Avino Silver & Gold Mines Ltd. (TSX VENTURE:ASM)(NYSE MKT:ASM)(FRANKFURT:GV6)
("Avino" or the "Company") is pleased to announce it has filed the Technical
Report on the Avino Property, Durango Mexico on the SEDAR system. Findings from
the report were initially disclosed in the Company's news release dated June 10
2013. The report has an effective date of July 19, 2013 and includes resource
estimates from the San Gonzalo and Avino mine systems as well as the tailings
resource; all of which are located on Avino's property near Durango in
west-central Mexico. The technical report was prepared by Tetra Tech, an
independent engineering consultant commissioned by Avino.
Below is a summary of current mineral resources at the San Gonzalo and Avino
Mines as well as the oxide tailings resource (as reported in the July 2012
Technical Report on the Avino Property) grouped into the measured, indicated and
inferred categories. The Avino and San Gonzalo mineral resource estimates were
prepared by Robert Morrison, Ph.D., P.Geo., while the oxide tailings resource
was prepared by Mike O'Brien, M.Sc., P.Geo. Dr. Morrison and Mr. O'Brien are
both employees of Tetra Tech, and independent of the Company, as defined by
Section 1.5 of NI 43-101.
---------------------------------------------------------------------------
Contained Metal
------------------------------------
Resource Cut-off Ag_Eq Ag Au Cu
Category Deposit Ag Eq(i) Tonnes (oz) (oz) (oz) (t)
---------------------------------------------------------------------------
Measured San 150 71,416 914,791 759,801 3,288 N/A
Gonzalo
System
---------------------------------------------------------------------------
Total Measured - All 71,416 914,791 759,801 3,288 N/A
Deposits
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Indicated Avino 100 4,253,968 23,838,629 10,835,338 72,207 30,914
System
---------------------------------------------------------------------------
Indicated San 150 222,407 2,763,069 2,043,514 15,263 N/A
Gonzalo
System
---------------------------------------------------------------------------
Total Indicated - 4,476,375 26,601,698 12,878,852 87,470 30,914
All Deposits
---------------------------------------------------------------------------
Total Measured & 4,547,791 27,516,489 13,638,653 90,758 30,914
Indicated - All
Deposits
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Inferred Avino 100 3,220,896 16,262,944 7,068,831 75,858 17,719
System
---------------------------------------------------------------------------
Inferred San 150 1,085,276 10,494,843 8,158,834 49,549 N/A
Gonzalo
System
---------------------------------------------------------------------------
Inferred Oxide 50(i) 2,340,000 N/A 6,660,000 39,530 N/A
Tailings
---------------------------------------------------------------------------
Total Inferred - All 6,646,172 26,757,787 21,887,665 164,937 17,719
Deposits
---------------------------------------------------------------------------
--------------------------------------------
Grade
-----------------------
Resource Ag_Eq Ag Au Cu
Category Deposit (g/t) (g/t) (g/t) (%)
--------------------------------------------
Measured San 398 331 1.432 N/A
Gonzalo
System
--------------------------------------------
Total Measured - All
Deposits
--------------------------------------------
--------------------------------------------
Indicated Avino 174.3 79.2 0.528 0.727
System
--------------------------------------------
Indicated San 386 286 2.134 N/A
Gonzalo
System
--------------------------------------------
Total Indicated -
All Deposits
--------------------------------------------
Total Measured &
Indicated - All
Deposits
--------------------------------------------
--------------------------------------------
Inferred Avino 157 68.3 0.733 0.55
System
--------------------------------------------
Inferred San 300.8 233.8 1.42 N/A
Gonzalo
System
--------------------------------------------
Inferred Oxide N/A 91.3 0.54 N/A
Tailings
--------------------------------------------
Total Inferred - All
Deposits
--------------------------------------------
(i) Ag Eq not calculated for the oxide tailings resource; cut-off in g/t Ag.
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.
"We are very pleased with the results of this study. We've substantially
increased the resource at San Gonzalo and have the first ever mineral resource
estimate on the main Avino Mine. The Avino property has an extensive mining
history; with this new resource estimate and our improving exploration
capabilities, Avino is poised to continue that legacy into the foreseeable
future."
David Wolfin, President, CEO and director of Avino Silver and Gold
Highlights of the San Gonzalo Mine Resource include:
-- A measured and indicated silver resource of 293,823 tonnes at an average
grade of 297 g/t silver and 1.98 g/t gold totaling 2,803,315 troy ounces
of silver and 18,551 troy ounces of gold using a base case cut-off grade
of 150 g/t silver equivalent.
-- An inferred silver resource of 1,085,276 tonnes at an average grade of
233.8 g/t silver and 1.42 g/t gold totaling 8,158,834 troy ounces of
silver and 49,549 troy ounces of gold using a base case cut-off grade of
150 g/t for silver equivalent.
Highlights of the Avino Mine Resource include:
-- An indicated silver resource of 4,253,968 tonnes at an average grade of
79.2 g/t silver, 0.528 g/t gold and 0.727% copper totaling 10,835,338
troy ounces of silver, 72,207 troy ounces of gold and 30,914 tonnes
copper using a base case cut-off grade of 100 g/t silver equivalent.
-- An inferred silver resource of 3,220,896 tonnes at an average grade of
68.3 g/t silver, 0.733 g/t gold and 0.55% copper totaling 7,068,831 troy
ounces of silver, 75,858 troy ounces of gold and 17,719 tonnes of copper
using a base case cut-off grade of 100 g/t silver equivalent.
San Gonzalo Mine System:
The San Gonzalo Mine estimate was based on data from surface diamond drill
programs between 2007 and 2011 (64 holes and 14,624 metres of drilling) and
underground development sampling data from levels 1, 2, 3 and 4. Modelling of
this data also shows the presence of mineralization for the nearby Angelica vein
and its resource estimate has been added to those of the San Gonzalo vein.
The base case scenario used in the estimation assumes a silver price of $US20
which translates into a cut-off grade of 150 g/t silver equivalent at San
Gonzalo. The current silver price analysis using US$24.50 per ounce establishes
a cut-off grade of 120 g/t for silver equivalent. Since commercial production
began in October 2012, Avino has been using a cut-off grade of 120 g/t for
silver equivalent.
A summary of the resource at the San Gonzalo mine using different cut off grades
is presented below:
---------------------------------------------------------------------------
Metal
---------------------------
Resource Ag_Eq Volume Ag_Eq Ag Au
Category Cut-off (m3) Tonnes Density (oz) (oz) (oz)
---------------------------------------------------------------------------
Measured and 50 163,400 425,764 2.606 4,076,578 3,124,273 20,199
Indicated -------------------------------------------------------------
100 134,112 349,348 2.605 3,901,468 2,987,063 19,396
-------------------------------------------------------------
120 126,688 329,323 2.599 3,830,639 2,927,804 19,150
-------------------------------------------------------------
150 113,264 293,822 2.594 3,677,861 2,803,315 18,550
-------------------------------------------------------------
200 89,704 231,583 2.582 3,325,495 2,528,182 16,912
-------------------------------------------------------------
250 76,672 197,530 2.576 3,079,688 2,339,140 15,708
---------------------------------------------------------------------------
Inferred 50 560,128 1,476,184 2.635 11,899,790 9,281,947 55,527
-------------------------------------------------------------
100 512,920 1,352,355 2.637 11,615,072 9,055,601 54,289
-------------------------------------------------------------
120 488,944 1,289,240 2.637 11,391,021 8,880,117 53,259
-------------------------------------------------------------
150 412,200 1,085,276 2.633 10,494,843 8,158,834 49,549
-------------------------------------------------------------
200 296,232 779,484 2.631 8,811,481 6,824,184 42,153
-------------------------------------------------------------
250 209,536 551,401 2.632 7,148,532 5,508,613 34,785
---------------------------------------------------------------------------
-------------------------------
Grade
------------------
Resource Ag_Eq Ag Au
Category (g/t) (g/t) (g/t)
-------------------------------
Measured and 297.8 228.2 1.476
Indicated ------------------
347.4 265.9 1.727
------------------
361.8 276.5 1.809
------------------
389.3 296.8 1.964
------------------
446.6 339.6 2.271
------------------
484.9 368.3 2.473
-------------------------------
Inferred 250.7 195.6 1.170
------------------
267.1 208.3 1.249
------------------
274.8 214.2 1.285
------------------
300.8 233.8 1.420
------------------
351.6 272.3 1.682
------------------
403.2 310.7 1.962
-------------------------------
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.
Avino Mine System:
The Avino Mine estimate was based on data from surface diamond drill programs
between 2006 and 2012 (34 holes and 11,523 metres of drilling). Historic mining
information was also provided to assist with the modelling of the deposit for
the mined out open pit and underground areas as well as to project the shape of
the deposit below the 12th level. The 3D wire frame model shows the presence of
another mineralization zone called the "Hanging Wall Breccia" or "Cross Cutting
Vein". Its resource estimate has been included in the Avino Mine system.
A summary of the resource at the Avino mine using different cut off grades is
presented below:
---------------------------------------------------------------------------
Cut- Metal
off ------------------------------------
Resource Ag Volume Dens- Ag_Eq Ag Au Cu
Category Eq (m3) Tonnes ity (oz) (oz) (oz) (t)
---------------------------------------------------------------------------
Indicated 50 3,156,176 8,485,813 2.689 33,698,095 14,645,088 105,279 45,384
------------------------------------------------------------------
80 2,113,760 5,673,771 2.684 27,938,365 12,390,900 86,867 36,874
------------------------------------------------------------------
100 1,584,648 4,253,968 2.684 23,838,629 10,835,338 72,207 30,914
------------------------------------------------------------------
150 863,528 2,327,430 2.695 16,205,941 7,697,377 46,408 20,369
------------------------------------------------------------------
200 405,792 1,105,097 2.723 9,474,178 4,522,283 27,828 11,718
------------------------------------------------------------------
250 218,048 596,569 2.736 5,820,374 2,792,304 16,552 7,243
---------------------------------------------------------------------------
Inferred 50 3,316,272 8,982,925 2.709 29,258,352 12,407,216 130,031 33,978
------------------------------------------------------------------
80 1,742,616 4,710,633 2.703 20,488,097 8,718,189 97,196 22,668
------------------------------------------------------------------
100 1,193,320 3,220,896 2.699 16,262,944 7,068,831 75,858 17,719
------------------------------------------------------------------
150 519,704 1,399,366 2.693 8,967,681 4,229,254 29,878 10,670
------------------------------------------------------------------
200 204,560 552,562 2.701 4,338,265 2,289,307 7,375 5,539
------------------------------------------------------------------
250 71,344 195,258 2.737 1,802,917 1,022,743 2,284 2,197
---------------------------------------------------------------------------
--------------------------------
Grade
-----------------------
Resource Ag_Eq Ag Au Cu
Category (g/t) (g/t) (g/t) (%)
--------------------------------
Indi- 123.5 53.7 0.386 0.535
cated -----------------------
153.2 67.9 0.476 0.650
-----------------------
174.3 79.2 0.528 0.727
-----------------------
216.6 102.9 0.620 0.875
-----------------------
266.7 127.3 0.783 1.060
-----------------------
303.5 145.6 0.863 1.214
--------------------------------
Inferred 101.3 43.0 0.450 0.378
-----------------------
135.3 57.6 0.642 0.481
-----------------------
157.0 68.3 0.733 0.550
-----------------------
199.3 94.0 0.664 0.763
-----------------------
244.2 128.9 0.415 1.002
-----------------------
287.2 162.9 0.364 1.125
--------------------------------
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.
Method of Mineral Resource Calculation
The Avino system and San Gonzalo system mineral resources were modelled and
estimated using Datamine(TM) software version 3.20.6140.0. The reported mineral
resource was interpolated using ordinary kriging (OK) and capped grades. Avino
mineralization included the interpolation of silver, gold and copper, while San
Gonzalo mineralization included the interpolation of silver and gold. Where
sufficient data was available, specific gravity (SG) was estimated using OK,
otherwise the average estimated value was assigned.
Reported cut-offs utilize a silver equivalent (Ag_Eq) calculation where the
total metal value is converted into an in situ silver resource. For reporting
purposes, a base-case Ag_Eq cut-off of 100 g/t is used for the Avino system and
an Ag_Eq cut-off of 150 g/t is used for the San Gonzalo system. Current cut-offs
used for financial projections by Avino, based on recent market prices, include
80 g/t for the Avino system and 120 g/t for the San Gonzalo system.
To calculate the above silver equivalent grades, Avino has assumed a price of
silver of US $20 per oz., a price of copper of US $3.66 per lb. with a recovery
rate of 85% for copper, and a price of gold of US $1,507 per oz., with 75%
recovery rate for gold at the Avino Mine and 70% recovery rate for gold at the
San Gonzalo Mine.
The oxide tailings mineral resource was estimated using Geovariance Isatis(TM)
software and OK interpolation with uncapped grades. The assay values for this
estimate are based on 28 drill holes which were completed on the tailings by
CMMA in 1990, and include 407.75 m of drilling and 383 assays of both gold and
silver. A specific gravity of 1.605 was used based on the global average for the
oxide tailings reported by Slim (2005d). For reporting purposes, a silver
cut-off of 50 g/t was used; an Ag Eq value was not calculated for the oxide
tailings. This mineral resource was estimated by Mr. Mike O'Brien, and has an
effective date of July 24, 2012. It was originally disclosed by Tetra Tech
(2012), but is considered current.
Qualified Person(s)
Avino's projects are under the supervision of Chris Sampson, P.Eng., B.Sc., ARSM
Avino Consultant and Mr. 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.
About Avino
Founded in 1968, Avino's mission is to create shareholder value through
profitable organic growth at the historic Avino property near Durango, Mexico.
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
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 Jun 2024 to Jul 2024
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From Jul 2023 to Jul 2024