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ORVANA ANNOUNCES TAGUAS PROJECT PHASE I INFILL & GROWTH DRILLING RESULTS

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ORVANA ANNOUNCES TAGUAS PROJECT PHASE I INFILL & GROWTH DRILLING RESULTS

 

 

 

 

 

Orvana Minerals Corp. (TSX: ORV) is pleased to announce the recent completion of Phase I of its infill and resource-growth drilling campaign targeting the Oxides Horizon of its 100%-owned Taguas Project in San Juan Province, Argentina. A five-month final Phase II is expected to start in November 2022.

 

Phase I consisted of 6,482.6 meters in 41 diamond drill holes (DDH’s), with over 4,900 assay samples. The main goal of the program was to upgrade Cerros Taguas Oxides Sector to Measured & Indicated Resource categories, as those terms are defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) while moderately expanding the ore tonnage previously reported in the Company’s NI 43-101 compliant Taguas preliminary economic assessment report dated December 29, 2021 and filed on SEDAR on February 11, 2022. The second goal was to incorporate satellite Cerro Campamento Sector into the Oxides scope, going forward.

 

“The DDH’s average drilling results and key intercepts continue to support Orvana’s Oxides development strategy for our Taguas multimillion-ounce Au-Ag Oxides-Sulfides Project. Also, the decision to incorporate the satellite higher-grade Cerro Campamento Sector will be key to improving project economics. We are excited, and eagerly awaiting, resource re-modeling by July 2022. Completion of Phase II will be the foundation of the 43-101 Pre-Feasibility Study for our Oxides Project in Taguas”, said Orvana CEO Juan Gavidia.

 

Highlights:

  • Phase I infill and growth drilling program on Taguas Oxides completed (41 holes totaling 6,482.6 meters).
  • Mineralization encountered in all 41 holes.
  • Grades generally equaling-improving average previous resource grades included in the Taguas 2021 PEA.
  • Best drilling results included:
    • TADD244: 61.2 meters @ 0.82 g/t Au and 16.59 g/t Ag
    • TADD265: 72.8 meters @ 0.46 g/t Au and   6.04 g/t Ag
    • TADD274: 27.7 meters @ 2.51 g/t Au and 10.61 g/t Ag
  • Potential to reduce strip ratio in next open pit re-design.
  • Phase II infill and growth drilling program expected to start in November 2022: additional 11,000 meters in Cerros Taguas Sector and 3,000 meters in Cerro Campamento Sector.

 

Drilling Program Overview:

 

Phase I was conducted between late-December 2021 and mid-May 2022. Out of the total 41 drill holes drilled in Phase I, assay results from the first 12 holes (TADD237 to TADD248) were outlined in Orvana’s March 31, 2022 news release. The assay results for the subsequent 29 holes are summarized in Table 1 and Table 2 of this news release.

 

Phases I & II results to be used for Taguas Oxides prefeasibility studies purposes.

 

Cerros Taguas

  • 34 core holes totaling 5,748.6 meters drilled.
  • Targets:
    • Oxides mineralization upgrade to Measured and Indicated categories.
    • Resource growth with oxides extensions to the northeast and northwest.
    • Resource growth in areas within the pit proposed in the Taguas 2021 PEA that were outside the block model due to lack of drilling (e.g., TADD246 and TADD249 in Figure 1).
  • Table 1, below, shows promising results, identifying thicker high-grade structures than previously modeled:
    • 27.7 meters @ 2.51 g/t Au and 10.61 g/t Ag
    • 14.0 meters @ 1.38 g/t Au and 10.42 g/t Ag
    • 72.8 meters @ 0.46 g/t Au and  6.04 g/t Ag
  • Under-drilled area inside Taguas 2021 PEA open pit model is now preliminarily showing a high possibility to improve mining strip ratio.
  • High grade structures like the ones intercepted in TADD258 leave open the possibility of increasing resources towards the northeast.
  • Phase II (additional 11,000 meters) is expected to be completed by March 2023.

 

Cerro Campamento

  • 7 core holes totaling 734 meters drilled.
  • Focused on defining the shallower part of high gold grade oxides, which can potentially be mined by open pit.
  • First interpretations show the existence of a low-grade envelope around high-grade veins. Additional drilling is necessary to continue delineating shallower parts of high gold grade veins; with the aim for open pit mining modeling.
  • Best intercepts shown in Table 2. Highlights:
    • 7.0 meters   @ 3.07 g/t Au and 31.03 g/t Ag
    • 23.5 meters @ 0.72 g/t Au and 31.51 g/t Ag
    • 11.3 meters @ 0.59 g/t Au and 24.06 g/t Ag
  • Phase II (additional 3,000 meters) is expected to be completed by March 2023.

 

Quality Assurance-Quality Control

 

Samples were prepared and analyzed by Alex Stewart International Argentina SA Laboratory in Mendoza. This laboratory is ISO 9001; ISO 17025, and ISO 14001 certified. Samples were prepared following the P-5 laboratory preparation code: the samples were dried, crushed to passing 10 mesh (>80%), riffle split of 1kg sample and pulverized to 106 microns (>95%). The assays included 50 g Au by fire assay (FA), AA finish and 39 element package with aqua regia dilution and ICP OES finish. Over limits for Au and Ag were run in 50 g sample by FA and gravimetric method finish. Coarse and pulp rejects were returned and are stored in the Piuquenes storage facilities.

 

The reported work has been completed using industry standard procedures, including a quality assurance/quality control program consisting of the insertion of quarter core field duplicates, coarse duplicates split after laboratory crushing, pulp duplicates split after laboratory pulverization, coarse analytical blank samples and 2 different CRMs inserted in batches of roughly 50 samples.

 

The exploration update was prepared under the supervision of Raúl Alvarez Cifuentes, a qualified person for the purposes of NI 43-101 and an employee of the company.

 

Table 1 – Intercepts from Cerros Taguas

 

The assay results from the first 12 holes (TADD237 to TADD248) were outlined in the news release dated March 31, 2022. The assay results for the subsequent 29 holes are summarized below:

 

DDH FROM TO Downhole
length
True
width*
Au (g/t) Ag (g/t) Cu (%) Ore Type
TADD249 18.20 40.30 22.10 14.37 0.28 10.77 0.02 Oxide
TADD249 111.50 114.20 2.70 1.76 0.25 22.15 0.03 Oxide
TADD250 59.00 67.00 8.00 5.20 0.26 7.12 0.10 Oxide
TADD250 157.00 163.00 6.00 3.90 1.61 122.43 0.44 Sulfide
TADD251 8.00 10.00 2.00 1.30 0.25 2.30 <0.01 Oxide
TADD251 21.00 34.20 13.20 8.58 0.23 2.27 0.01 Oxide
TADD251 61.00 62.00 1.00 0.65 0.77 1.50 <0.01 Oxide
TADD251 82.40 135.00 52.60 34.19 0.44 4.31 <0.01 Oxide
TADD251 143.40 148.80 5.40 3.51 0.32 6.20 0.02 Oxide
TADD251 158.10 160.30 2.20 1.43 0.27 1.20 0.01 Oxide
TADD252 43.50 48.50 5.00 3.25 0.21 13.87 <0.01 Oxide
TADD252 81.10 83.60 2.50 1.63 0.21 6.32 0.01 Oxide
TADD252 103.60 107.15 3.55 2.31 0.31 6.94 <0.01 Oxide
TADD252 111.50 113.70 2.20 1.43 0.27 6.46 <0.01 Oxide
TADD252 132.55 135.10 2.55 1.66 0.61 12.26 <0.01 Oxide
TADD252 138.90 144.00 5.10 3.32 1.54 26.52 0.11 Sulfide
TADD253 18.00 20.00 2.00 1.30 0.24 7.10 <0.01 Oxide
TADD253 24.95 57.90 32.95 21.42 0.56 5.11 <0.01 Oxide
TADD253 81.45 101.20 19.75 12.84 0.23 6.89 0.03 Oxide
TADD254 8.00 24.40 16.40 10.66 0.30 11.58 <0.01 Oxide
TADD254 34.20 37.35 3.15 2.05 0.35 5.40 <0.01 Oxide
TADD254 68.90 75.20 6.30 4.10 0.29 7.63 0.04 Oxide
TADD254 92.20 128.00 35.80 23.27 0.39 3.51 <0.01 Oxide
TADD254 132.60 134.45 1.85 1.20 0.68 12.50 <0.01 Oxide
TADD254 146.40 149.00 2.60 1.69 0.67 29.58 0.66 Sulfide
TADD254 162.45 185.00 22.55 14.66 0.49 15.03 0.19 Sulfide
TADD256 2.00 6.00 4.00 2.60 0.25 10.05 <0.01 Oxide
TADD256 42.80 44.50 1.70 1.11 1.00 71.10 0.01 Oxide
TADD258 77.45 79.30 1.85 1.20 0.42 21.40 0.01 Oxide
TADD258 121.80 124.80 3.00 1.95 24.99 29.20 0.02 Oxide
TADD259 0.00 2.80 2.80 1.82 0.38 3.20 <0.01 Oxide
TADD259 47.30 50.30 3.00 1.95 0.21 9.59 <0.01 Oxide
TADD259 54.00 55.20 1.20 0.78 0.41 24.30 0.02 Oxide
TADD259 61.20 64.60 3.40 2.21 0.40 11.74 <0.01 Oxide
TADD259 106.00 107.80 1.80 1.17 0.77 47.80 0.01 Oxide
TADD261 12.10 15.70 3.60 2.34 0.33 12.70 0.02 Oxide
TADD261 51.10 53.10 2.00 1.30 0.41 18.55 0.01 Oxide
TADD261 56.90 64.30 7.40 4.81 0.59 8.51 <0.01 Oxide
TADD262 0.00 2.00 2.00 1.30 0.55 7.90 <0.01 Oxide
TADD262 38.20 70.20 32.00 20.80 0.56 10.74 <0.01 Oxide
including 40.20 44.20 4.00 2.60 2.82 39.90 0.01 Oxide
TADD262 78.20 80.20 2.00 1.30 0.94 6.20 <0.01 Oxide
TADD262 86.20 89.00 2.80 1.82 0.31 13.00 0.02 Oxide
TADD262 98.00 100.00 2.00 1.30 0.30 11.50 <0.01 Oxide
TADD262 125.60 127.60 2.00 1.30 0.34 14.00 <0.01 Oxide
TADD262 183.20 184.70 1.50 0.98 2.49 35.00 0.04 Oxide
TADD262 230.50 233.00 2.50 1.63 0.41 5.24 0.01 Oxide
TADD262 244.00 251.10 7.10 4.62 0.22 6.31 0.01 Oxide
TADD262 258.00 262.00 4.00 2.60 0.46 8.40 <0.01 Oxide
TADD263 20.40 24.10 3.70 2.41 0.23 13.82 <0.01 Oxide
TADD263 28.10 36.00 7.90 5.14 0.25 9.60 0.01 Oxide
TADD263 55.10 78.90 23.80 15.47 0.32 5.12 0.06 Oxide
TADD263 89.00 120.00 31.00 20.15 0.23 5.47 0.12 Sulfide
TADD263 126.00 132.00 6.00 3.90 0.18 10.30 0.32 Sulfide
TADD265 14.00 23.00 9.00 5.85 0.21 6.07 174.00 Oxide
TADD265 41.00 153.00 112.00 72.80 0.46 6.04 <0.01 Oxide
Including 149.80 151.80 2.00 1.30 11.75 70.30 0.04 Oxide
TADD266 0.00 60.90 60.90 39.59 0.37 9.27 <0.01 Oxide
TADD266 66.80 143.60 76.80 49.92 0.30 15.03 0.03 Oxide
TADD267 141.00 145.00 4.00 2.60 0.32 5.50 0.01 Oxide
TADD267 166.30 169.00 2.70 1.76 2.59 51.93 1.18 Sulfide
TADD268 24.00 30.00 6.00 3.90 0.28 12.73 36.00 Oxide
TADD268 37.40 43.00 5.60 3.64 0.39 3.81 <0.01 Oxide
TADD268 53.00 55.00 2.00 1.30 0.26 10.10 <0.01 Oxide
TADD268 59.40 60.20 0.80 0.52 5.03 57.30 <0.01 Oxide
TADD268 64.00 66.60 2.60 1.69 0.28 14.17 <0.01 Oxide
TADD268 99.60 101.00 1.40 0.91 0.26 5.40 0.02 Oxide
TADD270 85.00 88.50 3.50 2.28 0.24 9.63 <0.01 Oxide
TADD270 97.00 99.00 2.00 1.30 0.89 6.00 <0.01 Oxide
TADD270 124.00 126.00 2.00 1.30 0.36 12.40 0.02 Oxide
TADD270 136.00 143.50 7.50 4.88 0.39 13.43 <0.01 Oxide
TADD270 182.50 188.20 5.70 3.71 0.80 27.58 0.24 Sulfide
TADD272 22.00 36.00 14.00 9.10 0.24 1.90 <0.01 Oxide
TADD272 50.30 58.90 8.60 5.59 0.30 3.15 <0.01 Oxide
TADD272 60.90 62.90 2.00 1.30 0.17 2.00 <0.01 Oxide
TADD272 66.90 75.50 8.60 5.59 0.39 2.93 <0.01 Oxide
TADD272 82.00 84.50 2.50 1.63 0.44 10.50 0.03 Oxide
TADD274 35.40 37.00 1.60 1.04 17.45 387.00 1.28 Sulfide
TADD274 44.00 86.60 42.60 27.69 2.51 10.61 0.01 Oxide
TADD275 9.00 21.00 12.00 7.80 0.39 5.84 0.01 Oxide
TADD275 23.80 25.90 2.10 1.37 0.21 2.13 <0.01 Oxide
TADD275 65.00 80.80 15.80 10.27 0.29 6.15 0.02 Oxide
TADD275 123.00 131.00 8.00 5.20 0.77 19.73 <0.01 Oxide
TADD276 40.00 42.00 2.00 1.30 0.68 15.70 <0.01 Oxide
TADD276 49.80 71.40 21.60 14.04 1.38 10.42 <0.01 Oxide
TADD276 79.15 81.30 2.15 1.40 0.16 8.75 0.01 Oxide
TADD276 84.80 90.00 5.20 3.38 0.27 14.14 <0.01 Oxide
TADD276 98.45 100.65 2.20 1.43 0.31 12.45 0.01 Oxide
TADD276 146.60 148.60 2.00 1.30 0.42 1.90 <0.01 Oxide
TADD276 178.35 181.40 3.05 1.98 0.52 29.39 <0.01 Oxide
TADD276 268.65 269.65 1.00 0.65 2.00 6.80 0.02 Oxide
TADD277 33.80 51.90 18.10 11.77 0.83 9.70 0.01 Oxide
TADD277 84.70 87.40 2.70 1.76 0.31 4.40 <0.01 Oxide
TADD277 90.90 95.70 4.80 3.12 0.34 5.74 0.01 Oxide
*True width is averaged to 65% of the down-hole intercept, although ranges from 60-70% subject to intersection with sub-vertical veins and drilling dip.

 

Table 2 – Intercepts from Cerro Campamento

 

The table shows the most significant results:

 

DDH FROM TO Downhole
length
True
width*
Au (g/t) Ag (g/t) Cu (%) Ore Type
TADD255 44.00 61.30 17.30 5.76 0.79 8.46 0.02 Oxide
including 55.85 61.30 5.45 1.81 1.74 21.61 0.04 Oxide
TADD255 65.85 68.20 2.35 0.78 0.27 2.78 <0.01 Oxide
TADD257 41.00 43.60 2.60 0.87 0.22 3.90 0.01 Oxide
TADD257 61.70 71.00 9.30 3.10 0.98 6.73 0.07 Sulfide
TADD260 0.00 3.00 3.00 1.67 0.32 11.15 <0.01 Oxide
TADD260 19.00 21.00 2.00 1.11 0.24 4.80 <0.01 Oxide
TADD260 44.60 48.00 3.40 1.89 0.37 2.15 <0.01 Oxide
TADD260 110.00 119.80 9.80 5.44 0.68 20.34 0.02 Oxide
TADD260 138.00 141.70 3.70 2.05 0.34 38.94 0.02 Oxide
TADD260 169.00 181.50 12.50 6.94 0.54 12.69 0.03 Oxide
TADD264 84.00 107.45 23.45 23.45 0.72 31.51 0.03 Oxide
TADD264 131.25 147.35 16.10 16.10 0.76 9.68 0.03 Oxide
TADD264 161.00 163.15 2.15 2.15 0.32 16.15 0.39 Sulfide
TADD269 62.50 76.05 13.55 11.29 0.59 24.06 0.01 Oxide
Including 66.30 66.90 0.60 0.50 8.96 389.00 0.09 Oxide
TADD271 13.40 16.20 2.80 1.55 0.39 5.50 <0.01 Oxide
TADD271 29.90 33.25 3.35 1.86 1.57 9.33 0.01 Oxide
TADD271 57.00 59.70 2.70 1.50 0.36 18.28 0.05 Sulfide
TADD271 71.60 73.60 2.00 1.11 0.37 7.90 0.11 Sulfide
TADD271 79.00 83.50 4.50 2.50 0.33 37.31 0.22 Sulfide
TADD273 0.00 2.70 2.70 1.35 0.53 4.87 <0.01 Oxide
TADD273 13.60 27.60 14.00 7.00 3.07 31.03 0.01 Oxide
Including 15.60 23.60 8.00 4.00 5.19 45.12 0.02 Oxide
*True width varies between 33 and 100% of the down-hole intercept, subject to intersection with sub-vertical veins and drilling dip.

 

 

ABOUT ORVANA

 

Orvana is a multi-mine gold-copper-silver company. Orvana’s assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, currently in care and maintenance, and the Taguas property located in Argentina.

 

 

Figure 1. Summary Map of 2022 Drilling Campaign in Cerros Taguas, with selected intercepts (CNW Group/Orvana Minerals Corp.)

 

Figure 2. Summary Map of 2022 Drilling Campaign in Cerro Campamento, with selected intercepts (CNW Group/Orvana Minerals Corp.)

 

Posted June 7, 2022

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