ORVANA PROVIDES EXPLORATION UPDATE EXHIBITING AT BOOTH #2243, PDAC 2024 CONVENTION IN TORONTO, MARCH 3-6 Announces Results of Annual General and Special Shareholders’ Meeting
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For Immediate Release TSX:ORV
Date: February 29, 2024 #05-2024
ORVANA PROVIDES EXPLORATION UPDATE
EXHIBITING AT BOOTH #2243, PDAC 2024 CONVENTION IN TORONTO, MARCH 3-6
Announces Results of Annual General and Special Shareholders’ Meeting
Toronto, Ontario, February 29, 2024 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or
“Orvana”) is pleased to report exploration updates from Taguas, Argentina, and announces that it will be
exhibiting at the 2024 Prospectors and Developers Association of Canada (PDAC) International
Conference being held in Toronto at the Metro Toronto Convention Centre from March 3 to 6, 2024.
PDAC 2024
Orvana cordially invites shareholders, investors, brokers, analysts, and interested parties, to learn more
about its operations and growth perspectives via brownfield and greenfield exploration programs, by
visiting booth #2243 in the Investors Exchange area of PDAC.
The PDAC International Convention, Trade Show & Investors Exchange is the world’s leading convention
for people, companies and organizations in, or connected with, mineral exploration. For more information
about the conference, visit: http://pdac.ca/convention
TAGUAS PROJECT - EXPLORATION UPDATE
Project Background
Taguas Au- Ag project is located in the northern sector of the El Indio- Valle del Cura mineralized Belt
(Argentina-Chile), Iglesia Department, San Juan Province, Argentina, 25km North of the Veladero mine
and the Pascua- Lama project. It has been described as a high- sulfidation epithermal gold- silver system
hosted in Miocene age volcaniclastic rocks (Kowalik and Simpson, 2021 3). The Au -Ag mineralization
occurs in breccias and silicified structures with a dominant NE -SO orientation. The supergene- oxidized
gold-silver mineralization, that extends to approximately 200 m below surface, consists of subvertical,
northeast striking high- grade mineralized structures surrounded by an envelope of disseminated
mineralization. Below the oxidation depth, mineralization continues as gold- silver and hypogene sulfides
(Kowalik and Simpson, 20213).
The El Indio-Valle del Cura Belt has historically been explored for shallow epithermal Au-Ag mineralization,
however it has been little exploration in the search for porphyry -type deposits that could be potentially
associated with the epithermal systems.
In recent years, deep drilling in the northern sector of the belt (now denominated Link belt) permitted the
discovery of the Valeriano mineralized Cu- Au-Mo porphyry (1,413.0 Mt @ 0.5% Cu, 0.2 g/t Au & 0.96 g/t
Ag, Inferred, Nur, 2023) that occur below a high sulfidation epithermal lithocap with Au- Ag mineralization
(32.1 Mt @ 0.54 g/t Au & 2.43 g/t Ag, Inferred, Nur, 20234). This project, owned by Atex Resources, is
located 10km North of Taguas project, within Chilean territory. Valeriano porphyry deposit at depth is
represented by a granodiorite and associated porphyries, the development of a strong stockwork of quartz
veinlets, potassic alteration and Cu sulfide mineralization (Burgoa et al., 2015 1).
Orvana is repositioning its strategy at Taguas. The Company had been focused on the oxides portion of
the property, but it is reconsidering the strategy, now potentially including sulphides resources, plus deep
copper-gold porphyry opportunities.
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Hypogene sulfides mineralization
Over 63,000 meters of drilling have been conducted across different targets on the property. At Cerros
Taguas, both the supergene- oxidized gold- silver mineralization within the first 200 meters beneath the
surface and the gold-silver and hypogene sulfides mineralization have been drilled.
Both the oxidized portion and the hypogene sulfide portion shows a predominant advanced argillic
alteration. Next exploration steps will involve a spectral analysis campaign to refine alteration types
definition, plus geo- metallurgical tests with oxide and sulfide ores. Once the combined oxides -sulfides
opportunity is understood, the next steps for the project will be determined.
Potential copper-gold porphyry opportunities
High molybdenum values have been recorded in different sectors of the Taguas project (Figure 1 ). In
shallow drilling intervals of Cerros Taguas, flaky molybdenite has been recognized associated with alunite-
pyrite-enargite assemblages that fill fractures and conform the cement of hydrothermal breccias. In deeper
intervals, molybdenite occurs in quartz+molybdenite veinlets with straight walls, which seem to be typical
B veins of porphyry deposits (Gustafson and Hunt, 19752).
Figure 2. Samples of B -type veins from Cerros Taguas. A -C: Quartz + molybdenite veins. D -E: High
sulfidation epithermal breccias.
Picture DDH From To Mo (g/t)
A TADD-168 442 444 243
B TADD-168 295 297 236
C TADD-172 413 415 337
D TADD-172 204 205 406
E TADD-172 200 201 210
Table 1. Molybdenum values from selected samples shown in figure 3.
Taguas exploration update was prepared under the supervision of Raul Alvarez (Orvana Director of
Exploration & Technical Services) , Registered EurGeol number 1,614, and a qualified person for the
purposes of NI 43-101.
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Quality Control
The reported drilling intercepts were carried out during the Goldfields JV campaign. Gold Fields sampled
5,630 drill core intervals from 17 drill holes during the 2011-2012 summer field season.
The core sampling was performed following a protocol designed for the project. Company personal were
not allowed to carry any metallic rings when sampling the core. The sampling intervals did not cross defined
lithological/alteration limits and the samples varied between 0.5 m to 2.0 m in length. The geologist
performed detailed core logging, marked the sample intervals and the core sample cut lines. The cut line
had to be perpendicular to lamination on the surface of the core. A sampling form was completed with the
sample number and sample length intervals. Half core samples were identified with a unique sequential
sample number taken from a sample tag book and tickets remaining in the book were completed with hole
number depth from, depth to, sample length. The samples were placed in plastic bags with four identical
tags stapled at the top of the bag and sealed. The same number was written on the side of the bag with a
permanent marker. QA/QC samples were inserted and batches of 73 samples were prepared for shipment.
The geologist was responsible for supervising the sample loading and completed two identical
shipment forms. One form was given to the truck driver and the other form was approved by the chief of
the project and stored in a safe area. Upon arrival at the laboratory, the one responsible for the sample
reception signed the shipment form (in agreement) and it was sent back to the project.
The sampling carried out during the Goldfields JV campaign included rigorous QA/QC industry standard
procedures, consisting of the insertion of certified reference materials, blanks and duplicates samples into
the sample stream.
The geologist sent the sample numbers and length intervals to the database administrator who filled in the
laboratory preparation and assay forms. The core samples were prepared in the ALS Chemex Laboratory
in Mendoza, Argentina. Samples were crushed to 70% minus 2 mm, a 250 g sub sample was riffle- split
and pulverized to 85% minus 75µm. Samples were assayed at ALS Chemex in La Serena, Chile, by fire
assay on a 50 g aliquot with atomic absorption finish. Samples were also analyzed for 48 elements at ALS
Chemex in Lima, Peru using ICP AES and ICP MS from a four-acid digestion.
Mr. Ron Simpson independently audited the sample database for location accuracy, down hole survey
errors, interval errors and missing sample intervals. The QP also reviewed the sample QA/QC results.
References
1. Burgoa, C., Hopper, D., Ambrus, J., 2015. Exploración profunda de un Pórfido Cu- Au bajo el
Litocap Valeriano: Geología y Zonación del Sistema Hidrotermal, Región de Atacama, Chile, in:
14 Congreso Geológico Chileno, La Serena, Chile, 36-39.
2. Gustafson, L.B., Hunt, J.P., 1975. The porphyry copper deposit at El Salvador, Chile. Econ. Geol.
70, 857–912.
3. Kowalik, J., Simpson, R., 2021. Independent Technical Report NI 43- 101 on the Taguas Project,
San Juan, Argentina. Technical Report prepared for Orvana Argentina S.A.
https://www.orvana.com/English/operations/Taguas/Technical-Reports/default.aspx
4. Nur, J., 2023. Independent Technical Report for the Valeriano Copper -Gold Project, Atacama
Region, Chile. Report prepared for ATEX Resources Inc.
ANNUAL GENERAL AND SPECIAL SHAREHOLDERS’ MEETING RESULTS
The Company also announces that, at its annual general and special shareholders’ meeting (the “Meeting”)
held on February 29, 2024, the individuals noted below were elected as directors of the Company. The
report on proxies provided by the Company’s transfer agent indicated the following:
Michael Davies received 75,124,923 votes (representing 99.82% of votes cast); Alfredo Garcia Gonzalez
received 74,356,915 votes (representing 98 .80% of votes cast); Robert Metcalfe received 74, 110,183
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votes (representing 98.47% of votes cast); and Michael Mutchler received 75,117,523 votes (representing
99.81% of votes cast).
Following the Meeting, Mr. Robert Metcalfe was re-appointed as chairman of the board of directors; Mr.
Juan Gavidia was re- appointed Chief Executive Officer; Ms. Nuria Menendez was re- appointed Chief
Financial Officer; and Mr. Binh Vu was re-appointed Corporate Secretary/VP Legal Affairs, for the ensuing
year.
The Company also received 79 ,120,533 votes (representing 99. 32% of votes cast) to re- appoint
PricewaterhouseCoopers LLP as the Company's independent auditor for the ensuing year and to authorize
the directors to fix the auditor’s remuneration; and 73,967,133 votes (representing 98.28% of votes cast)
approving the 2018 stock option plan.
For full voting details please see Orvana's voting results as filed on SEDAR at www.sedar plus.ca
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).
The Corporate Presentation is available at:
https://www.orvana.com/English/investors/presentations/default.aspx
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 certa in actions,
events or results “may”, “could”, “would”, “might”, “will”, “are projected to” or “confident of” 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 Mario beyond their current life-of-mine estimates including specifically, but not limited to, Orvana’s ability to optimize
its assets to deliver shareholder value; estimates of future production (including without limitation, production guidance), operating
costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibili ty
studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic
diversification; and future financial performance, including the ability to increase cash flow and profits; future financing requirements;
Orvana’s ability to close additional financing as necessary; mine development plans; and the possibility of the conversion of inferred
mineral resources to mineral reserves.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable
by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive
uncertainties and contingencies, which includes, without limitation, as particularly set out in the notes accompanying the Company’s
most recently filed financial statements. The estimates and assumptions of the Company contained or incorporated by reference in
this news release, which may prove to be incorrect, include, but are not limited to the various assumptions set forth herein and in
Orvana’s most recently filed Management’s Discussion & Analysis and Annual Information Form in respect of the Company’s most
recently completed fiscal year (the “Company Disclosures”) or as otherwise expressly incorporated herein by reference as well as:
there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions,
damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle, Don Mario and
Taguas being consistent with the Company’s current expectations; political developments in any jurisdiction in which the C ompany
operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies
being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the
Company’s current mineral reserve and mineral resource estimates; labour and materials costs increasing on a basis consistent with
Orvana’s current expectations; and the availability of necessary funds to execute the Company’s plan. Without limiting the generality
of the foregoing, this news release also contains certain "forward- looking statements" within the meaning of applicable securities
legislation, including, without limitation, references to the results of the Company’s exploration activities, including but not limited to,
drilling results and analyses, mineral resource estimation, conceptual mine plan and operations, internal rate of return, sensitivities,
taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic
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potential; the timing and costs for production decisions; permitting timelines and requirements; exploration and planned exploration
programs; and the Company's general objectives and strategies.
A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations ,
performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated
or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and f actors
include: the potential impact of global health and global economic conditions on the Company’s business and operations, including:
our ability to continue operations; and our ability to manage challenges presented by such conditions; the general economic, political
and social impacts of the continuing conflict between Russia and Uk raine, our ability to support the sustainability of our business
including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from
the medical community, and engagement with local communities and authorities; fluctuations in the price of gold, silver and copper;
the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estim ates;
variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company’s ability
to obtain and maintain all necessary regulatory approvals and licenses; Orovalle’s ability to complete the permitting process of the
El Valle Tailings Storage Facility increasing the storage capacity; Orovalle’s ability to complete the stabilization project of the legacy
open pit wall; the Company’s ability to use cyanide in its mining operations; risks generally associated with mineral exploration and
development, including the Company’s ability to continue to operate the El Valle and/or ability to resume long-term operations at the
Carlés Mine; the Company’s ability to successfully implement a sulphidization circuit and ancillary facilities to process the current
oxides stockpiles at Don Mario; the Company’s ability to successfully carry out development plans at Taguas; sufficient funding to
carry out development plans at Taguas and to process the oxides stockpiles at Don Mario; EMIPA’s ability to complete the issuance
of the Bonds Program at Bolivia and any additional required financing to commence the OSP; the Company’s ability to acquire and
develop mineral properties and to successfully integrate such acquisitions; the Company’s ability to execute on its strategy; the
Company’s ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company’s
interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in
political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; the
challenges presented by global health conditions; fluctuating operational costs such as, but not limited to, power supply costs; current
and future environmental matters; and the risks identified in the Company’s disclosures. This list is not exhaustive of the factors that
may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Disclosures for
a description of additional risk factors.
Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company’s mineral
projects are intended to provide an overview of management’s expectations with respect to certain future activities of the Company
and may not be appropriate for other purposes. Forward-looking statements are based on management’s current plans, estimates,
projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-
looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers ar e
cautioned not to put undue reliance on forward- looking statements. The forward- looking statements made in this information are
intended to provide an overview of management’s expectations with respect to certain future operating activities of the Company and
may not be appropriate for other purposes.