Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) releases the results of three drill holes from below Level 17, the current deepest workings at the Elena Tolosa Area of the Avino system. Previously, the Company reported the extension of the Avino Vein to a further 500 metres downdip below the lowest current production mining level. Drill Hole ET-23-09 shows 57 metres true width of mineralization and is a step out 50 metres to the west of Avino’s most westerly drill hole at 200 metres downdip below Level 17. This continuing exploration program is testing the continuity of the steeply dipping mineralization. Avino has enlisted several world-renowned consulting geologists to contribute to the geological theory to drive understanding of the mineralization characteristics. The depth extent of at least 750 metres of known mineralization is unusual in comparison with most Mexican epithermal deposits.
Selected Intercept Highlights:
Details are shown in the table and images below.
“We stepped out, at depth and along strike, with Hole ET-23-09 and were handsomely rewarded with the best drill hole in the Company’s 55-year history,” said David Wolfin, President and CEO. “The exceptionally wide and very high, silver, gold and copper grades are extremely encouraging for our continued exploration of the Avino vein and associated stockwork and breccia at depth and suggests a much more complex mineralization system. We are still open along strike and at depth and we will continue to try to understand the source of the mineralization as we explore for the source intrusive, porphyry or phreatomagmatic interface. The drill intercept widths are in line with our understanding of the Avino vein and represent minable areas to be contemplated for the future of the mine with grades that are almost 5 times the current cutoff grade.”
Avino is developing a geological model based on a “near porphyry” environment because of the increasing copper grades. The persistence of grade continuity from surface down a plunge distance of over 1,100 metres (800 metres) with this copper increase supports the possibility of a deeper mineralized system and may be linked to a porphyry centre.
Geological modelling is ongoing to determine the potential geometry and controls of the mineralization. Our drill program continues for the rest of 2023 with 2,100 more metres planned for the year to bring the total to 8,000 metres for the year.
The Property contains numerous low-sulphidation epithermal veins (including the Avino vein), breccias, stockworks, and silicified zones that grade into a possible “near porphyry” environment within a large caldera setting. This caldera has been uplifted by regional north-trending block faulting (a graben structure) exposing a window of andesitic pyroclastic rocks of a lower volcanic sequence within this caldera. The lower volcanic sequence is overlain by an upper volcanic sequence consisting of rhyolite to trachyte lava flows and extensive ignimbrites. The direction of the increasing copper grade plunges steeply towards the east in the Avino vein. The changing tenor of the mineralization could be reflecting a transition from epithermal to porphyry-style mineralization.
Below Level 17
Three holes were drilled below Level 17 in this latest drill campaign totalling 2,004 metres drilled. They were completed to investigate the continuity of mineralization in the central part of the ET Area of Avino system. All three holes intercepted mineralization within the vein and stockwork that have silver equivalent grades above the current cut off grade in the latest mineral resource estimate. The results and are reported below in Table 1.
Vein-type mineralization and stockwork containing 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 drilling confirms that mineralization persists to the west along strike at depth and that there is the potential for high grade silver within the increasing copper grades that have been drilled at depth.
Table 1 – Summary Drill Results
|1.||AgEq in drill results below assumes $22.00 oz/ Ag and $1,850/ oz Au and $4.00/ lb. Cu, and 100% metallurgical recovery.|
|2.||STW = Stockwork Veins|
Sampling and Assay Methods
Following detailed geological and geotechnical logging, selected drill core areas were cut in half. One half of the core was submitted to the SGS Laboratory facility in Durango, Mexico, and the other half was 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, blank reference materials, and duplicates as part of their QA/QC program during assaying.
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.
Avino is a silver producer 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 the La Preciosa property. Avino currently controls mineral resources, as per NI 43-101, that total 368 million silver equivalent ounces, within our district-scale 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.
Note: All Avino Silver & Gold Mines Ltd. drill results are detailed in separate news releases and these releases are available on our website at www.avino.com and on our SEDAR profile at www.sedar.com.
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