Business
Avino Silver & Gold Mines Increases its Capital and Exploration Plans for 2021; Ups Planned Drilling Program from 12,000 to 30,600 Metres
VANCOUVER, BC, March 8, 2021 /CNW/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) (Avino" or "the Company") is implementing a fully
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":" VANCOUVER, BC, March 8, 2021 /CNW/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) (Avino\" or \"the Company\") is implementing a fully funded increase in drilling from 12,000 to 30,600 metres as approved by Avino's Board of Directors. \"The fully-funded increases to the drilling campaign, with the addition of Phases 2 & 3, as well as the PEA-recommended drilling on the Oxide Tailings resource, totaling 30,600 additional metres, are consistent with our strategy to increase value for shareholders in the long-term through drilling on the Avino Property\", said David Wolfin, President and CEO. \"We are looking forward to receiving initial results from Phase 1 in Q2 2021, as well as advancing the Oxide Tailings project, as we continue to see exceptional value in this project.\" INCREASES: Project 2021 Original Budget 2021 ExpandedBudget Increase Exploration Program 12,000 metres 18,600 metres 6,600 metres Oxide Tailings Project - 12,000 metres 12,000 metres Total 12,000 metres 30,600 metres 18,600 metres Exploration Program Increase from 12,000 to 18,600 metres Phase 2, consisting of 6,600 metres, will focus on high-grade, narrow-vein mineralized systems, similar to the previously mined San Gonzalo system Further drilling has been approved and will be subject to results from Phase 1 & Phase 2 Oxide Tailings Drilling In 2017, Avino released an encouraging Preliminary Economic Assessment (\"PEA\"), which can be found on Avino's profile on SEDAR. One of the recommendations from the PEA was to perform additional surface drilling to increase the confidence level of the resource. This would be done in anticipation on commencing a Pre-Feasibility Study (\"PFS\"). Avino will proceed with the recommended drilling, with the intention of making a decision to proceed with a PFS later in the year. Capital Expenditures Following the increases mentioned above, budgeted capital expenditures for 2021 are now expected to be between $9 and $11 million, up from the original budget of between $6 and $8 million. All figures are stated in US dollars. COVID-19 Protocols The Company continues to implement its COVID-19 safety protocol plan at site to ensure the safety of employees and the communities surrounding the Avino mine property. Our drill program is utilizing employees who live locally and require mi...