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ORVANA ANNOUNCES TAGUAS PROJECT PHASE I INFILL & GROWTH DRILLING RESULTS

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TORONTO, June 6, 2022 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to announce the recent completion of Phase I of its infill and resource-growth drilling campaign targeting the Oxides Horizon ("Oxides") of its 100%-owned Taguas Project in San Juan Province, Argentina. A five-month final Phase II is expected to start in November 2022.

Phase I consisted of 6,482.6 meters in 41 diamond drill holes (DDH's), with over 4,900 assay samples. The main goal of the program was to upgrade Cerros Taguas Oxides Sector to Measured & Indicated Resource categories, as those terms are defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") while moderately expanding the ore tonnage previously reported in the Company's NI 43-101 compliant Taguas preliminary economic assessment report dated December 29, 2021 and filed on SEDAR on February 11, 2022 (the "Taguas 2021 PEA"). The second goal was to incorporate satellite Cerro Campamento Sector into the Oxides scope, going forward.

"The DDH's average drilling results and key intercepts continue to support Orvana's Oxides development strategy for our Taguas multimillion-ounce Au-Ag Oxides-Sulfides Project. Also, the decision to incorporate the satellite higher-grade Cerro Campamento Sector will be key to improving project economics. We are excited, and eagerly awaiting, resource re-modeling by July 2022. Completion of Phase II will be the foundation of the 43-101 Pre-Feasibility Study for our Oxides Project in Taguas", said Orvana CEO Juan Gavidia.

Highlights:

  • Phase I infill and growth drilling program on Taguas Oxides completed (41 holes totaling 6,482.6 meters).

  • Mineralization encountered in all 41 holes.

  • Grades generally equaling-improving average previous resource grades included in the Taguas 2021 PEA.

  • Best drilling results included:

  • Potential to reduce strip ratio in next open pit re-design.

  • Phase II infill and growth drilling program expected to start in November 2022: additional 11,000 meters in Cerros Taguas Sector and 3,000 meters in Cerro Campamento Sector.

Drilling Program Overview:

Phase I was conducted between late-December 2021 and mid-May 2022. Out of the total 41 drill holes drilled in Phase I, assay results from the first 12 holes (TADD237 to TADD248) were outlined in Orvana's March 31, 2022 news release. The assay results for the subsequent 29 holes are summarized in Table 1 and Table 2 of this news release.

Phases I & II results to be used for Taguas Oxides prefeasibility studies purposes.

Cerros Taguas

  • 34 core holes totaling 5,748.6 meters drilled.

  • Targets:

  • Table 1, below, shows promising results, identifying thicker high-grade structures than previously modeled:

  • Under-drilled area inside Taguas 2021 PEA open pit model is now preliminarily showing a high possibility to improve mining strip ratio.

  • High grade structures like the ones intercepted in TADD258 leave open the possibility of increasing resources towards the northeast.

  • Phase II (additional 11,000 meters) is expected to be completed by March 2023.

Figure 1. Summary Map of 2022 Drilling Campaign in Cerros Taguas, with selected intercepts (CNW Group/Orvana Minerals Corp.)
Figure 1. Summary Map of 2022 Drilling Campaign in Cerros Taguas, with selected intercepts (CNW Group/Orvana Minerals Corp.)

Cerro Campamento

  • 7 core holes totaling 734 meters drilled.

  • Focused on defining the shallower part of high gold grade oxides, which can potentially be mined by open pit.

  • First interpretations show the existence of a low-grade envelope around high-grade veins. Additional drilling is necessary to continue delineating shallower parts of high gold grade veins; with the aim for open pit mining modeling.

  • Best intercepts shown in Table 2. Highlights:

  • Phase II (additional 3,000 meters) is expected to be completed by March 2023.

Figure 2. Summary Map of 2022 Drilling Campaign in Cerro Campamento, with selected intercepts (CNW Group/Orvana Minerals Corp.)
Figure 2. Summary Map of 2022 Drilling Campaign in Cerro Campamento, with selected intercepts (CNW Group/Orvana Minerals Corp.)

Quality Assurance-Quality Control ("QA/QC")

Samples were prepared and analyzed by Alex Stewart International Argentina SA Laboratory in Mendoza. This laboratory is ISO 9001; ISO 17025, and ISO 14001 certified. Samples were prepared following the P-5 laboratory preparation code: the samples were dried, crushed to passing 10 mesh (>80%), riffle split of 1kg sample and pulverized to 106 microns (>95%). The assays included 50 g Au by fire assay (FA), AA finish and 39 element package with aqua regia dilution and ICP OES finish. Over limits for Au and Ag were run in 50 g sample by FA and gravimetric method finish. Coarse and pulp rejects were returned and are stored in the Piuquenes storage facilities.

The reported work has been completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of quarter core field duplicates, coarse duplicates split after laboratory crushing, pulp duplicates split after laboratory pulverization, coarse analytical blank samples and 2 different CRMs inserted in batches of roughly 50 samples.

The exploration update was prepared under the supervision of Raúl Alvarez Cifuentes, a qualified person for the purposes of NI 43-101 and an employee of the company.

Table 1 – Intercepts from Cerros Taguas

The assay results from the first 12 holes (TADD237 to TADD248) were outlined in the news release dated March 31, 2022. The assay results for the subsequent 29 holes are summarized below:

DDH


FROM


TO


Downhole
length


True
width*


Au (g/t)


Ag (g/t)


Cu (%)


Ore Type

TADD249


18.20


40.30


22.10


14.37


0.28


10.77


0.02


Oxide

TADD249


111.50


114.20


2.70


1.76


0.25


22.15


0.03


Oxide


















TADD250


59.00


67.00


8.00


5.20


0.26


7.12


0.10


Oxide

TADD250


157.00


163.00


6.00


3.90


1.61


122.43


0.44


Sulfide


















TADD251


8.00


10.00


2.00


1.30


0.25


2.30


<0.01


Oxide

TADD251


21.00


34.20


13.20


8.58


0.23


2.27


0.01


Oxide

TADD251


61.00


62.00


1.00


0.65


0.77


1.50


<0.01


Oxide

TADD251


82.40


135.00


52.60


34.19


0.44


4.31


<0.01


Oxide

TADD251


143.40


148.80


5.40


3.51


0.32


6.20


0.02


Oxide

TADD251


158.10


160.30


2.20


1.43


0.27


1.20


0.01


Oxide


















TADD252


43.50


48.50


5.00


3.25


0.21


13.87


<0.01


Oxide

TADD252


81.10


83.60


2.50


1.63


0.21


6.32


0.01


Oxide

TADD252


103.60


107.15


3.55


2.31


0.31


6.94


<0.01


Oxide

TADD252


111.50


113.70


2.20


1.43


0.27


6.46


<0.01


Oxide

TADD252


132.55


135.10


2.55


1.66


0.61


12.26


<0.01


Oxide

TADD252


138.90


144.00


5.10


3.32


1.54


26.52


0.11


Sulfide


















TADD253


18.00


20.00


2.00


1.30


0.24


7.10


<0.01


Oxide

TADD253


24.95


57.90


32.95


21.42


0.56


5.11


<0.01


Oxide

TADD253


81.45


101.20


19.75


12.84


0.23


6.89


0.03


Oxide


















TADD254


8.00


24.40


16.40


10.66


0.30


11.58


<0.01


Oxide

TADD254


34.20


37.35


3.15


2.05


0.35


5.40


<0.01


Oxide

TADD254


68.90


75.20


6.30


4.10


0.29


7.63


0.04


Oxide

TADD254


92.20


128.00


35.80


23.27


0.39


3.51


<0.01


Oxide

TADD254


132.60


134.45


1.85


1.20


0.68


12.50


<0.01


Oxide

TADD254


146.40


149.00


2.60


1.69


0.67


29.58


0.66


Sulfide

TADD254


162.45


185.00


22.55


14.66


0.49


15.03


0.19


Sulfide


















TADD256


2.00


6.00


4.00


2.60


0.25


10.05


<0.01


Oxide

TADD256


42.80


44.50


1.70


1.11


1.00


71.10


0.01


Oxide


















TADD258


77.45


79.30