On Track to Meet Annual Production Guidance
Year-to-date Exploration Program at OroValle Confirming Upside & Potential Mine Life Increase
5,000m Drilling Program Underway to Expand Taguas Project Resources in Argentina
Undergoing Final Quality Assurance Testing of Oxides Stockpile Project at EMIPA, Bolivia
TORONTO, April 15, 2021 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") today announced production results for the second quarter of fiscal 2021 ("Q2 2021") and exploration results for the first half of fiscal 2021 ("H1 2021") at OroValle, Spain.
Juan Gavidia, CEO of Orvana Minerals stated: "While we are on track to deliver on our production guidance for fiscal 2021, we are also pleased to report that exploration at OroValle continues to produce positive results, enhancing our current 5-Year Life-of-Mine Plan. OroValle's future has never looked brighter than today. Completing Orvana's big picture, we look forward to updating shareholders with exploration results at our in-development Taguas Project in Argentina, and with metallurgical testing programs completion at EMIPA, Bolivia, over the next upcoming quarters."
Q2 FY2021 OPERATIONAL RESULTS
OroValle
10,785 gold ounces, and on track to meet fiscal year 2021 guidance
1.4 million pounds, and on track to meet fiscal year 2021 guidance
6,530m of exploration drilling at OroValle were undertaken pursuant to aggressive resources annual program
Taguas
3,000m of diamond drilling were undertaken in the quarter, with 2,000m more to be completed in Q3
An updated Resource Estimate is expected in the next quarter
EMIPA
The Oxides Stockpile Project quality assurance (metallurgical) testing is currently in progress, and a decision on the project is expected by the end of fiscal year 2021
Objectives for Remainder of FY2021
OroValle: Strong cash flow generation. Deliver on production guidance, and go beyond replenishment of annual depletion thus, extending mine life
Taguas: Issue expanded-resource PEA by end of 2021, and define the Infill Drilling Program required to develop a Pre-Feasibility Study during 2022
EMIPA: Make final decision on Oxides Stockpile Project. Subject to final approval and access to required financing, it will be a one-year construction project in 2022, and a three-year production life between 2023 and 2025
Production Results
Q2 FY2021 Q1 FY2021 Q2 FY2020 FY 2021 Guidance
Ore milled (tones) 159,603 180,380 148,339
Gold Equivalent (oz) 14,197 18,398 14,843
Gold
Grade (g/t) 2.31 2.60 2.74
Recovery (%) 90.9 93.6 93.0
Production (oz) 10,785 14,127 12,139 50,000 - 55,000
Copper
Grade (%) 0.47 0.63 0.52
Recovery (%) 82.3 81.6 83.1
Production (K lbs)1,355 2,044 1,422 7,000 - 8,500
Orovalle H1 Exploration Update
El Valle Boinás
Fiscal year 2021 drilling program focus continues on the Oxides areas with a total of 13,743m drilled in H1 2021 (see Figure 1). Detail of areas and drilled metres are in Table 1 below and full detail of the drill program can be found in Table 2:
Infill (m) Brownfield (m) TOTAL (m)
A208 3,658 - 3,658
Boinas South 2,167 - 2,167
S 107 867 - 867
High Angle East - 4,648 4,648
Other Areas 1,796 607 2,403
TOTAL 8,488 5,255 13,743
Table 1. Orovalle H1 Drilling Fiscal Year 2021
Highlights per Area (see detailed assays in Table 2):
A208: 8.9m with 28.93 g/t Au. Drilling advancing to the North, next to East Breccia.
Boinas South: 5.9m with 11.87 g/t Au and 1.31% Cu. Mineral expansion is open at depth and to the North. Drilling continues to the North, connecting the Black Skarn area, around the intrusive contour.
S107: 2.1m with 43.28 g/t Au and 1.23% Cu. Drilling focused on open mineralization at depth.
High Angle East: 4.3m with 38.38 g/t Au and 4.22% Cu. Structure growth remains open at depth and to the North.
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