VANCOUVER, British Columbia, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Fortuna Silver Mines, Inc. (NYSE: FSM) (TSX: FVI) is pleased to report pre-production mining reconciliation results at the Lindero Mine located in the Province of Salta, Argentina. In the fourth quarter of 2019, an estimated 452,000 tonnes of mineralized material was stockpiled averaging 0.58 g/t Au containing 8,400 ounces of gold, representing 12 percent more gold ounces than was predicted in the reserve block model. The operation also benefitted from handling five percent less waste tonnes than expected.

Eric Chapman, Vice-President Technical Services, commented, “The encouraging maiden reconciliation results reflect a good correlation in gold grade between the mine and the reserve model.” Mr. Chapman continued, “In the first quarter of 2020, the mining rate is planned to increase as mining activities expose higher grade mineralized areas located in the southeast of the deposit for direct feeding to the crushing circuit.”

In September 2019, pre-production mining activities commenced at Lindero with blasting and the development of production platforms. A total of 452,000 tonnes of mineralized material and 929,000 tonnes of waste were mined in the fourth quarter of 2019.

The table below details material movements from the pit as estimated from the grade control model versus the Mineral Reserve block model for comparable volumes.

Notes:

1. Grade control model numbers are based on estimates from blast holes
2. Mineral Reserve model numbers are based on the Mineral Reserve estimates as of March 31, 2019 (refer to Fortuna news release dated April 4, 2019). See also the Technical Report entitled “Fortuna Silver Mines Inc.: Lindero Property, Salta Province, Argentina” with an effective date of October 31, 2017 prepared by Eric Chapman, Edwin Gutierrez, Geoff Allard and Denys Parra Murrugarra. The updated Mineral Reserve estimate does not materially change the information presented in the Technical Report.
3. Based on a cut-off grade of 0.26 g/t Au

The increase in mineralized tonnes and gold ounces mined is primarily due to variations in the geological boundary between the post-mineralized intrusive and the mineralized crowded porphyry diorite and mingled diorite porphyry units. The boundary variation is near surface and is not expected to extend at depth.

Quality Assurance & Quality Control

Grade control estimates are based on blast hole chip samples submitted to Lindero’s on-site laboratory for preparation and assaying for gold, using fire assay with an atomic absorption finish. 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 submission of duplicate samples for verification of sampling and assay precision levels by an ISO 9001:2000 certified umpire laboratory. ALS Global Laboratory in Mendoza, Argentina prepared the samples for assaying and then forwarded the samples to ALS Global Laboratory in Lima, Peru for assay by standard fire assay methods.

Qualified Person

Eric Chapman, Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328). Mr. Chapman has reviewed and verified the reconciliation data disclosed in this news release and has approved the scientific and technical information contained in this news release.

About the Lindero gold Project, Argentina

In September 2017, the commencement of construction at Lindero was officially launched (see Fortuna news releases dated September 21, 2017 and December 21, 2017). Lindero has been designed as an 18,750 tonnes per day owner operated open pit mine with a pit life of 13 years based on current Mineral Reserves. Crushed ore will be placed on a leach pad with the pregnant solution pumped to SART and ADR plants prior to electrowinning and refining where gold will be poured to doré bars.

About Fortuna Silver Mines Inc.

Fortuna is a growth oriented, precious metal producer with its primary assets being the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold Project, currently under construction, in Argentina. The Company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information, please visit its 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

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