TORONTO, Nov. 11, 2021 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to confirm the discovery of a new mineralized structure, referred to as Area 208 East ("Area E2"), immediately to the east of its current underground mining operations in El Valle, Spain.
Area E2 is located in the easternmost part of the El Valle deposit, 100 meters from Area 208 (the "Area A2"). It has been identified by exploring the repeatability of structures present in Area A2 located to the East, targeting high-grade oxide gold material. The structure remains open to the North, South and at depth. As previously announced in the Company's Q3 FY2021 update on July 14, 2021, the Company planned for a 500 meters drill campaign for Q4 FY2021, targeting confirmation of continuity of the structure to the North and at depth. The campaign was completed as planned, confirming the discovery of a new mineralized structure Area E2.
Results of completed 3,227 diamond drill hole (DDH) meters and several geological interpretations confirm the discovery of a new mineralized structure identified as Area E2.
Area E2 is a south-north structure, 500 meters long, 50 meters wide (within several mineralized structures with thickness between 1 and 12 meters) and 100 meters deep (see location in Figure 1)
Best intercepts to-date are:
9.0 meters with 7.32 g/t Au, 2.97 % Cu, 57.88 g/t Ag
6.9 meters with 22.78 g/t Au, 0.47 % Cu
8.9 meters with 9.91 g/t Au
Area E2 is open to the North-deep, at depth, and to the South
Further resource exploration and modeling at Area E2 will be conducted during calendar 2022
Juan Gavidia, CEO of Orvana stated: "Our Orovalle Exploration Team has been working hard to fulfill replenishment of mining depletion for the last 6 years, ensuring a constant 5 Year LOM at any time. The Orovalle Team continues to deliver successful results with the latest discovery of Area E2. We look forward to providing a full picture of Area E2 during next year."
The eastern part of the El Valle deposit is affected by structures and a set of felsic dikes with direction N35ªE and N-S, through which hydrothermal fluids have been flowing, remobilizing and depositing oxide mineralization. These structures have been identified, modeled and included in the resource estimation of the Area A2. The reason for exploring to the east of the deposit is the search for repeatability of structures similar to those already recognized.
Area E2 is located in the easternmost part of El Valle deposit, 100 meters away of Area A2 and following the same North-South direction. See Figure 1 below.