-- Avino Silver & Gold Mines (ASM.TO) said Thursday that it has completed an inaugural consolidated reserves estimate covering its La Preciosa and Avino mines in Mexico.
Including the unchanged reserves at the oxide tailings deposit, the estimate increased the company's total proven and probable reserves to 27 million tonnes containing 95 million ounces of silver grading 109 grams per tonne silver (g/t), 356,000 ounces of gold at 0.41 g/t grade, and 85 million pounds of copper grading 0.31% copper.
Avino said 42% of mineral resources were converted to mineral reserves on a silver equivalent basis, representing decades of mine life at current mill throughput levels.
Measured and indicated resources across the three assets totaled 68 million tonnes containing 207 million ounces of silver grading 93 g/t silver, 413,000 ounces of gold grading 0.32 g/t gold, and 243 million pounds of copper grading 0.16% copper.
total measured and indicated resources increased 9% compared to the previous estimate.
"For the first time, we have defined reserves that demonstrate the underlying quality, scale, and economic potential of our asset base, further advancing the company toward a multi-asset, mid-tier producer," President and Chief Executive Officer David Wolfin said.
Shares in Avino were down 1% in Canada yesterday.