Canada’s Avino Silver & Gold Mines (TSX: ASM; NYSE; ASM) has signed a long-term land-use agreement with a local community surrounding La Preciosa mine in Durango, western Mexico.
La Preciosa hosts one of the largest undeveloped primary silver resources in Mexico and is located approximately 19 km from the current Avino mine, which has an operating 2,500-tonne-per-day mill and all the necessary infrastructure to allow for processing from the mine.
President and CEO David Wolfin said the community development agreement was a “fantastic achievement” as the company can now begin hauling old surface stockpiles to its mill for processing. It can also file for an environmental permit for underground extraction.
Pending regulatory approval, the Vancouver-based silver producer will start developing the ramp down to its initial target of the high-grade Gloria vein.
Avino finalized the acquisition of the property from Coeur Mining (NYSE: CDE) in March 2022 and has since been working on bringing La Preciosa into production.
Its flagship mine, Avino, began commercial production in 2016 and produced around 591,208 silver equivalent oz. in the third quarter of 2023, bringing the 12-month trailing total to 2.63 million silver equivalent ounces.
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