Ortosa-Godán Drilling Success Continues

Orvana Minerals Corp. (TSX: ORV) is pleased to report production results and drilling updates from Orovalle, Orvana’s unit in Spain, for the fourth quarter of fiscal year 2022 ended September 30, 2022.

Highlights

• Q4 FY2022 production of 15,344 gold equivalent ounces
• FY2022 total production of 57,658 gold equivalent ounces (44,698 gold ounces, 4.8 million copper pounds and 157,207 silver ounces)
• 5,408 m of Infill and Brownfield Drilling
• 1,300 m of Greenfield Drilling at Ortosa-Godán. Intercepts:
  • 33.12 g/t Au over 1.10 m in DDH 22ORW11
  • 4.39 g/t Au over 3.30 m in DDH 22ORW11
  • 4.55 g/t Au over 2.30 m in DDH 22ORW10

Juan Gavidia, CEO, commented:

“During second half of fiscal 2022 Orovalle operations performed mostly according to expectations, recovering well from the unprecedented COVID-related operational difficulties, European supply chain constraints, and Spain’s nationwide transportation strike that impacted the operation in the first half of fiscal 2022”.

“Coming out of fiscal 2022 with recovered productivity ratios, we now enter fiscal 2023 mindful of inflationary pressures and high energy prices. Nonetheless, we remain committed to safe and stable production with the continuous implementation of operational efficiencies to enhance our production plan, while keeping costs at the lowest possible level”.

“On the strategic side, encouraging exploration results keep coming. The last drill holes at Ortosa-Godan highlight the excellent continuity of mineralization and the potential to provide long-term resources for our Spanish operations”.

Q4 FY2022 Exploration Drilling

Ortosa-Godán

Ortosa-Godán is located three kilometers northwest of OroValle’s Carles mine, within the same gold belt. Orovalle commenced the drilling program in Ortosa West in August 2021 to define skarns continuity and to verify mineralization related to N40ºE structures.

During the fourth quarter of fiscal 2022, 1,300 meters were completed in three drill holes, targeting to intersect mineralization throughout N40ºE structures. DDH 22ORW10 intersected 2.30 m with 4.55 g/t Au in a piroxenic-garnet skarn with sulfides; DDH 22ORW11 intersected 1.10 m with 33.12 g/t Au in an altered endoskarn with garnets and disseminated sulfides, and 3.30 m with 4.39 g/t Au in an altered piroxenic skarn with garnets and sulfides, extending the mineralization 50 meters to the Northeast, and confirming the continuity of the mineralization along 300 m Northeast-Southwest trend (see Figure 1). DDH 22ORW12 was planned to define the continuity at depth; sample assays are pending.

Between August 2021 and September 2022, 12 drill holes were completed, totaling 4,983 m. The Company disclosed previous results in Press Releases dated January 18, 2022 and July 18, 2022.

The drilling campaign continues focused on defining mineralization, with 3,800 meters planned for FY2023. DDH 22ORW13 is currently in progress, with the target to intersect structures 100 meters to the Southwest (See Figure 1).

Table 1: Intercepts

El Valle Boinás

The drilling program continued with its focus on upgrading inferred resources, with a total of 4,745 m of infill drilling completed in Boinas South and Breccia East. Also, 663 m of brownfield drilling were executed in High Angle East and E2 to extend the mineralization areas and add inferred resources.

Quality Control

Greenfield drill hole samples were sent to an external laboratory (ALS Laboratory) for analyses. Infill and brownfield drill holes samples were analyzed in Orovalle’s Laboratory.

Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split:

• The core samples are dried at a temperature of 105ºC and then crushed through a jaw crusher to 95%
• <6 mm. The coarse-crushed sample is further reduced to 95%><425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450 g to 550 g sub-sample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced to a nominal -200 mesh using an LM2 bowl-and-puck pulverizer. 140 g sub-samples are split using a special vertical-sided scoop to cut channels through the sample which has been spread into a pancake on a sampling mat. Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored.>After sample preparation, 30g samples are analyzed (in Orovalle Laboratory) for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP-optical emission spectroscopy (ICP-OES) after an aqua regia digestion.
• In case of the samples sent to an external laboratory, 30 g samples are analyzed for Au by fire assay with an atomic absorption (Au AA-25) and 35 elements by ICP (ME-ICP41) after an aqua regia digestion. When Au and Ag values are >100 ppm and Cu and As values are >10,000 ppm, specific analysis methods are used to determinate the final grade.

The reported work has been completed using industry standard procedures, including a quality assurance/quality control  program consisting of the insertion of certified reference material, blanks and duplicates samples into the sample stream.

The exploration update was prepared under the supervision of Guadalupe Collar Menéndez, a qualified person for the purposes of NI 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.

Financial Performance & FY2023 Guidance:

Q4 FY2022 financial highlights will be released with the year-end financials, expected mid-December, 2022. FY2023 guidance will be released with FY2022 year-end financials.

Figure 1: Ortosa West Intersections (CNW Group/Orvana Minerals Corp.)