Continuum Resources (CNU-V) and Fortuna Silver Mines (FVI-V) were both given a boost on the market after reporting a high grade intersect from their San Jose project in Mexico.
Fortuna holds a 76% stake in San Jose, while Continuum has the remaining 24%.
In Toronto on May 30 the two Vancouver-based companies made solid gains, with Fortuna moving up over 5% or 15 to $3.05 on 1.9 million shares, and Continuum gaining 10% or 5 to 55 on 3.8 million shares traded.
Continuum has roughly 120 million shares outstanding while Fortuna has roughly 70.5 million.
Results are from the first two drill holes in a 11,000 metre compaign, and are from the Trinidad zone within San Jose.
Highlights include:
- Hole SJO-054 104.9 metres (starting at 360.7 metres) grading 283 grams silver and 2.48 grams gold
- Hole SJO-053 2.6 metres (starting at 462.1 metres) grading 279 grams silver and 2.4 grams gold
Situated in the Taviche mining district, Fortuna describes the San Jose deposit as a low sulfidation epithermal system characterized by multiphase quartz-carbonate-sulfide stockwork veining and hydrothermal brecciation within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks.
With a cut-off grade of 150 grams per tonne silver the Trinidad zone has an indicated resource of 1.47 million tonnes grading 262.6 grams silver and 2.19 grams gold for 17.7 million silver equivalent oz.
Inferred mineral resources stand at 3.9 million tonnes grading 260.6 grams silver and 2.57 grams gold for 49.1 million silver equivalent oz.
In the past, the Trinidad zone has undergone small-scale mining to a depth of 150 metres, the companies say.
Three drills are currently turning at the zone while surface geochemical and reconnaissance programs go on throughout the district in an attempt to find new target areas.
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