Vancouver, April 12, 2021 – Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports production results for the first quarter from its three operating mines in Latin America, the San Jose Mine in Mexico, the Caylloma Mine in Peru, and the Lindero Mine in Argentina. The Company produced 1,913,755 ounces of silver and 34,555 ounces of gold or 59,736 gold equivalent1 ounces. Fortuna is on schedule to produce between 6.8 to 7.6 million ounces of silver and between 178 to 202 thousand ounces of gold or between 267,000 to 302,000 ounces gold equivalent1 in 2021, in accordance with our annual production guidance (refer to Fortuna news release dated January 19, 2021).
First Quarter Consolidated Production Highlights
Silver production of 1,913,755 ounces; 5 percent increase over Q1 2020
Gold production of 34,555 ounces; 242 percent increase over Q1 2020
Lead production of 8,181,355 pounds; 6 percent increase over Q1 2020
Zinc production of 11,968,896 pounds; 1 percent increase over Q1 2020
First Quarter Consolidated Operating Highlights
1. Gold equivalent production does not include lead or zinc, and is calculated using gold to silver ratio of 1 to 76
2. Lindero tonnes and gold grade are estimated using grade control sampling of blast holes. Numbers are reported to the nearest ten thousand for tonnes
3. Metallurgical recovery for silver at the Caylloma Mine is calculated based on silver content in lead concentrate
4. Lindero production includes gold in carbon columns and electrolytic cement
5. Totals may not add due to rounding
San Jose Mine, Mexico
The San Jose Mine produced 1,646,444 ounces of silver and 10,301 ounces of gold in the first quarter of 2021, in line with budget. Average head grades for silver and gold were 217 g/t and 1.36 g/t, 10 and 11 percent above budget for the quarter, respectively, due to better grades encountered in planned production stopes of the mine with respect to the reserve model.
Caylloma Mine, Peru
In the first quarter of 2021, the Caylloma Mine produced 267,311 ounces of silver with an average head grade of 77 g/t, 4 and 6 percent above budget, respectively.
Caylloma continued to contribute significant gold production in the first quarter of 2021. Gold production was 1,922 ounces, an increase of 308 percent with respect to the comparable period of 2020. The increase in gold production is related to higher head grades encountered in the Animas NE vein. The exploration team continues to carry out work to better understand the continuity of these higher-grade zones.
Lead and zinc production for the first quarter of 2021 was 8,181,355 pounds and 11,968,896 pounds, 9 percent above and in line with budget, respectively. The average head grades for lead and zinc were 3.21% and 4.70%, 13 and 11 percent above budget, respectively.
Lindero Mine, Argentina
Lindero remains on track to achieve 2021 annual gold production guidance of 140,000 to 160,000 ounces (refer to Fortuna news release dated January 19, 2021).
Government mandated international travel restrictions due to COVID-19 is limiting onsite access to foreign vendor support. This continues to affect Lindero’s ramp up progress in specific areas such as the stacking system and the SART plant. The operation is resolving these challenges via the use of remote assistance technology and other initiatives.
In the first quarter of 2021, a total of 2.13 million tonnes of ore were placed on the heap leach pad averaging 0.82 g/t gold, containing an estimated 56,330 ounces of gold. The operation placed 65 percent more ounces on the heap leach pad and produced 53 percent more ounces in doré compared to the fourth quarter of 2020. Total gold production was 22,332 ounces comprised of 20,562 ounces in doré and 1,770 ounces of gold-in-carbon (GIC) inventory.
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