Mr. David Wolfin reports
AVINO ANNOUNCES COMMENCEMENT OF DRILLING AT BRALORNE AND EXPLORATION UPDATE
Avino Silver & Gold Mines Ltd. has provided an update on its recently announced2018 to 2019 strategic exploration objectives for the Bralorne gold mine located near Gold Bridge, B.C. The company is using the gross proceeds of $6-million raised from the flow-through shares offering which closed on April 27, 2018, to finance the exploration work. The news release dated April 27, 2018, describing the offer may be viewed on the Avino website or under the company's profile on SEDAR and was also filed with the SEC on Form 6-K.In addition, the company also announces that it has granted incentive stock options and restricted share units under its stock option and restricted share unit plans to its directors, officers, employees and consultants; the details of which are provided in this news release.
"We are pleased to provide an update on the progress at the Bralorne property.The strategic exploration which commenced in June of this year is well under way and is the most comprehensive exploration program in the mine's 100-plus-year history. The program includes a 28,000-metre drill program which commenced late last week," said David Wolfin, president and chief executive officer. "We are thrilled to be utilizing industry experts and current state-of-the-art technology to maximize the potential for success in finding new veins and potentially, new economic mineralized zones."
The exploration strategy includes the following steps:
Structural modelling and geological mapping; Airborne and ground geophysics surveys; Geochemical sampling; Significant drilling campaign.
Structural modelling and geological mapping
In June, 2018, a team of expert structural geoscientists completed a one-month study that evaluated existing data along with an in-depth site analysis. The objective of the study was to create an updated, detailed surface geological map, a complete 3-D geological model and structural model identifying veining along with target recommendations. Final results and a report on the study have been completed and received. The analysis has resulted in an improved understanding of the structural fabric of the area and has formed an integral component for targeting exploration drilling. It is planned that a follow-up, phase two structural study will be performed at the end of September which will incorporate geophysical data gathered and dovetail with the drilling campaign.
Airborne and ground geophysics surveys
Existing geophysical data on the Bralorne property are historic and dated and was compiled using methods and technology that has limited current use.As an aid to the structural and geological modelling, as well as greatly assisting with targeting, current state-of-the-art geophysical surveys are continuing and have largely been completed. The program has included:
Airborne geophysics
Magnetic survey: Used to map bedrock geology and fault structures;Radiometric survey: Used to map alteration and target cobalt-gold mineralization;Helicopter to fly survey lines at 100-metre and 50-metre spacing; Coverage of entire Bralorne gold mine property; Performed by Precision GeoSurveys (Langley, B.C.).
Ground geophysics
2-D seismic reflection -- Frontier Geosciences Inc. (Vancouver); Trial survey to test targeting methods; Three lines planned;Targeting vein structures: King Deeps -- feeder structure;Pioneer 27 and Main vein extensions.
Geochemical sampling
A comprehensive geochemical sampling program has commenced and is set to be completed by the end of August. With an interest in co-product elements such as cobalt, a small-scale program is planned as a first-pass assessment of the potential for cobalt-gold mineralization, similar to the Little Gem cobalt project which is owned by Blackstone Minerals, and which occurs nine kilometres northwest of the Bralorne property. This sampling includes multielement ICP analysis which has not been previously collected on the property. The initial plan is to collect and analyze approximately 100 stream sediment samples which may be expanded depending upon the results and success of this stage.
Drilling campaign
The extensive drilling campaign has commenced and is focusing on veins and targets that have been identified, and test new areas that Avino has not explored. The program details are as follows:
Approximately $5-million to be spent on exploration drilling; Approximately 28,000 metres of drilling;Two drill rigs to be in operation; Drill program to be completed within nine months; Exploration drilling -- two types; Drilling for potential new discoveries on new and underexplored veins;Drilling to potentially increase inferred resource.
Qualified person(s)
Avino's Bralorne gold mine project is under the supervision of Fred Sveinson, BA, BSc, PEng, senior mining adviser, who is a qualified person within the context of National Instrument 43-101, and Garth Kirkham, PGeo, principal of Kirkham Geosystems Ltd., who is an independent qualified person, as defined by Section 1.5 of National Instrument 43-101. Both have reviewed and approved the technical data in this news release.
Restricted share unit and option grant
Avino has, upon the recommendations of its compensation committee, granted an aggregate of 497,500 incentive stock options under its stock option plan, and 1,081,500 restricted share units under the restricted share unit plan to its directors, officers, employees and consultants.Both the stock option plan and restricted share unit plan have been previously approved by shareholders, and no further approval from shareholders is required for these grants.
The stock options are exercisable for up to five years at a price of $1.30 per share and will be vested in stages over a 12-month period with no more than one-quarter of the options vesting in any three-month period from the date of the grant. The RSUs will be vested at the rate of one-third annually for a period of three years from the date of grant, until fully vested.The stock options and the RSUs are non-transferable.
About Avino Silver & Gold Mines Ltd.
Avino is a silver and gold producer with a diversified pipeline of gold, silver and base metals properties in Mexico and Canada employing approximately 600 people. Avino produces from its wholly owned Avino and San Gonzalo Mines near Durango, Mexico, and is currently evaluating the potential economics of possible future production at the Bralorne gold mine in British Columbia, Canada. The company's gold and silver production remains unhedged. The company's mission and strategy are to create shareholder value through its focus on profitable organic growth at the historic Avino property near Durango, Mexico, and the strategic acquisition of mineral exploration and mining properties.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.