NYSE-MKT: ASM
TSX-V: ASM
FSE: GV6
VANCOUVER, Dec. 21, 2016 /PRNewswire/ - Avino Silver & Gold Mines Ltd.
(NYSE-MKT:ASM: TSX.V, ASM; "Avino" or the "Company") is pleased
to announce the following results from the first eight holes of its
current drill program at the main Avino Mine located on the Avino
property, 80 Km northeast of Durango, Mexico.
The current drill program commenced in September, 2016, and
comprises 18 holes in total, for a total of 2,955 metres.
Eleven of the holes have been drilled to date, and eight have been
assayed. The objective of this program is to explore the area of
the Avino Vein System between the San
Luis workings and the Elena Tolosa ("ET") current production
area.
This new area is close to surface and accessible from the
existing Avino Mine underground workings. The area was
identified as a target of interest as it may have been overlooked
in the past given that on surface and at shallow depths, the Avino
Vein system splits into hanging wall and foot wall structures.
The Avino Vein (Epithermal) has been followed longitudinally for
more than 1,300 metres and vertically for more than 600 metres. It
strikes north 66° east with an east-west splay, and dips to the
south and southeast at 60° to 70°. Steeply dipping, high grade
zones within the vein and stock-work zones (See Avino stockwork
photos linked here) are frequently found throughout the vein, as
well as at its intersections with a number of lateral veins. The
new zone is approximately 240 metres of strike length by 130 metres
in depth, and an average of 15 metres in thickness. The Avino
vein remains open at depth.
There are two longitudinal section maps linked to this release
(Map 1, Map 2) showing the location of the drill holes in the area
of drilling between the San Luis
and the Elena Tolosa workings, and these will also be available on
our website at www.avino.com.
"We are encouraged by these initial and positive drill results
in the gap area between the San
Luis workings and Elena Tolosa, and that the results support
the continuation of the extensive Avino Vein system. This new gold
rich area contains at least two sections with continuous
significant gold assays."
David Wolfin –
President & CEO Avino Silver
& Gold Mines Ltd.
Drill intersections are spaced 25 metres apart in order to add
certainty to the new mineralized block. This tonnage is
included in the inferred category of mineral resources in the most
recent resource estimate dated September
26, 2016. Two access levels between San Luis and ET have been channel sampled thus
providing more certainty. An evaluation of the zone is being
carried out by company engineers and geologists, with the
expectation of converting a portion of the inferred resources to
the indicated resource category.
The results of the completed eight holes are as follows:
Hole
Number
|
Zone
|
Intersection
(m)
|
Length (m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
ET-16-01
|
Hanging Wall
Breccia
|
4.05 to
7.7
|
3.65
|
1.0
|
102
|
0.16
|
|
Including
|
6.45 to
7.10
|
0.65
|
2.346
|
79.7
|
0.14
|
|
Avino Vein Hanging
Wall Zone
|
86.73 to
91.12
|
4.39
|
0.65
|
50
|
0.04
|
|
Avino Vein Footwall
Zone
|
112.32 to
117.75
|
5.43
|
0.73
|
30
|
0.025
|
ET-16-02
|
Hanging Wall
Breccia
|
5.05 to
9.88
|
4.83
|
1.27
|
105
|
0.16
|
|
Avino Vein Hanging
Wall Zone
|
89.15 to
91.65
|
2.50
|
0.66
|
39
|
0.12
|
|
Avino Vein Footwall
Zone
|
119.80 to
126.15
|
6.35
|
0.62
|
108
|
0.19
|
|
Including
|
125.55 to
126.15
|
0.60
|
4.194
|
414
|
0.37
|
ET-16-03
|
Hanging Wall
Breccia
|
18.07 to
22.25
|
4.18
|
0.5
|
52
|
0.12
|
|
Fault Vein
|
55.84 to
62.45
|
6.61
|
0.11
|
71
|
0.12
|
|
Avino Vein
|
87.05 to
96.67
|
9.62
|
1.8
|
69
|
0.06
|
|
Avino Vein
|
87.05 to
105.47
|
18.42
|
1.12
|
38
|
0.04
|
|
Including
|
87.05 to
96.67
|
9.62
|
1.80
|
69
|
0.06
|
ET-16-04
|
Hanging Wall
Breccia
|
38.2 to
43.05
|
4.85
|
0.38
|
37
|
0.13
|
|
Avino Vein
|
74.70 to
96.55
|
21.85
|
0.72
|
40
|
0.15
|
|
Avino Vein
Stockwork
|
99.05 to
108.10
|
9.05
|
1.75
|
23
|
0.04
|
|
Including
|
99.05 to
100.0
|
0.95
|
4.69
|
21
|
0.04
|
|
|
105.50 to
105.80
|
0.30
|
11.21
|
357
|
0.01
|
ET-16-05
|
Hanging Wall
Breccia
|
71.70 to
76.75
|
5.05
|
1.49
|
50
|
0.1
|
|
Avino Vein Hanging
Wall Zone
|
126.05 to
134.35
|
8.30
|
0.64
|
7
|
0.03
|
|
Avino Vein Footwall
Zone
|
146.15 to
160.85
|
14.70
|
0.78
|
10
|
0.04
|
|
|
165.87 to
169.93
|
4.06
|
0.35
|
26
|
0.30
|
ET-16-06
|
Hanging
Wall
|
28.80 to
38.30
|
9.50
|
1.82
|
119
|
0.5
|
|
Including
|
35.30 to
36.85
|
1.55
|
3.02
|
16
|
0.09
|
|
|
37.45 to
38.30
|
0.85
|
4.93
|
8
|
0.27
|
|
Avino Vein Footwall
Zone
|
40.20 to
84.50
|
44.30
|
2.08
|
29
|
0.06
|
|
Including
|
65.32 to
84.50
|
19.18
|
3.55
|
45
|
0.093
|
|
|
67.25 to
68.75
|
1.5
|
10.15
|
22
|
0.002
|
|
|
79.25 to
80.75
|
1.5
|
6.74
|
55
|
0.25
|
|
|
80.75 to
81.75
|
1.0
|
8.08
|
36
|
.05
|
|
Footwall
Breccia
|
94.9 to
96.55
|
1.65
|
3.62
|
50
|
.03
|
|
|
|
|
|
|
|
ET-16-07
|
Avino Vein Hanging
Wall Zone
|
33.70 to
39.65
|
5.95
|
2.29
|
232
|
0.3
|
|
Including:
|
35.85 to
37.55
|
1.70
|
5.12
|
367
|
0.18
|
|
|
37.55 to
38.20
|
0.65
|
3.77
|
472
|
0.22
|
|
Stockwork
|
43.65 to
52.50
|
8.85
|
0.42
|
32
|
0.19
|
|
Including:
|
43.65 to
49.75
|
6.10
|
0.53
|
41
|
0.26
|
|
Avino Vein Footwall
Zone
|
52.50 to
89.80
|
37.30
|
1.46
|
55
|
0.26
|
|
Including
|
55.95 to
84.70
|
28.75
|
1.82
|
63
|
0.30
|
|
|
62.20 to
62.86
|
0.66
|
3.51
|
17
|
0.05
|
|
|
63.5 to
64.05
|
0.55
|
4.17
|
50
|
0.08
|
|
|
64.05 to
64.45
|
0.40
|
6.96
|
8
|
0.09
|
|
|
64.72 to
66.20
|
1.48
|
5.17
|
59
|
0.15
|
|
|
66.20 to
66.85
|
0.65
|
4.37
|
86
|
0.20
|
|
|
66.85 to
67.95
|
1.10
|
3.27
|
127
|
0.54
|
|
|
69.40 to
70.15
|
0.75
|
4.35
|
414
|
0.77
|
ET-16-08
|
Hanging Wall Breccia
Zone
|
30.25 to
40.80
|
10.55
|
0.48
|
31
|
0.17
|
|
Avino Fault Hanging
Wall Zone
|
118.0 to
119.4
|
1.40
|
0.24
|
119
|
0.16
|
|
Avino Vein Hanging
Wall Zone
|
125.90 to
128.4
|
2.50
|
0.50
|
64
|
0.05
|
|
Avino Vein Foot Wall
Zone
|
159.55 to
175.40
|
15.85
|
1.19
|
37
|
0.28
|
|
Including
|
163.7 to
173.05
|
9.35
|
1.62
|
43
|
0.37
|
|
Stockwork Foot Wall
Zone
|
183.65 to
185.60
|
1.95
|
0.04
|
24
|
0.49
|
True widths cannot
be determined with the information available.
|
Assay Methods
Following detailed geological and geotechnical logging, drill
core samples are sawed in half. One half of the core is
submitted to the assay labs and the other half is retained on-site
for verification and reference. Samples from the first three
diamond drill holes of the program were shipped to Inspectorate
Labs for analysis. The samples are crushed and ground in Durango,
with pulps assayed in Reno,
Nevada. Gold is determined by 30-gram fire assay
followed by an atomic absorption finish, or by gravimetric finish
for samples over 3 g/t gold. Copper, silver and other elements are
determined by an ICP analysis following aqua regia digestion.
Samples with over 100 g/t silver are reassayed by fire assay with a
gravimetric finish. Copper assays exceeding 1% are re-analyzed by a
4-acid digestion with atomic absorption finish.
Samples from the remaining five diamond drill holes of the
program were submitted to the SGS Laboratory facility in
Durango, Mexico. The gold is
assayed by fire assay with an AA finish. Any samples
exceeding 3.0 grams/tonne gold are re-assayed and followed by a
gravimetric finish. Multi-element analyses are also completed
for each sample by SGS ICP14B methods. Any copper values over
10,000 ppm (1%) are re-assayed using ICP 90Q. Silver is fire
assayed with a gravimetric finish for samples assaying over 100
grams/tonne.
Avino uses a series of standard reference materials (SRMs),
blank reference materials (blanks), and duplicates as part of their
QA/QC program during analysis of assays.
Inspectorate Labs in Nevada and
British Columbia are ISO 9001:2008
certified, full-service laboratories that are independent of Avino,
and the SGS Labs in Durango are ISO 9001 and ISO 17025
certified.
Qualified Person(s)
Avino's projects are under the supervision of Chris Sampson, P.Eng, Avino Consultant and
Jasman Yee P.Eng, Avino Director,
who are both qualified persons within the context of National
Instrument 43-101. Both have reviewed and approved the technical
data in this news release.
About Avino:
Avino's mission is to create shareholder value through
profitable organic growth at the historic Avino property near
Durango, Mexico, and the Bralorne
Mine property in southwestern British
Columbia, Canada. We are committed to managing all
business activities in an environmentally responsible and
cost-effective manner while contributing to the well-being of the
communities in which we operate.
ON BEHALF OF THE BOARD
"David Wolfin"
David
Wolfin
President & Chief Executive Officer
Safe Harbor Statement - This news release contains
"forward-looking information" and "forward-looking statements"
(together, the "forward looking statements") within the meaning of
applicable securities laws and the United States Private Securities
Litigation Reform Act of 1995, including our belief as to the use
of proceeds from the Offering and the Company's plans for
production for its Avino property and Bralorne Mine property. These
forward-looking statements are made as of the date of this news
release and the dates of technical reports, as applicable. Readers
are cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the future
circumstances, outcomes or results anticipated in or implied by
such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur. While we have based these
forward-looking statements on our expectations about future events
as at the date that such statements were prepared, the statements
are not a guarantee that such future events will occur and are
subject to risks, uncertainties, assumptions and other factors
which could cause events or outcomes to differ materially from
those expressed or implied by such forward-looking statements.
Such factors and assumptions include, among others, our ability
to use the proceeds from the Offering as expected, the effects of
general economic conditions, the price of gold, silver and copper,
changing foreign exchange rates and actions by government
authorities, uncertainties associated with legal proceedings and
negotiations and misjudgments in the course of preparing
forward-looking information. In addition, there are known and
unknown risk factors which could cause our actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with project development; the need for additional
financing; operational risks associated with mining and mineral
processing; fluctuations in metal prices; title matters;
uncertainties and risks related to carrying on business in foreign
countries; environmental liability claims and insurance; reliance
on key personnel; the potential for conflicts of interest among
certain of our officers, directors or promoters of with certain
other projects; the absence of dividends; currency fluctuations;
competition; dilution; the volatility of the our common share price
and volume; tax consequences to U.S. investors; and other risks and
uncertainties. Although we have 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 not to be as anticipated, estimated or intended. 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,
readers should not place undue reliance on forward-looking
statements. We are under no obligation to update or alter any
forward-looking statements except as required under applicable
securities laws.
Cautionary Note to United States Investors - The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of United States securities laws. In particular,
the term "resource" does not equate to the term "reserve". The
Securities Exchange Commission's (the "SEC") disclosure standards
normally do not permit the inclusion of information concerning
"measured mineral resources", "indicated mineral resources" or
"inferred mineral resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves" by SEC standards, unless such information is required to
be disclosed by the law of the Company's jurisdiction of
incorporation or of a jurisdiction in which its securities are
traded. U.S. investors should also understand that "inferred
mineral resources" have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Avino Silver & Gold
Mines Ltd.