Fortuna Silver Mines lifts Mexican mine’s reserves 22%
TORONTO (miningweekly.com) – Precious metals miner Fortuna Silver Mines on Thursday reported a 22% increase in its San Jose mine’s proven and probable reserves, prompting investors to reward the company’s TSX-listed stock with a 10.27% price rally.
The miner, which also operates the Caylloma mine, in Peru, said the San Jose Canadian National Instrument 43-101-compliant reserves now totalled 3.9-million tonnes containing an estimated 24.8-million ounces of silver and 215 100 oz of gold. The contained gold rose 27% relative to the reserve estimate of December 31, 2012.
The inferred resources rose 39% to 5.4-million tonnes containing about 35.3-million ounces of silver and 272 300 oz of gold, which was 27% more than the previous estimate.
The inferred resources for the Trinidad North discovery totalled 1.9-million tonnes containing an estimated 16.3-million ounces of silver and 101 000 oz of gold, or 21.8-million silver-equivalent ounces at a 70 g/t silver-equivalent cutoff.
Fortuna VP for exploration Dr Thomas Vehrs said brownfield exploration at the northern limit of the deposit led to the discovery of the high-grade Trinidad North zone.
“The above-average grades and wide widths of the mineralised structures bode well for the future development of the Trinidad North zone,” he said.
On Tuesday, Fortuna reported output for the three months ended September 30 totalled 1.1-million ounces of silver, 4 515 oz of gold and base metal by-products.
Fortuna reaffirmed its 2013 production guidance of 4.5-million ounces of silver and 23 600 oz of gold, or 5.9-million ounces of silver equivalent.
The company’s stock traded at C$3.65 apiece early on Thursday afternoon.
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