Benzinga | Mar 8, 2021 06:47AM EST

Avino Increases its Capital and Exploration Plans for 2021; Ups Planned Drilling Program from 12,000 to 30,600 Metres

Avino Silver & Gold Mines Ltd. (TSX:ASM) (NYSE:ASM) (FSE: GV6) (Avino" or "the Company") is implementing a fully funded increase in drilling from 12,000 to 30,600 metres as approved by Avino's Board of Directors.

"The fully-funded increases to the drilling campaign, with the addition of Phases 2 & 3, as well as the PEA-recommended drilling on the Oxide Tailings resource, totaling 30,600 additional metres, are consistent with our strategy to increase value for shareholders in the long-term through drilling on the Avino Property", said David Wolfin, President and CEO. "We are looking forward to receiving initial results from Phase 1 in Q2 2021, as well as advancing the Oxide Tailings project, as we continue to see exceptional value in this project."

INCREASES:

2021 Original2021 Expanded Project Increase Budget Budget

Exploration Program 12,000 metres18,600 metres6,600 metres

Oxide Tailings Project- 12,000 metres12,000 metres

Total 12,000 metres30,600 metres18,600 metres

Exploration Program

* Increase from 12,000 to 18,600 metres

* Phase 2, consisting of 6,600 metres, will focus on high-grade, narrow-vein mineralized systems, similar to the previously mined San Gonzalo system Further drilling has been approved and will be subject to results from Phase 1 & Phase 2