Vancouver - Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its exploration programs at the Seguela Mine in Cote d'Ivoire and the recently acquired Diamba Sud Gold Project in Senegal.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, 'Emphasizing the exploration potential at Seguela, the team has continued their impressive run-rate of discoveries with the new Kingfisher prospect. This follows the Barana, Badior and Kestrel discoveries made during 2022 and 2023.' Mr. Weedon continued, 'In addition to the exploration success at Kingfisher, drilling for Koula underground mining potential has resulted in several high-grade intersections. This includes 68.0 g/t Au over an estimated true width of 2.1 meters in SGRD1783, as part of a larger interval of 22.5 g/t Au over an estimated true width of 9.8 meters, highlighting the opportunity for underground mining.'

Commenting on the successful drilling at the Diamba Sud Gold Project, Mr. Weedon noted, 'With the initial campaign of confirmatory drilling wrapping up at Area A and Area D, exploration focus is progressing towards testing the satellite opportunities. Early success at the Moungoundi, Western Splay, and Kassasoko satellite prospects highlight the potential of Diamba Sud.' Mr. Weedon continued, 'In addition to improving the confidence at Area A, Area D, and Karakara, drilling intersected several mineralized zones extending beyond the historic pit optimization shells. These extensions will be incorporated into a resource model to be prepared later in 2024.'

Kingfisher prospect

A 2,040-meter, 20-hole program was completed at the newly discovered Kingfisher prospect identifying three lodes along a 1.9-kilometer strike, all of which remain open along strike and at depth. Results include drill hole SGRC1762 intersecting 2.9 g/t Au over an estimated true width of 19.6 meters from 106 meters downhole, and drill hole SGRC1763 intersecting 2.9 g/t Au over an estimated true width of 16.1 meters from 136 meters downhole.

The Kingfisher prospect is hosted in a set of quartz veins along a moderately sheared contact between a series of basalt-dolerite units which also hosts the Boulder and Agouti deposits, one and three kilometers, respectively, to the north, with a steep easterly dip consistent with the majority of other deposits at Seguela.

Additional drilling at Kingfisher is scheduled in the second quarter of 2024 to further test its strike and depth potential.

Contact:

Carlos Baca

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