Orvana Provides Exploration Update for Spanish Operations; Strong Potential to Increase Mineral Reserves and Resources
(7 months ago)
TORONTO: Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") is pleased to announce the results of a twelve month infill drilling campaign during fiscal 2017 at its El Valle and Carles Mines in northern Spain.
The drilling program consisted of 209 diamond drill holes ("DD") totaling approximately 23,000 meters ("m") at the El Valle Mine and 45 DD holes totaling approximately 2,700 m at the Carles Mine. A core objective of the drilling executed during fiscal 2017 was to generate the information required to substantially de-risk the fiscal 2018 mine plan overall, and also to lay the foundation for future in-mine exploration targeting expansion of the mineral resource base.
Assay intersections relating to this drilling program are provided in this news release and include the following highlights:
El Valle Mine
•8.29 g/t Au and 1.92% Cu over 9.6 m in the Black Skarn Oxide area, which remains open to the west.
•64.27 g/t Au over 4.9 m in the East Breccia zone, an oxide orebody drilled from surface and located to the northeast of current mine development.
•12.54 g/t Au over 10.2 m in a skarn orebody located in the Carles Northwest area, which contains higher than average gold grades and which remains open at depth.
Jim Gilbert, Chairman and CEO of Orvana stated: "We are very pleased with the results of the infill drilling activities at the El Valle and Carles Mines during the past fiscal year. One of our stated objectives in fiscal 2018 is to improve grade control of the ore coming from our Spanish operations by targeting the development of higher-grade oxide areas, which will, in turn, positively impact our overall unitary costs. The successful infill drilling campaign completed in fiscal 2017 means that we are now well-positioned to achieve this objective, and also to increase mineral reserves and resources within the new higher-grade Black Skarn Oxide areas identified by the program."
2017 Exploration Program
The results reported in this release are from three areas (1) Black Skarn Oxide ("BSO"), an oxide zone located in the upper part of Black Skarn towards the west, (2) East Breccia ("EBX"), an oxide zone located to the east of the El Valle open pit; and (3) Carles Northwest ("CNW"), a skarn zone located at depth (Figure 1).
Drilling in these areas was undertaken with the objectives of (i) converting inferred mineral resources to measured and indicated mineral resources and (ii) adding to the base of inferred mineral resources. Elsewhere in the El Valle Mine, infill drilling was done to better define development and production stopes and targeted holes were drilled to assist in dewatering efforts. Selected exploration results are summarized in the tables and figures below.
The mineralization in the upper part of BSO is located in a structure which trends almost east-west and is in an altered calcic skarn, oxidized with disseminated mineralization of copper sulfides (chalcopyrite) and native copper, containing some Au and Cu values. This structure is separated from the main skarn orebody by a limestone band. This drilling campaign shows indications that the identified BSO mineralization is open towards the west (Figure 2).
The EBX mineralized structure trends north-south and is located at the northeast of the El Valle historical pit. It is an epithermal oxidized structure made by jasperoid and semi-jasperoid fragments inside a highly oxidized clay matrix. The 2017 drill campaign of the EBX included five holes from surface (Table 1). Based on the promising results from the 2017 drilling program, the Company expects that this area will be an important part of the Company's future exploration programs, with the potential for adding to the current inventory of mineral reserves and resources.