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
"The DDH's average drilling results and key intercepts continue to support Orvana's Oxides development strategy for our Taguas multimillion-ounce
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:
- TADD244: 61.2 meters @ 0.82 g/t Au and 16.59 g/t Ag
- TADD265: 72.8 meters @ 0.46 g/t Au and 6.04 g/t Ag
- TADD274: 27.7 meters @ 2.51 g/t Au and 10.61 g/t Ag
- 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
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:
- Oxides mineralization upgrade to Measured and Indicated categories.
- Resource growth with oxides extensions to the northeast and northwest.
- Resource growth in areas within the pit proposed in the Taguas 2021 PEA that were outside the block model due to lack of drilling (e.g., TADD246 and TADD249 in Figure 1).
- Table 1, below, shows promising results, identifying thicker high-grade structures than previously modeled:
- 27.7 meters @ 2.51 g/t Au and 10.61 g/t Ag
- 14.0 meters @ 1.38 g/t Au and 10.42 g/t Ag
- 72.8 meters @ 0.46 g/t Au and 6.04 g/t Ag
- 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 .
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:
- 7.0 meters @ 3.07 g/t Au and 31.03 g/t Ag
- 23.5 meters @ 0.72 g/t Au and 31.51 g/t Ag
- 11.3 meters @ 0.59 g/t Au and 24.06 g/t Ag
- Phase II (additional 3,000 meters) is expected to be completed by
March 2023 .
Quality Assurance-Quality Control ("QA/QC")
Samples were prepared and analyzed by
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
Table 1 – Intercepts from Cerros Taguas
The assay results from the first 12 holes (TADD237 to TADD248) were outlined in the news release dated
DDH | FROM | TO | Downhole | True | 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 | 1.85 | 1.20 | 0.42 | 21.40 | 0.01 | Oxide | ||||||||
TADD258 | 121.80 | 124.80 | 3.00 | 1.95 | 24.99 | 29.20 | 0.02 | Oxide | ||||||||
TADD259 | 0.00 | 2.80 | 2.80 | 1.82 | 0.38 | 3.20 | <0.01 | Oxide | ||||||||
TADD259 | 47.30 | 50.30 | 3.00 | 1.95 | 0.21 | 9.59 | <0.01 | Oxide | ||||||||
TADD259 | 54.00 | 55.20 | 1.20 | 0.78 | 0.41 | 24.30 | 0.02 | Oxide | ||||||||
TADD259 | 61.20 | 64.60 | 3.40 | 2.21 | 0.40 | 11.74 | <0.01 | Oxide | ||||||||
TADD259 | 106.00 | 107.80 | 1.80 | 1.17 | 0.77 | 47.80 | 0.01 | Oxide | ||||||||
TADD261 | 12.10 | 15.70 | 3.60 | 2.34 | 0.33 | 12.70 | 0.02 | Oxide | ||||||||
TADD261 | 51.10 | 53.10 | 2.00 | 1.30 | 0.41 | 18.55 | 0.01 | Oxide | ||||||||
TADD261 | 56.90 | 64.30 | 7.40 | 4.81 | 0.59 | 8.51 | <0.01 | Oxide | ||||||||
TADD262 | 0.00 | 2.00 | 2.00 | 1.30 | 0.55 | 7.90 | <0.01 | Oxide | ||||||||
TADD262 | 38.20 | 70.20 | 32.00 | 20.80 | 0.56 | 10.74 | <0.01 | Oxide | ||||||||
including | 40.20 | 44.20 | 4.00 | 2.60 | 2.82 | 39.90 | 0.01 | Oxide | ||||||||
TADD262 | 78.20 | 80.20 | 2.00 | 1.30 | 0.94 | 6.20 | <0.01 | Oxide | ||||||||
TADD262 | 86.20 | 89.00 | 2.80 | 1.82 | 0.31 | 13.00 | 0.02 | Oxide | ||||||||
TADD262 | 98.00 | 100.00 | 2.00 | 1.30 | 0.30 | 11.50 | <0.01 | Oxide | ||||||||
TADD262 | 125.60 | 127.60 | 2.00 | 1.30 | 0.34 | 14.00 | <0.01 | Oxide | ||||||||
TADD262 | 183.20 | 184.70 | 1.50 | 0.98 | 2.49 | 35.00 | 0.04 | Oxide | ||||||||
TADD262 | 230.50 | 233.00 | 2.50 | 1.63 | 0.41 | 5.24 | 0.01 | Oxide | ||||||||
TADD262 | 244.00 | 251.10 | 7.10 | 4.62 | 0.22 | 6.31 | 0.01 | Oxide | ||||||||
TADD262 | 258.00 | 262.00 | 4.00 | 2.60 | 0.46 | 8.40 | <0.01 | Oxide | ||||||||
TADD263 | 20.40 | 24.10 | 3.70 | 2.41 | 0.23 | 13.82 | <0.01 | Oxide | ||||||||
TADD263 | 28.10 | 36.00 | 7.90 | 5.14 | 0.25 | 9.60 | 0.01 | Oxide | ||||||||
TADD263 | 55.10 | 78.90 | 23.80 | 15.47 | 0.32 | 5.12 | 0.06 | Oxide | ||||||||
TADD263 | 89.00 | 120.00 | 31.00 | 20.15 | 0.23 | 5.47 | 0.12 | Sulfide | ||||||||
TADD263 | 126.00 | 132.00 | 6.00 | 3.90 | 0.18 | 10.30 | 0.32 | Sulfide | ||||||||
TADD265 | 14.00 | 23.00 | 9.00 | 5.85 | 0.21 | 6.07 | 174.00 | Oxide | ||||||||
TADD265 | 41.00 | 153.00 | 112.00 | 72.80 | 0.46 | 6.04 | <0.01 | Oxide | ||||||||
Including | 149.80 | 151.80 | 2.00 | 1.30 | 11.75 | 70.30 | 0.04 | Oxide | ||||||||
TADD266 | 0.00 | 60.90 | 60.90 | 39.59 | 0.37 | 9.27 | <0.01 | Oxide | ||||||||
TADD266 | 66.80 | 143.60 | 76.80 | 49.92 | 0.30 | 15.03 | 0.03 | Oxide | ||||||||
TADD267 | 141.00 | 145.00 | 4.00 | 2.60 | 0.32 | 5.50 | 0.01 | Oxide | ||||||||
TADD267 | 166.30 | 169.00 | 2.70 | 1.76 | 2.59 | 51.93 | 1.18 | Sulfide | ||||||||
TADD268 | 24.00 | 30.00 | 6.00 | 3.90 | 0.28 | 12.73 | 36.00 | Oxide | ||||||||
TADD268 | 37.40 | 43.00 | 5.60 | 3.64 | 0.39 | 3.81 | <0.01 | Oxide | ||||||||
TADD268 | 53.00 | 55.00 | 2.00 | 1.30 | 0.26 | 10.10 | <0.01 | Oxide | ||||||||
TADD268 | 59.40 | 60.20 | 0.80 | 0.52 | 5.03 | 57.30 | <0.01 | Oxide | ||||||||
TADD268 | 64.00 | 66.60 | 2.60 | 1.69 | 0.28 | 14.17 | <0.01 | Oxide | ||||||||
TADD268 | 99.60 | 101.00 | 1.40 | 0.91 | 0.26 | 5.40 | 0.02 | Oxide | ||||||||
TADD270 | 85.00 | 88.50 | 3.50 | 2.28 | 0.24 | 9.63 | <0.01 | Oxide | ||||||||
TADD270 | 97.00 | 99.00 | 2.00 | 1.30 | 0.89 | 6.00 | <0.01 | Oxide | ||||||||
TADD270 | 124.00 | 126.00 | 2.00 | 1.30 | 0.36 | 12.40 | 0.02 | Oxide | ||||||||
TADD270 | 136.00 | 143.50 | 7.50 | 4.88 | 0.39 | 13.43 | <0.01 | Oxide | ||||||||
TADD270 | 182.50 | 188.20 | 5.70 | 3.71 | 0.80 | 27.58 | 0.24 | Sulfide | ||||||||
TADD272 | 22.00 | 36.00 | 14.00 | 9.10 | 0.24 | 1.90 | <0.01 | Oxide | ||||||||
TADD272 | 50.30 | 58.90 | 8.60 | 5.59 | 0.30 | 3.15 | <0.01 | Oxide | ||||||||
TADD272 | 60.90 | 62.90 | 2.00 | 1.30 | 0.17 | 2.00 | <0.01 | Oxide | ||||||||
TADD272 | 66.90 | 75.50 | 8.60 | 5.59 | 0.39 | 2.93 | <0.01 | Oxide | ||||||||
TADD272 | 82.00 | 84.50 | 2.50 | 1.63 | 0.44 | 10.50 | 0.03 | Oxide | ||||||||
TADD274 | 35.40 | 37.00 | 1.60 | 1.04 | 17.45 | 387.00 | 1.28 | Sulfide | ||||||||
TADD274 | 44.00 | 86.60 | 42.60 | 27.69 | 2.51 | 10.61 | 0.01 | Oxide | ||||||||
TADD275 | 9.00 | 21.00 | 12.00 | 7.80 | 0.39 | 5.84 | 0.01 | Oxide | ||||||||
TADD275 | 23.80 | 25.90 | 2.10 | 1.37 | 0.21 | 2.13 | <0.01 | Oxide | ||||||||
TADD275 | 65.00 | 80.80 | 15.80 | 10.27 | 0.29 | 6.15 | 0.02 | Oxide | ||||||||
TADD275 | 123.00 | 131.00 | 8.00 | 5.20 | 0.77 | 19.73 | <0.01 | Oxide | ||||||||
TADD276 | 40.00 | 42.00 | 2.00 | 1.30 | 0.68 | 15.70 | <0.01 | Oxide | ||||||||
TADD276 | 49.80 | 71.40 | 21.60 | 14.04 | 1.38 | 10.42 | <0.01 | Oxide | ||||||||
TADD276 | 79.15 | 81.30 | 2.15 | 1.40 | 0.16 | 8.75 | 0.01 | Oxide | ||||||||
TADD276 | 84.80 | 90.00 | 5.20 | 3.38 | 0.27 | 14.14 | <0.01 | Oxide | ||||||||
TADD276 | 98.45 | 100.65 | 2.20 | 1.43 | 0.31 | 12.45 | 0.01 | Oxide | ||||||||
TADD276 | 146.60 | 148.60 | 2.00 | 1.30 | 0.42 | 1.90 | <0.01 | Oxide | ||||||||
TADD276 | 178.35 | 181.40 | 3.05 | 1.98 | 0.52 | 29.39 | <0.01 | Oxide | ||||||||
TADD276 | 268.65 | 269.65 | 1.00 | 0.65 | 2.00 | 6.80 | 0.02 | Oxide | ||||||||
TADD277 | 33.80 | 51.90 | 18.10 | 11.77 | 0.83 | 9.70 | 0.01 | Oxide | ||||||||
TADD277 | 84.70 | 87.40 | 2.70 | 1.76 | 0.31 | 4.40 | <0.01 | Oxide | ||||||||
TADD277 | 90.90 | 95.70 | 4.80 | 3.12 | 0.34 | 5.74 | 0.01 | Oxide |
*True width is averaged to 65% of the down-hole intercept, although ranges from 60-70% subject to intersection with sub-vertical veins and drilling dip. |
Table 2 – Intercepts from Cerro Campamento
The table shows the most significant results:
DDH | FROM | TO | Downhole | True | Au (g/t) | Ag (g/t) | Cu (%) | Ore Type | ||||||||
TADD255 | 44.00 | 61.30 | 17.30 | 5.76 | 0.79 | 8.46 | 0.02 | Oxide | ||||||||
including | 55.85 | 61.30 | 5.45 | 1.81 | 1.74 | 21.61 | 0.04 | Oxide | ||||||||
TADD255 | 65.85 | 68.20 | 2.35 | 0.78 | 0.27 | 2.78 | <0.01 | Oxide | ||||||||
TADD257 | 41.00 | 43.60 | 2.60 | 0.87 | 0.22 | 3.90 | 0.01 | Oxide | ||||||||
TADD257 | 61.70 | 71.00 | 9.30 | 3.10 | 0.98 | 6.73 | 0.07 | Sulfide | ||||||||
TADD260 | 0.00 | 3.00 | 3.00 | 1.67 | 0.32 | 11.15 | <0.01 | Oxide | ||||||||
TADD260 | 19.00 | 21.00 | 2.00 | 1.11 | 0.24 | 4.80 | <0.01 | Oxide | ||||||||
TADD260 | 44.60 | 48.00 | 3.40 | 1.89 | 0.37 | 2.15 | <0.01 | Oxide | ||||||||
TADD260 | 110.00 | 119.80 | 9.80 | 5.44 | 0.68 | 20.34 | 0.02 | Oxide | ||||||||
TADD260 | 138.00 | 141.70 | 3.70 | 2.05 | 0.34 | 38.94 | 0.02 | Oxide | ||||||||
TADD260 | 169.00 | 181.50 | 12.50 | 6.94 | 0.54 | 12.69 | 0.03 | Oxide | ||||||||
TADD264 | 84.00 | 107.45 | 23.45 | 23.45 | 0.72 | 31.51 | 0.03 | Oxide | ||||||||
TADD264 | 131.25 | 147.35 | 16.10 | 16.10 | 0.76 | 9.68 | 0.03 | Oxide | ||||||||
TADD264 | 161.00 | 163.15 | 2.15 | 2.15 | 0.32 | 16.15 | 0.39 | Sulfide | ||||||||
TADD269 | 62.50 | 76.05 | 13.55 | 11.29 | 0.59 | 24.06 | 0.01 | Oxide | ||||||||
Including | 66.30 | 66.90 | 0.60 | 0.50 | 8.96 | 389.00 | 0.09 | Oxide | ||||||||
TADD271 | 13.40 | 16.20 | 2.80 | 1.55 | 0.39 | 5.50 | <0.01 | Oxide | ||||||||
TADD271 | 29.90 | 33.25 | 3.35 | 1.86 | 1.57 | 9.33 | 0.01 | Oxide | ||||||||
TADD271 | 57.00 | 59.70 | 2.70 | 1.50 | 0.36 | 18.28 | 0.05 | Sulfide | ||||||||
TADD271 | 71.60 | 73.60 | 2.00 | 1.11 | 0.37 | 7.90 | 0.11 | Sulfide | ||||||||
TADD271 | 79.00 | 83.50 | 4.50 | 2.50 | 0.33 | 37.31 | 0.22 | Sulfide | ||||||||
TADD273 | 0.00 | 2.70 | 2.70 | 1.35 | 0.53 | 4.87 | <0.01 | Oxide | ||||||||
TADD273 | 13.60 | 27.60 | 14.00 | 7.00 | 3.07 | 31.03 | 0.01 | Oxide | ||||||||
Including | 15.60 | 23.60 | 8.00 | 4.00 | 5.19 | 45.12 | 0.02 | Oxide |
*True width varies between 33 and 100% of the down-hole intercept, subject to intersection with sub-vertical veins and drilling dip. |
Cautionary Notes to Investors - Mineral Reserves and Resources Estimates
Pursuant to
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" 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
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
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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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