Highlight: Notable intercept of 0.82 g/t Au
over 61.2 meters
TORONTO, March 31,
2022 /CNW/ - Orvana Minerals Corp. (TSX: ORV)
(the "Company" or "Orvana") is pleased to announce infill
and expansion drilling results for the Company's 100%-owned Taguas
Project in San Juan, Argentina.
As of March 27th 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:
-
-
- 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).
-
-
- 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 modeled:
-
- 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
Raúl Alvarez Cifuentes, a qualified
person for the purposes of NI 43-101 and an employee of the
company.
Table 1 – Intercepts from Cerros Taguas
The table shows the most significant results:
DDH
|
FROM
|
TO
|
Downhole
lenght
|
True
width*
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Ore
Type
|
|
|
|
|
|
|
|
|
|
TADD237
|
0.00
|
22.90
|
22.90
|
14.89
|
0.32
|
19.26
|
<0.01
|
Oxide
|
TADD237
|
54.20
|
58.20
|
4.00
|
2.60
|
0.35
|
8.65
|
<0.01
|
Oxide
|
|
|
|
|
|
|
|
|
|
TADD238
|
55.80
|
64.60
|
8.80
|
5.72
|
0.29
|
6.69
|
<0.01
|
Oxide
|
TADD238
|
121.10
|
146.45
|
25.35
|
16.48
|
0.27
|
3.61
|
<0.01
|
Oxide
|
|
|
|
|
|
|
|
|
|
TADD239
|
30.20
|
134.40
|
104.20
|
67.73
|
0.25
|
4.70
|
<0.01
|
Oxide
|
including
|
85.00
|
88.50
|
3.50
|
2.28
|
1.18
|
10.96
|
<0.01
|
Oxide
|
|
|
|
|
|
|
|
|
|
TADD240
|
17.00
|
22.00
|
5.00
|
3.25
|
0.27
|
41.14
|
0.04
|
Oxide
|
TADD240
|
75.00
|
77.00
|
2.00
|
1.30
|
0.57
|
12.30
|
<0.01
|
Oxide
|
TADD240
|
114.00
|
117.00
|
3.00
|
1.95
|
0.55
|
7.80
|
0.01
|
Oxide
|
TADD240
|
117.00
|
117.80
|
0.80
|
0.52
|
0.59
|
82.00
|
3.61
|
Sulfide
|
TADD240
|
128.60
|
153.80
|
25.20
|
16.38
|
0.36
|
7.48
|
0.16
|
Sulfide
|
|
|
|
|
|
|
|
|
|
TADD241
|
4.00
|
23.50
|
19.50
|
12.68
|
0.35
|
15.77
|
0.01
|
Oxide
|
TADD241
|
53.00
|
59.00
|
6.00
|
3.90
|
0.29
|
4.83
|
<0.01
|
Oxide
|
|
|
|
|
|
|
|
|
|
TADD242
|
24.50
|
28.50
|
4.00
|
2.60
|
0.38
|
22.50
|
0.03
|
Oxide
|
TADD242
|
113.50
|
121.50
|
8.00
|
5.20
|
0.42
|
9.28
|
0.06
|
Oxide
|
TADD242
|
179.20
|
179.70
|
0.50
|
0.33
|
3.02
|
180.2
|
1.85
|
Sulfide
|
|
|
|
|
|
|
|
|
|
TADD243
|
48.80
|
72.30
|
23.50
|
15.28
|
0.21
|
15.31
|
0.01
|
Oxide
|
TADD243
|
97.10
|
101.10
|
4.00
|
2.60
|
0.43
|
4.80
|
<0.01
|
Oxide
|
TADD243
|
134.70
|
137.00
|
2.30
|
1.50
|
0.50
|
3.08
|
<0.01
|
Oxide
|
TADD243
|
177.70
|
185.00
|
7.30
|
4.75
|
0.41
|
8.18
|
0.21
|
Oxide
|
|
|
|
|
|
|
|
|
|
TADD244
|
0.00
|
6.00
|
6.00
|
3.90
|
0.34
|
23.73
|
<0.01
|
Oxide
|
TADD244
|
25.40
|
119.50
|
94.10
|
61.17
|
0.82
|
16.59
|
0.02
|
Oxide
|
including
|
62.10
|
77.00
|
14.90
|
9.69
|
2.80
|
26.61
|
0.04
|
Oxide
|
TADD244
|
119.50
|
169.10
|
49.60
|
32.24
|
0.73
|
13.08
|
0.22
|
Sulfide
|
|
|
|
|
|
|
|
|
|
TADD245
|
0.00
|
39.50
|
39.50
|
25.68
|
0.53
|
17.49
|
0.01
|
Oxide
|
TADD245
|
66.50
|
101.00
|
34.50
|
22.43
|
0.35
|
13.81
|
0.02
|
Oxide
|
TADD245
|
113.00
|
127.00
|
14.00
|
9.10
|
0.31
|
6.19
|
0.03
|
Oxide
|
|
|
|
|
|
|
|
|
|
TADD246
|
77.60
|
116.00
|
38.40
|
24.96
|
0.34
|
15.18
|
<0.01
|
Oxide
|
|
|
|
|
|
|
|
|
|
TADD247
|
7.00
|
137.20
|
130.20
|
84.63
|
0.36
|
3.82
|
<0.01
|
Oxide
|
including
|
70.00
|
87.40
|
17.40
|
11.31
|
1.21
|
8.79
|
<0.01
|
Oxide
|
|
|
|
|
|
|
|
|
|
TADD248
|
66.00
|
71.00
|
5.00
|
3.25
|
0.26
|
22.30
|
0.01
|
Oxide
|
TADD248
|
164.00
|
170.00
|
6.00
|
3.90
|
0.83
|
8.45
|
0.12
|
Sulfide
|
*
|
True width is averaged
to 65% of the down-hole intercept, although ranges from 60-70%
subject to intersection with sub-vertical veins and drilling
dip.
|
ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver
company. Orvana's assets consist of the producing El Valle and
Carlés 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).
Cautionary Statements -
Forward-Looking Information
Certain statements in this presentation constitute
forward-looking statements or forward-looking information within
the meaning of applicable securities laws ("forward-looking
statements"). Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, potentials, future events or
performance (often, but not always, using words or phrases such as
"believes", "expects", "plans", "estimates" or "intends" or stating
that certain actions, events or results "may", "could", "would",
"might", "will" or "are projected to" be taken or achieved) are not
statements of historical fact, but are forward-looking
statements.
The forward-looking statements herein relate to, among other
things, Orvana's ability to achieve improvement in free cash flow;
the ability to maintain expected mining rates and expected
throughput rates at El Valle Plant; the potential to extend the
mine life of El Valle and Don Mario beyond their current
life-of-mine estimates including specifically, but not limited to,
in the case of Don Mario, the processing of the mineral stockpiles
and the reprocessing of the tailings material; Orvana's ability to
optimize its assets to deliver shareholder value; the Company's
ability to optimize productivity at Don Mario and El Valle;
estimates of future production, operating costs and capital
expenditures; mineral resource and reserve estimates; statements
and information regarding future feasibility studies and their
results; future transactions; future metal prices; the ability to
achieve additional growth and geographic diversification; future
financial performance, including the ability to increase cash flow
and profits; and future financing requirements; mine development
plans.
Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by the Company as of the date of such statements, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, which includes,
without limitation, as particularly set out in the notes
accompanying the Company's most recently filed financial
statements. The estimates and assumptions of the Company contained
or incorporated by reference in this information, which may prove
to be incorrect, include, but are not limited to the various
assumptions set forth herein and in Orvana's most recently filed
Management's Discussion & Analysis and Annual Information Form
in respect of the Company's most recently completed fiscal year
(the "Company Disclosures") or as otherwise expressly incorporated
herein by reference as well as: there being no significant
disruptions affecting operations, whether due to labour
disruptions, supply disruptions, power disruptions, damage to
equipment or otherwise; permitting, development, operations,
expansion and acquisitions at El Valle and Don Mario being
consistent with the Company's current expectations; political
developments in any jurisdiction in which the Company operates
being consistent with its current expectations; certain price
assumptions for gold, copper and silver; prices for key supplies
being approximately consistent with current levels; production and
cost of sales forecasts meeting expectations; the accuracy of the
Company's current mineral reserve and mineral resource estimates;
labour and materials costs increasing on a basis consistent with
Orvana's current expectations; and the availability of necessary
funds to execute the Company's plan. Without limiting the
generality of the foregoing, this presentation also contains
certain "forward-looking statements" within the meaning of
applicable securities legislation, including, without limitation,
statements with respect to the results of the preliminary economic
assessment, including but not limited to the mineral resource
estimation, conceptual mine plan and operations, internal rate of
return, sensitivities, taxes, net present value, potential
recoveries, design parameters, operating costs, capital costs,
production data and economic potential; the timing and costs for
production decisions; permitting timelines and requirements;
exploration and planned exploration programs; the potential for
discovery of additional mineral resources; timing for completion of
a feasibility study; timing for first gold production at Taguas;
processing the stockpile at El Valle in connection with the metal
production catch-up program; identifying additional resources
beyond the replenishment of annual depletion rates at El Valle for
the extension of mine life; issuing an expanded resource PEA for
Taguas in a timely manner; completion of the infill drilling
program at Taguas; making a decision on the oxides stockpile at Don
Mario in a timely manner; and the Company's general objectives and
strategies.
A variety of inherent risks, uncertainties and factors, many
of which are beyond the Company's control, affect the operations,
performance and results of the Company and its business, and could
cause actual events or results to differ materially from estimated
or anticipated events or results expressed or implied by forward
looking statements. Some of these risks, uncertainties and factors
include: the potential impact of the COVID-19 on the Company's
business and operations, including: our ability to continue
operations; our ability to manage challenges presented by COVID-19;
the accounting treatment of COVID-19 related matters; Orvana's
ability to prevent and/or mitigate the impact of COVID-19 and other
infectious diseases at or near our mines; our ability to support
the sustainability of our business including through the
development of crisis management plans, increasing stock levels for
key supplies, monitoring of guidance from the medical community,
and engagement with local communities and authorities; fluctuations
in the price of gold, silver and copper; the need to recalculate
estimates of resources based on actual production experience;
disruption of supply chains that are not within the control of the
Company causing a reduction of available supplies and materials to
continue anticipated operational activity levels; the failure to
achieve production estimates; variations in the grade of ore mined;
variations in the cost of operations; the availability of qualified
personnel; the Company's ability to obtain and maintain all
necessary regulatory approvals and licenses; the Company's ability
to use cyanide in its mining operations; risks generally associated
with mineral exploration and development, including the Company's
ability to continue to operate the El Valle and/or ability to
resume long-term operations at the Carlés Mine; the Company's
ability to successfully implement a sulphidization circuit and
ancillary facilities to process the current oxides stockpiles at
Don Mario; the Company's ability to successfully carry out
development plans at Taguas; sufficient funding to carry out
development plans at Taguas and to process the oxides stockpiles at
Don Mario; the Company's ability to acquire and develop mineral
properties and to successfully integrate such acquisitions; the
Company's ability to execute on its strategy; the Company's ability
to obtain financing when required on terms that are acceptable to
the Company; challenges to the Company's interests in its property
and mineral rights; current, pending and proposed legislative or
regulatory developments or changes in political, social or economic
conditions in the countries in which the Company operates; general
economic conditions worldwide; the challenges presented by
COVID-19; fluctuating operational costs such as, but not limited
to, power supply costs; current and future environmental matters;
and the risks identified in the Company's disclosures. This list is
not exhaustive of the factors that may affect any of the Company's
forward-looking statements and reference should also be made to the
Company's Disclosures for a description of additional risk
factors.
Any forward-looking statements made herein with respect to
the anticipated development and exploration of the Company's
mineral projects are intended to provide an overview of
management's expectations with respect to certain future activities
of the Company and may not be appropriate for other purposes.
Forward-looking statements are based on management's current plans,
estimates, projections, beliefs and opinions and, except as
required by law, the Company does not undertake any obligation to
update forward-looking statements should assumptions related to
these plans, estimates, projections, beliefs and opinions change.
Readers are cautioned not to put undue reliance on forward-looking
statements. The forward-looking statements made in this information
are intended to provide an overview of management's expectations
with respect to certain future operating activities of the Company
and may not be appropriate for other purposes.
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SOURCE Orvana Minerals Corp.