Project Snapshot
| Commodities |
Silver & Gold |
| Location |
Taviche Mining District, southern portion of state of Oaxaca,
México (Latitude: 16°41"N; Longitude: 96°42"W) |
| Deposit Type |
High-grade low-sulfidation epithermal deposit |
| Status |
Resource definition, engineering design, environmental
permitting |
Overview
The 100% owned San Jose Project is a high-grade silver and gold bearing epithermal vein system located in the state of Oaxaca in southern Mexico. In January of 2009, a 33,000 meter in-fill drill program was completed in the Trinidad Area of the San Jose Project. The Company released a new 43 - 101 compliant resource on October 26th 2009 incorporating over 40km of new drilling into the geological model. Also in October, the Company received approval for the Environmental Impact Study for the proposed San Jose Mine, and in early December 2009 the final permit for the construction and operation of the Project. Construction of the San Jose mine can now proceed at Fortuna's sole discretion.
Fortuna is also advancing with engineering studies for the development of the San Jose deposit including mine and processing plant design, tailings dam engineering as well as evaluating power and water supply alternatives. The Company has already secured all the land required for the project and is in the advanced stages of negotiation of a collaborative agreement with the community. Management anticipate that some of the permits required to build San Jose should be granted towards the end of 2009.
Location
The San Jose Project is located in the southern portion of the state of Oaxaca, approximately 47 road kilometers or 1 hour driving time to the south of the city of Oaxaca. Access to the property is excellent and local infrastructure is good.
Mineral Resources
(
see Resource Tables)
| Indicated Mineral Resources |
| Ag Eq Cutoff (g/t) |
Tonnes
(000) |
Ag Eq.
(g/t) |
Ag
(g/t) |
Au
(g/t) |
Contained Metal |
Ag Eq Ozs
(000) |
Ag Ozs
(000) |
Au Ozs
(000) |
| 50 |
4,636 |
292 |
196 |
1.56 |
43,465 |
29,163 |
232 |
| 75 |
4,018 |
327 |
220 |
1.74 |
42,231 |
28,422 |
224 |
| 100 |
3,478 |
364 |
246 |
1.92 |
40,725 |
27,486 |
215 |
| 125 |
3,043 |
400 |
271 |
2.10 |
39,153 |
26,497 |
205 |
| 150 |
2,690 |
435 |
295 |
2.27 |
37,596 |
25,504 |
196 |
| 175 |
2,370 |
471 |
321 |
2.45 |
35,930 |
24,429 |
187 |
| 200 |
2,102 |
508 |
346 |
2.63 |
34,314 |
23,382 |
177 |
| 225 |
1,883 |
542 |
370 |
2.79 |
32,823 |
22,416 |
169 |
| 250 |
1,685 |
578 |
396 |
2.96 |
31,315 |
21,433 |
160 |
| |
| Inferred Mineral Resources |
| Ag Eq Cutoff (g/t) |
Tonnes
(000) |
Ag Eq.
(g/t) |
Ag
(g/t) |
Au
(g/t) |
Contained Metal |
Ag Eq Ozs
(000) |
Ag Ozs
(000) |
Au Ozs
(000) |
| 50 |
4,020 |
272 |
181 |
1.48 |
35,199 |
23,389 |
192 |
| 75 |
3,497 |
304 |
202 |
1.65 |
34,151 |
22,735 |
185 |
| 100 |
3,074 |
334 |
222 |
1.80 |
32,963 |
21,988 |
178 |
| 125 |
2,681 |
366 |
244 |
1.97 |
31,545 |
21,061 |
170 |
| 150 |
2,411 |
392 |
262 |
2.11 |
30,357 |
20,293 |
164 |
| 175 |
2,137 |
421 |
282 |
2.26 |
28,922 |
19,351 |
155 |
| 200 |
1,883 |
452 |
304 |
2.41 |
27,393 |
18,379 |
146 |
| 225 |
1,696 |
479 |
321 |
2.56 |
26,113 |
17,522 |
140 |
| 250 |
1,545 |
503 |
337 |
2.69 |
24,958 |
16,747 |
133 |
* Cutoff Grade of 150 g/t Silver Equivalent
At a 150g/t Ag Eq cut off grade, the Indicated Resources are estimated to contain 37.6 million silver equivalent ounces and the Inferred Resources are estimated to contain 30.4 million silver equivalent ounces.
Silver equivalency estimates were derived using metal prices of US$13.75/oz for silver and US$856.16/oz for gold (36-month average + 24 month future metal prices as of July 31, 2009). Metallurgical recoveries were estimated at 92.5% for silver and 91.5% for gold based on metallurgical testing completed by Metcon Research of Tucson, Arizona.
The updated mineral resource estimate for San Jose was prepared by Michael J. Lechner of Resource Modeling Inc. and by Donald F. Earnest of Resource Evaluation Inc. Mr. Lechner and Mr. Earnest have acted as independent qualified persons as defined by the Canadian National Instrument 43-101. The Mineral Resources reported herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves. This resource estimate is based on all data available through June 30, 2009.
San Jose Project NI 43 - 101 report, December 10, 2009.
Geology and Minerlization
The San Jose deposit is a low sulfidation epithermal vein system characterized by mineralized multiphase quartz-carbonate-sulfide veins, hydrothermal breccias and stockwork veining. The mineralized system is hosted within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks.
Exploration & Resource Definition Drilling
Exploration to-date has focused on the Trinidad zone and to a lesser extent on the San Ignacio zone, located approximately 800 meters to the south on the same vein system. In the Trinidad zone, high-grade silver / gold bearing ore shoots have been identified and defined in association with the Trinidad and Bonanza vein systems. Mineralization is present in high-grade shoots with estimated true widths ranging from less than 2 meters to greater than 20 meters. Locally, mineralized stockwork veining is present between the Trinidad and Bonanza veins, including continuously mineralized widths estimated at over 80 meters locally.
Selected highlights of 2005 thru 2009 drill programs in Trinidad Zone (reported at lower cut-off grade of 100 g/t silver equivalent).
| |
100 g/t Aqeq cutoff |
| Hole Id |
From (m) |
To (m) |
Interval (m) |
Au g/t |
Ag g/t |
Ag Eq. g/t |
| SJO-001 |
195.65 |
220.25 |
24.60 |
0.86 |
216 |
260 |
| SJO-002 |
222.86 |
240.00 |
17.14 |
2.94 |
365 |
515 |
| SJO-003 |
279.55 |
308.95 |
29.40 |
5.27 |
508 |
776 |
| SJO-015 |
236.25 |
247.00 |
10.75 |
2.02 |
217 |
320 |
| SJO-018 |
240.92 |
257.62 |
16.70 |
6.17 |
525 |
840 |
| SJO-020 |
367.89 |
375.43 |
7.54 |
5.94 |
997 |
1300 |
| SJO-021 |
246.50 |
255.90 |
9.40 |
2.70 |
479 |
617 |
| SJO-039 |
42.75 |
47.65 |
4.90 |
5.90 |
843 |
1144 |
| SJO-046 |
413.55 |
424.82 |
11.27 |
4.95 |
328 |
581 |
| and |
480.31 |
488.02 |
7.71 |
3.72 |
373 |
563 |
| SJO-051 |
328.50 |
352.41 |
23.91 |
2.00 |
245 |
347 |
| and |
424.20 |
448.45 |
24.25 |
10.09 |
892 |
1407 |
| SJO-054 |
360.70 |
367.00 |
6.30 |
7.00 |
510 |
867 |
| and |
406.20 |
417.60 |
11.40 |
2.94 |
434 |
584 |
| and |
425.30 |
465.55 |
40.25 |
3.79 |
438 |
631 |
| SJO-055 |
173.60 |
176.10 |
2.50 |
11.86 |
1151 |
1756 |
| SJO-057 |
149.90 |
161.45 |
11.55 |
6.06 |
588 |
897 |
| SJO-059 |
131.70 |
144.90 |
13.20 |
1.62 |
222 |
305 |
| SJO-060 |
129.70 |
154.80 |
25.10 |
10.85 |
588 |
1141 |
| SJO-065 |
423.50 |
444.40 |
20.90 |
1.43 |
183 |
256 |
| SJO-068A |
299.55 |
307.18 |
7.63 |
3.66 |
395 |
581 |
| and |
364.83 |
371.61 |
6.78 |
3.91 |
563 |
763 |
| SJO-075 |
397.97 |
419.83 |
21.86 |
1.60 |
183 |
265 |
| SJO-079 |
441.50 |
475.75 |
34.25 |
1.41 |
143 |
215 |
| SJO-084 |
503.35 |
511.30 |
7.95 |
9.37 |
487 |
965 |
| SJO-108 |
428.80 |
435.65 |
6.85 |
6.28 |
391 |
711 |
| and |
459.90 |
478.10 |
18.20 |
4.89 |
503 |
752 |
| SJO-111 |
439.50 |
445.25 |
5.75 |
2.77 |
323 |
464 |
| SJO-119 |
227.00 |
235.40 |
8.40 |
2.03 |
229 |
332 |
| SJO-121 |
298.60 |
315.40 |
16.80 |
2.23 |
304 |
418 |
| and |
428.25 |
448.80 |
20.55 |
8.89 |
752 |
1206 |
| SJO-123 |
186.40 |
191.30 |
4.90 |
8.98 |
1182 |
1640 |
| SJO-124 |
261.90 |
265.50 |
3.60 |
9.53 |
292 |
778 |
| SJO-126 |
194.60 |
206.80 |
12.20 |
4.09 |
427 |
636 |
| and |
247.55 |
258.20 |
10.65 |
1.25 |
219 |
283 |
| SJO-127 |
394.50 |
423.55 |
29.05 |
6.75 |
933 |
1278 |
| SJO-128 |
212.90 |
216.10 |
3.20 |
9.41 |
603 |
1083 |
| and |
234.80 |
247.60 |
12.80 |
1.54 |
151 |
229 |
| and |
296.50 |
311.60 |
15.10 |
5.71 |
1022 |
1313 |
| SJO-133 |
250.00 |
258.75 |
8.75 |
2.31 |
214 |
332 |
| SJO-134 |
179.40 |
187.15 |
7.75 |
2.11 |
254 |
362 |
| SJO-136 |
155.75 |
166.00 |
10.25 |
3.71 |
240 |
429 |
| SJO-137 |
187.30 |
208.20 |
20.90 |
7.84 |
472 |
872 |
| SJO-139 |
226.75 |
236.60 |
9.85 |
2.67 |
290 |
426 |
| SJO-142 |
181.80 |
192.45 |
10.65 |
2.47 |
208 |
334 |
| SJO-143 |
270.10 |
277.25 |
7.15 |
8.06 |
546 |
957 |
| SJO-144 |
190.75 |
212.00 |
21.25 |
2.81 |
322 |
466 |
| SJO-145 |
220.50 |
236.45 |
15.95 |
4.09 |
485 |
694 |
| SJO-146 |
133.80 |
145.20 |
11.40 |
1.76 |
197 |
287 |
| and |
184.65 |
193.70 |
9.05 |
1.55 |
290 |
369 |
| SJO-147 |
262.00 |
269.00 |
7.00 |
8.29 |
693 |
1115 |
| SJO-150 |
208.00 |
218.50 |
10.50 |
2.08 |
258 |
365 |
| SJO-152 |
101.60 |
106.40 |
4.80 |
3.55 |
509 |
690 |
| SJO-157 |
472.05 |
486.85 |
14.80 |
1.89 |
194 |
291 |
| SJO-160 |
193.75 |
201.70 |
7.95 |
1.49 |
351 |
427 |
| SJO-163 |
247.00 |
259.85 |
12.85 |
1.70 |
215 |
302 |
| SJO-166 |
210.15 |
213.75 |
3.60 |
8.11 |
548 |
961 |
| and |
229.15 |
246.60 |
17.45 |
2.78 |
285 |
427 |
| and |
282.75 |
297.10 |
14.35 |
1.88 |
284 |
380 |
| SJO-169 |
256.40 |
267.55 |
11.15 |
3.10 |
419 |
576 |
| and |
275.20 |
280.30 |
5.10 |
4.99 |
863 |
1117 |
| SJO-172 |
264.20 |
271.65 |
7.45 |
4.35 |
264 |
486 |
| and |
297.90 |
304.50 |
6.60 |
1.92 |
303 |
401 |
| and |
307.45 |
314.75 |
7.30 |
1.93 |
447 |
545 |
| SJO-175 |
138.70 |
145.25 |
6.55 |
11.06 |
534 |
1098 |
| SJO-177 |
212.00 |
222.25 |
10.25 |
5.96 |
256 |
560 |
| and |
292.00 |
300.85 |
8.85 |
1.74 |
414 |
502 |
| SJO-183 |
186.60 |
187.60 |
1.00 |
28.40 |
5350 |
6798 |
| SJO-185 |
126.10 |
139.15 |
13.05 |
3.17 |
175 |
336 |
| SJO-186 |
215.30 |
230.50 |
15.20 |
1.99 |
360 |
462 |
| SJO-187 |
184.90 |
190.10 |
5.20 |
6.82 |
628 |
976 |
| and |
204.15 |
225.55 |
21.40 |
5.96 |
453 |
758 |
| SJO-193 |
242.45 |
273.00 |
30.55 |
1.34 |
113 |
181 |
| and |
314.70 |
327.40 |
12.70 |
5.99 |
973 |
1279 |
| SJO-194 |
290.25 |
306.35 |
16.10 |
2.74 |
316 |
456 |
| SJO-201 |
191.05 |
196.95 |
5.90 |
4.25 |
719 |
935 |
| and |
213.10 |
237.20 |
24.10 |
0.68 |
140 |
174 |
| SJO-202 |
295.95 |
311.35 |
15.40 |
1.91 |
173 |
270 |
| and |
344.25 |
349.35 |
5.10 |
4.54 |
714 |
946 |
| SJO-203 |
179.20 |
194.55 |
15.35 |
0.96 |
228 |
277 |
| SJO-205 |
235.90 |
252.50 |
16.60 |
2.36 |
303 |
424 |
| SJO-207 |
228.40 |
238.00 |
9.60 |
2.00 |
403 |
505 |
| SJO-210 |
291.90 |
299.70 |
7.80 |
2.81 |
442 |
585 |
| SJO-214 |
349.05 |
354.50 |
5.45 |
2.36 |
419 |
539 |
| SJO-217 |
278.85 |
286.00 |
7.15 |
3.55 |
373 |
554 |
| SJO-223 |
158.95 |
164.85 |
5.90 |
3.41 |
319 |
493 |
| SJO-230 |
228.50 |
250.85 |
22.35 |
3.06 |
323 |
479 |
| SJO-231 |
292.25 |
295.30 |
3.05 |
5.32 |
930 |
1201 |
Click here for DH Assay Results
Maps and Sections
Click here for the maps in PDF format (5.0mb)
 |
Trinidad DH Map & Longitudinal Sections |
|
 |
Soil Sampling Results- Au ppb |
|
 |
Soil Sampling Results- Ag ppb |
|
 |
Soil Sampling Results- As ppb |
|
 |
Soil Sampling Results- Pb ppb |
|
 |
Soil Sampling Results- Zn ppb |
|
