Mr. David Wolfin reports

AVINO VEIN EXTENDED A FURTHER 500 METRES

Avino Silver & Gold Mines Ltd. has released the results of 10 drill holes from below level 17, the current deepest workings of the mine. The current drill campaign has extended the company's knowledge of the continuity of the Avino vein to a distance of 500 metres down dip of the lowest mining level. The exploration program is designed to test the continuity and to improve the company's understanding of the potential for deeper mineralization. The extent of the Avino vein has been established to be at least 1,100 metres down dip from surface outcrop. Additionally, a previously undiscovered breccia vein was intersected approximately 15 m to 30 m below the Avino vein in the footwall intrusive rocks. This unit has revealed three good intercepts (labelled INT-BX in the table entitled "Summary drill results"), including a 35-centimetre intercept in ET-23-05 yielding 1,165 grams per tonne (g/t) silver equivalent (AgEq). These intercepts warrant further follow-up to see if it can be correlated with historic intercepts in the footwall of the Avino vein, to determine potential continuity.

Highlights:

• Selected intercepts from the Avino vein include:
  • Hole ET 23-04: 122 AgEq g/t (including 0.65 per cent Cu (copper)) over 35.73 metres true width, including 208 AgEq g/t (including 1.33 per cent Cu) over 5.2 metres true width, as well as 152 AgEq g/t (including 0.82 per cent Cu) over 6.24 metres true width;
  • Hole ET 23-05: 120 AgEq g/t (including 0.55 per cent Cu) over 48.4 metres true width, including 256 AgEq g/t (including 1.37 per cent Cu) over 1.76 metres true width, as well as 1,165 over AgEq g/t (including 7.43 per cent Cu) over 0.33 metre true width;
  • Hole ET 23-06: 141 AgEq g/t (including 0.81 per cent Cu) over 36 metres true width, including 219 AgEq g/t (including 1.32 per cent Cu) over 14 metres true width.

Details are shown in the table entitled "Summary drill results."

"The ET area drilling builds on results from our 2022 drill program as well as the January, 2023, drill results as we continue to extend the area of mineralization below level 17," said David Wolfin, president and chief executive officer. "We drilled 500 metres below our current mine workings to confirm the continuity of mineralization. As we have come to expect with the Avino vein, the drill intercept widths suggest that this area will be able to be mined by our existing low-cost bulk methods. In addition, we were delighted to discover a new veinlet within the footwall intrusive rock that was very high grade. We include both stepout and infill drilling in this campaign, and these new stepout holes are obviously not included in the most recent mineral resource estimate released earlier this year."

Avino is developing a geological model based on a near-porphyry environment because of the increasing copper grades. The persistence of grade continuity from surface down a plunge distance of over 1,100 metres (800 metres vertical) supports the possibility of a deeper mineralized system that may be linked to a deep porphyry centre.

Geological modelling is continuing to determine the potential geometry and controls of the mineralization. The company's drill program will continue with an additional 4,500 metres planned for the year, to bring the total to 8,000 metres of drilling for the year.

Geological description

The property contains numerous low-sulphidation epithermal veins (including the Avino vein), breccias, stockworks and silicified zones that grade into a possible near-porphyry environment within a large caldera setting. This caldera has been uplifted by regional north-trending block faulting (a graben structure) exposing a window of andesitic pyroclastic rocks of a lower volcanic sequence within this caldera. The lower volcanic sequence is overlain by an upper volcanic sequence consisting of rhyolite to trachyte lava flows and extensive ignimbrites. The direction of the increasing copper grade plunges toward the east in the Avino vein. The changing tenor of the mineralization could be reflecting a transition from epithermal to porphyry-style mineralization.

Below level 17

A total of 10 holes were drilled below level 17 in this drill campaign, totalling 3,414 metres. They were completed to investigate the continuity of mineralization in the central part of the ET area. Nine out of 10 holes intercepted mineralization within the vein and stockwork that have silver equivalent grades above the current cut-off grade in the latest mineral resource estimate. The results and are reported in the table entitled "Summary drill results."

Vein-type mineralization and stockwork containing silver, gold and copper are found along the contacts between intrusive rocks and andesite. This provides opportunities within the ET area for the identification and delineation of additional mineral resources that remain open on strike and dip. This recent deeper drilling confirms that the mineralization persists down dip significantly past the lowest developed mining level and may prove to add substantial mineral resources.

Sampling and assay methods

Following detailed geological and geotechnical logging, selected drill core areas were cut in half. One-half of the core was submitted to the SGS Laboratory facility in Durango, Mexico, and the other half was retained on-site for verification and reference. Gold is assayed by fire assay with an AA (atomic absorption) finish. Any samples exceeding three g/t gold are reassayed and followed by a gravimetric finish. Multielement analyses are also completed for each sample by SGS ICP14B methods. Any copper values exceeding 10,000 parts per million (ppm) (1 per cent) are assayed using ICP90Q. Silver is fire assayed with a gravimetric finish for samples assaying over 100 g/t. Avino uses a series of standard reference materials, blank reference materials and duplicates as part of its quality assurance/quality control (QA/QC) program during assaying.

Qualified person

Avino's projects in Durango, Mexico, are under the geoscientific oversight of Michael F. O'Brien, PGeo, senior principal consultant, Red Pennant Communications, and under the supervision of Peter Latta, PEng, Avino's vice-president of technical services, who are both qualified persons within the context of National Instrument 43-101. Both have reviewed and approved the technical data in this news release.

About Avino Silver & Gold Mines Ltd.

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 368 million silver equivalent ounces, within its district-scale land package. Avino is 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 it operates.

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