Drills 150 AgEq g/t over 26.77 metres
including 1,800 AgEq g/t over 0.28
metres
VANCOUVER, BC, Oct. 11,
2022 /PRNewswire/ - Avino Silver & Gold Mines
Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) ("Avino" or
"the Company") has now compiled further drill results from Phase 2
of its 2021/2022 exploration program.
These latest results represent six holes completed below the
current Level 17 mining area at the Elena Tolosa ("ET") area of the
Avino Mine. The goal of this part of the exploration program is to
define the continuity of the steeply dipping mineralization and to
identify the source of the mineralization's feeder. These
drilling results demonstrate the continuity of our mineralization
similar to or higher than the current mining widths and grades at
the lowest level of the current Avino Mine production area.
"The ET area drilling builds on our June
2022 results as we as continue to expand the area of
mineralization below Level 17", said David
Wolfin, President and CEO. "We are thrilled at the copper
grades over significant widths and encouraged to see strong gold
and silver grades as well. In the last drill campaign, we drilled
to a depth of 290 metres below the lowest mining level. This
current drill campaign tested infill sections to a depth of 232
metres to ensure continuity as well as extensions to the east of
the known mineralization. Furthermore, we also tested on the
eastern edge of our production workings to add to our geological
understanding and help identify the main mineralization feeder.
With this continued success, our team is extremely excited on ET
prospects and have made the decision to mobilize Avino's
3rd exploration drill rig to these areas. The current
intercept widths suggest that this area will be able to utilize
Avino's existing low-cost bulk mining methods."
Avino is developing a geological model based on a "near
porphyry" environment. The persistence of grade continuity from
surface down a plunge distance of over 800 metres (600 metres
vertical) and base metal zonation supports the likelihood of a
deeper mineralized system and could possibly be linked to a
porphyry centre.
Geological modelling is ongoing to determine the potential
geometry and controls of our mineralization. A further 6 drill
holes are planned and budgeted for 2022.
Geological Description
The Property contains numerous low-sulphidation epithermal veins
(including the Avino vein), breccias, stockworks, and silicified
zones that grade into a "near porphyry" environment within a large
caldera setting. The caldera has been uplifted by regional
north-trending block faulting (a graben structure), exposing a
window of andesitic pyroclastic rocks of the lower volcanic
sequence within this caldera. This lower volcanic sequence is
overlain by an upper volcanic sequence, consisting of rhyolite to
trachyte lava flows and extensive ignimbrites that have been
intruded by monzonite bodies. The direction of the copper grade
increase plunges towards the east in the Avino vein, suggesting
changing pressure and temperature conditions with depth at the time
of mineralization and possibly reflecting a transition from
epithermal to porphyry-style mineralization.
Below Level 17
Six holes totalling 3,269 meters drilled were completed to
investigate the continuity of mineralization in the central part of
the ET Area. Five of the holes intercepted the mineralization
within the vein and stockwork and are reported in Table
1.
Vein-type mineralization and stockwork with mineralization of
silver, gold and copper are found along the contacts between
intrusive rocks and an andesite. This provides opportunities within
the ET Area for the identification and delineation of additional
mineral resources that remain open on strike and dip (see Figure
1 for the projections of the resource relative to the drilled
holes). This recent deeper drilling confirms that the
mineralization persists down dip significantly past the lowest
developed mining level and may prove to add significant mineral
resources subject to the completion of an updated mineral resource
estimate currently scheduled for Q1 2023.
"In my opinion, the strong vertical persistence of the
mineralization system and three centuries of mining history are
signs that Avino may turn out to be a substantial deposit." said
Michael F. O'Brien, P.Geo., Senior
Principal Consultant, Red Pennant Communications.
Highlights
Selected intercepts include:
Hole ET 22-08: 95 AgEq g/t over 43.80 metres, including
673 AgEq g/t over 0.66 metres
Hole ET 22-09: 150 AgEq g/t over 26.77 metres, including
1,037 AgEq g/t over 0.46 metres and 1,800 AgEq g/t over 0.28
meters
Details are shown in the table and images below.
Structure
|
Hole
Number
|
From
(m)
|
To
(m)
|
Drill Intercept
Length (m)
|
True
width
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
AgEq¹
(g/t)
|
AVINO
VEIN
|
ET-22-04
|
432.85
|
435.30
|
2.45
|
2.12
|
0.02
|
2
|
0.02
|
5
|
AVINO
VEIN
|
ET-22-05
|
494.75
|
512.00
|
17.25
|
14.40
|
0.17
|
30
|
0.19
|
62
|
|
Including
|
505.45
|
505.85
|
0.40
|
0.34
|
0.42
|
430
|
0.42
|
524
|
HW BX
|
ET-22-06
|
70.50
|
74.80
|
4.30
|
3.72
|
0.07
|
8
|
0.16
|
36
|
AVINO
VEIN
|
And
|
566.35
|
603.85
|
37.50
|
27.25
|
0.02
|
8
|
0.10
|
23
|
|
Including
|
585.40
|
585.60
|
0.20
|
0.14
|
0.49
|
132
|
1.92
|
436
|
HW
STW
|
ET-22-07
|
213.80
|
223.90
|
10.10
|
9.95
|
0.25
|
17
|
0.40
|
93
|
|
Including
|
223.00
|
223.90
|
0.90
|
0.90
|
1.85
|
37
|
0.22
|
232
|
AVINO
VEIN
|
And
|
555.60
|
569.15
|
13.55
|
10.90
|
0.06
|
25
|
1.05
|
172
|
|
Including
|
563.70
|
564.70
|
1.00
|
0.74
|
0.06
|
65
|
2.84
|
454
|
HW
STW
|
ET-22-08
|
510.15
|
513.70
|
3.55
|
3.20
|
0.02
|
12
|
0.98
|
146
|
|
Including
|
510.15
|
510.40
|
0.25
|
0.22
|
0.06
|
41
|
7.78
|
1,099
|
AVINO
VEIN
|
And
|
519.00
|
576.65
|
57.65
|
43.80
|
0.15
|
15
|
0.49
|
95
|
|
Including
|
533.00
|
534.00
|
1.00
|
0.66
|
4.19
|
36
|
1.94
|
673
|
AVINO
VEIN
|
ET-22-09
|
548.25
|
581.25
|
33.00
|
26.77
|
0.15
|
40
|
0.71
|
150
|
|
Including
|
548.25
|
548.65
|
0.40
|
0.28
|
2.96
|
155
|
10.20
|
1,800
|
|
Including
|
556.65
|
557.25
|
0.60
|
0.46
|
1.98
|
260
|
4.43
|
1,037
|
Table 1 - Summary Drill Results
1.
|
AgEq in drill
results above assumes $1,700 oz Au and $19.00 oz Ag, and $3.75 lb
Cu, and 100% metallurgical recovery
|
2.
|
HW BX = Hanging Wall
Breccia and HW STW = Hanging Wall Stockworks
|
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 the 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 the La Preciosa
property. Avino currently controls 290 million silver equivalent
ounces within our district scaled land package. 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 utilize 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.