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AVINO BEATS YEARLY SILVER EQUIVALENT PRODUCTION ESTIMATE WITH OVER 2.6 MILLION OZS IN 2022 – AN INCREASE OF 215% OVER 2021

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AVINO BEATS YEARLY SILVER EQUIVALENT PRODUCTION ESTIMATE WITH OVER 2.6 MILLION OZS IN 2022 – AN INCREASE OF 215% OVER 2021

 

 

 

 

 

Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE: ASM) (FSE: GV6) is pleased to report full year 2022 production results of 2,655,502 silver equivalent ounces. Fourth quarter production totaled 770,127 silver equivalent ounces which outperformed expectations.

 

Production Highlights – Q4 2022 (Compared to Q4 2021)

  • Silver equivalent production increased 42% to 770,127 oz2
  • Silver production increased by 89% to 309,856 oz
  • Copper production increased by 37% to 1.5 million lbs
  • Gold production increased by 12% to 2,426 oz
  • Mill throughput increased by 45% to 150,292 tonnes

 

Avino Mine Production – Three Months and Full Year Ended December 31, 2022 compared to Q4 2021 & 2021

 

Q4

2022

Q4

2021

Change 2022 20211 Change
150,292 103,513 45 % Total Mill Feed (dry tonnes) 541,823 165,304 228 %
70 56 26 % Feed Grade Silver (g/t) 62 53 16 %
0.62 0.86 -28 % Feed Grade Gold (g/t) 0.42 0.84 -50 %
0.53 0.55 -4 % Feed Grade Copper (%) 0.61 0.57 7 %
92 % 89 % 3 % Recovery Silver (%) 92 % 87 % 6 %
81 % 75 % 8 % Recovery Gold (%) 78 % 75 % 4 %
88 % 90 % -2 % Recovery Copper (%) 89 % 88 % 1 %
309,856 163,933 89 % Total Silver Produced (oz) 985,195 245,372 302 %
2,426 2,158 12 % Total Gold Produced (oz) 5,778 3,386 71 %
1,540,851 1,128,728 37 % Total Copper Produced (Lbs) 6,504,177 1,869,306 248 %
770,127 541,432 42 % Total Silver Equivalent Produced (oz)2 2,655,502 842,373 215 %

 

 

“The Avino Mine continued to outperform in the final quarter of 2022, building on our record third quarter production results,” said David Wolfin, President and CEO of Avino. “We had an internal production estimate between 2.2 and 2.4 million silver equivalent ounces, and we beat the high end of that by over 250,000 silver equivalent ounces. This steady production reflects the quality of the Avino Mine asset as well as the mine site team’s ability to continually improve operations. We continue optimizing underground mining processes, growing and training a local workforce, and practicing sound financial responsibility at the mine site and at the corporate level. The dry-stack tailings facility has been completed along with the start-up testing and we are pleased to report that it is now fully operational. We have a 5-year goal to achieve intermediate producer status and the strategy in place to accomplish strong production growth over the next 5 years. We look forward to continuing improvement on our operational successes in 2023.”

 

2022 Fourth Quarter Highlights

  • Production at Avino Continues to Deliver: Silver equivalent production of 770,127 ounces represents Avino’s second highest production quarter in recent times, building on our record setting third quarter results.
  • Dry-Stack Tailings Facility Commissioned: The installation and commissioning of the dry-stack tailings project has been completed as well as the start-up testing, and the facility is now fully operational.  Avino chose dry-stack tailings for its environmental, safety and economic advantages. Dry-stack tailings improve the overall tailings facility safety and stability and reduces the need to extract water from local sources by recycling the water removed from tailings. In addition, dry-stack tailings require less storage area which results in a smaller environmental footprint.
  • Announced ET Area Drilling Results: On October 11, 2022, Avino announced further drill results from the most recent six holes at the Avino Elena Tolosa (“ET”) area below our deepest Level 17 mining area. These drill results confirmed the downdip continuity of widths and grades of the Avino vein extending significant potential to a depth of at least 290 metres down dip below the current deepest development. Avino is advancing geological modelling to determine the potential geometry and controls of the mineralization. All three of Avino’s drills are currently working aimed at identifying the extent of the mineralization below the current production operations. At the end of Q4 2022, a total of 3,430 metres had been drilled bringing the total for the year to 15,582.

    Further drilling near the end of Q4 2022 resulted in assays received and reported on January 5, 2023 showing the Avino Vein now extending 315 metres below the deepest Level 17 mining area, as well as demonstrating the Avino vein is getting richer in copper at depth with a grade of 1.63% copper over 16.66 metres in Hole #ET 22-12.

 

La Preciosa Update

 

The Company is conducting community engagement in the nearby towns adjacent to the property and will provide further updates as plans develop. Avino is fully committed to moving this project forward as it factors prominently in the Company’s 5-year growth strategy.

 

Non-Core Asset Update

 

During the fourth quarter, Avino finalized the option agreement with Endurance Gold on the Olympic Claims located in the Bridge River Valley in British Columbia, Canada (see news release here). Further, Avino has received the 2nd milestone payment in cash and shares that was due on or before on December 31, 2022, confirming that the option agreement remains in effect.

 

2023 Outlook & 2022 Year in Review

 

The Company will release its plans for 2023 and a review of accomplishments and milestones achieved in 2022 in the coming weeks.

 

Quality Assurance/Quality Control

 

Mill assays are performed at the Avino property’s on-site lab. Check samples were submitted to SGS Labs in Durango, Mexico for verification. Gold and silver assays are performed by the fire assay method with a gravimetric finish for concentrates and AAS (Atomic Absorption Spectrometry) methods for copper, lead, zinc and silver for feed and tail grade samples. All concentrate shipments are assayed by one of the following independent third-party labs: Inspectorate in the UK, and LSI in the Netherlands and AHK.

 

Qualified Person

 

Peter Latta, P. Eng, MBA, Avino’s VP Technical Services, is a qualified person within the context of National Instrument 43-101 who has reviewed and approved the technical data in this news release.

 

About Avino

 

Avino is a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company’s silver, gold and copper production remains unhedged. The Company’s mission and strategy is to create shareholder value through its focus on profitable organic growth at the historic Avino Property and the strategic acquisition of the La Preciosa property. Avino currently controls mineral resources, as per NI 43-101, that total 290 million silver equivalent ounces, within our district scaled land package. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate.

Posted January 17, 2023

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