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.

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 Exploration Drilling

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.

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.

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.

Figure 1: Ortosa-Godán Project (CNW Group/Orvana Minerals Corp.)

Figure 2: Ortosa West Intersections (CNW Group/Orvana Minerals Corp.)