NI 43-101 report estimates 133.6Mt Inferred Resource at 0.60 g/t gold equivalent
947K AuEqOz, 55.5Mt of total resource, are low-cost oxides to be prioritized for full development
1,649K AuEqOz, 78.2Mt of total resource, are sulfides
Updated oxides' NI 43-101 Preliminary Economic Assessment expected later this year
Continued steady operational performance, coupled with the positive outcomes of Orvana's exploration strategy, positions the Company as a consistent gold producer with clear growth prospects
TORONTO, July 5, 2021 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") has updated the Mineral Resource Estimate of its Taguas Project, located in San Juan Province, Argentina. Taguas consists of 15 mining concessions over an area of 3,273.87 ha. The property is located approximately 25km north of Barrick Gold Corporation's Veladero operation.

"With Orvana's Exploration Team on delivering this highly successful outcome for the Taguas Project, we are extremely pleased to be establishing the foundation of a new operation for the Company" stated Juan Gavidia, CEO of Orvana. "Developing the first million AuEqOz, as low cost oxides, with additional sulfides in later years, makes Taguas a long term high value creation asset for Orvana."

Mr. Gavidia concluded, "Predictable operations and results-oriented exploration, are strategic strengths of Orvana that focus on steady production and continued growth. These strengths will continue to be enhanced for the long term benefit of our shareholders. When taken together with the stabilized production at Orovalle, the development of Taguas will diversify risk and increase the future production profile of Orvana."

The updated Mineral Resource Estimate disclosed herein includes both oxide and sulphide ore of three areas: Cerro Taguas, Cerro Silla Sur and Cerro Campamento, and is the result of drilling programs completed between 1985 and 2021.

A Technical Report prepared by Geosim Services Inc. (Geosim) of Vancouver in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has been completed and will be filed on SEDAR within 45 days of this news release. The Mineral Resource estimate contained in the technical report was completed by Ronald Simpson P.Geo. (Geosim Services Inc.).

Mineral Resource Estimate

The update of the Mineral Resource Estimate was conducted by Ronald Simpson P.Geo. of Geosim, a Qualified Person under National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects, using Geovia-Surpac© software.

Geosim has worked with the Company's personnel to review the geology models, and independently developed geological models, estimated and reported the mineral resources for Taguas. In all, there are three mineralized bodies identified through drilling and exploration drifts. These were used as hard boundaries for the purposes of the estimation. The resource is supported by a database featuring over 56,585.35 meters of drilling.

The block models were created by Geosim and have been estimated using Inverse Distance weighting method to the third power (ID3). Geosims has validated the estimation for each model using a variety of methods considered to be industry standard. These methods include a visual comparison of the blocks versus the composites, an assessment of the quality of the estimate, and comparative statistics of block estimates vs. composites. The mineral resources have been estimated and reported in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices, November 29, 2019" guidelines.

The June 30, 2021 mineral resource statement for the Taguas Project is presented in Table 1:

Table 1: Taguas Inferred Mineral Resource Estimate as at June 30, 2021 – Geosim Services Inc
Zone Material COG Tonnes Grade Contained Metal
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