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Orvana Minerals Corp
Symbol ORV
Shares Issued 136,623,171
Close 2022-04-14 C$ 0.395
Recent Sedar Documents

Orvana produces 10,595 oz AuEq in Q2 fiscal 2022

2022-04-18 00:27 ET - News Release

Mr. Juan Gavidia reports

ORVANA REPORTS Q2 FY2022 PRODUCTION, AND ANNOUNCES 196.50 METERS @ 0.53 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 second quarter of fiscal year 2022, being the period ended March 31, 2022.

Highlights:

  • 0.53 gram per tonne gold over 196.50 metres intercepted in Lidia, Orovalle, Spain;
  • Second quarter fiscal 2022 production of 10,595 gold equivalent ounces;
  • 6,642 metres of infill drilling;
  • 1,447 metres of greenfield drilling.

Juan Gavidia, chief executive officer of Orvana, said, "Our exploration program continues producing excellent outcomes, reinforcing Orvana's internal growth potential to increase resources in Spain."

He added: "This has been a challenging quarter in terms of production in Spain due to the COVID-19 impact on the work force in the first half of the quarter, supply chain strains all around Europe affecting the availability of spare parts and the nationwide transport strike in March. Since early April, supply chain channels have been reactivated, production restarted, and we are in the process of reviewing and optimizing the production plan for the second half of the year."

  • Production of 10,595 gold equivalent ounces, a 33-per-cent decrease from first quarter fiscal 2022; production impacted by the temporary operations stoppage in March as a result of the nationwide transport strike in Spain;
  • The company is in the process of reviewing its operations and costs as a result of the temporary stoppage in March, and expects to be in a position to provide a more comprehensive update of the impacts on operations as part of the Q2 fiscal 2022 reporting process in May.

Lidia

Orovalle's gold porphyry Lidia project is located in the Navelgas gold belt, 20 kilometres from El Valle mine.

Lidia occurs within the easternmost of the Navelgas fracture systems. A granodiorite intrusive outcrops over an area of approximately one square kilometre. It is dissected by a set of northeast-trending mineralized quartz veins and affected by different alteration phases.

The drilling program started in fiscal 2021 with 1,017 metres drilled. The second phase started in December, 2021, focused on defining the continuity of gold mineralization into the intrusive. Four drill holes, totalling 1,405 metres, were drilled in the first half of fiscal 2022, confirming the presence of gold in the granodiorite, averaging 0.53 gram per tonne gold over 196.50 metres (DDH 22LIDIA04).

The company expects to continue the program in Lidia in September, 2022, drilling two sections, to the north and to south, from the current drilled area, respectively, to prove continuity of Au mineralization in north-south strike and at depth.

Ortosa-Godan

Ortosa-Godan project is located three kilometres northwest of the Carles mine at the same gold belt.

Orovalle started an exploration drilling program at the end of August, 2021, to define the skarn continuity and check the oxide mineralization. The company disclosed first quarter fiscal 2022 results in the press release dated Jan. 18, 2022. During Q2 fiscal 2022, 426 metres were completed in one drill hole. Results from drill hole samples are pending, and the information will be provided in due course.

The drilling campaign is still in progress, targeting to confirm the continuity of the mineralization intersected in drill hole 21ORW05: 20.66 g/t over 2.9 metres.

El Valle Boinas

The drilling program continued with its focus on upgrading inferred resources, with a total of 6,642 metres of infill drilling completed in Boinas South and Breccia East.

Carles

Five hundred ninety-eight metres were drilled during Q2 fiscal 2022, completing the infill drilling program. Around 200,000 tonnes of inferred resources were converted into measured and indicated resources as a result of the infill drilling campaign completed in Carles West.

Quality control

Greenfield drill hole samples were sent to an external laboratory (ALS Laboratory) for analyses. Infill drill hole samples were analyzed in Orovalle's laboratory.

Sample preparation was carried out at 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. The coarse-crushed sample is further reduced 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 (in Orovalle Laboratory) for Au 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 Au by fire assay with an atomic absorption (Au AA-25) and 35 elements by ICP (ME-ICP41) after an aqua regia digestion. When Au and Ag values are greater than 100 parts per million and Cu and As 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.

Financial performance

Q2 fiscal 2022 financials will be released mid-May, 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.

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