NYSE MKT: ASM
TSX-V: ASM
Berlin & FSE: GV6
VANCOUVER, Oct. 28, 2016 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX-V,
ASM: NYSE-MKT; "Avino" or "the Company") is pleased to announce
it has filed an updated NI 43-101 resource estimate on the Bralorne
Gold Property located near Gold Bridge,
British Columbia on the SEDAR system. Findings from the
report were initially disclosed in the Company's news release dated
October 21, 2016.
"This new technical report marks a major milestone in our
development towards reopening the Bralorne Mine," said Bralorne
President and CEO David Wolfin. "Not
only have we increased tonnage and gold ounces through a limited
program, the updated figures give us essential information and
validate our development strategy. Combined with a number of plant
improvements and purchases of new equipment, the updated resource
estimate represents a crucial step forward. I congratulate our
entire Bralorne team."
The following is a summary of current resources at the Bralorne
Property, grouped into the measured, indicated and inferred
categories. The effective date of the resource estimates is
October 20, 2016. The resource
estimates were prepared by Garth
Kirkham, P. Geo., who is a "qualified person" within the
meaning of National Instrument 43-101, and who is an employee of
Kirkham Geosystems Ltd. and independent of Avino, as defined by
Section 1.5 of NI 43-101.
CLASS
|
Measured
|
|
|
Indicated
|
|
|
Measured and
Indicated
|
|
Inferred
|
|
|
|
Tons
|
Au
opt
|
Au
Ounces
|
Tons
|
Au
opt
|
Au
Ounces
|
Tons
|
Au
Opt
|
Au
Ounces
|
Tons
|
Au
opt
|
Au
Ounces
|
51b
FW
|
8,294
|
0.26
|
2,176
|
33,466
|
0.20
|
6,596
|
41,760
|
0.21
|
8,772
|
147,691
|
0.19
|
28,785
|
51bFW/HW
|
15,713
|
0.27
|
4,313
|
26,717
|
0.62
|
16,639
|
42,430
|
0.49
|
20,953
|
39,072
|
0.38
|
14,828
|
Alhambra
|
21,915
|
0.46
|
10,153
|
16,462
|
0.26
|
4,259
|
38,377
|
0.38
|
14,412
|
10,454
|
0.19
|
2,001
|
BK
|
|
|
|
50,501
|
0.33
|
16,822
|
50,501
|
0.33
|
16,822
|
50,430
|
0.16
|
8,064
|
BK-9870
|
|
|
|
5,754
|
0.53
|
3,058
|
5,754
|
0.53
|
3,058
|
7,327
|
0.27
|
1,986
|
BKN
|
|
|
|
37,546
|
0.36
|
13,569
|
37,546
|
0.36
|
13,569
|
46,972
|
0.30
|
14,007
|
Prince
|
|
|
|
|
|
|
|
|
-
|
12,790
|
0.17
|
2,138
|
Shaft
|
|
|
|
41,300
|
0.28
|
11,432
|
41,300
|
0.28
|
11,432
|
25,781
|
0.27
|
6,994
|
Taylor
|
|
|
|
15,455
|
0.16
|
2,510
|
15,455
|
0.16
|
2,510
|
23,010
|
0.22
|
5,097
|
TOTAL
|
45,922
|
0.36
|
16,643
|
227,201
|
0.32
|
74,885
|
273,123
|
0.33
|
91,528
|
363,527
|
0.22
|
83,900
|
Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, sociopolitical, marketing, or other relevant
issues. The quantity and grade of reported Inferred resources in
this estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred resources as an
Indicated or Measured mineral resource and it is uncertain if
further exploration will result in upgrading them to the Indicated
or Measured mineral resource category.
The mineral resource estimate is classified in accordance
with the Canadian Institute of Mining, Metallurgy and Petroleum's
"CIM Definition Standards - For Mineral Resources and Mineral
Reserves" incorporated by reference into National Instrument 43-101
"Standards of Disclosure for Mineral Projects".
Mineral Resources are reported at cut-off grades 0.1 ounces
per ton gold.
Method of Calculation
It was deterined that the 4' composite lengths offered the best
balance between supplying common support for samples and minimizing
the smoothing of the grades. The 4' sample length also was
consistent with the distribution of sample lengths within the
mineralized domains.
The method employed to address outlier grades was to limit the
range of influence for gold values greater than 3 opt to 25 feet,
which equates to the adjacent, adjoining two blocks. Outside of
this range, the gold values are capped to 3 opt.
The estimation methods used for each of the nine veins was
substantially the same. Mineral resources were estimated by inverse
distance and verified by means of nearest neighbor and ordinary
kriged methods, in addition to swathplot comparisons of estimates
and visual inspections.
The Block Models used for estimating the resources were
orthogonal and non-rotated with the exception of the Alhambra and the 51b veins which are
reflective of the orientation of each deposit. The block size
chosen was 16' x 4' x 16' for all models with the exception of the
51b veins has model dimensions of 20' x 20' x 4'.
The search strategy employed for all zones was using inverse
distance squared (ID2) as the interpolator, using a 200'
omni-directional search with a minimum of 3 composites, a maximum
of 9 and a maximum of 3 composites per drillhole.
The average bulk dry density for the mineralized vein is 12.1
ft3/ton.
Solids volumes have been created of the mined out areas that
were accounted for and extracted from the resource calculation.
Cut-off grades were applied to satisfy the condition of
reasonable prospects for eventual economic extraction and were
calculated using an estimate of costs, a gold price of US$1,300/oz and metallurgical recovery.
Classification of resources was based on the Canadian Institute
of Mining (CIM) definition standards, where distance to nearest
composite was used as a guide and measured resources were within 25
ft, indicated within 50 ft and inferred within 100 ft. Final
classification of resources was based on the Canadian Institute of
Mining (CIM) definition standards, which dictates that continuity
must be demonstrated. The spacing distances are intended to define
contiguous volumes, and they should allow for some irregularities
due to actual drill hole placement. The final classification
volume results were smoothed manually to come to a coherent
classification scheme.
Comparison to 2012 Resource Estimate
The difference between the 2012 and the 2016 estimates are: a
53% increase in tons and 7% increase in grade for measured; 62%
increase in tons and 27% in grade for indicated; and 34% increase
in tons with a decrease of 17% in grade for the inferred. Key
factors that have resulted in the changes in resources from 2012 to
2016 include:
- Additional data and information.
- Exclusion of 52 and King veins due to access and data
issues.
- Addition of three new veins namely; Alhambra, Prince, Shaft and the BK-9780 splay
off of the BK zone.
- Exclusion of the 800 stockpile and BK broken inventory which
have either been processed or not accessible. There is
approximately 2,450 tons in low grade stockpiles which have not
been reported as the grade in not known but is thought to be
approximately 0.1 ounces per ton but not verified.
- Differences related to the estimation plan used for
interpolating the resources.
Qualified Person(s)
Avino's Bralorne project is under the supervision of
Fred Sveinson, P. Eng, BSc, an Avino
Consultant and Mr. Jasman Yee P.
Eng, Avino director, who are both qualified persons within
the context of National Instrument 43-101. Mr. Sveinson, Mr.
Yee and the technical report author, Mr. Garth Kirkham, P. Geo., have all reviewed and
approved the technical data in this news release except for the
quotes.
About Avino
Avino is a low-cost primary silver producer. Avino's mission is
to create shareholder value through profitable organic growth at
the Avino property near the city of Durango, Mexico, and the Bralorne 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.
For more information, please visit Avino's website at
www.avino.com
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 our belief as to the
extent and timing of various studies, exploration results, the
potential tonnage, grades and content of deposits, and timing,
establishment, and extent of resource estimates. 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; 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 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 the 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.