GlobeNewswire Inc | Jan 26, 2022 05:00AM EST

January 26, 2022

VANCOUVER, British Columbia, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update of its Sunbird exploration program at the Sgula gold Project located in Cte dIvoire. In September of 2021, the Company made a construction decision to proceed to build a 3,750tonnes per day open pit mine at the Sgula gold Project, with first gold pour expected in mid-2023 (refer to Fortuna news release dated September 29, 2021).

Paul Weedon, Senior Vice President of Exploration, commented, "Exploration results at Sgula continue to support the high-grade trend we have seen from the recent drilling at the Sunbird Prospect, and with all results now to hand, the Company is looking forward to seeing a maiden inferred resource estimate for Sunbird. Mr. Weedon continued, Mineralization at Sunbird remains open along strike and at depth, where coarse visible gold seen in diamond drill core is supported by high gold assay grades, with the high-grade core extending more than 250 meters in strike length. Mr. Weedon concluded, Significant upside remains at depth and additional drilling has commenced to test this potential.

Sgula gold Project, Cte dIvoire

Sunbird Prospect assay highlights include:

-- SGRD1374:20.2 g/t gold over an estimated true width of 18.2 meters from 142 meters -- SGRD1373:13.4 g/t gold over an estimated true width of 18.9 meters from 169 meters -- SGRD1375:7.7 g/t gold over an estimated true width of 14 meters from 225 meters -- SGRD1377:10.9 g/t gold over an estimated true width of 8.4 meters from 187 meters

Exploration drilling at the Sgula gold Project continues to advance the Sunbird Prospect with a recently completed 7-hole, 1,887-meter program testing the continuity of mineralization at depth and along strike to the south. Drilling was primarily focused on providing better resolution of the extent of the central high-grade core identified in earlier drilling (refer to Fortuna news releases dated December 9, 2021 and September 7, 2021) ahead of the anticipated preparation of a maiden mineral inferred resource estimate, with assays highlighting the continuity of the mineralization. The high-grade mineralization remains open at depth and down-plunge, with exploration step-out drilling underway to test a further 100 to 150 meters down dip.

With the receipt of these results, work has commenced on the preparation of a maiden mineral inferred resource for the Sunbird Prospect which is expected to be completed in the first quarter of 2022. Full results received for this recent 7-hole program are listed in Appendix 1.

An 8-hole program to test the depth potential has commenced with 2 holes completed to date. Geological logging of the drill core from SGRD1403 recorded at least 4 visible gold specks of up to 2-millimeter diameter, with the characteristics of the mineralization consistent with previous drilling at Sunbird (refer to Figure 1).

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/354c33f9-e13e-4a8e-873f-4ebdb91a9b6a

Quality Assurance & Quality Control (QA-QC)

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

All RC drilling at Sgula 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% sample 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 DD drill holes at Sgula 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 Sgula RC and DD core samples were shipped to ALS Laboratories preparation laboratory in Yamoussoukro for preparation and then, via commercial courier, to ALSs 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 Sgula 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 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, and 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 four operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Cte 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 ourwebsite.

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 Companys plans for the Sgula gold Project and the Sunbird Prospect; the anticipated exploration and development programs at the Sunbird Prospect and the Sgula gold Project, the anticipated results of the exploration program at the Sunbird Prospect, and the proposed preparation of and timing for a maiden inferred mineral resource for the Sunbird Prospect, and the intention to expand mineralization at the Sgula gold Project; the Companys business strategy, plans and outlook; the merit of the Companys 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; 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; the success of the Companys exploration program at the Sunbird Prospect and the Sgula gold Project; it is uncertain if the exploration at the Sunbird Prospect will result in a mineral resource being delineated; there can be no assurance that a mineral resource exists at the Sunbird Prospect; technological and operational hazards in Fortunas 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, licences 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 expectations regarding the results from the exploration programs conducted at the Sunbird Prospect; expected trends in mineral prices and currency exchange rates; the accuracy of the Companys information derived from its exploration programs at the Sunbird Prospect current mineral resource and reserve estimates; that the Companys activities will be in accordance with the Companys public statements and stated goals; 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.

APPENDIX 1. Sgula gold Project, Cte dIvoire: Sunbird Prospect drill results

EOH^1 Depth Depth Downhole Estimated HoleHoleID Easting Northing Elevation Depth UTM Dip From To Width True Au Type^ (WGS84_29N) (WGS84_29N) (m) (m) Azimuth (m) (m) (m) Width (ppm) 2 (m)SGRD1371 742895 893136 526 237.5 270 -60 183 185 2 1.4 3.7 RCDSGRD1372 742914 893190 528 273.5 270 -60 80 86 6 4.2 2.1 RCD 222 227 5 3.5 RCD 239 243 4 2.8 5.6 RCD including 242 243 1 0.7 12.2 RCDSGRD1373 742899 893236 521 204.5 270 -60 169 196 27 18.9 13.4 RCD including 169 170 1 0.7 17.4 RCD and 171 174 3 2.1 22.2 RCD and 176 180 4 2.8 29.6 RCD and 192 193 1 0.7 37.3 RCD and 194 195 1 0.7 68.9 RCDSGRD1374 742908 893289 515 231.5 270 -60 142 168 26 18.2 20.2 RCD including 142 144 2 1.4 25.7 RCD and 145 148 3 2.1 84.9 RCD including 147 148 1 0.7 198.5 RCD and 163 166 3 2.1 55.5 RCD 173 178 5 3.5 4.0 RCD 182 188 6 4.2 11.2 RCD including 187 188 1 0.7 49.1 RCDSGRD1375 742928 893289 515 252.4 270 -60 194 196 2 1.4 13.3 RCD including 194 195 1 0.7 25.4 RCD 225 245 20 14 7.7 RCD including 225 227 2 1.4 12.6 RCD and 236 237 1 0.7 21.5 RCD and 240 241 1 0.7 11.7 RCD and 243 245 2 1.4 37.1 RCDSGRD1377 742754 893344 479 303.5 90 -60 187 199 12 8.4 10.9 RCD including 187 188 1 1 17.8 RCD and 189 192 3 2.1 21.8 RCD and 197 199 2 1.4 15.1 RCDSGRD1378 742584 892665 563 384.5 90 -60 301 312 11 7.7 1.4 RCD 360 372 12 8.4 4.8 RCD including 368 369 1 0.7 23.9 RCD and 371 372 1 0.7 11.9 RCD

Notes:

-- EOH: End of hole -- RCD: Reverse Circulation pre-collar, diamond core tail