Orvana Confirms New Mineralized Structure IN El Valle
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Date: November 11, 2021 #18-2021
ORVANA CONFIRMS NEW MINERALIZED STRUCTURE IN EL VALLE
TORONTO, ONTARIO, November 11, 2021 – Orvana Minerals Corp. (TSX:ORV) (the “Company” or
“Orvana”) is pleased to confirm the discovery of a new mineralized structure , referred to as Area 208 East
(“Area E2”), immediately to the east of its current underground mining operations in El Valle, Spain.
Area E2 is located in the easternmost part of the El Valle deposit, 100 meters from Area 208 (the “Area A2”). It
has been identified by exploring the repeatability of structures present in Area A2 located to the East, targeting
high-grade oxide gold material. The structure remains open to the N orth, South and at depth. As previously
announced in the Company’s Q3 FY2021 update on July 14, 2021, the Company planned for a 500 meters drill
campaign for Q4 FY2021, t argeting confirmation of continuity of the structure to the North and at depth. The
campaign was completed as planned, confirming the discovery of a new mineralized structure Area E2.
Highlights
• Results of completed 3,227 diamond drill hole (DDH) meters and several geological interpretations
confirm the discovery of a new mineralized structure identified as Area E2.
• Area E2 is a south-north structure, 500 meters long, 50 meters wide (within several mineralized
structures with thickness between 1 and 12 meters) and 100 meters deep (see location in Figure 1)
• Best intercepts to-date are:
9.0 meters with 7.32 g/t Au, 2.97 % Cu, 57.88 g/t Ag
6.9 meters with 22.78 g/t Au, 0.47 % Cu
8.9 meters with 9.91 g/t Au
• Area E2 is open to the North-deep, at depth, and to the South
• Further resource exploration and modeling at Area E2 will be conducted during calendar 2022
Juan Gavidia, CEO of Orvana stated: “ Our Oro valle Exploration Team has been working hard to fulfill
replenishment of mining depletion for the last 6 years, ensuring a constant 5 Year LOM at any time. The
Orovalle Team continues to deliver successful results with the latest discovery of Area E2. We look forward to
providing a full picture of Area E2 during next year.”
Conceptual Background
The eastern part of the El Valle deposit is affected by structures and a set of felsic dikes with direction N35ªE
and N -S, through which hydrothermal fluids have been flowing, remobilizing and depositing oxide
mineralization. These structures have been identified, modeled and included in the resource estimation of the
Area A2. The reason for exploring to the east of the deposit is the search for repeatability of structures similar
to those already recognized.
Area E2
Area E2 is located in the easternmost part of El Valle deposit, 100 meters away of Area A2 and following the
same North-South direction. See Figure 1 below.
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Figure 1. Plan view of Area E2 location in the El Valle deposit
Several Au-Cu mineralized structures have been intercepted so far. These s tructures are developed into
limestones and sandstones (Cambrian-Ordovician), dipping 60º East with a variable thickness between 1 and
12 meters. The upper part is limited by Alpine thrust (N-S dipping 40º East). Other minor fault systems displaced
the mineralization changing the width. See Figure 2 below.
Mineralization consists in oxide sulfides, gold and native c opper into polymictic breccias with limestone,
sandstone, porphyry, and oxide skarn clasts within an oxide clay matrix.
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Figure 2. Area E2. Longitudinal section. See mineralized structures
The Area E2 central mineralized structure is defined over a str ike length of 500 meters, 6 meters width, and
100 meters downdip. It is best defined along level 300 (see Figure 3 below). The next drill hole is planned to
the North looking for extending the mineralization 200 additional meters.
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Figure 3. Area E2 +300 Level
A total of 3,227 meters in 14 drill holes has been executed on the conceptual target now referred to as Area
E2. Key intercepts are:
• 9.0 meters with 7.32 g/t Au, 2.97 % Cu, 57.88 g/t Ag
• 6.9 meters with 22.78 g/t Au, 0.47 % Cu
• 8.9 meters with 9.91 g/t Au
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See even distribution of key intercepts in Figure 4 below:
Figure 4. Area E2: Key Intercepts
Mineralization remains open to the North, South and at depth. See Figure 5 below.
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Figure 5. Area E2: Growth Potential
Area E2 has a mineral resource estimate of 140,000 tones, with 3.84 g/t Au and 0.34 %Cu, of inferred material.
The resource is estimated using a gold equivalent cut off grade of 2.52 g/t, gold price of US$ 1,700 per ounce,
copper price of US$ 3.25 per pound and a silver price of US$ 20 per ounce. It is noted that mineral resources
that are not mineral reserves do not have demonstrated economic viability. This resource estimate is the initial
estimate for Area E2, which will be the start of a larger volume definition, subject to be verified with additional
drilling.
Further 2,000 DDH meters are planned for Area E2 during the next 12 months, targeting the North and South
sectors, looking for a robust increase in the resource. DDH’s targeting resource increase at depth, are
scheduled after the northbound and southbound efforts, principally due to waiting for the development of
galleries to drill from.
Intercepts from Area E2
Zone DDH From (m) To (m) Thick (m)* Au(gpt) Ag(g/t) Cu(%)
E2 19V1715 232.35 232.65 0.3 2.73 2.8 0.07
E2 19V1715 251.05 252.50 1.45 4.78 0.5 0.11
E2 19V1715 262.20 263.35 1.15 2.78 0.5 0.15
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E2 19V1753 162.20 171.10 8.9 9.91 0.5 0.01
E2 20V1790 62.10 63.95 1.85 3.08 2.4 0.07
E2 20V1791R 46.45 47.95 1.5 2.23 4.6 0.04
E2 20V1791R 60.85 64.05 3.2 4.81 1.6 0.07
E2 20V1791R 124.60 126.20 1.6 2.09 0.5 0.03
E2 20V1791R 129.40 132.50 3.1 6.05 1.2 0.09
E2 21V1888 45.05 46.60 1.55 3.47 0.5 0.14
E2 21V1889 28.20 39.00 10.8 4.48 1.0 0.15
E2 21V1889 43.50 49.55 6.05 5.95 0.6 0.35
E2 21V1889 58.10 59.15 1.05 20.25 1.6 1.84
E2 21V1889 87.50 91.05 3.55 10.65 0.5 0.51
E2 21V1889 112.05 114.00 1.95 2.47 0.5 0.01
E2 21V1890 No intercpets Au >2 g/t
E2 21V1891 15.95 17.45 1.5 4.91 0.5 0.01
E2 21V1892 35.40 36.20 0.8 2.43 1.4 0.07
E2 21V1892 64.55 67.50 3.0 2.96 0.5 0.04
E2 21V1892 72.15 73.85 1.7 2.75 0.5 0.04
E2 21V1892 81.20 82.70 1.5 9.53 1.3 0.14
E2 21V1892 171.10 172.30 1.2 7.89 0.5 0.29
E2 21V1892 193.00 196.20 3.2 3.18 0.5 0.23
E2 21V1892 199.00 202.15 3.2 4.07 0.5 0.23
E2 21V1893 36.00 37.40 1.4 3.15 1.2 0.03
E2 21V1893 50.15 51.95 1.8 8.53 2.1 0.04
E2 21V1893 64.20 64.85 0.7 9.79 2.0 0.16
E2 21V1893 125.00 131.90 6.9 22.78 0.9 0.47
E2 Including 125.00 127.50 2.5 59.83 1.2 1.12
E2 21V1893 154.40 166.20 11.8 3.95 1.5 0.05
E2 21V1893 222.80 227.25 4.5 8.05 70.7 3.93
E2 21V1894 36.20 39.10 2.9 4.27 0.5 0.02
E2 21V1894 78.00 79.50 1.5 2.68 0.5 0.22
E2 21V1894 111.40 122.20 10.8 3.03 0.8 0.68
E2 21V1894 139.20 144.70 5.5 4.53 5.4 0.03
E2 21V1895 37.85 40.35 2.5 3.64 0.5 0.06
E2 21V1895 52.90 53.85 1.0 3.73 0.5 0.03
E2 21V1895 110.80 112.00 1.2 7.49 0.5 0.07
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E2 21V1895 127.90 129.30 1.4 5.52 1.1 0.25
E2 21V1895 136.45 138.45 2.0 2.59 1.1 0.15
E2 21V1896 33.30 39.70 6.4 4.32 0.5 0.05
E2 21V1897 7.00 9.20 2.2 3.98 29.8 1.47
E2 21V1897 80.95 89.90 9.0 7.32 57.9 2.97
E2 21V1897 99.90 101.85 1.9 4.56 5.1 0.10
* Not true widths as there is currently insufficient data to calculate true orientation.
Quality Control
The analytical work for the brownfield and infill drilling programs is being performed by the Orovalle laboratory,
which is ISO 9001:2015 certified. Sample preparation was carried out at the El Valle facility. All diamond core
samples have been prepared using the following procedure, once split, 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.
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.
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. Additional information
is available at Orvana’s website (www.orvana.com).
For further information please contact:
Nuria Menéndez
Chief Financial Officer
Cautionary Statements - Forward-Looking Information
Certain statements in this presentation constitute forward -looking statements or forward- looking information within the meaning of
applicable securities laws (“forward- looking statements”). Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using
words or phrases such as “believes”, “expects”, “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”,
“could”, “would”, “might”, “will” or “are projected to” be taken or achieved) are not statements of historical fact, but are forward-looking
statements.
The forward-looking statements herein relate to, among other things, Orvana’s ability to achieve improvement in free cash flow; the ability
to maintain expected mining rates and expected throughput rates at El Valle Plant; the potential to extend the mine life of El Valle and Don