Resources

Following is a summary of current resources at the San Gonzalo and Avino Mines, as well as the updated oxide tailings resource, grouped into the measured, indicated and inferred categories. The effective date of the resource estimates is February 21, 2018.

The resource estimates were prepared by Michael O’Brien P.Geo., Pr.Sci.Nat., who is a “Qualified Person” within the meaning of NI 43-101 and who is an employee of ARANZ Geo and independent of Avino, as defined by Section 1.5 of NI 43-101.

 

Measured & Indicated Mineral Resources

Grade

Metal Contents

Resource Category

Deposit

Cut-off
*AgEQ g/t

Metric
Tonnes

AgEQ g/t

Ag g/t

Au g/t

Cu %

AgEq
Million
Tr Oz*

Ag Million
Tr Oz

Au Thousand
Tr Oz

Cu T

Measured

Avino - ET

60

3,890,000

141

71

0.54

0.55

17.6

8.9

67.4

21,000

Measured

Avino - San Luis

60

650,000

142

67

0.70

0.49

3.0

1.4

14.6

3,000

MeasuredSan Gonzalo System130290,0003973141.650.003.72.915.40

Total Measured

All Deposits

 

4,830,000

156

85

0.63

0.51

24.3

13.2

97.4

24,000

Indicated

Avino ET

60

2,640,000

105

49

0.56

0.34

8.9

4.2

47.6

9,000

IndicatedAvino - San Luis601,620,000126540.820.366.62.842.96,000

Indicated

San Gonzalo System

130

240,000

319

257

1.25

0.00

2.5

2.0

9.6

0

Indicated

Oxide Tailings

50

1,330,000

124

98

0.46

0

 

4.2

19.8

0

Total Indicated

All Deposits

 

5,830,000

124

70

0.64

0.25

23.3

13.1

119.8

15,000

Total Measured & Indicated

All Deposits

 

10,660,000

139

77

0.63

0.37

47.5

26.3

217.2

39,000

            
InferredDepositCut-off
*AgEQ g/t
Metric
Tonnes
AgEQ g/tAg g/tAu g/tCu %AgEq
Million
Tr Oz*
Ag Million
Tr Oz
Au Thousand
Tr Oz
Cu T
InferredAvino - ET602,380,000111580.510.338.54.439.18,000
InferredAvino - San Luis601,780,000124580.510.387.13.241.27,000
InferredSan Gonzalo System130120,0002622190.860.001.00.83.30
InferredOxide Tailings501,810,000113880.440.006.65.125.60
Total InferredAll Deposits 6,090,000118700.560.2423.213.6109.215,000

Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve.  It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

Figures in the table may not add to the totals shown due to rounding.

The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards- for Mineral Resources and Mineral Reserves” incorporated by reference into National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.

Mineral Resources are reported at cut-off grades 60, 130 and 50 g/t silver equivalent grade for the Avino, San Gonzalo and oxide tailings respectively as indicated in the table.

Cautionary Note to United States Investors - The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term “resource” does not equate to the term “reserve”. The Securities Exchange Commission’s (the “SEC”) disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by SEC standards, unless such information is required to be disclosed by the law of the Company’s jurisdiction of incorporation or of a jurisdiction in which its securities are traded. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

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