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Orvana Minerals Corp
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Orvana drills 61.2 m of 0.82 g/t Au at Taguas

2022-06-06 19:30 ET - News Release

Mr. Juan Gavidia reports


Orvana Minerals Corp. has completed phase I of its infill and resource growth drilling campaign targeting the oxides horizon of its 100-per-cent-owned Taguas project in San Juan province, Argentina. A five-month final phase II is expected to start in November, 2022.

Phase I consisted of 6,482.6 metres in 41 diamond drill holes (DDHs), with over 4,900 assay samples. The main goal of the program was to upgrade Cerros Taguas oxides sector to measured and indicated resource categories, as those terms are defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) while moderately expanding the ore tonnage previously reported in the company's NI 43-101-compliant Taguas preliminary economic assessment report dated Dec. 29, 2021, and filed on SEDAR on Feb. 11, 2022. The second goal was to incorporate satellite Cerro Campamento sector into the oxides scope, going forward.

"The DDH's average drilling results and key intercepts continue to support Orvana's oxides development strategy for our Taguas multimillion-ounce [gold-silver] oxides-sulphides project. Also, the decision to incorporate the satellite higher-grade Cerro Campamento sector will be key to improving project economics. We are excited, and eagerly awaiting, resource remodelling by July, 2022. Completion of phase II will be the foundation of the 43-101 prefeasibility study for our oxides project in Taguas," said Orvana chief executive officer Juan Gavidia.


  • Phase I infill and growth drilling program on Taguas oxides completed (41 holes totalling 6,482.6 metres);
  • Mineralization encountered in all 41 holes;
  • Grades generally equalling/improving average previous resource grades included in the Taguas 2021 preliminary economic assessment;
  • Best drilling results included:
    • TADD244: 61.2 metres of 0.82 grams per tonne gold and 16.59 g/t silver;
    • TADD265: 72.8 metres of 0.46 g/t Au and 6.04 g/t Ag;
    • TADD274: 27.7 metres of 2.51 g/t Au and 10.61 g/t Ag;
  • Potential to reduce strip ratio in next open-pit redesign;
  • Phase II infill and growth drilling program expected to start in November, 2022: additional 11,000 metres in Cerros Taguas sector and 3,000 metres in Cerro Campamento sector.

Drilling program overview

Phase I was conducted between late December, 2021, and mid-May, 2022. Out of the total 41 drill holes drilled in phase I, assay results from the first 12 holes (TADD237 to TADD248) were outlined in Orvana's March 31, 2022, news release. The assay results for the subsequent 29 holes are summarized in the attached tables.

Phases I and II results are to be used for Taguas oxides prefeasibility studies purposes.

Cerros Taguas:

  • 34 core holes totaling 5,748.6 metres drilled;
  • Targets:
    • Oxides mineralization upgrade to measured and indicated categories;
    • Resource growth with oxides extensions to the northeast and northwest;
    • Resource growth in areas within the pit proposed in the Taguas 2021 PEA that were outside the block model due to lack of drilling (such as TADD246 and TADD249);
  • The attached table shows promising results, identifying thicker high-grade structures than previously modelled:
    • 27.7 metres of 2.51 g/t Au and 10.61 g/t Ag;
    • 14.0 metres of 1.38 g/t Au and 10.42 g/t Ag;
    • 72.8 metres of 0.46 g/t Au and 6.04 g/t Ag;
  • Underdrilled area inside Taguas 2021 PEA open-pit model is now preliminarily showing a high possibility to improve mining strip ratio;
  • High-grade structures like the ones intercepted in TADD258 leave open the possibility of increasing resources toward the northeast;
  • Phase II (additional 11,000 metres) is expected to be completed by March, 2023.

Cerro Campamento:

  • Seven core holes totalling 734 metres drilled;
  • Focused on defining the shallower part of high-gold-grade oxides, which can potentially be mined by open pit;
  • First interpretations show the existence of a low-grade envelope around high-grade veins. Additional drilling is necessary to continue delineating shallower parts of high-gold-grade veins, with the aim for open-pit mining modelling;
  • Best intercepts shown in the attached table. Highlights:
    • 7.0 metres of 3.07 g/t Au and 31.03 g/t Ag;
    • 23.5 metres of 0.72 g/t Au and 31.51 g/t Ag;
    • 11.3 metres of 0.59 g/t Au and 24.06 g/t Ag;
  • Phase II (additional 3,000 metres) is expected to be completed by March, 2023.

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 (greater than 80 per cent), riffle split of one-kilogram sample and pulverized to 106 microns (greater than 95 per cent). The assays included 50 grams Au by fire assay (FA), AA finish and 39-element package with aqua regia dilution and ICP OES (inductively coupled plasma -- optical emission spectrometry) finish. Overlimits 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 two 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.

The assay results from the first 12 holes (TADD237 to TADD248) were outlined in the news release dated March 31, 2022. The assay results for the subsequent 29 holes are summarized in the attached tables.

Cautionary notes to investors -- mineral reserves and resources estimates

Pursuant to Canadian Institute of Mining Metallurgy and Petroleum's CIM Standards on Mineral Resources and Reserves Definitions and Guidelines, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.

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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