VANCOUVER, BC, Jan. 17,
2023 /PRNewswire/ - Avino
Silver & Gold Mines Ltd. (TSX: ASM) (NYSE: ASM)
(FSE: GV6) ("Avino" or "the Company") is pleased to report
full year 2022 production results of 2,655,502 silver equivalent
ounces. Fourth quarter production totaled 770,127 silver equivalent
ounces which outperformed expectations.
Production Highlights – Q4 2022
(Compared to Q4 2021)
- Silver equivalent production increased 42% to 770,127
oz2
- Silver production increased by 89% to 309,856 oz
- Copper production increased by 37% to 1.5 million lbs
- Gold production increased by 12% to 2,426 oz
- Mill throughput increased by 45% to 150,292 tonnes
Avino Mine Production – Three Months and Full Year Ended
December 31, 2022 compared to Q4 2021
& 2021
|
Q4
2022
|
Q4
2021
|
Change
|
|
2022
|
20211
|
Change
|
|
150,292
|
103,513
|
45 %
|
Total Mill Feed (dry
tonnes)
|
541,823
|
165,304
|
228 %
|
|
70
|
56
|
26 %
|
Feed Grade Silver
(g/t)
|
62
|
53
|
16 %
|
|
0.62
|
0.86
|
-28 %
|
Feed Grade Gold
(g/t)
|
0.42
|
0.84
|
-50 %
|
|
0.53
|
0.55
|
-4 %
|
Feed Grade Copper
(%)
|
0.61
|
0.57
|
7 %
|
|
92 %
|
89 %
|
3 %
|
Recovery Silver
(%)
|
92 %
|
87 %
|
6 %
|
|
81 %
|
75 %
|
8 %
|
Recovery Gold
(%)
|
78 %
|
75 %
|
4 %
|
|
88 %
|
90 %
|
-2 %
|
Recovery Copper
(%)
|
89 %
|
88 %
|
1 %
|
|
309,856
|
163,933
|
89 %
|
Total Silver Produced
(oz)
|
985,195
|
245,372
|
302 %
|
|
2,426
|
2,158
|
12 %
|
Total Gold Produced
(oz)
|
5,778
|
3,386
|
71 %
|
|
1,540,851
|
1,128,728
|
37 %
|
Total Copper Produced
(Lbs)
|
6,504,177
|
1,869,306
|
248 %
|
|
770,127
|
541,432
|
42 %
|
Total Silver Equivalent
Produced (oz)2
|
2,655,502
|
842,373
|
215 %
|
"The Avino Mine continued to outperform in the final quarter of
2022, building on our record third quarter production results,"
said David Wolfin, President and CEO
of Avino. "We had an internal production estimate between 2.2 and
2.4 million silver equivalent ounces, and we beat the high end of
that by over 250,000 silver equivalent ounces. This steady
production reflects the quality of the Avino Mine asset as well as
the mine site team's ability to continually improve operations. We
continue optimizing underground mining processes, growing and
training a local workforce, and practicing sound financial
responsibility at the mine site and at the corporate level. The
dry-stack tailings facility has been completed along with the
start-up testing and we are pleased to report that it is now fully
operational. We have a 5-year goal to achieve intermediate producer
status and the strategy in place to accomplish strong production
growth over the next 5 years. We look forward to continuing
improvement on our operational successes in 2023."
2022 Fourth Quarter
Highlights
- Production at Avino Continues to Deliver: Silver
equivalent production of 770,127 ounces represents Avino's second
highest production quarter in recent times, building on our record
setting third quarter results.
- Dry-Stack Tailings Facility Commissioned: The
installation and commissioning of the dry-stack tailings project
has been completed as well as the start-up testing, and the
facility is now fully operational. Avino chose dry-stack
tailings for its environmental, safety and economic advantages.
Dry-stack tailings improve the overall tailings facility safety and
stability and reduces the need to extract water from local sources
by recycling the water removed from tailings. In addition,
dry-stack tailings require less storage area which results in a
smaller environmental footprint.
- Announced ET Area Drilling Results: On October 11, 2022, Avino announced further
drill results from the most recent six holes at the Avino Elena
Tolosa ("ET") area below our deepest Level 17 mining area. These
drill results confirmed the downdip continuity of widths and grades
of the Avino vein extending significant potential to a depth of at
least 290 metres down dip below the current deepest development.
Avino is advancing geological modelling to determine the potential
geometry and controls of the mineralization. All three of Avino's
drills are currently working aimed at identifying the extent of the
mineralization below the current production operations. At the end
of Q4 2022, a total of 3,430 metres had been drilled bringing the
total for the year to 15,582.
Further drilling near the end of Q4 2022 resulted in assays
received and reported on January 5,
2023 showing the Avino Vein now extending 315 metres
below the deepest Level 17 mining area, as well as demonstrating
the Avino vein is getting richer in copper at depth with a grade of
1.63% copper over 16.66 metres in Hole #ET 22-12.
La Preciosa Update
The Company is conducting community engagement in the nearby
towns adjacent to the property and will provide further updates as
plans develop. Avino is fully committed to moving this project
forward as it factors prominently in the Company's 5-year growth
strategy.
Non-Core Asset Update
During the fourth quarter, Avino finalized the option agreement
with Endurance Gold ("Endurance") on the Olympic Claims located in
the Bridge River Valley in British
Columbia, Canada (see news release here). Further,
Avino has received the 2nd milestone payment in cash and
shares that was due on or before on December
31, 2022, confirming that the option agreement remains in
effect.
2023 Outlook & 2022
Year in Review
The Company will release its plans for 2023 and a review of
accomplishments and milestones achieved in 2022 in the coming
weeks.
Quality Assurance/Quality
Control
Mill assays are performed at the Avino property's on-site lab.
Check samples were submitted to SGS Labs in Durango, Mexico for verification. Gold and
silver assays are performed by the fire assay method with a
gravimetric finish for concentrates and AAS (Atomic Absorption
Spectrometry) methods for copper, lead, zinc and silver for feed
and tail grade samples. All concentrate shipments are assayed by
one of the following independent third-party labs: Inspectorate in
the UK, and LSI in the Netherlands
and AHK.
Qualified Person(s)
Peter Latta, P. Eng, MBA, Avino's
VP Technical Services, is a qualified person within the context of
National Instrument 43-101 who has reviewed and approved the
technical data in this news release.
About Avino
Avino is a silver producer from its wholly owned Avino Mine near
Durango, Mexico. The Company's
silver, gold and copper 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
290 million silver equivalent ounces, within our district scaled
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. We encourage you to connect with us
on Twitter at @Avino_ASM and
on LinkedIn at Avino
Silver & Gold Mines. To view the Avino Mine VRIFY tour,
please click here.
ON BEHALF OF THE BOARD
"David Wolfin"
David
Wolfin
President & Chief Executive
Officer
|
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 amended
mineral resource estimate for the Company's Avino Property located
near Durango in west-central Mexico (the "Avino Property") with an
effective date of January 13, 2021, and as amended on December 21,
2021, and the Company's updated mineral resource estimate for
La Preciosa with an effective date of October 27, 2021,
prepared for the Company, and references to Measured,
Indicated, Inferred Resources referred to in this press release.
These forward-looking statements are made as of the date of this
news release and the dates of technical reports, as applicable.
Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated in or implied
by such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur. While we have based these
forward-looking statements on our expectations about future events
as at the date that such statements were prepared, the statements
are not a guarantee that such future events will occur and are
subject to risks, uncertainties, assumptions and other factors
which could cause events or outcomes to differ materially from
those expressed or implied by such forward-looking statements. No
assurance can be given that the Company's Avino Property nor the La
Preciosa Property have the amount of the mineral resources
indicated in their reports or that such mineral resources may be
economically extracted. 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 U.S. Securities and Exchange
Commission.
|
|
|
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"). On October 31, 2018,
the US Securities and Exchange Commission adopted Item 1300 of
Regulation S-K ("Regulation SK-1300") to modernize the property
disclosure requirements for mining registrants, and related
guidance, under the Securities Act of 1933 and the Securities
Exchange Act of 1934. All registrants are required to comply with
Regulation SK-1300 for fiscal years ending after January 1, 2021.
Regulation SK-1300 uses the Committee for Mineral Reserves
International Reporting Standards ("CRIRSCO") based classification
scheme for mineral resources and mineral reserves, that includes
definitions for inferred, indicated, and measured mineral
resources. U.S. Investors are cautioned not to assume that any part
of the mineral resources in these categories will ever be converted
into probable or proven mineral reserves within the meaning of
Regulation S-K 1300.
|
|
Footnotes:
|
|
1After a period of operational
closure, the Avino Mine restarted production during Q3
2021.
|
|
2In Q4 2022, AgEq was calculated
using metal prices of $21.18 per oz Ag, $1,729 per oz Au and $3.63
per lb Cu. In Q4 2021, AgEq was calculated using metal prices of
$23.32 per oz Ag, $1,783 per oz Au and $4.39 per lb Cu. In 2022,
AgEq was calculated using metal prices of $21.75 per oz Ag, $1,801
per oz Au and $4.00 per lb Cu. In 2021, AgEq was calculated using
metal prices of $23.84 per oz Ag, $1,786 per oz Au and $4.32 per lb
Cu.
|
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SOURCE Avino Silver & Gold
Mines Ltd.