Continuum Resources Ltd Intercepts of 1772 g/t Ag and 10.5 g/t Au over 4.1m at San Jose Project
Monday May 15, 9:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 15, 2006 -- CONTINUUM RESOURCES LTD.(TSX VENTURE:CNU.V - News), Mr. Greig Hutton, President of Continuum Resources is pleased to announce that initial results have been recieved from Fortuna Silver Mines Inc. from an ongoing drill program at the San Jose silver-gold project in Oaxaca, Mexico. Fortuna Silver Mines Inc. has an option to acquire up to 70% interest in the overall interest of Continuum in the San Jose project. A total of approximately 8600 metres of core drilling has been completed in 36 holes to date, in the present program, using 2 core drill rigs.
"Results have been received for the first 10 holes (totaling 3190m) which test the high grade Trinidad zone, are tabulated below. Results for additional exploration holes along strike are pending.
Table of Results
Pierce Point Drill From To Interval Au g/t Ag g/t
Hole (m) (m) (m)
A1 SJO-30 253.85 255.30 1.45 1.12 154.7
A2 SJO-32 347.53 349.03 1.50 0.61 131.0
A3 SJO-35 356.80 358.11 1.31 0.62 110.0
B1 SJO-21 246.50 255.90 9.40 2.70 478.8
B2 SJO-22 387.63 390.00 2.37 2.55 568.2
B3 SJO-23 414.17 415.97 1.80 3.61 394.4
C1 SJO-18 240.92 251.48 10.56 8.16 638.1
C2 SJO-20 368.90 373.01 4.11 10.52 1772.4
D1 SJO-16 161.35 166.08 4.73 1.48 238.8
D2 SJO-19 252.21 257.70 5.49 1.21 164.3
A schematic long section showing the pierce points within the vein structure is available on our website at www.fortunasilver.com and at www.continuumresources.com
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Results to date confirm the presence of a classic quartz-adularia vein system bearing high grades of silver and gold at Trinidad, in line with previous drilling (totaling 4845m in 15 holes) conducted by Continuum Resources in 2004/5. (see the Technical Report filed on SEDAR on April 13, 2006).
The current drill program has also extended mineralization an additional 100m along strike and 100m to depth, some 200m below the main historic workings. Fortuna has now drill tested the Trinidad zone over 400m of strike length and to 350m vertical depth, encountering average mineralized widths of 3-4m in multiple veins.
Ongoing drilling is focused on extending mineralization to depth and along strike to the south, with drilling planned at roughly 100m centers. A parallel program of geophysics and geochemistry is being considered, and a follow-up program of tighter spaced drilling will be designed to facilitate preparation of a detailed resource estimate.
Fortuna is earning a controlling interest in the San Jose project from Continuum Resources Ltd., by spending $2 million on drilling by November 16, 2007 and completing an NI 43-101 compliant resource estimate and making a cash payment to Continuum based on the ounces of silver or silver equivalent set out in the resources estimate. The deposit currently has an inferred resource of 527,283 tonnes grading 396 g/t Ag and 3.5 g/t Au. The April 2006 technical report is available on SEDAR.
Qualified Person: Mr. Peter Thiersch, M.Sc. P.Geo., Vice-President Exploration of Fortuna Silver Mines Inc., is the Qualified Person for Fortuna, as defined by National Instrument 43-101, and is responsible for the accuracy of this press release."
Continuum is actively exploring 11 separate gold-silver projects in the state of Oaxaca, including the historically-producing Natividad mine, where Continuum has acquired approximately 35,000 hectares covering the entire Natividad district.
ON BEHALF OF THE BOARD OF DIRECTORS
CONTINUUM RESOURCES LTD.
Greig Hutton, President
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