Avino Silver & Gold Mines Ltd. [ASM-TSX, NYSE American; GV6, FSE, Berlin] on Wednesday January 13th, released an updated mineral resource estimate for its flagship Avino Mine near Durango, Mexico.
The updated estimate includes the property’s Avino Mine vein systems, the San Gonzalo Mine, and the property’s oxide tailings.
The company said the total measured and indicated mineral resource tonnage in all deposits stands at 20.3 million tonnes and contains 75.9 million ounces of silver equivalent, consisting of 44.9 million ounces of silver and 436,000 ounces of gold, plus 83,000 tonnes of copper.
On top of that is an inferred resource of 6.6 million tonnes, containing 21.8 million ounces of silver equivalent, comprised of 12.5 million ounces of silver, 129,000 ounces of gold and 17,700 tonnes of copper.
“We are thrilled to have successfully gone over and above replacing mining depletion since the previous report, by adding significant measured and indicated resources at the Avino property,” said Avino President and CEO David Wolfin.
“The updated mineral resource estimate provides us with a robust long-term outlook. With several areas on the property that have yet to be explored, there is a strong in-situ potential for further potential resource expansion,” he said.
Highlights from Wednesday’s report include a 60% increase in measured and indicated silver equivalent ounces. Copper and gold grades have also increased by 6.0% an 11% to 0.41% and 0.67 g/t respectively.
Avino shares fell on the news, dropping 3.7% or $0.06 to $1.55 in light trading. The shares are currently trading in a 52-week range of $2.04 and 26.5 cents.
Until the end of 2019, Avino operated two producing mines on its Avino Property, including the Avino and San Gonzalo. The San Gonzalo Mine is located approximately 2 km from the original Avino Mine and beneath the shallow workings of an old mine from the Colonial period.
However, mining activity ceased at San Gonzalo during the fourth quarter of 2019 following seven years of mining. During that time, San Gonazalo produced 6.0 million silver equivalent ounces at an average cost of US$10 an ounce.
In 2019, Avino and San Gonzalo together produced 2.4 million ounces of silver equivalent.