Highlights (compared to
Measured and Indicated Mineral Resources:
- Increase of 60% in silver equivalent ounces, up to 75.9 million ounces
- Increase in gold and copper grades by 6% and 11%, up to 0.67 g/t and 0.41%
- Increase in silver grade at ET by 3%, up to 63 g/t
- Decrease in consolidated silver grades by 10%, to 69 g/t, as a result of depletion at San Gonzalo
- Increase in tonnage of 90% overall, totaling 20.3 million metric tonnes
Inferred Mineral Resources:
- Decrease of 6% in silver equivalent ounces, down to 21.8 million ounces
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Measured & Indicated Mineral Resources | Grade | Metal Contents | ||||||||||||||
Resource | Deposit | Cut-off | Metric Tonnes | AgEQ | Ag | Au | Cu | AgEQ (million | Ag | Au | Cu Tonnes | |||||
Measured | Avino - ET | 60 | 4,760,000 | 120 | 74 | 0.63 | 0.55 | 18.4 | 11.3 | 97 | 26,300 | |||||
Measured | San Gonzalo System | 130 | 267,000 | 356 | 263 | 1.36 | 0.00 | 3.1 | 2.3 | 12 | 0 | |||||
Total Measured | All Deposits | 5,027,000 | 133 | 84 | 0.67 | 0.52 | 21.5 | 13.6 | 109 | 26,300 | ||||||
Indicated | Avino - ET | 60 | 13,890,000 | 107 | 59 | 0.68 | 0.41 | 47.9 | 26.5 | 304 | 56,700 | |||||
Indicated | San Gonzalo System | 130 | 216,000 | 304 | 230 | 1.09 | 0.00 | 2.1 | 1.6 | 8 | 0 | |||||
Indicated | Oxide Tailings | 50 | 1,120,000 | 124 | 89 | 0.42 | 0.00 | 4.5 | 3.2 | 15 | 0 | |||||
Total Indicated | All Deposits | 15,226,000 | 111 | 64 | 0.67 | 0.37 | 54.5 | 31.3 | 327 | 56,700 | ||||||
Total Measured & Indicated | All Deposits | 20,253,000 | 117 | 69 | 0.67 | 0.41 | 75.9 | 44.9 | 436 | 83,000 | ||||||
Inferred Mineral Resources | Grade | Metal Contents | ||||||||||||||
Resource | Deposit | Cut-off | Metric Tonnes | AgEQ | Ag | Au | Cu | AgEQ (million | Ag | Au | Cu | |||||
Inferred | Avino – ET | 60 | 5,230,000 | 95 | 51 | 0.64 | 0.34 | 16.0 | 8.5 | 108 | 17,700 | |||||
Inferred | San Gonzalo System | 130 | 85,000 | 298 | 233 | 0.96 | 0.00 | 0.8 | 0.6 | 3 | 0 | |||||
Inferred | Oxide Tailings | 50 | 1,230,000 | 125 | 85 | 0.47 | 0.00 | 5.0 | 3.4 | 19 | 0 | |||||
Total Inferred | All Deposits | 6,545,000 | 103 | 59 | 0.61 | 0.27 | 21.8 | 12.5 | 129.0 | 17,700 | ||||||
Notes:
- Figures may not add to totals shown due to rounding.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The Mineral Resource estimate is classified in accordance with the
Canadian Institute of Mining , Metallurgy and Petroleum's (CIM) Definition Standards for Mineral Resources and Mineral Reserves incorporated by reference into National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects. - Cut-off grades were calculated using the following consensus metal price assumptions: gold price of
US$1,875 /oz, silver price ofUS$24.00 /oz, and copper price ofUS$3.10 /lb. - Silver equivalent (AgEQ) ounces are notional, based on the combined value of metals expressed as silver ounces.
- Metal Recovery based on operational results and column tests.
- The silver equivalent was calculated using the following assumptions:
- For ET using the formula: AgEQ = 1 x Ag grade + 65.1 x Au grade + 8.66 x Cu grade
- For San Gonzalo using the formula: AgEQ = 1 x Ag grade + 72.54 x Au grade
- For Oxide Tailings using the formula: AgEQ = 1 x Ag grade + 84.55 x Au grade
Avino President and CEO,
The indicated mineral resource at Avino's
Subsequently, the Avino Vein has been fully exposed and sampled in underground development below elevations of 360 metres to 470 metres below surface, and it has been discovered to be consistently and continuously mineralised between the hanging wall and footwall veins over a thickness of up to 45 metres. This broad zone has been proven by underground development and channel sampling down to an elevation of 1,849 metres.
This mineralization was sampled and partially mined before the recent hiatus in operations and it is included in the current mineral resource.
Detailed depletion models for the ET deposit and San Gonzalo have been applied, based on updated 3D models of underground development and stoping excavations.
The western portion of the inferred oxide tailings resource has been reduced, due to
- uncertainty of the bedrock topographic profiles under the tailings and
- the increased depth of sulphide tailings that was placed above the western portion of the inferred oxide tailings resource.
The total measured and indicated mineral resource tonnage in all deposits totals 20.3 million metric tonnes containing
75.9 million troy ounces of silver equivalent, comprised of 44.9 million troy ounces of silver, 436,000 troy ounces of gold, and 83,000 metric tonnes of copper.
The total inferred mineral resource tonnage in all deposits totals 6.6 million metric tonnes, of 21.8 million troy ounces of silver equivalent comprised of 12.5 million troy ounces of silver, 129,000 troy ounces of gold, and 17,700 metric tonnes of copper.
The mineral resource estimates were prepared by
Oxide Tailings
The Oxide Tailings resource has been re-estimated using the same model and data as the previous mineral resource update, however a more conservative approach has been utilized in extrapolating the inferred material.
Method of Calculation
The definitive estimation methods used were substantially the same for all three deposits (Ordinary Kriging), providing a consistent baseline for strategic planning.
Mineral resources were estimated by ordinary kriging, optimized using kriging neighbourhood analysis and verified by means of nearest neighbour and inverse distance methods, swathplot comparisons of estimates and visual inspections. Block models were created for the San Gonzalo and Avino Vein Systems and the Oxide Tailings deposit and estimates were made utilizing blocks of sizes 20 m long x 5 m wide x 10 m high for Avino (
Fundamental changes since the previous mineral resource estimates are (1) depletion due to mining (over 800 thousand tonnes milled since the beginning of 2018), (2) significant new sampling information (3) changes to cut-off calculations and (4) reclassification of mineral resources in the light of improved confidence in the understanding of the deposits at distances from the underground channel samples and drill hole samples.
More sampling information does not always lead to direct increases in resource tonnages and contained metal. In some cases, the new information provides improved understanding (developed by variogram modelling and kriging neighborhood analysis) that may demote some portions of mineral resource from high confidence measured and indicated categories, to a lower confidence inferred category.
Currently, for the San Gonzalo and Avino Vein Systems, estimated blocks more than thirty-five metres from samples are not included in the indicated category resources and have been classified as inferred resources.
For the Oxide Tailings, estimated blocks more than fifty metres from samples are not included in the indicated category resources.
Qualified Person(s)
Avino's projects in
About Avino
Avino is primarily a silver producer with a diversified pipeline of silver, gold, and base metal properties in
On Behalf of the Board
"
________________________________
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 the updated mineral resource estimate for the Company's Avino Property located near Durango in west-central
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
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"). U.S. Investors are cautioned not to assume that any part of the mineral resources in these categories will ever be converted into Reserves as defined under SEC Industry Guide 7.
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