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Orvana Minerals Corp
Symbol ORV
Shares Issued 136,623,171
Close 2022-03-30 C$ 0.435
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Orvana Minerals drills 61.2 m of 0.82 g/t Au at Taguas

2022-03-31 09:41 ET - News Release

Mr. Juan Gavidia reports

ORVANA REPORTS LATEST TAGUAS PROJECT DRILLING RESULTS

Orvana Minerals Corp. has released infill and expansion drilling results for the company's 100-per-cent-owned Taguas project in San Juan, Argentina.

As of March 27 th 2022, 24 DDH holes totaling 3,845 meters have been drilled, of which 1946.5 meters (12 DDH) have analytical readings already. Work to date represents the first set of infill and expansion drilling of the ongoing fiscal 2022 program. The drilling program continues progressing well and the Company expects to achieve a total of 7,400 meters by May 2022. The company expects to disclose further drilling results in the near future, as they become available.

Juan Gavidia, CEO of Orvana, commented, "Based on the reported intercepts, we are very optimistic that the Taguas Project could improve its initial economics, as we enter the Pre-Feasibility stage. In addition, efforts are being made to understand the high-grade oxides in Cerro Campamento, which could potentially be a cash flow catalyst for the first years of the operation. Our team on the ground is working 24/7 to complete drilling targets before snow season settles in."

2022 Drill Program Overview

COVID, and a large exploration drilling demand in San Juan prevented the Company from starting 45 days before the preliminary plan. Infill program has been divided in two phases, the first one between late December 2021 and May 2022, and the second one starting in November 2022. Below is a summary of the Company's 2022 drill program at Taguas:

Cerros Taguas

  • Program focused on the oxides portion.
  • Infill drilling phase-1 (6,000 meters) to upgrade a significant portion of the mineralization currently classified as Inferred to the Measured and Indicated categories. Phase-2 (additional 11,000 meters) is targeted to be completed in second quarter of fiscal 2023. Re-classification to be used as the basis for a prefeasibility study, which is targeted to be delivered in fiscal 2023.
  • Testing for lateral extensions to the northeast.
  • Drilling in areas within the pit proposed in the Preliminary Economic Assessment (December 29, 2021) that are currently outside the block model due to lack of drillholes (e.g., TADD246 and TADD249 in Figure 1).

Cerro Campamento

  • Program focused on the oxides portion.
  • Infill drilling phase-1 (1,400 meters) to delineate the shallower part of high gold grade veins in this area, which can potentially be mined by open pit. Phase-2 (additional 3,000 meters) is targeted to be completed in second quarter of fiscal 2023.

Cerros Taguas Results

  • 24 core holes totaling 3,845 meters drilled to date.
  • Results for 12 core holes totaling 1,946.5 meters (Table 1).
  • Early lab assays showing solid results, identifying more high grades structures than previously modelled:
    • 61.2 meters @ 0.82 g/t Au and 16.59 g/t Ag
    • 25.7 meters @ 0.53 g/t Au and 17.49 g/t Ag
    • 84.6 meters @ 0.36 g/t Au and 3.82 g/t Ag
  • Proved continuity of structures and grade in Cerros Taguas Oxides deposit.
  • Additional 2,000 meters planned.

Cerros Campamento Results

  • Drilling has commenced in Cerro Campamento in order to define the shallower part of high gold grade oxides, which can potentially be mined by open pit.
  • 3 core holes totaling 251.2 meters.
  • All assays are pending.

Quality Assurance-Quality Control ("QA/QC")

Samples were prepared and analyzed by Alex Stewart International Argentina SA Laboratory in Mendoza. This laboratory is ISO 9001; ISO 17025, and ISO 14001 certified. Samples were prepared following the P-5 laboratory preparation code: the samples were dried, crushed to passing 10 mesh (>80%), riffle split of 1kg sample and pulverized to 106 microns (>95%). The assays included 50 g Au by fire assay (FA), AA finish and 39 element package with aqua regia dilution and ICP OES finish. Over limits for Au and Ag were run in 50 g sample by FA and gravimetric method finish. Coarse and pulp rejects were returned and are stored in the Piuquenes storage facilities.

The reported work has been completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of quarter core field duplicates, coarse duplicates split after laboratory crushing, pulp duplicates split after laboratory pulverization, coarse analytical blank samples and 2 different CRMs inserted in batches of roughly 50 samples.

The exploration update was prepared under the supervision of Raul Alvarez Cifuentes, a qualified person for the purposes of NI 43-101 and an employee of the company.

ABOUT ORVANA - Orvana is a multi-mine 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. Additional information is available at Orvana's website (www.orvana.com).

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