Vancouver, June 20, 2024: Fortuna Silver Mines Inc. (NYSE: FSM | TSX: FVI) - https://www.commodity-tv.com/ondemand/companies/profil/fortuna-silver-mines-inc/ - is pleased to provide an update on its exploration program at the Séguéla Mine in Côte d’Ivoire.

Séguéla exploration program highlights:

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “The Kingfisher Prospect discovery, first announced in March 2024, has shown impressive growth with continuous drill defined mineralization now delineated along more than 1 kilometer of strike, with highlights including 23.7 g/t Au over an estimated true width of 17.9 meters from drill hole SGDD133, with mineralization remaining open along strike to the south and at depth.” Mr. Weedon continued, “In addition to the success at Kingfisher, infill and extension drilling at Badior has highlighted the high-grade potential of this prospect, exemplified by results such as 15.6 g/t Au over an estimated true width of 11.9 meters from drill hole SGRC1971”. Mr. Weedon concluded, “Results from deeper drilling at Ancien returned several high-grade intersections and continues to build underground mining opportunities at Séguéla”.

Séguéla Mine, Côte d’Ivoire

Kingfisher Prospect

Since the discovery announcement made earlier this year (refer to Fortuna news release dated March 11, 2024) an additional 5,423-meter, 40-hole program was completed at Kingfisher. Results defined continuous mineralization over more than 1-kilometer of strike and joined the previous central and northern lodes (refer to Figures 1, 2 and 3). Drilling continues, testing the depth potential along this zone, as well as progressively infilling the area between the southern and central lodes, which collectively form a strike extent of over 1.9 kilometers. Kingfisher remains open at depth for most of the drilled strike, with the deepest drilling only testing to approximately 200 meters below surface.

The additional drilling at Kingfisher has further refined the understanding of the mineralization controls, with a clear association identified along the strongly deformed contact zone between a series of felsic intrusives, quartz veining, and basaltic units. Mineralization is characterized by silica-biotite-sericite-carbonate alteration and pyrite development, within and adjacent to the quartz veining, similar to the Boulder and Agouti deposits, 1 to 3 kilometers further north in the same sequence.

Drilling is scheduled to continue throughout the second half of 2024 with the aim of expanding the strike and depth potential of Kingfisher to support a maiden resource estimate by early 2025.

Figure 1: Kingfisher’s location, approximately 1-kilometer east of Sunbird
 

Figure 2: Kingfisher prospect long section - looking west
 

Figure 3: Kingfisher prospect cross section: section line 892550 - looking north
 

Badior Prospect

At Badior, an additional 2,727-meter, 30-hole program was completed during 2024 (refer to Figures 4 and 5), to infill and test depth extensions to previous high-grade intersections (refer to Fortuna news release dated December 12, 2023). Drilling was successful in defining and extending the high-grade core with several intervals returning multiple counts of visible gold (>25 points) associated with quartz-pyrite veining and associated silica-biotite-sericite-carbonate alteration of the host basaltic units, with examples of corresponding grades including 38.3 g/t Au over an estimated true width of 3.5 meters from 27 meters in drill hole SGRC1967, 15.7 g/t Au over an estimated true width of 10.5 meters from 132 meters, including 73.5 g/t Au over 2.1 meters from 132 meters in drill hole SGRC1969, and 16.2 g/t Au over an estimated true width of 5.6 meters from 53 meters in drill hole SGRC1961.

Figure 4: Badior long-section showing select recent results - looking west

Figure 5: Badior cross section showing select recent results - looking north
 

Ancien Deposit

At Ancien, an additional 3,255-meter, 11-hole infill drill program was completed during the second quarter of 2024 to further refine the controls on the high-grade mineralized shoots at depth. This followed the previously reported results (refer to Fortuna news release dated December 12, 2023).

Results from this program will support an evaluation of the underground mining potential at the Ancien deposit and the wider Séguéla land package.

Refer to Appendix 1 for full details of the Séguéla drill holes and assay results.

Quality Assurance & Quality Control (QA - QC)
 

Séguéla Mine, Côte d’Ivoire
 

All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company’s personnel.

All RC drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a
12.5% representative sample for submission to the analytical laboratory. The residual 87.5% samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the
Company-controlled core yard.

All diamond drilling (DD) drill holes were drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.

All RC and DD core samples were shipped to ALS Laboratories’ preparation laboratory in Yamoussoukro for preparation and then, via commercial courier, to ALS’s facility in Ouagadougou, Burkina Faso for finishing.  Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.

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 – Standards of Disclosure for Mineral Projects 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 | [email protected] | www.fortunasilver.com | X | LinkedIn | YouTube

In Europe:

Swiss Resource Capital AG

Jochen Staiger & Marc Ollinger

[email protected]

www.resource-capital.ch

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 include, without limitation; statements regarding the exploration potential at  Séguéla, the potential for the development of underground mining at Ancien; the Company’s plans to conduct further work at the Kingfisher prospect during 2024 and the expected timing of a maiden resource estimate; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; 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”, “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; changes in prices for silver, gold and other metals; the timing and success of the Company’s proposed exploration programs; 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; 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 at the San Jose Mine (the “EIA”) will be successful; the Company’s 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 for the financial 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 expectations regarding the results from the exploration programs conducted at the Company’s mineral properties ; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s information derived from its exploration programs at the Company’s mineral properties; current mineral resource and reserve estimates; the presence and continuity of mineralization at the Company’s properties; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that the appeal filed in the Mexican Collegiate Court challenging the reinstatement of the EIA will be unsuccessful; 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.

Appendix 1: Séguéla Mine, Côte d’Ivoire
 

Notes:

1. EOH: End of hole
2. NSI: No significant intercepts
3. ETW: Estimated true width
4. Depths and widths reported to nearest significant decimal place
5. DD: diamond drilling tail | RC: reverse circulation drilling | RCD: reverse circulation drilling with diamond tail