An updated mineral resource estimate for the Avino property, with an effective date of October 16, 2023 can be viewed within Avino’s latest technical report dated February 5, 2024. The report was prepared by Tetra Tech Inc. under National Instrument 43-101 (“NI-43-101”), and is available on SEDAR+ (www.sedarplus.ca) under Avino’s profile and filed on Form 6-K with the SEC.
While the focus of the latest technical report was the Prefeasibility Study for the Oxide Tailings Project on the Avino property, it also includes updated estimates for the property’s Avino Mine (Elena Tolosa – “ET”) deposit, the San Gonzalo deposit, and inaugural mineral resource estimates for the Guadelupe and La Potosina deposits. See the mineral resource table below.
Notes:
1. Figures may not add to totals shown due to rounding.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. The Mineral Resource estimate is classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves incorporated by reference into NI 43-101
Standards of Disclosure for Mineral Projects.
4. Based on recent mining costs (Section 21.0), Mineral Resources are reported at cut-off grades 60 g/t, 130 g/t, and 50 g/t AgEQ grade for ET, San Gonzalo, and oxide tailings,respectively.
5. AgEQ or silver equivalent ounces are notational, based on the combined value of metals expressed as silver ounces
6. Mineral Resources are disclosed on an inclusive basis, inclusive of material included in the mineral reserve
7. Cut-off grades were calculated using the following consensus metal price assumptions: gold price of US$1,800/oz, silver price of US$21.00/oz, and copper price of US$3.50/lb.
8. Metal recovery is based on operational results and column testing, shown in 5.
9. The silver equivalent was back-calculated using the following formulas:
a. ET, Guadalupe, La Potosina: AgEQ = Ag (g/t) + 71.43 * Au (g/t) + 113.04 * Cu (%)
b. San Gonzalo: Ag Eq = Ag (g/t) + 75.39 * Au (g/t)
c. Oxide Tailings: Ag Eq = Ag (g/t) + 81.53 * Au (g/t)
The above content contains “forward-looking information” and “forward-looking statements” (together, the “forward looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, prepared for the Company and including the mineral resource estimate for the Company’s Avino Property, located near Durango in west-central Mexico (the “Avino Property”), and La Preciosa, with an effective date of October 16, 2023, and with references to Measured, Indicated, Inferred Resources, as well as the Prefeasibility Study on the Oxide Tailings Project dated January 16, 2024 and references to Measured, Indicated Resources, and Proven and Probable Mineral Reserves referred to above.
Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources
All reserve and resource estimates reported by Avino were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards. The U.S. Securities and Exchange Commission (“SEC”) now recognizes estimates of “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” and uses new definitions of “proven mineral reserves” and “probable mineral reserves” that are substantially similar to the corresponding CIM Definition Standards. However, the CIM Definition Standards differ from the requirements applicable to US domestic issuers. US investors are cautioned not to assume that any “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” that the Issuer reports are or will be economically or legally mineable. Further, “inferred mineral resources” are that part of a mineral resource for which quantity and grade are estimated on the basis of limited geologic evidence and sampling. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
