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Orvana Reports Fiscal Year 2020 Consolidated Production of 63,937 Gold Equivalent Ounces

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Orvana Reports Fiscal Year 2020 Consolidated Production of 63,937 Gold Equivalent Ounces

 

 

 

 

Orvana Minerals Corp. (TSX: ORV)  is pleased to provide production results for the fourth quarter of fiscal year 2020 and full FY2020, for its OroValle (Spain) and EMIPA (Bolivia) operations.

 

Juan Gavidia, CEO of Orvana stated: “Our OroValle team delivered a strong 2020 operational performance at El Valle, despite unprecedented Covid-19 impacts on its operational productivity and global supply chain. Solid cash generation, and an encouraging brownfield exploration program, were also positive outcomes at OroValle”. Mr. Gavidia added that, “In addition to maintaining current operation levels at El Valle, we are focusing on near term activities to further develop our other properties, which includes advancing the review of the Oxides Stockpile Project at EMIPA to the final stages, and commencing a new exploration campaign at our Taguas Project in Argentina”.

 

FY 2020 Production Highlights:

 

  • Consolidated production of 63,937 gold equivalent ounces (53,421 gold ounces, 5.6 million copper pounds and 152,173 silver ounces);
  • OroValle production of 51,104 gold ounces and 5.6 million pounds of copper;
  • EMIPA production of 2,317 gold ounces.

Q4 2020 Production Highlights:

 

  • OroValle: Gold and copper production increased by 14% and 17% respectively compared to Q3 2020 mostly due to higher head grades on improved Oxides-Skarns blending;
  • EMIPA: The Company’s Don Mario gold-silver property in Bolivia continues in stand-by mode until the anticipated start-up of its Oxides Stockpile Project in late 2021.

 

FY2021 Outlook

 

  • OroValle:
    • The Company’s main overall priority is to maintain stable production, and continuing a high level of safety and productivity, notwithstanding the COVID-19 situation in Spain and the related challenges to its global supply chain.
    • Ongoing brownfield and infill drilling in and around the El Valle and Carlés mines are expected to continue strong conversion of resources into reserves and adding new resources to the ore bodies, extending the current mine life.
    • Mineral Resources and Mineral Reserves estimates (the “MRMR Update”) and the life-of-mine plan (the “LOMP Update”) for El Valle and Carles gold-copper mines in northern Spain are being prepared in accordance with CIM Definition Standards (2014) and in compliance with the Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by RPA, now part of SLR Consulting Ltd., an independent mining consulting firm. The Company expects to complete the work in December 2020.
    • The Company has aggressive greenfield exploration programs for Lidia and Ortosa-Godán totaling 10,000 meters of DDH drilling; starting with Lidia in November 2020.
  • ·  EMIPA:
    • Engineering and development of the Oxides Stockpile Project (OSP) is being advanced. Subject to the favorable completion of technical, economic and funding analysis, the OSP is expected to require approximately twelve months of development to start commercial production late in 2021.
    • The Company has reviewed all the historical exploration data of the 58,325 hectares available in the Don Mario Complex to define exploration targets for the short and medium terms. The exploration program for FY2021 begins with the reprocessing and new interpretation of historical geophysical data in Q1.
    • An evaluation of re-processing tailings is in progress to determine the viability of recovering gold from material deposited in the tailings impoundment since the commencement of production at Don Mario.
  • TAGUAS:
    • The Company identified in Q4 2020 a total of 17 new high probability gold targets at Taguas, consisting of 9 new areas and 8 extended areas of previous known mineralization. All of the newly identified targets are based on a 96% level of similarity to the known gold mineralization. The potential of the new gold targets remains subject to additional fieldwork that, if COVID-19 restrictions allow, will commence in November 2020. The program includes opening new access points, surface mapping and soil and rock sampling.
  • FY2021 guidance will be released with FY2020 year-end financials.

 

Production Results

 

 

    Q4 2020     Q3 2020   FY2020 FY2019
  OroValle EMIPA Total OroValle EMIPA Total Total Total
                 
Ore milled (tones) 166,047   166,047 163,717   163,717 698,640 1,397,681
Gold Equivalent (oz) 16,742   16,742 14,338 227 14,565 63,937 110,063
Gold                
      Grade (g/t) 2.70   2.70 2.43   2.43 2.56 2.34
      Recovery (%) 93.3   93.3 92.4   92.4 93.1 92.6
      Production (oz) 13,422   13,422 11,822 224 12,046 53,421 97,259
Copper                
      Grade (%) 0.58   0.58 0.51   0.51 0.45 0.45
      Recovery (%) 83.4   83.4 81.8   81.8 80.8 76.3
      Production (K lbs) 1,780   1,780 1,517   1,517 5,611 5,015

 

Financial Performance

 

Q4 2020 financial highlights will be released with the year-end financials, expected mid-December, 2020.

 

About Orvana

 

Orvana is a multi-mine gold and copper producer. Orvana’s assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain and the Don Mario gold mine in Bolivia.

 

Posted October 15, 2020

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