Avino Provides San Gonzalo Mine Level 6 Underground Development Results & Announces 2014 Drill Program
April 01 2014 - 8:00AM
Marketwired Canada
Avino Silver & Gold Mines Ltd. (NYSE MKT:ASM)(TSX VENTURE:ASM)(FRANKFURT:GV6)
("Avino" or "the Company") today announced preliminary results from development
of the sixth level of the San Gonzalo Mine as well as plans to commence its 2014
drill program on the Avino property, located 80km northeast of Durango, Mexico.
"We are encouraged with the initial sampling results from level 6 of the San
Gonzalo Mine; gold and silver grades continue strong and both the strike and
widths remain consistent with level 5. We look forward to processing this
material once it is mined. We are also pleased to commence our 2014 drill
program which is scheduled to begin as soon as permits are received. This drill
program will explore the San Gonzalo vein at depth as well as other vein systems
nearby."
- David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd.
San Gonzalo Mine Level 6 Development Results
Development of level 6 of the San Gonzalo Mine has been ongoing since the
beginning of the year. Drifting to date has totaled 106 metres to the northwest
and 122 metres southeast of the main crosscut across from the ramp on level 6.
Avino has taken face samples to the Northwest and to the Southeast along the
vein. These samples are assayed in Avino's own lab and provide a quick and
inexpensive guide to vein width, grade, and continuity. Before planning stopes
between levels 5 and 6, Avino samples the back (roof) of the vein. These samples
are delivered to Inspectorate Labs in Durango, Mexico.
Inspectorate Labs are part of the Bureau Veritas Group. Samples are prepped
(ground and prepared into pulps) then air freighted to the Bureau Veritas
facility in Sparks, Nevada, where they are assayed by techniques described
below.
Results to date from the back-sampling programme are as follows:
----------------------------------------------------------------------------
Northwest of Crosscut (Poniente Pte)
----------------------------------------------------------------------------
Sampled Length
Along Vein (m) Width (m) Gold (g/t) Silver (g/t) Pb % Zn %
----------------------------------------------------------------------------
18.28 Vein: 1.79 3.224 485 1.22 1.88
------------------------------------------------------------
Drift: 2.39 2.444 370 1.02 1.53
----------------------------------------------------------------------------
3.58 Vein: 1.58 0.791 176 2.55 4.05
------------------------------------------------------------
Drift: 2.51 0.541 123 1.95 3.16
----------------------------------------------------------------------------
5.89 Vein: 1.95 2.339 611 2.22 4.07
------------------------------------------------------------
Drift: 2.56 1.815 472 1.92 3.52
----------------------------------------------------------------------------
11.38 Vein: 1.78 1.451 134 0.51 0.80
------------------------------------------------------------
Drift: 2.78 1.004 98 0.40 0.62
----------------------------------------------------------------------------
----------------
Total: 39.13
----------------------------------------------------------------------------
Southeast of Crosscut (Oriente Ote)
----------------------------------------------------------------------------
Sampled Length
Along Vein (m) Width (m) Gold (g/t) Silver (g/t) Pb % Zn %
----------------------------------------------------------------------------
8.44 Vein: 2.53 1.711 121 0.55 1.05
------------------------------------------------------------
Drift: 3.90 1.231 87 0.40 0.72
----------------------------------------------------------------------------
4.41 Vein: 1.55 0.934 70 0.30 0.63
------------------------------------------------------------
Drift: 2.90 0.717 54 0.25 0.50
----------------------------------------------------------------------------
18.25 Vein: 2.05 4.309 460 0.98 1.56
------------------------------------------------------------
Drift: 2.72 3.358 354 0.80 1.22
----------------------------------------------------------------------------
6.53 Vein: 1.94 2.291 208 0.72 0.94
------------------------------------------------------------
Drift: 2.38 1.905 177 0.62 0.84
----------------------------------------------------------------------------
16.11 Vein: 2.90 3.538 599 0.78 1.14
------------------------------------------------------------
Drift: 3.62 2.862 483 0.65 0.95
----------------------------------------------------------------------------
----------------
Total: 53.74
Sampling lengths along the vein are continuous as shown on the sample plan map
available on Avino's website.
The San Gonzalo vein contains the highest gold and silver values; however, we
drift wider along the vein and sample the country rock on both sides of the
vein. The wall rocks usually contain metal values which decrease with distance
from the San Gonzalo vein; thus, we can plan mining over wider widths, providing
more tonnage and wider stopes, which permit efficient operation using shrinkage
methods whilst providing feed grade to our mill well above cut-off.
Avino is fortunate to be able to mine wider than the actual San Gonzalo vein
without serious grade dilution.
Assay Methods
Samples from level 6 underground channel sampling of the San Gonzalo vein are
shipped to Inspectorate Labs for analysis for gold, silver, arsenic, bismuth,
copper, molybdenum, lead, antimony, zinc, and mercury. Samples are crushed and
ground in Durango with pulp assayed in Reno, Nevada using fire assay and AA
finish for gold, four-acid digestion and AA for most silver or fire assay and
gravimetric finish for very high silver, and aqua regia digestion and ICP-MS for
base metals. Inspectorate Labs in Nevada and British Columbia are ISO 9001:2008
certified, full-service laboratories that are independent of Avino. Sample QA/QC
procedures are as described in Section 11.5 of the July 2013 Technical Report on
the Avino property by Tetra Tech. 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 from level 6 sampling at San
Gonzalo.
2014 Drill Program
In 2014, Avino is planning to undertake both surface and underground drill
programs to further explore the San Gonzalo vein at depth as well as other
nearby vein systems. Currently a 70 metre cross cut with drill station is being
driven on level 6 with plans to drill angled holes to depth to test the vein
between the levels 7 and 10 elevations and below level 10 (the perimeter of the
current mineral resource) with the intent of extending known mineralization at
depth.
Further, the 2014 drill program will include a surface program intended to
explore other vein systems near the San Gonzalo Mine. These vein systems include
the Los Angeles and Angelica veins both of which are located within drill
distance of existing San Gonzalo mine workings. Drilling will commence when
permits are received.
Avino owns both a surface and underground drill and will conduct the drilling
internally. The surface LY-44 drill was recently fully rehabilitated with
replacement components to make it more powerful; it now has a capacity of 800
metre using an NQ drill hole diameter.
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 but are not responsible for
other info.
About Avino
Avino is a silver and gold producer operating the Avino property located in
Durango, Mexico. The Company's mission is to become the next mid-tier silver
producer through profitable organic growth at the Avino property. We are
committed to managing all business activities in an environmentally responsible
and cost-effective manner while contributing to the well-being of the community
in which we operate.
ON BEHALF OF THE BOARD
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 including the PEA, and exploration results, the
potential tonnage, grades and content of deposits, timing and establishment and
extent of resources 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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Avino Silver & Gold Mines Ltd.
David Wolfin
President & CEO
604.682.3701
604.682.3600 (FAX)
ir@avino.com
www.avino.com
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From May 2024 to Jun 2024
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From Jun 2023 to Jun 2024
