VANCOUVER, BC, April 7, 2022 /PRNewswire/ - Avino Silver &
Gold Mines Ltd. (TSX: ASM) (NYSE: ASM) (FSE: GV6), ("Avino" or "the
Company") is pleased to announce drill results from the Oxide
Tailings Project that sits within our tailings storage facility #1
(TSF#1) on the Avino property.
The 2021 drill program included 110 drill holes for a total of
3,645 metres of drilling. The drilling follows up the 2015/2016
campaign for which the 2016 NI 43-101 Preliminary Economic
Assessment ("PEA") is based on, which can be found on Avino's SEDAR
profile. The drill density of the current program should be
sufficient to upgrade most of the existing inferred mineral
resources to the measured and indicated categories, and to
potentially expand the resources. Furthermore, a comprehensive
sampling program is underway for an upcoming metallurgical testing
program. Once completed and assuming results are conclusive, the
existing PEA will be used as the framework for an updated study
with the intention of increasing confidence to the Pre-Feasibility
Study level.
Selected highlights are shown below with the complete list of
drill results available at this link
|
SULPHIDE
ZONE
|
OXIDE ZONE -
RECENT
|
OXIDE ZONE -
HISTORIC
|
HOLE
ID
|
DEPTH
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
DEPTH
(m)
|
Au
(g/t)
|
Ag
g/t)
|
DEPTH
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
PJ-21-01
|
16.50
|
0.21
|
17
|
21.60
|
0.50
|
35
|
18.90
|
0.64
|
78
|
PJ-21-02
|
16.50
|
0.22
|
17
|
22.50
|
0.56
|
36
|
18.00
|
0.59
|
71
|
PJ-21-36
|
18.00
|
0.18
|
15
|
19.50
|
0.43
|
30
|
12.00
|
0.57
|
91
|
PJ-21-37
|
18.00
|
0.19
|
16
|
19.50
|
0.42
|
31
|
12.00
|
0.63
|
73
|
PJ-21-45
|
21.00
|
0.24
|
18
|
19.50
|
0.53
|
32
|
13.50
|
0.49
|
46
|
PJ-21-46
|
30.00
|
0.25
|
18
|
13.50
|
0.57
|
36
|
11.90
|
0.41
|
55
|
PJ-21-60
|
16.50
|
0.31
|
27
|
15.00
|
0.74
|
40
|
15.00
|
0.59
|
80
|
PJ-21-61
|
16.50
|
0.39
|
31
|
15.00
|
0.61
|
31
|
16.50
|
0.57
|
67
|
PJ-21-62
|
16.50
|
0.34
|
35
|
13.50
|
0.57
|
34
|
18.00
|
0.60
|
49
|
PJ-21-63
|
15.00
|
0.28
|
28
|
18.00
|
0.48
|
30
|
15.00
|
0.47
|
57
|
PJ-21-74
|
9.00
|
0.19
|
15
|
22.50
|
0.55
|
41
|
13.50
|
0.52
|
67
|
PJ-21-75
|
16.50
|
0.18
|
15
|
16.50
|
0.65
|
42
|
12.00
|
0.51
|
82
|
PJ-21-87
|
|
|
|
19.50
|
0.76
|
46
|
9.00
|
0.70
|
100
|
PJ-21-88
|
|
|
|
19.50
|
0.73
|
39
|
15.00
|
0.73
|
79
|
As the holes are
drilled vertically the mineralization represents true width
(depth)
|
The plans for 2022 include an additional 14 holes to confirm the
extent of the resource.
"We are thrilled to be able to advance another Avino asset in
the Oxide Tailings Deposit," said David
Wolfin, President and CEO. "The timing is certainly
serendipitous with Avino's conversion to dry stack tailings being
in sight, and the move to decommission its tailings facility
nearing completion. With other successful reprocessing projects
under development or already in operation in Mexico, we feel that our timing of this
project is on point and aligned with global industry standards on
tailings management. Gold grades are better than anticipated, and
we are excited to understand the implications for the total
resource. We continue to follow the recommendations set out in the
aforementioned PEA and believe that the Oxide Tailings project
factors significantly into the Company's growth strategy of
achieving intermediate producer status."
Oxide Tailings Project
The oxide tailings deposit is
located to the southwest of the Avino mine and mill complex and is
the current tailings facility for the Avino mill. Over Avino's
54-year history the mine has operated for various periods of time
and as such, generated different types of tailings. There are 3
distinct zones of tailing identified that correspond to the
timeline of extraction from the earlier operations. The historic
oxides are tailings that were generated prior to the 1980's from
the open pit mine on Avino's property. The recent oxides consist of
tailings from the processing operation from the 1980's until the
late 1990's. Finally, the sulfide tailings are the recent tailings
from when the operation recommenced in 2011.
Avino is completing its conversation to dry stack tailings and
when complete we will decommission the current tailings pond,
potentially opening this area to reprocessing.
The tailings were drilled with a 2" sonic drill, which was
drilled to the underlying bedrock. The use of the sonic drilling
technique provides high quality information and representative
granulometry and grade samples. The bedrock is sloped so that the
depth of each hole can vary significantly depending on the drill
hole location. The presented drill results detail the depth and
assay values of each layer of tailings, noting that many of the
holes penetrated more than one layer of tailings. The figures below
show the drill holes in plan view as well as the longitudinal
section that shows the depth of each layer of tailings.
Sampling and Assay Methods
Following detailed
geological and geotechnical logging, drill core samples were cut in
half. One half of the core was submitted to SGS Laboratory facility
in Durango, Mexico, and the other
half is retained on-site for verification and reference. Gold is
assayed by fire assay with an AA finish. Any samples exceeding 3.0
gold grams/tonne 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 exceeding 10,000 ppm (1%)
are-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.
Qualified Person(s)
Avino's projects in Durango, Mexico are under the geoscientific
oversight of Michael F. O'Brien,
P.Geo., Senior Principal Consultant, Red Pennant Communications,
and under the supervision of Peter
Latta, P.Eng, Avino's VP, Technical Services, who are both
qualified persons within the context of NI 43-101. Both have
reviewed and approved the technical data in this news release.
About Avino
Avino is primarily a silver producer from
its wholly owned Avino Mine near Durango,
Mexico. The Company's silver, gold and copper production
remains unhedged. The Company's mission and strategy is to create
shareholder value through its focus on profitable organic growth at
the historic Avino Property and the strategic acquisition of
mineral exploration and mining properties. We are committed to
managing all business activities in a safe, environmentally
responsible, and cost-effective manner, while contributing to the
well-being of the communities in which we operate. We encourage you
to connect with us on Twitter at @Avino and on LinkedIn at Avino
Silver & Gold Mines. To view the Avino Mine VRIFY tour, please
click here.
On Behalf of the Board
"David Wolfin"
________________________________
David Wolfin
President & CEO
Avino Silver & Gold Mines Ltd.
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 the amended mineral resource estimate for the Company's
Avino Property located near Durango in west-central Mexico (the "Avino Property") with an
effective date of January 13, 2021,
and as amended on December 21, 2021,
and the Company's updated mineral resource estimate for La Preciosa
with an effective date of October 27,
2021, prepared for the Company, and references to Measured,
Indicated, Inferred Resources referred to in this press
release. 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, 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; the COVID-19 pandemic; volatility in the global
financial markets; 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 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. For more detailed information regarding the
Company including its risk factors, investors are directed to the
Company's Annual Report on Form 20-F and other periodic reports
that it files with the U.S. Securities and Exchange Commission.
References to Measured & Indicated Mineral Resources and
Inferred Mineral Resources in this press release are terms that are
defined under Canadian rules by National Instrument 43-101 ("NI
43-101"). On October 31, 2018,
the US Securities and Exchange Commission adopted Item 1300 of
Regulation S-K ("Regulation SK-1300") to modernize the property
disclosure requirements for mining registrants, and related
guidance, under the Securities Act of 1933 and the Securities
Exchange Act of 1934. All registrants are required to comply
with Regulation SK-1300 for fiscal years ending after January 1, 2021. Accordingly, the Company
must comply with Regulation SK-1300 for its fiscal year ending
December 31, 2021, and thereafter,
and the Company will no longer utilized Industry Guide
7. Regulation SK-1300 uses the Committee for Mineral Reserves
International Reporting Standards ("CRIRSCO") based classification
scheme for mineral resources and mineral reserves, that includes
definitions for inferred, indicated, and measured mineral
resources. U.S. Investors are cautioned not to assume that any
part of the mineral resources in these categories will ever be
converted into probable or proven mineral reserves within the
meaning of Regulation S-K 1300.
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SOURCE Avino Silver & Gold Mines Ltd.