VANCOUVER, Dec. 4, 2018 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM:
TSX/NYSE American/GV6: FSE; "Avino" or "the Company") is
pleased to announce drill results from eleven holes that were
drilled in the wall of the Avino Open Pit Mine area of the Avino
vein stockwork system. The Avino Open Pit Mine area is located on
the Avino property, situated 80 kilometres northeast of
Durango, Mexico. Mapping by the
mine geology team revealed shallow remnants of vein material on the
margins of the open pit that had not been mined historically.
Subsequently, during July and August
2018, eleven short diamond drill holes were drilled from
surface into the footwall and the hanging wall to the main Avino
Vein at the western end of the historic open pit. Mineralized
material was intersected in a zone of stockwork and vein material
less than 120 metres from surface. This has been
provisionally named the 'El Hundido Zone'. The stratigraphic
relationship between this material and the zones currently being
mined at depth in the Elena Tolosa "ET" Mine will be correlated
with further work. The assays show a promising range of gold,
silver, and copper grades at different widths, which warrant
further investigation.
"These drill results are encouraging and indicate the
possibility of additional mill feed for Mill Circuit 4 in the
future, and as we are currently in a low metal price environment,
we are always looking at economical ways of running material
through the Mill." said David
Wolfin, President and CEO. "Additionally, I would like to
thank the operations team in Mexico for their continued initiative and
focus on multiple stages of growth at the Avino Mine.
The eleven drill holes that totaled 924.65 metres can be viewed
by clicking here Map A or at the end of this release, and are
summarized as follows:
Table 1: Summary of Drilling on the Margins of the Avino Open
Pit
Hole
Number
|
Description
|
Intersection
(m)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
ET-18-03
|
Andesite
|
82.55 –
118.6
|
36.05
|
0.03
|
93
|
0.15
|
|
Including
|
82.55 –
90.95
|
8.40
|
0.01
|
325
|
0.22
|
ET-18-04
|
Breccia
Quartz
|
69.95 –
73.9
|
3.95
|
1.47
|
323
|
0.30
|
ET-18-05
|
Quartz
Vein
|
87.85 –
91.15
|
3.30
|
1.05
|
100
|
0.36
|
|
All zone
|
99.30-
105.55
|
6.25
|
1.34
|
121
|
0.18
|
|
Including
|
99.30 –
102.50
|
3.20
|
2.13
|
213
|
0.24
|
ET-18-06
|
Stockwork
|
73.85 –
85.10
|
11.25
|
0.62
|
112
|
0.86
|
|
Including
|
76.20 –
78.85
|
2.65
|
1.64
|
260
|
1.28
|
|
Including
|
78.85 –
85.10
|
6.25
|
0.30
|
72.6
|
0.91
|
ET-18-07
|
Breccia
|
107.85 –
113.85
|
6.0
|
0.73
|
181.7
|
0.69
|
ET-18-08
|
Stockwork
|
73.25 –
96.15
|
18.0
|
0.24
|
64.9
|
0.41
|
|
Including
|
85.85 –
96.15
|
10.3
|
0.33
|
85
|
0.36
|
|
Including
|
89.50 –
92.55
|
3.05
|
0.85
|
141.8
|
0.28
|
ET-18-09
|
Breccia
|
42.30 –
59.30
|
17.0
|
0.51
|
72
|
0.19
|
|
Including
|
54.80 –
59.30
|
4.50
|
0.88
|
79.4
|
0.59
|
ET-18-10
|
Stockwork
|
52.30 –
65.80
|
13.5
|
0.22
|
68
|
0.05
|
ET-18-11
|
Stockwork,
Breccia
|
24.45 –
43.30
|
18.65
|
0.62
|
84.4
|
0.15
|
|
Including
|
24.45 –
28.60
|
4.15
|
0.60
|
144.3
|
0.07
|
|
Including
|
42.05 –
43.30
|
1.25
|
2.81
|
343.7
|
1.69
|
ET-18-12
|
Breccia
Quartz
|
22.75 –
23.85
|
1.10
|
0.60
|
408
|
1.88
|
|
Stockwork
|
30.55 –
51.60
|
21.05
|
0.35
|
79.3
|
0.58
|
|
Including
|
30.55 –
35.80
|
5.25
|
0.53
|
154.9
|
0.85
|
|
Including
|
47.05 –
51.60
|
4.55
|
0.76
|
121.5
|
1.40
|
ET-18-13
|
Andesite
|
18.00 –
21.90
|
3.90
|
0.67
|
120
|
0.08
|
|
Breccia
|
18.00 –
33.05
|
15.05
|
0.39
|
74
|
0.09
|
|
Andesite
|
34.35 –
36.35
|
2.00
|
3.98
|
23
|
0.02
|
True Widths cannot
be determined with the information available
|
These drill results are encouraging as the presence of
mineralized material in the historic open pit mine area has the
potential to add easily accessible mineable tonnage to our
portfolio.
About the Avino Vein
The Avino vein is 1.6 km long and 60
m wide on the surface and has been followed longitudinally
for more than 1,300 m and vertically
for more than 600 m. 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 are frequently found in the upper
part of the vein, as well as at its intersections with a number of
lateral veins.
The Avino Vein has three main mineralized zones—San Luis, Elena
Tolosa (La Gloria/Hundido) and
Chirumbo areas—which rake to the west and are open at depth.
The hanging wall of the Avino Vein is andesite, while the
footwall is a monzonite intrusive with andesite sections.
The mineralized zones of the Avino vein structure that are
currently being evaluated were not economic 30 to 40 years ago due
to the low metal prices at that time, however, with improved market
conditions, modern efficiencies, advanced mining and mill
equipment, the mining of these areas could now be cost
effective.
Santiago Vein
At the San Gonzalo mine, the Santiago vein dips steeply at 80°
to the south and is oblique to the San Gonzalo vein (which dips 80°
to the northeast). Recent development in the San Gonzalo mine has
been focused on Level 2, which was originally drilled and sampled
between 2007 and 2011. During the recent development, new
mineralization was discovered and the possibility of vertical
extension of known mineralization is being investigated by further
development and drilling.
Currently, we have approximately 2,500 tons of broken mine
material, grading 350 grams per tonne Ag and 0.50 grams per tonne
Au and are now drifting at Level 3 along the Santiago vein
continuing to explore vertical continuity of mineralization in
Level 2. Three diamond drill holes from underground have been
completed and the assay results are pending. The long section
showing the relation between the Santiago and San Gonzalo veins can
be viewed by clicking here Map B or at the end of this release.
Avino Property Exploration Potential
The Company remains optimistic regarding the vast unexplored
potential across the Avino Property which hosts dozens of historic
shallow artisanal mines. Regionally, the Avino concession is
situated within a 12 km north-south by 8.5 km caldera, which hosts
numerous low sulphidation epithermal veins, breccias, stockwork and
silicified zones. These zones grade into a "near porphyry"
environment, particularly in the Avino Mine area.
Sampling and Assay Methods
Following detailed geological and geotechnical logging, drill
core samples are sawed in half. One half of the core is 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 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 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)
Information in this press release has been reviewed and approved
by Michael O'Brien, P.Geo.,
Technical Director, Geology and Resources, Ausenco Engineering
Canada Inc, who is an "independent qualified person", as defined by
Section 1.5 of National Instrument 43-101.
About Avino
Avino is a silver and gold producer with a diversified pipeline
of gold, silver and base metals properties in Mexico and Canada employing approximately 500 people.
Avino produces from its wholly owned Avino and San Gonzalo Mines
near Durango, Mexico, and is
currently evaluating the potential economics of possible future
production at the Bralorne Gold Mine in British Columbia, Canada. The Company's gold
and silver 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 near
Durango, Mexico, and the strategic
acquisition of mineral exploration and mining properties. 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 & CEO
Avino Silver & Gold Mines
Ltd.
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 the updated mineral
resource estimate for the Company's Avino Property located near
Durango in west-central Mexico
(the "Property") with an effective date of February 21, 2018 prepared for the Company, and
reference 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. No assurance can be given that the Company's Property
does not have the amount of the mineral resources indicated in the
updated report or that such mineral resources may be economically
extracted.
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; 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 as set forth in our regulatory filings in
Canada and the U.S.. 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 the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
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SOURCE Avino Silver & Gold
Mines Ltd.