VANCOUVER, BC, July 15, 2021 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (TSX: ASM)
(NYSE American: ASM) (FSE: GV6) "Avino" or "the Company") is
pleased to announce initial drill results from Phase 1 of the drill
campaign which was announced as part of the Company's exploration
plans for 2021.
"The results of this initial drill program are encouraging as we
had some significant grades hit at each location," said
David Wolfin, President and CEO. "We
will integrate this information into our geological model to
improve our understanding as we continue to look for economic
deposits similar to our San Gonzalo mine while at the same time
looking to add M&I resources at our Avino mine. We have
been test targeting a few holes at a time to determine potential
areas to further focus on, as well as building a database of
geological information."
The reported results below are from the El Trompo Vein, the
Santiago Vein, and the recently announced La Malinche Vein.
El Trompo Vein:
The El Trompo Vein is a priority target as it is an offshoot of
the Avino Vein, which has been one of the feeder veins for the
Company's milling complex. Historical data indicates there are high
grade areas within the vein over considerable widths, and there is
underground infrastructure adjacent to the vein, which would allow
access for mining. The structure has already been exposed and
developed on the upper levels in the ET Area of the Avino Vein.
Drilling on this vein has been from surface to confirm continuity
of the mineralization at depth.
Table 1: El Trompo Vein - Summary of Drilling – 8
holes and 1,569 metres
Hole
Number
|
From
|
To
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(ppm)
|
Pb
(ppm)
|
Zn
(ppm)
|
AgEq
(g/t)
|
TR-21-01
|
182.90
|
183.85
|
0.95
|
0.56
|
177.00
|
35,000
|
540
|
670
|
577
|
TR-21-02
|
228.45
|
231.00
|
2.70
|
0.03
|
32.00
|
3,000
|
180
|
1,900
|
71
|
TR-21-03
|
101.80
|
104.55
|
2.75
|
0.42
|
276.00
|
1,000
|
2,900
|
1,000
|
322
|
TR-21-04
|
139.80
|
141.65
|
1.85
|
0.08
|
37.00
|
1,000
|
1,200
|
2,700
|
64
|
TR-21-05
|
115.00
|
116.00
|
1.00
|
0.02
|
8.00
|
1,300
|
40
|
3,500
|
33
|
TR-21-06
|
161.35
|
165.75
|
4.40
|
0.11
|
47.00
|
2,100
|
1,600
|
700
|
82
|
TR-21-07
|
124.35
|
127.15
|
2.80
|
0.01
|
2.00
|
170
|
100
|
1,600
|
9
|
TR-21-08
|
182.05
|
183.90
|
1.85
|
0.01
|
1.00
|
0
|
20
|
5600
|
4
|
*AgEq in drill
results assumes $1,800 Au and $26.00 Ag per ounce, and $4.25 Cu,
$1.00 Pb., and $1.25 Zn per pound., and 100% metallurgical
recovery.
|
The recent El Trompo drilling has demonstrated continuity along
250 m of strike at a depth pf
120 m below surface.
Santiago Vein:
The Santiago vein lies further
north in the Avino mining district in an area of narrow veins that
average 1 to 2 metres in width and intersects the San Gonzalo vein
with mineralization similar to the historically high-grade San
Gonzalo silver-gold mineralization. The San Gonzalo mine previously
produced 6 million ounces of silver equivalent until closing in
2019. The continuity of the mineralization of the Santiago vein is being tested, as well as an
apparent displacement by the San Gonzalo fault. This target will be
drilled from surface. Because of the close proximity to San Gonzalo
underground infrastructure, mining access is close by, if
significant mineral resources are found.
Table 2: Santiago Vein - Summary of Drilling – 7 holes and
1,451 metres (Assays from 1 hole outstanding)
Hole
Number
|
From
|
To
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(ppm)
|
Pb
(ppm)
|
Zn
(ppm)
|
AgEq
(g/t)
|
ST-21-01
|
158.35
|
160.10
|
1.75
|
0.09
|
25
|
1,720
|
315
|
1,230
|
53
|
ST-21-02
|
171.00
|
171.60
|
0.60
|
0.18
|
33
|
154
|
712
|
2,080
|
55
|
ST-21-03
|
124.15
|
125.85
|
1.70
|
0.13
|
16
|
234
|
661
|
3,420
|
39
|
ST-21-04
|
202.60
|
203.40
|
0.80
|
2.62
|
643
|
2,500
|
2,605
|
2,918
|
865
|
ST-21-04
|
337.30
|
338.05
|
0.75
|
0.04
|
2
|
32
|
101
|
80
|
6
|
ST-21-05
|
Did not
intersect
the vein
|
|
|
|
|
|
|
|
|
ST-21-06
|
199.05
|
199.20
|
0.15
|
0.017
|
23
|
3,280
|
116
|
200
|
59
|
*AgEq in drill
results assumes $1,800 Au and $26.00 Ag per ounce, and $4.25 Cu,
$1.00 Pb., and $1.25 Zn per pound., and 100% metallurgical
recovery.
|
La Malinche Vein:
The La Malinche vein has been
tested by six holes and the assays are shown in Table 3. The style
of mineralization intersected resembles the low-sulphidation
epithermal San Gonzalo vein. This vein may represent a northwestern
fault-dislocated extension of the San Gonzalo vein.
More exploration work will be conducted to confirm this concept
and broaden understanding of the system.
Table 3: La Malinche -
Summary of Drilling – 8 holes at 600 metres (Assays from 2 holes
outstanding)
Hole
Number
|
From
|
To
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(ppm)
|
Pb
(ppm)
|
Zn
(ppm)
|
AgEq
(g/t)
|
LM-21-01
|
53.35
|
53.85
|
0.50
|
0.44
|
9
|
630
|
5,724
|
18,248
|
114
|
LM-21-02
|
77.60
|
77.85
|
0.25
|
0.12
|
23
|
2,980
|
539
|
282
|
64
|
LM-21-03
|
76.05
|
77.45
|
1.40
|
0.12
|
5
|
475
|
451
|
402
|
20
|
LM-21-04
|
76.05
|
77.45
|
1.40
|
1.68
|
252
|
11,700
|
9,390
|
103,000
|
820
|
LM-21-04
|
90.05
|
90.20
|
0.15
|
0.04
|
26
|
4,610
|
278
|
1,490
|
81
|
LM-21-05
|
70.75
|
72.10
|
1.35
|
0.65
|
61
|
4,914
|
4,716
|
5,674
|
185
|
LM-21-06
|
85.30
|
86.20
|
0.90
|
1.56
|
364
|
28,778
|
7,411
|
616
|
786
|
*AgEq in drill
results assumes $1,800 Au and $26.00 Ag per ounce, and $4.25 Cu,
$1.00 Pb., and $1.25 Zn per pound., and 100% metallurgical
recovery.
|
True Widths cannot be determined with the available
information.
These drill results are encouraging as the presence of
mineralized material in the La Malinche Vein has been shown to
extend along a strike distance of 250 metres and to a depth of 75
metres from surface. The 650 metre gap between the La Malinche vein and the northwest termination
of the San Gonzalo vein remains prospective.
Current Drilling Highlights
As at July 9, 2021, the total
meterage drilled is as follows:
- El Trompo Vein - 1,569 metres
- Santiago Vein - 1,717 metres
- La Malinche – 820 metres
- Oxide tailings – 1,701 metres
Testing on other known veins in the area are as follows:
- Nuestra Senora – 340 metres
- San Jorge – 133 metres
Assays of samples are pending for these areas as well as two
holes for La Malinche.
In addition, a new interpretation of the Avino footwall vein
adjacent to the El Trompo vein is being probed and 400 metres has
been drilled. Assays of the samples are currently
pending.
Oxide Tailings Resource Drilling
Avino is currently
infill drilling the oxide tailings resource that sits within our
tailings storage facility #1 ("TSF#1"). We have 200 holes planned
of which we have drilled approximately 57 holes. Assays of the
samples are pending. In 2017, Avino released an encouraging
Preliminary Economic Assessment ("PEA"), which can be found on
Avino's profile on SEDAR. One of the recommendations from the PEA
was to perform additional surface drilling to increase the
confidence level of the resource. This would be done in
anticipation on commencing a Pre-Feasibility Study ("PFS"). Avino
is currently proceeding with the recommended drilling with the
intention of making a decision to proceed with a PFS later in the
year.
Qualified Person(s)
Avino's projects in Durango, Mexico are under the geoscientific
oversight of Michael 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 with
a diversified pipeline of silver, gold, and base metal properties
in Mexico. Avino produces from its
wholly owned Avino Mine near Durango,
Mexico. The Company's silver and gold 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.
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 January 13, 2021 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
has 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; 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"). U.S. Investors are cautioned not to assume that any
part of the mineral resources in these categories will ever be
converted into Reserves as defined under SEC Industry Guide 7.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/avinos-results-from-phase-1-of-its-2021-exploration-program-drills-865-gt-of-ageq-over-0-80-metres-at-santiago-and-820-gt-of-ageq-over-1-40-metres-at-la-malinche-301334379.html
SOURCE Avino Silver & Gold
Mines Ltd.