Fortuna Silver Mines, Inc. (NYSE: FSM)
(TSX: FVI) is pleased to report updated Mineral Reserve
and Mineral Resource estimates as of December 31, 2021 for its four
operating mines and its development project in the Americas and
West Africa.
Eric N. Chapman, Senior Vice President of
Technical Services of Fortuna, commented: “Integration of Yaramoko
and Séguéla into Fortuna´s portfolio has significantly boosted the
Company’s reserves and resources, while successful exploration and
infill drilling resulted in the disclosure of Sunbird´s maiden
inferred resource at Séguéla and expanded the reserves at
Caylloma.” Mr. Chapman added, “Ongoing Brownfields exploration
programs at San Jose, Lindero and Yaramoko will continue at pace in
2022 with 53,000 meters of drilling planned for the year aiming to
grow the current resource base at these assets.”
Highlights of Mineral Reserve and
Mineral Resource Update
- Combined Proven and Probable
Mineral Reserves are reported containing 3.3 Moz of gold and 25.9
Moz of silver, representing a year-over-year increase of 81 percent
and decrease of 10 percent, respectively
- Combined Inferred Mineral Resources
are reported containing 1.0 Moz of gold and 26.3 Moz of silver
reflecting a year-over-year increase of 82 percent and decrease of
8 percent, respectively
2021 Mineral Reserves and Mineral
Resources
Mineral Reserves – Proven and Probable |
|
|
|
|
Contained Metal |
Property |
Classification |
Tonnes(000) |
Ag(g/t) |
Au(g/t) |
Pb(%) |
Zn(%) |
Ag(Moz) |
Au(koz) |
SilverMines |
Caylloma,Peru |
Proven |
234 |
101 |
0.30 |
2.38 |
2.96 |
0.8 |
2 |
Probable |
2,933 |
83 |
0.19 |
2.55 |
3.76 |
7.8 |
18 |
Proven + Probable |
3,167 |
84 |
0.20 |
2.53 |
3.70 |
8.6 |
20 |
San Jose,Mexico |
Proven |
75 |
205 |
1.40 |
N/A |
N/A |
0.5 |
3 |
Probable |
2,914 |
180 |
1.17 |
N/A |
N/A |
16.8 |
109 |
Proven + Probable |
2,989 |
180 |
1.17 |
N/A |
N/A |
17.3 |
113 |
Total |
Proven + Probable |
6,156 |
131 |
0.67 |
N/A |
N/A |
25.9 |
133 |
GoldMines |
Lindero,Argentina |
Proven |
25,786 |
N/A |
0.66 |
N/A |
N/A |
0.0 |
546 |
Probable |
62,821 |
N/A |
0.53 |
N/A |
N/A |
0.0 |
1,068 |
Proven + Probable |
88,607 |
N/A |
0.57 |
N/A |
N/A |
0.0 |
1,614 |
Yaramoko,Burkina Faso |
Proven |
300 |
N/A |
3.78 |
N/A |
N/A |
0.0 |
36 |
Probable |
1,826 |
N/A |
7.27 |
N/A |
N/A |
0.0 |
427 |
Proven + Probable |
2,126 |
N/A |
6.78 |
N/A |
N/A |
0.0 |
464 |
Total |
Proven + Probable |
90,733 |
N/A |
0.71 |
N/A |
N/A |
0.0 |
2,077 |
GoldProject |
Séguéla,Côte d’Ivoire |
Probable |
12,100 |
N/A |
2.80 |
N/A |
N/A |
0.0 |
1,088 |
Proven + Probable |
12,100 |
N/A |
2.80 |
N/A |
N/A |
0.0 |
1,088 |
Total |
Proven + Probable |
25.9 |
3,298 |
|
|
|
|
|
|
|
|
Mineral Resources – Measured and Indicated |
|
|
|
|
Contained Metal |
Property |
Classification |
Tonnes(000) |
Ag(g/t) |
Au(g/t) |
Pb(%) |
Zn(%) |
Ag(Moz) |
Au(koz) |
SilverMines |
Caylloma,Peru |
Measured |
724 |
97 |
0.34 |
1.79 |
3.24 |
2.3 |
8 |
Indicated |
1,994 |
82 |
0.24 |
1.61 |
3.09 |
5.3 |
15 |
Measured + Indicated |
2,718 |
86 |
0.26 |
1.65 |
3.13 |
7.5 |
23 |
San Jose,Mexico |
Measured |
38 |
121 |
0.82 |
N/A |
N/A |
0.2 |
1 |
Indicated |
901 |
98 |
0.65 |
N/A |
N/A |
2.8 |
19 |
Measured + Indicated |
940 |
99 |
0.66 |
N/A |
N/A |
3.0 |
20 |
Total |
Measured + Indicated |
3,658 |
89 |
0.37 |
N/A |
N/A |
10.5 |
43 |
GoldMines |
Lindero,Argentina |
Measured |
1,723 |
N/A |
0.50 |
N/A |
N/A |
0.0 |
28 |
Indicated |
31,552 |
N/A |
0.38 |
N/A |
N/A |
0.0 |
387 |
Measured + Indicated |
33,275 |
N/A |
0.39 |
N/A |
N/A |
0.0 |
415 |
Yaramoko,Burkina Faso |
Measured |
48 |
N/A |
5.83 |
N/A |
N/A |
0.0 |
9 |
Indicated |
456 |
N/A |
5.80 |
N/A |
N/A |
0.0 |
85 |
Measured + Indicated |
504 |
N/A |
5.80 |
N/A |
N/A |
0.0 |
94 |
Total |
Measured + Indicated |
33,779 |
N/A |
0.47 |
N/A |
N/A |
0.0 |
509 |
GoldProject |
Séguéla,Côte d’Ivoire |
Indicated |
3,811 |
N/A |
2.00 |
N/A |
N/A |
0.0 |
244 |
Measured + Indicated |
3,811 |
N/A |
2.00 |
N/A |
N/A |
0.0 |
244 |
Total |
Measured + Indicated |
10.5 |
796 |
Mineral Resources – Inferred |
|
|
|
|
|
Contained Metal |
Property |
Classification |
Tonnes(000) |
Ag(g/t) |
Au(g/t) |
Pb(%) |
Zn(%) |
Ag(Moz) |
Au(koz) |
SilverMines |
Caylloma,Peru |
Inferred |
3,809 |
116 |
0.59 |
2.03 |
3.50 |
14.2 |
73 |
San Jose,Mexico |
Inferred |
3,011 |
125 |
0.93 |
N/A |
N/A |
12.1 |
90 |
Total |
Inferred |
6,820 |
120 |
0.74 |
N/A |
N/A |
26.3 |
163 |
GoldMines |
Lindero,Argentina |
Inferred |
27,052 |
N/A |
0.43 |
N/A |
N/A |
0.0 |
373 |
Yaramoko,Burkina Faso |
Inferred |
247 |
N/A |
4.41 |
N/A |
N/A |
0.0 |
35 |
Total |
Inferred |
27,299 |
N/A |
0.46 |
N/A |
N/A |
0.0 |
408 |
GoldProject |
Séguéla,Côte d’Ivoire |
Inferred |
4,935 |
N/A |
2.89 |
N/A |
N/A |
0.0 |
454 |
Total |
Inferred |
26.3 |
1,024 |
Notes:1. Mineral Reserves and Mineral Resources
are as defined by the 2014 CIM Definition Standards for Mineral
Resources and Mineral Reserves2. Mineral Resources are exclusive of
Mineral Reserves3. Mineral Resources that are not Mineral Reserves
do not have demonstrated economic viability4. Factors that could
materially affect the reported Mineral Resources or Mineral
Reserves include changes in metal price and exchange rate
assumptions; changes in local interpretations of mineralization;
changes to assumed metallurgical recoveries, mining dilution and
recovery; and assumptions as to the continued ability to access the
site, retain mineral and surface rights titles, maintain
environmental and other regulatory permits, and maintain the social
license to operate5. Mineral Resources and Reserves for the San
Jose, Caylloma and Yaramoko mines are estimated as of June 30,
2021. Mineral Resources and Reserves for the Lindero Mine are
estimated as of July 31, 2021. Mineral Resources and Reserves for
the San Jose, Caylloma, Yaramoko and Lindero mines are reported as
of December 31, 2021, taking into account production-related
depletion for the period through December 31, 2021. Mineral
Resources and Reserves for the Séguéla gold Project are estimated
and reported as of March 31, 2021 with the exception of the Sunbird
deposit which is estimated and reported as of December 31, 20216.
Mineral Reserves for the San Jose Mine are based on underground
mining within optimized stope designs using an estimated NSR
break-even cut-off grade of US$62.0/t to US$67.8/t equivalent to
109 to 120 g/t Ag Eq based on assumed metal prices of US$21/oz Ag
and US$1,600/oz Au; estimated metallurgical recovery rates of 91%
for Ag and 90% for Au and mining costs of US$33.89/t (C&F) to
US$28.00/t (SLS); processing costs of US$16.23/t; and other costs
including distribution, management, community support and general
service costs of US$17.73/t based on actual operating costs. Mining
recovery is estimated to 92% (C&F) and 93% (SLS) and mining
dilution 14% (C&R) and 24% (SLS). Mineral Resources are
reported at a 100 g/t Ag Eq cut-off grade based on the same
parameters used for Mineral Reserves and a 15% upside in metal
prices. Proven and Probable Reserves include 1.94 Mt containing
11.3 Moz of silver and 63.5 koz of gold reported at a 111 to 122
g/t Ag Eq cut-off grade and Inferred Resources totaling 2.2 Mt
containing 8.8 Moz of silver and 65.4 koz of gold reported at a 100
g/t Ag Eq cut-off grade located in the Taviche Oeste concession and
subject to a 2.5% royalty7. Mineral Reserves for the Caylloma Mine
are reported above NSR breakeven cut-off values based on
underground mining methods including; mechanized (breasting) at
US$82.79/t; mechanized (uppers) at US$77.33/t; semi-mechanized at
US$90.19/t; and a conventional method at US$155.1/t; using assumed
metal prices of US$21/oz Ag, US$1,600/oz Au, US$2,000/t Pb and
US$2,500/t Zn; metallurgical recovery rates of 82.5% for Ag, 45%
for Au, 90% for Pb and 89% for Zn. Mining, processing and
administrative costs used to determine NSR cut-off values were
estimated based on actual operating costs incurred from July 2020
through June 2021. Mining recovery is estimated to average 95% with
average mining dilution ranging from 21% to 37% depending on the
mining methodology. Mineral Resources are reported at an NSR
cut-off grade of US$65/t for veins classified as wide (Animas,
Animas NE, Nancy, San Cristobal veins) and US$135/t for veins
classified as narrow (all other veins) based on the same parameters
used for Mineral Reserves, and a 15% upside in metal prices8.
Mineral Reserves for the Lindero Mine are reported based on open
pit mining within a designed pit shell based on variable gold
cut-off grades and gold recoveries by metallurgical type. Met type
1 cut-off 0.26 g/t Au, recovery 75.4%; Met type 2 cut-off 0.25 g/t
Au, recovery 78.2%; Met type 3 cut-off 0.25 g/t Au, recovery 78.5%;
and Met type 4 cut-off 0.28 g/t Au, recovery 68.5%. Mining recovery
is estimated to average 100% and mining dilution 0% having been
accounted for during block regularization to 10-meter x 10-meter x
8-meter size. The cut-off grades and pit designs are considered
appropriate for long term gold prices of US$1,600/oz, estimated
mining costs of US$1.51/t of material, total processing and process
G&A costs of US$6.97/t of ore, and refinery costs net of pay
factor of US$7.10/oz Au. A new internal study suggested an
increased heap leach capacity to 115 Mt, which eliminates the
previous year's Mineral Reserves restriction of 84.2 Mt. Reported
Proven Reserves include 4.7 Mt averaging 0.49 g/t Au of stockpiled
material. Mineral Resources are reported within the same conceptual
pit shell above a 0.2 g/t Au cut-off grade based on the same
parameters used for Mineral Reserves and a 15% upside in metal
prices9. Mineral Reserves for Yaramoko are reported at a cut-off
grade of 0.9 g/t Au for the 55 Zone open pit based on an assumed
gold price of US$1,500/oz, 3.4 g/t Au for 55 Zone underground and
3.0 g/t Au for Bagassi South underground, based on an assumed gold
price of US$1,600/oz, metallurgical recovery rates of 98.0%,
surface mining costs of US$3.26/t, G&A costs of US$14.5/t, and
processing cost of US$22.85/t, underground mining costs of
US$101.9/t, G&A costs of US$24.1/t and processing cost of
US$27.7/t. Underground mining recovery is estimated at 85% and 91%
for Bagassi South and 55 Zone stopes respectively and 100% for sill
drifts. A mining dilution factor of 10% has been applied for sill
drifts, 0.7 meter and 1.0 meter dilution skin has been applied
for 55 Zone and Bagassi South stopes respectively. Surface Mineral
Reserves are reported in situ with modifying factors of 10% mining
dilution and 85% mining recovery applied within an optimized pit
shell and only Proven and Probable categories reported within the
final pit designs. Reported Proven Reserves include 214 kt
averaging 2.98 g/t Au of stockpiled material. Yaramoko Mineral
Resources are reported in situ at a gold grade cut-off grade of 0.5
g/t Au for the 55 Zone open pit and 2.7 g/t Au for underground,
based on an assumed gold price of US$1,700/oz and the same costs,
metallurgical recovery and constrained within an optimized pit
shell. The Yaramoko Mine is subject to a 10% carried interest held
by the government of Burkina Faso10. Mineral Reserves for the
Séguéla gold Project are reported constrained within optimized pit
shells at an incremental cut-off grade of 0.54 g/t Au for Antenna,
0.55 g/t Au for Agouti, 0.55 g/t Au for Boulder, 0.56 g/t Au for
Koula and 0.56 g/t Au for Ancien deposits based on an assumed gold
price of US$1,500/oz, metallurgical recovery rate of 94.5%, mining
cost of US$2.87/t for Antenna, US$2.74/t for Agouti, US$2.81/t for
Boulder, US$2.85/t for Koula and US$2.93/t for Ancien, processing
and G&A costs of US$21.64/t, mining owner cost of US$1.30/t,
refining cost of US$2.60/oz and Royalty rate of 6%. The Mineral
Reserves pit design were completed based on overall slope angle
recommendations of between 37° and 57° for Antenna, Koula and
Agouti deposits from oxide to fresh weathering profiles, between
34° and 56° for Ancien deposit from oxide to fresh weathering
profiles and 37° and 60° for Boulder deposit from oxide to fresh
weathering profiles. Mineral Reserves are reported in situ with
modifying factors of 15% mining dilution and 90% mining recovery
applied. Mineral Resources for the Séguéla gold Project are
reported in situ at a cut-off grade of 0.3 g/t Au for Antenna
and 0.5 g/t Au for the satellite deposits, based on an assumed gold
price of US$1,700/oz and constrained within preliminary pit shells.
The Séguéla gold Project is subject to a 10% carried interest held
by the government of Côte d'Ivoire11. Eric Chapman is the Qualified
Person responsible for Mineral Resources reported for the San Jose,
Caylloma and Lindero mines; Amri Sinuhaji is the Qualified Person
responsible for Mineral Reserves reported for the San Jose,
Caylloma and Lindero mines; both being employees of Fortuna Silver
Mines Inc. Matthew Cobb is the Qualified Person responsible for
Mineral Resources reported for the Yaramoko Mine and Séguéla gold
Project, being an employee of Roxgold Inc. (a wholly owned
subsidiary of Fortuna). Ashraf Suryaningrat and David Whittle are
the Qualified Persons responsible for the underground and open pit
Mineral Reserves reported for the Yaramoko Mine, both being
employees of Roxgold Inc. (a wholly owned subsidiary of Fortuna).
Shane McLeay is the Qualified Person responsible for Mineral
Reserves reported for the Séguéla gold Project, being an employee
of Entech Pty Ltd12. N/A = Not applicable13. Totals may not add due
to rounding
Lindero Mine, Argentina
As of December 31, 2021, the Lindero Mine has
Proven and Probable Mineral Reserves of 88.6 Mt containing 1.6 Moz
of gold, in addition to Measured and Indicated Resources, exclusive
of Mineral Reserves, of 33.3 Mt containing 415,000 ounces of
gold, and Inferred Resources of 27.0 Mt containing
373,000 ounces of gold.
Since December 31, 2020, Mineral Reserve tonnes
increased by 7 percent, while gold grade decreased 8 percent
to 0.57 g/t. Changes are primarily due to mining related depletion
of 6.2 Mt of material delivered to the heap leach pad in 2021 and
an increase of the heap leach capacity limit to 114 Mt based on an
updated internal design.
Measured and Indicated Resource tonnes,
exclusive of Mineral Reserves, decreased slightly by 2.3 Mt or
6 percent since December 31, 2020 to 33.3 Mt, due to minor
adjustments in operating costs and the reserve cut-off grade.
Inferred Resources tonnes decreased by 3.3 Mt or
11 percent, to 27.1 Mt since December 31, 2020 with the gold grade
increasing 2 percent to 0.43 g/t. The decrease in Inferred
Resources is due to the aforementioned changes in operating costs
and the ultimate pit shell design.
Yaramoko Mine, Burkina Faso
As of December 31, 2021, the Yaramoko Mine has
Proven and Probable Mineral Reserves of 2.1 Mt containing 464,000
ounces of gold, in addition to Measured and Indicated Resources,
exclusive of Mineral Reserves, of 0.5 Mt containing 94,000
ounces of gold, and Inferred Resources of 0.25 Mt containing
35,000 ounces of gold.
Since June 30, 2020, Mineral Reserve tonnes
decreased by 32 percent, while gold grade decreased slightly by
3 percent to 6.78 g/t. The reasons for the changes in Mineral
Reserves are:
- Depletion related to production
from the mine resulting in a decrease of 0.92 Mt or 203,000 ounces
of gold extracted from June 30, 2020 through December 31, 2021, of
which 84,000 tonnes containing 6,000 ounces of gold was added to
Proven Reserves having been stockpiled
- Adjustments in the geological
interpretation related to infill drilling and production data
adjacent to currently mined stopes resulted in a decrease of
0.31 Mt containing 55,000 ounces of gold
- Exploration and infill drilling in
the deeper levels of the deposit resulted in the upgrade of
0.37 Mt or 91,000 ounces of gold
- Updating of estimation parameters
including treatment of outliers, adjustments in expected mining
recovery, estimated costs and updating in classification resulted
in a decrease of 0.24 Mt or 85,000 ounces of gold
Measured and Indicated Resource tonnes,
exclusive of Mineral Reserves, decreased slightly from 0.6 Mt to
0.5 Mt since June 30, 2020 with the changes being related to
the reasons indicated above.
Inferred Resources tonnes decreased by 0.31 Mt
or 56 percent, to 0.25 Mt since June 30, 2020 with the gold grade
decreasing 34 percent to 4.41 g/t. The decrease in Inferred
Resources is due to the aforementioned infill drill program which
resulted in the upgrading of 0.37 Mt to reserves.
San Jose Mine, Mexico
As of December 31, 2021, the San Jose Mine has
Proven and Probable Mineral Reserves of 3.0 Mt containing 17.3 Moz
of silver and 113,000 ounces of gold, in addition to Inferred
Resources of 3.0 Mt containing a further 12.1 Moz of silver and
90,000 ounces of gold.
Year-over-year, Mineral Reserves decreased 17
percent in terms of tonnes, while silver grade decreased 10 percent
and gold grade decreased 13 percent after net changes of minus
956,000 tonnes resulting from production-related depletion,
adjustments amounting to 55,000 tonnes to the geological
interpretation and updating of estimation parameters and the
upgrading and conversion of 301,000 tonnes of Inferred Resources to
Mineral Reserves due to infill and exploration drilling. Silver
grade decreased 10 percent and gold grade decreased 13 percent
to 180 g/t and 1.17 g/t, respectively due to upgraded grades
having lower average grades than those depleted in 2021.
Measured and Indicated Resource tonnes exclusive
of Mineral Reserves remained relatively unchanged year-over-year
with tonnes decreasing by 2 percent.
Year-over-year, Inferred Resources decreased 13
percent in terms of tonnes, with grades remaining relatively
unchanged. The net variation is due primarily to reductions
resulting from the upgrading of Inferred Resources related to
infill drilling and adjustments in the geological
interpretation.
Brownfields exploration remains a priority at
San Jose with a 2022 program budget of US$7.4 million, which
includes 26,200 meters of diamond drilling, aimed at expanding the
mineralization at the mine (refer to Fortuna news release dated
January 18, 2022, “Fortuna reports 2021 full year record production
of 305,859 gold equivalent ounces and issues 2022 annual
guidance”).
In addition, a technical evaluation is underway
to test the viability of recovering mineralized pillars from the
Stockwork zone of the San Jose mine. Mineral Reserves and Mineral
Resources will not include any potential tonnage from this pillar
material until sufficient technical studies have been completed to
confirm the methodology for recovery.
Caylloma Mine, Peru
As of December 31, 2021, the Caylloma Mine has
Proven and Probable Mineral Reserves of 3.2 Mt containing 8.6 Moz
of silver and 20,000 ounces of gold, in addition to Inferred
Resources of 3.8 Mt containing 14.2 Moz of silver and 73,000
ounces of gold.
Year-over-year, Mineral Reserve tonnes increased
by 91 percent, while silver grade decreased 22 percent to 84
g/t, lead grade decreased 4 percent to 2.53%, and zinc grade
increased 5 percent to 3.70%. Changes are primarily due to mining
related depletion of 475,000 tonnes, upgrading and conversion of
1.39 Mt of Inferred Resources to Mineral Reserves due to a
successful infill drill program focused on the Animas and Animas NE
veins and changes in zinc metal prices and commercial terms
accounting for 534,000 tonnes.
Measured and Indicated Resource tonnes,
exclusive of Mineral Reserves, increased by 27 percent
year-over-year to 2.7 Mt with silver, lead and zinc grades
decreasing by 13 percent, 7 percent and 7 percent, respectively due
to the same reasons as detailed for reserves.
Inferred Resources tonnes increased slightly by
2 percent year-over-year. Silver, lead, and zinc grades decreased 5
percent, 25 percent, and 14 percent, respectively. The decrease in
Inferred Mineral Resources is primarily due to a successful infill
drill program of the Animas and Animas NE veins resulting in the
upgrading of Inferred Mineral Resources to Mineral Reserves
counteracted by the inclusion of new resources in relation to
exploration drilling expanding identified mineralized material in
the lower levels of the Animas and Animas NE veins.
Séguéla gold Project, Côte
d’Ivoire
As of December 31, 2021, the Séguéla gold
Project has Proven and Probable Mineral Reserves of 12.1 Mt
containing 1,088,000 ounces of gold, in addition to Inferred
Resources of 4.9 Mt containing 454,000 ounces of gold.
There have been no changes from the Mineral
Reserve and Mineral Resource numbers reported for the Séguéla gold
Project as of March 2021, with the exception of the maiden
estimation of Inferred Resources for the Sunbird discovery
comprising 3.45 Mt averaging 3.16 g/t Au containing
350,000 ounces of gold reported above a 0.5 g/t Au
cut-off grade (refer to Fortuna news release dated March 15, 2022,
“Fortuna announces maiden Inferred Mineral Resource of 350,000
ounces at 3.16 g/t gold at the Sunbird discovery in Côte
d´Ivoire”).
Qualified Person
Eric Chapman, Fortuna´s Senior 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) and a
Qualified Person as defined by National Instrument 43-101-
Standards of Disclosure for Mineral Projects. Mr. Chapman has
reviewed and approved the scientific and technical information
contained in this news release and has verified the underlying
data.
About Fortuna Silver Mines
Inc.
Fortuna Silver Mines Inc. is a Canadian precious
metals mining company with four operating mines in Argentina,
Burkina Faso, Mexico and Peru, and a fifth mine under construction
in Côte d'Ivoire. 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 DirectorFortuna Silver Mines Inc.
Investor Relations: Carlos Baca
| info@fortunasilver.com
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; the
Company’s business strategy, plans and outlook; the merit of the
Company’s mines and mineral properties; mineral resource and
reserve estimates; the Company’s ability to convert inferred
mineral resources to indicated mineral resources and to convert
mineral resources to mineral reserves; timelines; production at the
mines; the future financial or operating performance of the
Company; the effects of laws, regulations and government policies
affecting our operations or potential future operations; future
successful development of our projects; the estimates of expected
or anticipated economic returns from the Company’s mining
operations including future sales of metals, doré and concentrate
or other products produced by the Company and the Company’s ability
to achieve its production and cost guidance; capital expenditures
at the Company’s operations; estimated brownfields expenditures in
2022; the success of the Company’s exploration activities,
including infill drill programs at its mines and development
projects; the duration and impacts of COVID-19 on the Company’s
production, workforce, business, operations and financial
condition; metal price estimates, estimated metal grades in 2021;
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, changes in general
economic conditions and financial markets; the duration and effects
of the COVID-19 pandemic on our operations and workforce and the
effects on the global economy and society; changes in prices for
silver, gold and other metals; technological and operational
hazards in Fortuna’s mining and mine development activities; risks
inherent in mineral exploration; fluctuations in prices for energy,
labor, materials, supplies and services; fluctuations in
currencies; uncertainties inherent in the estimation of mineral
reserves, mineral resources, and metal recoveries; our ability to
obtain all necessary permits, licenses and regulatory approvals in
a timely manner; governmental and other approvals; political unrest
or instability in countries where Fortuna is active; labor
relations issues; as well as those factors discussed under “Risk
Factors” in the Company's Annual Information Form. 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 reserve estimates and the
assumptions upon which they are based; ore grades and recoveries;
prices for silver, gold and base metals remaining as estimated;
currency exchange rates remaining as estimated; capital,
decommissioning and reclamation estimates; prices for energy,
labour, materials and supplies, transport and services; the
duration and impacts of COVID-19 on the Company’s production,
workforce, business, operations and financial condition; that there
will be no material adverse change affecting the Company or its
properties; that all required approvals will be obtained; that
there will be no significant disruptions affecting 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 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 resource information included
in this news release may not be comparable to similar information
disclosed by U.S. companies.
Fortuna Silver Mines (TSX:FVI)
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