday, May 8, 2024.
Q1 2024 HIGHLIGHTS
Record safety performance: In Q1 2024, the consolidated Total Reportable Incident Frequency Rate ("TRIFR") was 0.48 and the Lost Time Incident Frequency Rate ("LTIFR") was 0.08, an improvement of 53% and 79% compared to the prior quarter, respectively. In support of ongoing strong safety performance and culture, the Company's Silver Helmet Award was issued to the La Encantada Silver Mine for exceptional health and safety leadership.
Total Production: The Company produced 5.2 million AgEq ounces consisting of 2.0 million ounces of silver and 35,936 ounces of gold, aligned to its 2024 guidance production plan.
La Encantada: During March, the Company successfully identified and developed a significant new water source and is in the process of increasing water inventory levels and processing rates at the plant. Plant ore throughput rates are expected to return to targeted levels of approximately 3,000 tonnes per day ("tpd") by Q3 2024.
Santa Elena continues strong production: Produced 2.3 million AgEq ounces, on track with the 2024 guidance production plan.
ESG Performance: Received 2023 S&P Global Corporate Sustainability Assessment score, which placed First Majestic above the average performance for the Metals & Mining industry.
17 Active Drill Rigs: The Company completed a total of 36,274 metres of drilling across its mines in Mexico during the first quarter, representing an increase of 10% and 15% over Q4 and Q3 2023, respectively. Throughout the quarter, up to seventeen drill rigs were active consisting of eleven rigs at San Dimas, and six rigs at Santa Elena.
"Q1 represented a strong start to 2024 from a safety and production stance, with continued strong production from Santa Elena and an encouraging outlook for La Encantada," said Keith Neumeyer, President & CEO. "I am proud of the safety performance that we are achieving across our operations while delivering on our production plans. Santa Elena continues to exceed our expectations with another quarter of robust production. At La Encantada, our teams have been working diligently on sourcing additional water since June last year, and we are thrilled to have identified a new water source that is expected to put the operation back to budgeted throughput and production rates by Q3."
Production Details Table:
| Q1 | Q1 | Q/Q | Q4 | Q/Q | |
| 2024 | 2023 | Change | Consolidated Production Results | 2023 | Change |
| 588,651 | 845,868 | (30)% | Ore processed/tonnes milled | 652,731 | (10)% |
| 5,162,283 | 7,627,105 | (32)% | Total production - Silver equivalent ounces | 6,640,550 | (22)% |
| 1,975,176 | 2,543,059 | (22)% | Silver ounces produced | 2,612,416 | (24)% |
| 35,936 | 60,594 | (41)% | Gold ounces produced | 46,585 | (23)% |
Quarterly Mine-by-Mine Production Table:
| Mine | Ore Processed | Tonnes per Day | Ag Grade (g/t) | Au Grade (g/t) | Ag Recovery | Au Recovery | Ag Oz Produced | Au Oz Produced | AgEq Oz Produced |
| San Dimas | 178,957 | 1,967 | 220 | 2.45 | 92% | 96% | 1,163,792 | 13,543 | 2,364,875 |
| Santa Elena | 224,394 | 2,466 | 72 | 3.16 | 69% | 95% | 355,205 | 21,713 | 2,280,739 |
| La Encantada | 185,298 | 2,036 | 123 | 0.01 | 62% | 90% | 456,179 | 33 | 459,110 |
| Jerritt Canyon* | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 647 | 57,559 |
*Jerritt Canyon was placed on temporary suspension in March 2023, in-circuit recovery efforts performed in Q1 2024 resulted in production of 647 gold ounces.
- Certain amounts shown may not add exactly to the total amount due to rounding differences.
- The Ag:Au ratio used in the calculation of silver equivalent ounces was 88.7:1
San Dimas Silver/Gold Mine:
San Dimas produced 2,364,875 AgEq ounces during the quarter consisting of 1,163,792 ounces of silver and 13,543 ounces of gold. Silver and gold production decreased by 23% and 27%, respectively, when compared to the prior quarter primarily due to a decrease in ore processed and silver and gold grades. These reductions were caused by the transition into lower grade areas of the Central and Graben blocks. Management anticipates improvement in grades and throughput throughout the year and consistent with the Company's 2024 guidance plan.
The mill processed a total of 178,957 tonnes of ore with average silver and gold grades of 220 g/t and 2.45 g/t, respectively.
Silver and gold recoveries during the quarter averaged 92% and 96%, respectively.
The Central Block and Sinaloa Graben areas contributed approximately 84% and 16%, respectively, of the total production during the quarter.
During the quarter, a total of eleven drill rigs, consisting of two surface rigs and nine underground rigs, completed 26,363 metres of drilling on the property, representing a 6% increase when compared to the prior quarter.
Santa Elena Silver/Gold Mine:
Santa Elena produced 2,280,739 AgEq ounces, consisting of 355,205 ounces of silver and 21,713 ounces of gold. Silver and gold production is tracking to the Company's 2024 guidance production plan.
The mill processed a total of 224,394 tonnes of ore, containing average silver and gold head grades of 72 g/t and 3.16 g/t, respectively.
Silver and gold recoveries averaged 69% and 95%, respectively, during the quarter.
During the quarter, six drill rigs, consisting of four surface rigs and two underground rigs, completed 9,911 metres of drilling on the property, representing a 25% increase when compared to the prior quarter.
La Encantada Silver Mine:
Throughout Q1 2024, and as reflected in the Company's 2024 guidance, La Encantada was impacted by limited water supply to the mill, mainly driven by severe drought conditions in 2023 which impacted the existing water wells in the area. Since June 2023, the Company drilled a total of five exploration and production holes in an effort to source additional water. The most recent hole (G11) has identified a significant water resource, and the Company is in the process of increasing water inventory levels and processing rates at the plant. First Majestic anticipates improved ore throughput rates in Q2 and reaching historic levels in Q3.
During the quarter, La Encantada produced 456,179 ounces of silver, representing a 12% decrease compared to the prior quarter primarily due to a decrease in ore processed and silver recovery.
The mill processed a total of 185,298 tonnes of ore with an average silver grade of 123 g/t and silver recovery of 62%, representing a 11% increase and 12% decrease, respectively. Stope production from the new Beca Zone has contributed 26,910 tonnes with average silver grades of 106 g/t.
Q1 2024 EARNINGS AND DIVIDEND ANNOUNCEMENT
The Company is planning to release its first quarter 2024 unaudited financial results and announce details regarding its first quarter dividend payment on May 8, 2024.
Gonzalo Mercado, P.Geo., the Company's Vice President of Exploration and Technical Services and a "Qualified Person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
ABOUT THE COMPANY
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward‐looking information" and "forward‐looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward‐looking statements in this press release include, but are not limited to, statements with respect to: increasing water inventory and processing rates; improvement in grades and throughout rates; timing for the release of the Company's Q1 2024 unaudited financial results; timing for the payment of the Company's next quarterly dividend. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward‐looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward‐looking statements, including but not limited to: the duration and effects of the COVID‐19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; availability of sufficient water for operating purposes; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business ‐ Risk Factors" in the Company's most recent AIF, available on SEDAR+ at www.sedarplus.ca, and Form 40‐F available on EDGAR at www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205559
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Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its Yessi vein exploration program at the San Jose Mine in Mexico.
Paul Weedon, Senior Vice President of Exploration, commented, "Drilling on the Yessi vein, since the initial discovery hole in August 2023, has continued to establish a well-defined system, with recent results such as 1,327 g/t Ag Eq over an estimated true width of 3.0 meters from 604.85 meters in SJO-1444 and 1,036 g/t Ag Eq over an estimated true width of 8.1 meters including 2,910 g/t Ag Eq in SJO-1460 highlighting the potential for high-grade shoots. In addition, wide intervals such as the 179 g/t Ag Eq over an estimated true width of 17.5 meters in SJO-1455A highlight the potential for broad zones of mineralization".
Yessi vein drilling highlights include :
| SJO-1444 : | 1,327 g/t Ag Eq over an estimated true width of 3.0 meters from 604.85 meters, including 5,135 g/t Ag Eq over an estimated true width of 0.3 meters from 605.90 meters | |
| SJO-1447 : | 295 g/t Ag Eq over an estimated true width of 4.8 meters from 649.50 meters | |
| SJO-1455A : | 179 g/t Ag Eq over an estimated true width of 17.5 meters from 460.10 meters, including 236 g/t Ag Eq over an estimated true width of 7.7 meters from 475.05 meters | |
| SJO-1458: | 453 g/t Ag Eq over an estimated true width of 4.8 meters from 446.30 meters | |
| SJO-1460 | 1,036 g/t Ag Eq over an estimated true width of 8.1 meters from 463.30 meters, including 2,910 g/t Ag Eq over an estimated true width of 2.4 meters from 472.15 meters Ag Eq is calculated using a factor of 80:1. Please see Appendix 1 for further details. | |
Drilling on the Yessi vein has continued with the dual objectives of firstly testing for the limits of the Yessi vein and secondly infilling the drill spacing to support initial resource estimations and mining studies. The Yessi vein has now been successfully drill tested over a 350-meter strike and a 450-meter vertical profile where it remains open up- and down-dip, as well as along strike to the southeast. The current phase of the program consisted of 10 additional holes for a total of 6,622 meters.
Geological and structural logging of the drill core has confirmed the vein geometry as trending north-northwest, intersecting and merging with the north-south orientated Victoria Mineralized Zone ("VMZ") towards the west. Evidence is also emerging of higher-grade shoots within the structure demonstrating a moderate south-easterly plunge and often associated with high gold grades. Vein development is consistently associated with extensive alteration and brecciation with veining characterised by fine veinlets and fragments suggesting several phases of emplacement.
Additional drilling with three drill rigs will continue to test the depth, strike and infill of the current Yessi vein extent. Refer to Appendix 1 for full details of the Yessi vein drill holes and assay results.
Figure 1: Yessi vein plan view 
Figure 2: Yessi vein long section (looking south) 
Quality Assurance & Quality Control (QA - QC)
San Jose Mine, Mexico
All diamond drilling (DD) drill holes at the San Jose Mine were drilled with either NQ sized diameter or HQ sized diamond drill bits reducing to NQ sized diameter with greater depth. Following detailed geological and geotechnical logging, all diamond drill core samples are split on-site by diamond sawing. One half of the core is submitted to the internal laboratory located at the San Jose Mine. The laboratory at the mine has been accredited by the Standard Council of Canada (ISO 17025: 2017) for preparation, drying, gravimetry, fire assay, Inductively Coupled Plasma and Atomic Absorption processes. 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 Inductively Coupled Plasma and as well as three acid digestion at the same internal laboratory. The QA - QC program includes the blind insertion of certified reference standards and assay blanks at a frequency of approximately 1 per 20 normal samples as well as the inclusion of duplicate samples for verification of sampling and assay precision levels.
Qualified Person
Paul Weedon, Senior Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | info@fortunasilver.com | www.fortunasilver.com | X | LinkedIn | YouTube
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 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, statements about the Company's plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company's business and operations; statements indicating that recent drilling on the Yessi vein highlights the potential for high-grade shoots and for broad zones of mineralization; the objectives of the Yessi vein exploration program, which includes infilling the drill spacing to support initial resource estimation; statements regarding evidence of higher-grade shoots at VMZ; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; the future financial or operating performance of the Company; the Company's ability to comply with contractual and permitting or other regulatory requirements; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "anticipated", "estimated" "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to new mining operations such as the Séguéla Mine; risks relating to the Company's ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian conflict and the Israel – Hamas war, and the impacts such conflicts may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; the possibility that the appeal in respect of the ruling in favor of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization (the "EIA") at the San Jose Mine will be successful; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2023. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the accuracy of the Company's current Mineral Resource and Mineral Reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that the appeal filed in the Mexican Collegiate Court challenging the reinstatement of the EIA will be unsuccessful; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all Mineral Reserve and Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves.
Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and Mineral Reserve and Mineral Resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
Appendix 1: Yessi vein, San Jose Mine, Mexico
| HoleID | Easting (NAD27_14N) | Northing (NAD27_14N) | Elev (m) | EOH 1 Depth (m) | UTM Azimuth | Dip | Depth From (m) | Depth To (m) | Drilled Width (m) | Est. True Width (m) | Au (ppm) | Ag (ppm) | Ag Eq 2 ( ratio 80 ) ppm | Vein 3 |
| SJO-1437 | 745876 | 1847901 | 1540 | 799 | 224 | -53 | NSI 4 | Yv | ||||||
| SJO-1438 | 745859 | 1847888 | 1539 | 816 | 172 | -64 | 425.60 | 428.35 | 2.75 | 1.8 | 1.46 | 242 | 359 | Hw |
| incl | 427.00 | 428.35 | 1.35 | 0.9 | 2.34 | 403 | 590 | |||||||
| NSI | Yv | |||||||||||||
| SJO-1444 | 745855 | 1847890 | 1539 | 702 | 205 | -45 | 604.85 | 608.80 | 3.95 | 3.0 | 6.68 | 793 | 1,327 | Yv |
| incl | 605.90 | 606.35 | 0.45 | 0.3 | 27.15 | 2,963 | 5,135 | |||||||
| incl | 606.35 | 607.25 | 0.90 | 0.7 | 4.79 | 720 | 1,103 | |||||||
| incl | 607.25 | 608.30 | 1.05 | 0.8 | 7.81 | 875 | 1,500 | |||||||
| incl | 608.30 | 608.80 | 0.50 | 0.4 | 2.02 | 254 | 416 | |||||||
| SJO-1447 | 745855 | 1847890 | 1539 | 726 | 205 | -51 | 649.50 | 657.70 | 8.20 | 4.8 | 1.41 | 182 | 295 | Yv |
| incl | 649.50 | 650.15 | 0.65 | 0.4 | 1.62 | 244 | 374 | |||||||
| incl | 650.15 | 650.65 | 0.50 | 0.3 | 5.76 | 880 | 1,341 | |||||||
| incl | 650.65 | 651.50 | 0.85 | 0.5 | 1.74 | 190 | 329 | |||||||
| incl | 656.50 | 657.15 | 0.65 | 0.4 | 0.91 | 118 | 191 | |||||||
| incl | 657.15 | 657.70 | 0.55 | 0.3 | 3.60 | 438 | 726 | |||||||
| SJO-1450 | 745855 | 1847890 | 1539 | 628 | 209 | -50 | 614.70 | 617.75 | 3.05 | 2.4 | 1.03 | 138 | 221 | Yv |
| incl | 614.70 | 615.25 | 0.55 | 0.4 | 4.38 | 595 | 945 | |||||||
| incl | 630.00 | 630.35 | 0.35 | 0.3 | 1.74 | 207 | 346 | |||||||
| SJO-1454 | 745855 | 1847890 | 1539 | 688 | 201 | -48 | 650.70 | 652.30 | 1.60 | 1.2 | 1.12 | 173 | 263 | Yv |
| incl | 650.70 | 651.35 | 0.65 | 0.5 | 1.61 | 253 | 382 | |||||||
| incl | 652.00 | 652.30 | 0.30 | 0.2 | 1.01 | 168 | 249 | |||||||
| SJO-1455A | 745770 | 1847780 | 1535 | 543 | 209 | -53 | 460.10 | 486.95 | 26.85 | 17.5 | 0.90 | 107 | 179 | Hw |
| incl | 475.05 | 486.95 | 11.90 | 7.7 | 1.25 | 135 | 236 | |||||||
| 498.10 | 502.10 | 4.00 | 2.0 | 1.73 | 196 | 335 | Yv | |||||||
| incl | 498.10 | 500.10 | 2.00 | 1.0 | 2.89 | 335 | 566 | |||||||
| 516.00 | 518.30 | 2.30 | 1.1 | 1.22 | 162 | 260 | Yv | |||||||
| incl | 518.00 | 518.30 | 0.30 | 0.1 | 7.21 | 917 | 1,494 | |||||||
| SJO-1457 | 745857 | 1847890 | 1540 | 667 | 216 | -52 | 621.15 | 622.20 | 1.05 | 0.7 | 0.44 | 40 | 75 | Yv |
| SJO-1458 | 745868 | 1847780 | 1535 | 516 | 222 | -53 | 446.30 | 453.55 | 7.25 | 4.8 | 2.11 | 284 | 453 | Yv |
| incl | 446.30 | 446.85 | 0.55 | 0.4 | 2.61 | 285 | 494 | |||||||
| incl | 446.85 | 447.85 | 1.00 | 0.7 | 4.32 | 644 | 990 | |||||||
| incl | 451.35 | 452.35 | 1.00 | 0.7 | 4.59 | 508 | 875 | |||||||
| incl | 452.35 | 453.55 | 1.20 | 0.8 | 3.19 | 478 | 733 | |||||||
| SJO-1460 | 745812 | 1847732 | 1536 | 537 | 212 | -56 | 399.80 | 401.95 | 2.15 | 1.3 | 1.16 | 98 | 191 | Hw |
| 463.30 | 476.40 | 13.10 | 8.1 | 6.29 | 533 | 1,036 | Yv | |||||||
| incl | 463.30 | 464.95 | 1.65 | 1.0 | 3.67 | 531 | 825 | |||||||
| incl | 472.15 | 476.05 | 3.90 | 2.4 | 18.41 | 1,437 | 2,910 |
Notes:
1. EOH: End of hole
2. Ag Eq calculated using a factor of 80:1 using metal prices of US$1,950/oz for gold with 90% metallurgical recovery, and US$24.5/oz for silver with 91% metallurgical recovery
3. Vein: HW – Yessi vein hanging wall, Yv – Yessi vein main
4. NSI: No significant interval
5. All holes were drilled using diamond drilling tail
6. Depths and widths reported to nearest significant decimal place
A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/03b9b7bc-e157-4743-8949-8c3e3ec76242
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/0cefe89d-2b7d-487b-8718-a34698d0b7e9
https://www.globenewswire.com/NewsRoom/AttachmentNg/f1ff5bde-488e-44de-83d3-d7e6fa773c7e
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