TORONTO, July 18, 2022 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to report production results and drilling updates from Orovalle, Orvana's unit in Spain, for the third quarter of fiscal year 2022 ended June 30, 2022 ("Q3 FY2022").

Highlights
Q3 FY2022 production of 15,798 gold equivalent ounces, a 49% increase from previous quarter
22.16 g/t Au over 6.05 meters intercept in Ortosa West, part of the Ortosa-Godán Project
6,589 m of Infill and Brownfield Drilling
1,337 m of Greenfield Drilling
"We are very pleased that Orovalle has stabilized production after overcoming external factors earlier in the year", stated Orvana CEO Juan Gavidia. "Our exploration strategy is advancing with positive results as evidenced by the latest reported high-grade intercept at the Ortosa-Godan Project in Spain. With additional planned exploration work to be conducted at the Ortosa-Godan Project throughout the remainder of fiscal 2022, we hope to identify the third mineral resource opportunity at Orovalle, along with Boinas and Carles. We are very excited with the short term prospects of the Ortosa-Godan Project", Mr. Gavidia added.

Q3 FY2022 Production Results
Production of 15,798 gold equivalent ounces (12,354 gold ounces, 1.3 million copper pounds and 38,082 silver ounces).
12,354 gold ounces produced, a 48% increase from Q2 FY2022. On track to meet fiscal year 2022 guidance of 44,000 - 46,000 Oz.
1.3 million copper pounds produced, a 62% increase from Q2 FY2022. On track to meet fiscal year 2022 guidance of 4.8 – 5.2 million pounds.

Q3 FY2022 Q2 FY2022 Q3 FY2021 YTD FY2022 FY 2022 Guidance
Ore milled (tones) 176,401 146,170 181,258 498,859
Gold Equivalent (oz) 15,798 10,595 18,471 42,314
Gold Grade (g/t) 2.39 1.94 2.60 2.22
Recovery (%) 91.2 91.6 91.5 91.3
Production (oz) 12,354 8,341 13,879 32,425 44,000 – 46,000

Copper Grade (%) 0.40 0.31 0.48 0.39
Recovery (%) 82.5 80.7 84.6 82.6
Production (K lbs) 1,293 797 1,630 3,540 4,800 – 5,200

Q3 FY2022 Exploration Drilling
Summary (all in meters) Infill Brownfield Greenfield TOTAL

Ortosa-Godán - - 1,337 1,337
El Valle Boinás
Breccia East (BX) 2,000 - - 2,000
Boinas South (SB) 502 - - 502
High Angle East (HAE) 695 2,348 - 3,043
E2 - 1,044 - 1,044
TOTAL 3,197 3,392 1,337 7,926

Ortosa-Godán
The Ortosa-Godán Project is located three kilometers northwest of the Carles mine, at the same gold belt.

Orovalle started an exploration drilling program in Ortosa West at the end of August 2021 in order to define the skarn continuity and verify the oxide mineralization related to N40ºE structures. The Company disclosed first quarter fiscal 2022 results in the press release dated January 18, 2022.

During Q2 FY2022, 426 meters were completed in one drill hole and during Q3 FY2022, 1,337 meters were completed in three drill holes, one of them still ongoing. These drill holes were planned to intersect mineralization throughout N40ºE direction. Drill hole 22ORW07 intercepted 6.05 m with 22.16 g/t Au and 1.60 m with 27.43 g/t Au. These results confirm the continuity of the mineralization along 250 m Northeast-Southwest trend (see Figure 2). Calcic skarn with sulfides (arsenopyrite mainly) and mineralized silicified breccias were intersected.

10 drill holes were completed to date (last one in progress) with 2,890 meters. The first four drill holes were focused on defining the skarn mineralization at depth in a previously drilled area and the remaining six drill holes were completed in an undrilled area targeting intersect mineralization related to N40ºE structures.

The drilling campaign is still in progress focused on defining mineralization to the Northeast and the structure at depth.

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