Orvana Minerals Corp. (TSX: ORV) is pleased to report production results and drilling updates from Orovalle, Orvana’s unit in Spain, for the second quarter of fiscal year 2023, ended March 31, 2023.

Highlights

• Q2 FY2023 production of 14,470 gold equivalent ounces (11,599 gold ounces, 1.1 million copper pounds and 35,000 silver ounces) ⁽¹⁾
• 3,072 m of infill drilling
• 882 m of greenfield drilling

Juan Gavidia, CEO of Orvana stated: “We are pleased to report consistent metal output for the quarter and reiterate our gold and copper production guidance for the full year. We are excited our resource exploration program continues to advance in Spain as planned, while gold price sits at an all-time highs range”.

Q2 FY2023 Production Results

• 11,599 gold ounces produced, on track to meet fiscal year 2023 guidance of 46,000 – 51,000 Oz, with higher throughput planned for the second half of the fiscal year when compared to the first half.
• 1.1 million copper pounds produced, on track to meet fiscal year 2023 guidance of 4,000 – 4,400 K lb

Q2 FY2023 Drilling Update

Greenfield Drilling Program

Ortosa-Godán

This Project is located three kilometers northwest of our Carlés mine, and within the same gold belt. The exploration program focuses on two areas: Ortosa and Godán. In both cases, the mineral potential is in relation with intrusives.

Ortosa West: 14 drill holes (5,716 m) were completed between August 2021 and November 2022, intersecting mineralization related to N40ºE structures. This mineralization appears in sub-horizontal (slightly dip to the East) calcic skarn bands with garnets, sulfides and hydrothermal alterations (See Figure 1).  Drilling program will continue from new platforms located to the East of the defined structures looking for the continuity of the mineralization in this direction.

Godán: 10 drill holes (3,018 m) were completed between 1981 and 2011, intersecting skarn mineralization in the contact between the intrusive and the Devonian sedimentary rocks. The orebody is still open to the North and to the South following the regional structure, and at depth. Two new drill holes were completed in Q2 FY2023, with 882 meters intersecting skarn mineralization. Results are under evaluation and they will be provided in due course.

Exploration strategy for the next months is focused on defining the ore potential in this area and looking for a connexion with the Carlés deposit located on the other side of the synclinal (see Figure 2).

Lidia

This Project is located in the Navelgas Gold Belt, 20 km west from El Valle mine.  This gold porphyry occurs within the easternmost part of the Navelgas fracture systems. A granodiorite intrusive outcrops over an area of approximately 1 km². It is dissected by a set of northeast trending mineralized quartz veins and affected by different alteration phases.

A total of 2,421 meters, in 5 drill holes, were completed between fiscal years 2021 and 2022, confirming the presence of gold in the granodiorite (see intercepts in Figure 3).

Drilling program will focus on defining the mineralization continuity, completing two sections to the North and to the South, targeting the extension at depth too (see Figure 3). Drilling will restart in Q4 FY2023, with 500 meters planned, with the rest of the program occurring in FY2024.

FY2023 Infill-Brownfield Drilling Program in Boinas

Drilling program is focused on Oxides and Skarns Inferred resources conversion to Measured-Indicated. 1,991 meters were completed in Boinás South and 1,081 meters were completed in Boinás East. Target for next quarter is to continue resources conversion in Boinás East and Boinás South. An additional  small brownfield drilling campaign in Boinás East is targeting new skarn material.

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 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 agua region 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 (“QA/QC”) 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

Q2 FY2023 financials will be released mid-May, 2023.

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: Longitudinal Section Ortosa West (CNW Group/Orvana Minerals Corp.)

Figure 2: Godán Plan View (CNW Group/Orvana Minerals Corp.)

Figure 3: Lidia Project Plan View (CNW Group/Orvana Minerals Corp.)