Avino Silver & Gold Mines Ltd. (NYSE-MKT:ASM: TSX.V, ASM; “Avino” or the “Company”) is pleased to announce the following results from the first eight holes of its current drill program at the main Avino Mine located on the Avino property, 80 Km northeast of Durango, Mexico.
The current drill program commenced in September, 2016, and comprises 18 holes in total, for a total of 2,955 metres. Eleven of the holes have been drilled to date, and eight have been assayed. The objective of this program is to explore the area of the Avino Vein System between the San Luis workings and the Elena Tolosa (“ET”) current production area.
This new area is close to surface and accessible from the existing Avino Mine underground workings. The area was identified as a target of interest as it may have been overlooked in the past given that on surface and at shallow depths, the Avino Vein system splits into hanging wall and foot wall structures.
The Avino Vein (Epithermal) has been followed longitudinally for more than 1,300 metres and vertically for more than 600 metres. It strikes north 66° east with an east-west splay, and dips to the south and southeast at 60° to 70°. Steeply dipping, high grade zones within the vein and stock-work zones (See Avino stockwork photos linked here) are frequently found throughout the vein, as well as at its intersections with a number of lateral veins. The new zone is approximately 240 metres of strike length by 130 metres in depth, and an average of 15 metres in thickness. The Avino vein remains open at depth.
There are two longitudinal section maps linked to this release (Map 1 Map 2) showing the location of the drill holes in the area of drilling between the San Luis and the Elena Tolosa workings, and these will also be available on our website at www.avino.com.
“We are encouraged by these initial and positive drill results in the gap area between the San Luis workings and Elena Tolosa, and that the results support the continuation of the extensive Avino Vein system. This new gold rich area contains at least two sections with continuous significant gold assays.”
David Wolfin – President & CEO Avino Silver & Gold Mines Ltd.
Drill intersections are spaced 25 metres apart in order to add certainty to the new mineralized block. This tonnage is included in the inferred category of mineral resources in the most recent resource estimate dated September 26, 2016. Two access levels between San Luis and ET have been channel sampled thus providing more certainty. An evaluation of the zone is being carried out by company engineers and geologists, with the expectation of converting a portion of the inferred resources to the indicated resource category.
The results of the completed eight holes are as follows:
True widths cannot be determined with the informationavailable.
Assay Methods
Following detailed geological and geotechnical logging,drill core samples are sawed in half. One half of the core is submitted to theassay labs and the other half is retained on-site for verification andreference. Samples from the first three diamond drill holes of the program wereshipped to Inspectorate Labs for analysis. The samples are crushed and groundin Durango, with pulps assayed in Reno, Nevada. Gold is determined by 30-gramfire assay followed by an atomic absorption finish, or by gravimetric finishfor samples over 3 g/t gold. Copper, silver and other elements aredetermined by an ICP analysis following aqua regia digestion. Samples with over100 g/t silver are reassayed by fire assay with a gravimetric finish.Copper assays exceeding 1% are re-analyzed by a 4-acid digestion with atomicabsorption finish.
Samples from the remaining five diamond drill holes of theprogram were submitted to the SGS Laboratory facility in Durango, Mexico. Thegold is assayed by fire assay with an AA finish. Any samples exceeding 3.0grams/tonne gold are re-assayed and followed by a gravimetric finish.Multi-element analyses are also completed for each sample by SGS ICP14Bmethods. Any copper values over 10,000 ppm (1%) are re-assayed using ICP 90Q.Silver is fire assayed with a gravimetric finish for samples assaying over 100grams/tonne.
Avino uses a series of standard reference materials (SRMs),blank reference materials (blanks), and duplicates as part of their QA/QCprogram during analysis of assays.
Inspectorate Labs in Nevada and British Columbia are ISO9001:2008 certified, full-service laboratories that are independent of Avino,and the SGS Labs in Durango are ISO 9001 and ISO 17025 certified.
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 bothqualified persons within the context of National Instrument 43-101. Both havereviewed and approved the technical data in this news release.
About Avino:
Avino’s mission is to create shareholder value throughprofitable organic growth at the historic Avino property near Durango, Mexico,and the Bralorne Mine property in southwestern British Columbia, Canada. We arecommitted to managing all business activities in an environmentally responsibleand cost-effective manner while contributing to the well-being of thecommunities in which we operate.
ON BEHALF OF THE BOARD
“David Wolfin”
David Wolfin
President & Chief Executive Officer
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 lawsand the United States Private Securities Litigation Reform Act of 1995,including our belief as to the use of proceeds from the Offering and theCompany’s plans for production for its Avino property and Bralorne Mineproperty. These forward-looking statements are made as of the date of this newsrelease and the dates of technical reports, as applicable. Readers arecautioned not to place undue reliance on forward-looking statements, as therecan be no assurance that the future circumstances, outcomes or resultsanticipated in or implied by such forward-looking statements will occur or thatplans, intentions or expectations upon which the forward-looking statements arebased will occur. While we have based these forward-looking statements on ourexpectations about future events as at the date that such statements wereprepared, the statements are not a guarantee that such future events will occurand are subject to risks, uncertainties, assumptions and other factors whichcould cause events or outcomes to differ materially from those expressed orimplied by such forward-looking statements.
Such factors and assumptions include, among others, ourability to use the proceeds from the Offering as expected, the effects ofgeneral economic conditions, the price of gold, silver and copper, changingforeign exchange rates and actions by government authorities, uncertaintiesassociated with legal proceedings and negotiations and misjudgments in thecourse of preparing forward-looking information. In addition, there are knownand unknown risk factors which could cause our actual results, performance orachievements to differ materially from any future results, performance orachievements expressed or implied by the forward-looking statements. Known riskfactors include risks associated with project development; the need foradditional financing; operational risks associated with mining and mineralprocessing; fluctuations in metal prices; title matters; uncertainties andrisks related to carrying on business in foreign countries; environmentalliability claims and insurance; reliance on key personnel; the potential forconflicts of interest among certain of our officers, directors or promoters ofwith 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. Althoughwe have attempted to identify important factors that could cause actualactions, events or results to differ materially from those described inforward-looking statements, there may be other factors that cause actions,events or results not to be as anticipated, estimated or intended. There can beno assurance that forward-looking statements will prove to be accurate, asactual results and future events could differ materially from those anticipatedin such statements. Accordingly, readers should not place undue reliance onforward-looking statements. We are under no obligation to update or alter anyforward-looking statements except as required under applicable securities laws.
Cautionary Note to United States Investors - The informationcontained herein and incorporated by reference herein has been prepared inaccordance with the requirements of Canadian securities laws, which differ fromthe requirements of United States securities laws. In particular, the term“resource” does not equate to the term “reserve”. The Securities ExchangeCommission’s (the “SEC”) disclosure standards normally do not permit theinclusion of information concerning “measured mineral resources”, “indicatedmineral resources” or “inferred mineral resources” or other descriptions of theamount of mineralization in mineral deposits that do not constitute “reserves”by SEC standards, unless such information is required to be disclosed by thelaw of the Company’s jurisdiction of incorporation or of a jurisdiction inwhich its securities are traded. U.S. investors should also understand that“inferred mineral resources” have a great amount of uncertainty as to theirexistence and great uncertainty as to their economic and legal feasibility.Disclosure of “contained ounces” is permitted disclosure under Canadianregulations; however, the SEC normally only permits issuers to reportmineralization that does not constitute “reserves” by SEC standards as in placetonnage and grade without reference to unit measures.
Neither TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.