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Orvana produces 15,921 oz AuEq in fiscal Q1

2022-01-18 10:41 ET - News Release

Mr. Juan Gavidia reports

ORVANA REPORTS SOLID Q1 FY2022 PRODUCTION RESULTS, AND ANNOUNCES 2.9 METERS @ 20.66 G/T AU INTERCEPT AT GREENFIELD PROJECT IN OROVALLE, SPAIN

Orvana Minerals Corp. has released production results and drilling updates from Orovalle, Orvana's unit in Spain, for the first quarter of fiscal year 2022, being the period ended Dec. 31, 2021.

Highlights:

  • Q1 2022 production of 15,921 gold equivalent ounces -- a 32-per-cent sequential increase;
  • 7,022 metres of infill and brownfield drilling in Orovalle, Spain;
  • 1,415 metres of greenfield drilling in Orovalle, Spain;
  • 20.66 grams per tonne gold over 2.9 metres intercepted in Ortosa-Godan, Orovalle, Spain.

Juan Gavidia, chief executive officer of Orvana, stated: "We are encouraged by the most recent intercepts in the west zone of Ortosa-Godan, which confirm the presence of a mineralized structure in an area previously undrilled. The company has made a strong commitment to organic growth in Orovalle through brownfield and greenfield exploration, and results such as the ones released today continue to demonstrate that this investment is paying off with the potential to further grow our mineral resources."

Q1 2022 production results:

  • Production of 15,921 gold equivalent ounces, a 32-per-cent increase from Q4 2021;
  • 11,731 gold ounces produced, on track to meet fiscal year 2022 guidance of 48,000 to 53,000 ounces;
  • 1.5 million copper pounds produced, on track to meet fiscal year 2022 guidance of 5,800 to 6,500 ounces.

Ortosa-Godan

Ortosa-Godan project is located close to the Carles mine, three kilometres northwest and into the same gold belt. Different exploration works were carried out before 2011, including airborne geophysics, geochemistry, rock sampling and drill holes intersecting skarn mineralization.

Orovalle started an exploration drilling program at the end of August, 2021, in order to define the skarn continuity and check the oxide mineralization related to N40E structures. Six drill holes totalling 2,072 metres were completed in this project up to date. The first four drill holes were focused on defining skarn mineralization at depth and in a north-south direction. Calcic skarn with sulphides was intersected in several bands. Intercepts are shown in an attached table.

The last two drill holes were planned to intersect mineralization related with N40E structures. Drill hole 21ORW05 intercepted 2.9 metres with 20.66 grams per tonne gold in a undrilled area. Drill hole 21ORW06 was completed to the south from the previous one and sample assays are pending.

The drilling campaign will continue in the second quarter of fiscal year 2022, targeting the establishment of continuity of the mineralization intersected in drill hole 21ORW05.

Quality control

21OWR01 and 21ORW02 drill hole samples were analyzed by the Orovalle laboratory, which is ISO 9001:2015 certified. Drill holes 21ORW03, 21ORW04, 21ORW05 and 21OWR06 samples were sent to an external laboratory (ALS) for analyses.

Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split.

The core samples are dried at a temperature of 105 C and then crushed through a jaw crusher to 95 per cent less than six millimetres. The coarse-crushed sample is further reduced to 95 per cent less than 425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450-gram-to-550-gram subsample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced to a nominal minus-200 mesh using an LM2 bowl-and-puck pulverizer. One-hundred-forty-gram subsamples are split using a special vertical-sided scoop to cut channels through the sample, which has been spread into a pancake on a sampling mat. Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored.

After sample preparation, 30-gram samples are analyzed for gold by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for silver, arsenic, bismuth, copper, mercury, lead, antimony, selenium and zinc by ICP optical emission spectroscopy (ICP-OES) after an aqua regia digestion.

In case of the samples sent to an external laboratory, 30-gram samples are analyzed for gold by fire assay with an atomic absorption (Au AA-25) and 35 elements by ICP (ME-ICP41) after an aqua regia digestion. When gold and silver values are greater than 100 parts per million and copper and arsenic values are greater than 10,000 parts per million, specific analysis methods are used to determine the final grade.

The reported work has been completed using industry-standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the insertion of certified reference material, blanks and duplicates samples into the sample stream.

The exploration update was prepared under the supervision of Guadalupe Collar Menendez, a qualified person for the purposes of National Instrument 43-101 and an employee of Orovalle Minerals SL, a subsidiary of Orvana.

Lidia

Orovalle's Lidia project is located in Navelgas gold belt. The program started in fiscal 2021, with a total 1,017 metres drilled in the year. The second phase of program started in December, 2021, with 384 metres drilled in the month, and will be completed in the second quarter of fiscal 2022. Information is under evaluation and results will be provided in due course once completed the second phase.

El Valle Boinas

Orovalle's main operation Q1 fiscal 2022 drilling program continued with its focus on upgrading inferred resources, with a total of 5,086 metres of infill drilling. A further 492 metres of brownfield drilling were completed to define the continuity of the recently discovered E2 structure to the north. The drilling program for next months will be in line with this quarter.

Carles

A total of 1,444 metres were completed during the first quarter of fiscal 2022. It is expected to complete the infill program in the second quarter.

Financial performance

Q1 fiscal 2022 financials will be released mid-February, 2022.

About Orvana Minerals Corp.

Orvana is a multimine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carles gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, currently in care and maintenance, and the Taguas property located in Argentina.

We seek Safe Harbor.

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