Five Years LOM Plus Additional 3.4 MT @ 3.8 G/T Gold In Inferred Resources
Orvana Minerals Corp.(TSX: ORV) has completed an updated Mineral Resource and Mineral Reserve estimate and life-of-mine plan for its Orovalle Operation in Asturias, Spain.
CEO, Juan Gavidia, said the 2020 Technical Report replaces the previous Orovalle NI 43-101 Technical Report, dated September 26, 2014, and filed on SEDAR on September 29, 2014.
“Orvana’s management team is extremely pleased with the updated Orovalle life of mine plan of five years. The company’s ability to continue to maintain a five-year life of mine plan since 2014 is the result of the execution of a successful exploration strategy, resulting in the company being able to replenish depletion year-by-year,” Mr Gavidia said.
“The company is committed to an aggressive drill programme at Orovalle by way of continued systematic infill and brownfield drilling programmes with the aim to further extend the life of mine. Current Mineral Inferred Resources along with the recently released results of our latest brownfield drilling programme, indicate a bright long term future for the operation at Orovalle.
“We are also optimistic that our promising greenfield exploration programs at Lidia and Ortosa-Godán, with drilling underway, will result in potential additional upside in the near future.”
The MRMR Update Highlights include:
- Proven and Probable Reserves – approximately 3.4 million tonnes grading 2.78 g/t gold, 0.36% copper and 6.86 g/t silver, containing 307,000 ounces of gold, 27.6 million pounds of copper and 756,000 ounces of silver. Gold contained in Proven and Probable Reserves as at September 30, 2020 increased 33% compared with September 30, 2019;
- Measured and Indicated Resources – approximately 7.9 million tonnes grading 3.74 g/t gold, 0.51% copper and 10.38 g/t silver, containing 955,000 ounces of gold, 89.6 million pounds of copper and 2,646,000 ounces of silver;
- Inferred Resources – approximately 3.4 million tonnes grading 3.80 g/t gold, 0.33% copper and 8.64 g/t silver, containing 410,000 ounces of gold, 24.8 million pounds of copper and 934,000 ounces of silver.
- Life of mine plan includes oxide and skarn ore, from El Valle Boinás and Carlés mines, at an average annual rate of 686,000 tonnes, for a period of five years.