Twitter Facebook LinkedIn YouTube

Avino Silver & Gold Mines announced drill results from the Oxide Tailings Project that sits within its tailings storage facility #1 on the Avino property in Mexico.

Video Platform Video Management Video Solutions Video Player

Avino Silver & Gold Mines Ltd. (TSX:ASM) (NYSE American:ASM) (FSE:GV6) announced drill results from the Oxide Tailings Project that sits within its tailings storage facility #1 on the Avino property in Mexico. Avino, primarily a silver producer from its 99.28% owned historic Avino Mine near Durango, Mexico, also maintains a diversified pipeline of gold, silver and base metals exploration properties.

Additional Information:

Company: Avino Gold and Silver
Website: https://avino.com/
Stock Symbol: TSX:ASM
Date Published: May 24, 2022
Transcript: Available

Video Transcript:

Avino Silver & Gold Mines Ltd. (TSX:ASM) (NYSE American:ASM) (FSE:GV6) has announced drill results from the Oxide Tailings Project that sits within its tailings storage facility #1 on the Avino property.

Avino, primarily a silver producer from its 99.28% owned historic Avino Mine near Durango, Mexico, also maintains a diversified pipeline of gold, silver and base metals exploration properties.

The 2022 drill program included 17 drill holes for a total of 209 metres, which followed up on the 110 holes, totalling 3,645 metres drilled in 2021 and released on April 7th.

Previous drilling in 2015/2016 was used for the 2016 NI 43-101 Preliminary Economic Assessment which is available on SEDAR.

The current drill holes were added to step out from the current known footprint of the historic oxide tailings deposit to capture the total tailings resource.

A comprehensive sampling program is underway to collect samples for an upcoming metallurgical testing program.

Once completed and assuming results are positive, the existing PEA will be used as the framework for an updated study with the intention of advancing the project to Pre-Feasibility Study level.

The current drill results are shown in this table.

David Wolfin, President and CEO, stated: "These results highlight the continuity of the tailings grade beyond the previous known deposition footprint. The gold grade in the oxide portion of the recent holes is encouraging and given the distance of the step out holes, we feel this will provide meaningful resource expansion significantly beyond what was described in the previous PEA. The Oxide Tailings project factors prominently into the Company's growth strategy to achieve intermediate producer status."

Over Avino's 54-year history the mine has operated for various periods of time and as such, generated different types of tailings, with 3 distinct zones of oxide tailings identified corresponding to the timeline of extraction from the previous historic operations.

The historic oxides are tailings that were generated prior to the 1980's from the open pit mine on Avino's property and are not included in the current drill program.

The recent oxides consist of tailings from the processing operation from the 1980's until the late 1990's.

Finally, the sulfide tailings are the recent tailings from when the operation recommenced in 2011.

The tailings were drilled with a 2" sonic drill, which was drilled to the depth of the underlying bedrock, which is sloped so that the depth of each hole can vary significantly depending on the drill hole location.

The Oxide Tailings is located to the southwest of the Avino mine and mill and is the current tailings facility for the Avino mill.

Avino is advancing its dry stack tailings project and when complete will decommission the current tailings pond, potentially opening this area to development and reprocessing.

Earlier this month, the company reported record revenues and mine operating income for the first quarter, with $11.1 million in revenues, $4.7 million in mine operating income, with earnings per share of $0.01 and operating cash flow and adjusted earnings per share of $0.03.

The shares are trading at $0.86 on the Toronto Stock Exchange.

For more information, please visit the company’s website at www.avino.com, contact Jennifer North, Manager, Investor Relations, at 604-682-3701 or by email at IR@avino.com.