- Gold-equivalent production of 18,398 ounces; a 10% increase from Q4 Fiscal Year 2020.
- Continuing brownfield and greenfield exploration at Orovalle,
Spain . - Fieldwork exploration in progress at Taguas,
Argentina . - Quality Assurance Testing Planning for the
Oxides Stockpile Project (OSP) at EMIPA,Bolivia .
OroValle
- Quarterly 14,127 ounces of gold production, 5% higher than previous quarter due to higher throughput, partially off-set by lower ore grade.
- Copper production was 2.0 million pounds, 15% higher than previous quarter.
- Lidia Project Exploration Program commenced on schedule.
- Permitting for Ortosa Godan is in progress. Drilling expected to start in
March 2021 .
Taguas
- Fieldwork exploration campaign completed in
December 2020 , including new access points, geological mapping and soil and rock sampling. - Preparations are underway for a drilling campaign to start in
February 2021 . - A new Mineral Resource Estimate is being updated in compliance with Canadian National Instrument 43-101, by
Geosim Services Inc , an independent consulting firm, byFebruary 2021 .
EMIPA
- As a result of latest metallurgical testing showing positive results for the
Oxides Stockpile Project (OSP), a pilot program is being developed, with final conclusions expected in late fiscal 2021. - New reprocessing and interpretation of historical geological data was completed in
December 2020 . Areas of interest will be subject to non-drilling exploration fieldwork during the next three quarters of fiscal 2021. The goal is to develop drilling targets for fiscal 2022 within the most prospective areas of theDon Mario Complex .
Production Results
Q1 2021 | Q4 2020 | Q1 2020 | |||||||
El | Don | Total | El | Don | Total | El | Don | Total | |
Ore milled (tones) | 180,380 | - | 180,380 | 166,047 | - | 166,047 | 155,662 | 64,875 | 220,537 |
Gold Equivalent (oz) | 18,398 | - | 18,398 | 16,742 | - | 16,742 | 15,654 | 2,132 | 17,786 |
Gold | |||||||||
Grade (g/t) | 2.60 | - | 2.60 | 2.70 | - | 2.70 | 2.98 | 1.07 | 2.42 |
Recovery (%) | 93.6 | - | 93.6 | 93.3 | - | 93.3 | 92.20 | 84.4 | 92.2 |
Production (oz) | 14,127 | - | 14,127 | 13,422 | - | 13,422 | 13,722 | 2,093 | 15,815 |
Copper | |||||||||
Grade (%) | 0.63 | - | 0.63 | 0.58 | - | 0.58 | 0.36 | - | 0.36 |
Recovery (%) | 81.6 | - | 81.6 | 83.4 | - | 83.4 | 71.5 | - | 71.5 |
Production (K lbs) | 2,044 | - | 2,044 | 1,780 | - | 1,780 | 892 | - | 892 |
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 made herein 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", "intends" or "anticipates" 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 potential to extend the mine life of
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 effect of COVID-19 and other infectious diseases on the Company's operations, workforce and supply chain, fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company's ability to continue to operate the El Valle and/or
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.
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