Vancouver’s Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) reported its best drill result of all time on Wednesday at the company’s flagship mining operation in Durango, Mexico.
Avino drilled rich intercepts with high grades never before seen in the company’s 55-year history, most notably including 407 grams per tonne of silver equivalent over 37 metres with a concentrated interval containing 2,866 g/t over 3.4 metres true width in Hole ET-23-09.
Hole ET-23-09 contained 16.5 grams per tonne of gold over 0.95 metres and 15.65 per cent copper through 0.35 metres among other results as well.
“We stepped out, at depth and along strike, with Hole ET-23-09 and were handsomely rewarded with the best drill hole in the company’s 55-year history,” said Avino’s President and CEO David Wolfin. He added that the new results were very encouraging for continued exploration of the Avino Mine and suggest that there is a more complex mineralized system underground than previously thought.
The Avino Mine generated revenue of $9.8 million and produced 678,247 ounces of silver equivalent during Q1 this year.
Avino plans to drill another 2,100 metres during its drill program this year, bringing the total to 8,000 metres for 2023.
Wolfin says the new intercepts represent potential minable areas for the operation’s future with grades greater than five times the company’s current cutoff grade.
New core samples. Photo via Avino Silver & Gold Mines
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Other silver and gold miners in Durango include First Majestic Silver Corp. (TSX: FR) (NYSE: AG), owner of the state’s San Dimas silver/gold mine and the Golden Minerals Company (NYSE American: AUMN) (TSX: AUMN), which operates Durango’s Velardeña gold and silver mining operation.
Certain mining reforms implemented in Mexico recently aim to enhance government oversight, encourage sustainable practices and ensure local communities receive benefits from mining operations. These new reforms encompass significant changes, such as the implementation of a revised system that imposes limitations on the scale and duration of mining concessions.
There are more stringent environmental regulations in place now as well and companies starting new projects are required to obtain community consent before beginning operations.
Avino shares stayed flat at $0.93 Wednesday on the Toronto Stock Exchange and have risen by 34.78 per cent over the past year.
NevGold Corp. (TSX-V: NAU) (OTC: NAUFF) is another Vancouver-based gold producer that has had a steadily rising share price in recent days. The junior explorer’s stock has risen by 18.75 per cent since January and is currently trading for $0.38 on the TSX Venture Exchange.
NevGold is a sponsor of Mugglehead news coverage
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