Orvana Provides Exploration Update

1 March 2024

Orvana Minerals Corpis 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


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, 20213). 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., 20151).

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.  

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).

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.

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.


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.

Gustafson, L.B., Hunt, J.P., 1975. The porphyry copper deposit at El Salvador, Chile. Econ. Geol. 70, 857–912.

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

Nur, J., 2023. Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile. Report prepared for ATEX Resources Inc.


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 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.sedarplus.ca