Orvana Minerals Corp. (TSX: ORV) 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.
“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
|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|
|Production (oz)||12,354||8,341||13,879||32,425||44,000 – 46,000|
|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|
|El Valle Boinás|
|Breccia East (BX)||2,000||–||–||2,000|
|Boinas South (SB)||502||–||–||502|
|High Angle East (HAE)||695||2,348||–||3,043|
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.
|Table 1: Intercepts|
|DDH||From (m)||To (m)||Thick* (m)||Au(gpt)|
|*||Not true widths|
El Valle Boinás
The drilling program continued with its focus on upgrading inferred resources, with a total of 3,197 m of infill drilling completed in Breccia East, Boinas South and High Angle East. Also, 3,392 m of brownfield drilling were executed in High Angle East and E2 to extend the mineralization areas and add inferred resources.
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 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.
Figure 1: Ortosa-Godán Project (CNW Group/Orvana Minerals Corp.)
Figure 2: Ortosa West Intersections (CNW Group/Orvana Minerals Corp.)
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