TORONTO,
Highlights
- Q1 2023 production of 13,815 gold equivalent ounces
- 2,868 m of infill drilling in Orovalle,
Spain - 733 m of greenfield drilling in Orovalle,
Spain
Q1 2023 Production Results
- 10,711 gold ounces produced, on track to meet fiscal year 2023 guidance of 46,000 - 51,000 Oz.
- 1.2 million copper pounds produced, on track to meet fiscal year 2023 guidance of 4,000 – 4,400 Oz.
Q1 FY2023 | Q4 FY2022 | Q1 FY2022 | FY 2023 Guidance | ||
Ore milled (tones) | 156,681 | 174,493 | 176,288 | ||
Gold Equivalent (oz) | 13,815 | 15,344 | 15,921 | ||
Gold | |||||
Grade (g/t) | 2.30 | 2.36 | 2.27 | ||
Recovery (%) | 92.5 | 92.7 | 91.2 | ||
Production (oz) | 10,711 | 12,272 | 11,731 | 46,000 - 51,000 | |
Copper | |||||
Grade (%) | 0.43 | 0.40 | 0.45 | ||
Recovery (%) | 82.6 | 83.2 | 83.7 | ||
Production (K lbs) | 1,216 | 1,267 | 1,451 | 4,000 - 4,400 |
Q1 FY2023 Drilling Update
Drilling Summary | Infill (m) | Greenfield (m) | TOTAL (m) |
Ortosa-Godán | - | 733 | 733 |
El Valle Boinás | |||
Boinas South (SB) | 2,868 | - | 2,868 |
TOTAL | 2,868 | 733 | 3,601 |
Table 1. Orovalle Drilling Q1 FY2023 |
FY2023 Greenfield Drilling Program
Greenfield drilling program will continue focused on Ortosa-Godán and Lidia, with a total of 4,300 meters planned for the fiscal year.
Ortosa-Godán Project is located close to Carlés mine, three kilometers northwest and into the same gold belt. Orovalle commenced the drilling program in Ortosa West in
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. A drilling campaign with 500 meters is planned for the second half of fiscal 2023, with the target to extend the orebody definition to the North.
FY2023 Infill-Brownfield Drilling Program
11,500 meters are planned for FY2023 in El Valle-Boinás, focused on Inferred material conversion and oxide mineral definition in the North of the deposit.
Quality Control
Greenfield drill hole samples were sent to an external 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
Reference to "gold equivalent ounces" - Gold equivalent ounces is a non-GAAP financial performance measure. This non-GAAP financial performance measure referenced in this news release is intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information and detailed reconciliations, please see the "Non-GAAP Financial Performance Measures" section of the Company's MD&A dated
ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing
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", "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
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 information, 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 and
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 factors include: the potential impact of the COVID-19 on the Company's business and operations, including: our ability to continue operations; our ability to manage challenges presented by COVID-19; the accounting treatment of COVID-19 related matters; Orvana's ability to prevent and/or mitigate the impact of COVID-19 and other infectious diseases at or near our mines; the general economic, political and social impacts of the continuing conflict between
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 are 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.
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