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 2023, ended June 30, 2023.

Highlights

• Q3 FY2023 production of 13,398 gold equivalent ounces (11,522 gold ounces, 0.8 million copper pounds and 25,965 silver ounces) ⁽¹⁾
• 3,085 m of infill and brownfield drilling
  • DDH23SB133: 5.8 m @ 46.42 g/t Au
  • DDH23SB138: 7.2 m @ 12.02 g/t Au
  • DDH23SB141: 14.7 m @ 9.29 g/t Au
• 850 m of greenfield drilling

Juan Gavidia, CEO of Orvana stated: “Exploration results in Boinás South show the potential of additional resources to the life of mine at the El Valle deposit. The new underground hauling strategy implemented at the El Valle Mine in January 2023 has benefitted the operation by allowing the accumulation of 25,000 dmt stockpile, providing the operation with sufficient stockpile materials to process for the remainder of our fiscal year”, added Mr. Gavidia.

Q3 FY2023 Production Results

• 11,522 gold ounces produced, on track to meet low range of fiscal year 2023 guidance of 46,000 – 51,000 Oz, with higher throughput planned for the fourth quarter of the fiscal year when compared to previous quarters.
• 0.8 million copper pounds produced, on track to meet high range of fiscal year 2023 guidance of 4,000 – 4,400 K lb

Q3 FY2023 Drilling Update

Table 1. Orovalle Drilling Q3 FY2023

El Valle Boinás

• Boinás East: 923 m infill drilling and 389 m brownfield drilling targeting to extend the orebody to the Northwest and completing the definition around level 0.
• Black Skarn: 1,061 m were completed to define the stopes included in FY2024 mine plan and 195 m were completed in one drill hole looking for skarn mineralization in deeper levels. Drilling program will continue during fourth quarter to define the continuity of mineralization intersected around level 10.
• 517 m were drilled in Boinas South continuing with mineral definition in a garnet skarn between 200 and 250 levels. DDH 23SB133 intersected 5.8 m @ 46.42 g/t Au; DDH 23SB138 intersected 7.2 m @ 12.02 g/t Au and DDH 23SB141 intersected 14.7 m @ 9.29 g/t Au. Drilling program in Boinás South will continue during Q4 FY2023.

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. Currently exploration drilling program is being executed in Godán.

10 drill holes (3,018 m) were completed in Godán 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. 1,911 m were completed in FY2023 up to date in 5 drill holes intersecting calcic skarn bands, two drill holes were completed in Q3 FY2023, with 850 m. Information are under evaluation and will be provided in due course.

Exploration strategy for the fourth quarter is focused on defining the ore potential in this area, looking for a connection with the Carlés deposit located on the other side of the synclinal.

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

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 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

Q3 FY2023 financials will be released mid-August, 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. Boinas South plan view. Level 235 (CNW Group/Orvana Minerals Corp.)

Figure 2. Boinas South plan view. Level 215 (CNW Group/Orvana Minerals Corp.)

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