Completion lab results from TADD-279 (Table 1), returned several intercepts, highlighted by a 1.25 metres interval (from 398 to 399.25 metres) grading 9.19 g/t gold, 5.55% copper. This high-grade intercept indicates that the high-sulfidation epithermal system remains rooted and mineralized at these depths, demonstrating vertical continuity of the hydrothermal system.
VNIR–SWIR Terraspec measurements from TADD-279 reveal the development of sericitic alteration at depth, consistent with observations from TADD-278. This alteration pattern strengthens the interpretation that the hydrothermal system persists at depth and supports plans to extend the hole in the next drilling campaign in an effort to vector toward the system's core.
The next steps will focus on completing the petrographic studies of TADD-279 and integrating all drilling data from the 2026 program with historical datasets to refine the geological model and support planning for the next exploration campaign. This work will be aimed at vectoring toward a potential deeper porphyry source that may be driving the high-sulfidation epithermal system.
In addition, a technical workshop involving subject matter experts in porphyry and epithermal systems will be conducted during July to review the geological, geochemical, mineralogical, and alteration data, and to further refine targeting strategies for future drilling.
TORONTO, July 2, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or "the Company"), is pleased to provide a further update on its deep drilling campaign at its 100%-owned Taguas Project in San Juan, Argentina, including additional assay results beyond those previously reported on May 27, 2026, and an update on planned next steps, with laboratory analyses and supporting studies ongoing. In addition, the Company provides an update on its brownfield and infill drilling program completed during the third quarter of fiscal 2026 at its El Valle–Boinás Mine in Asturias, Spain.
Image 1. TADD-278, at 743.5 meters: Dacitic porphyry with intense phyllic alteration.
Image 2. TADD-278, at 752.5 meters: Pyrite individuals (Py) and chalcopyrite (Cpy) disseminated throughout the sample
Image 3. Taguas Property – FY2026 Drilling Campaign Area
Orvana Minerals Corp. logo
Raúl Álvarez, Director of Exploration and Technical Services of Orvana, commented: "The results from TADD-279, combined with the development of sericitic alteration at depth, reinforce our interpretation that we are vectoring toward the core of a hydrothermal system potentially linked to a deeper porphyry source. Our next steps will focus on integrating the 2026 and historical datasets, completing detailed petrographic studies to refine targeting for the next phase of drilling."
Strategic Context
The Company has expanded its evaluation of the Taguas Project beyond the near-surface oxidized gold-silver resource outlined in the 2021 Preliminary Economic Assessment (dated December 29, 2021, available at www.sedarplus.ca) to include the underlying sulfide mineralization and potential porphyry-style copper-gold mineralization.
The Company completed an updated geological model for the Taguas Project and conducted a geophysical survey, designed to identify potential deeper targets to a depth of 1,500 metres.
Results from the geophysical survey, combined with the recent review of historical exploration data have been used to prioritize key targets for the initial deep drilling.
Deep Drilling Results to Date
The FY2026 program comprised 2 drill holes (Image 3), totaling 2,173.7 metres drilled. First drill hole TADD-278 reached 1,331.7 metres and second TADD-279, 842 metres. The program has been concluded in anticipation of the winter season. The second drill hole has been cased, preserving the option to resume and continue drilling during the next summer field campaign.
Petrographic studies completed on drill core samples from hole TADD-278 indicate that the mineralized host rock corresponds to a dacitic porphyry (Image 1). The analyzed intervals display a well-developed porphyritic texture characterized by quartz, plagioclase and subordinate mafic phenocrysts set within a strongly silicified and sericitized groundmass, consistent with a hydrothermal porphyry system.
The studies also identified intense sericitic alteration assemblages dominated by quartz-sericite-pyrite. Sulphide mineralization is primarily composed of pyrite with associated enargite and/or chalcopyrite (Image 2), occurring as disseminations and veinlet fillings, further supporting the interpretation of a dacitic porphyry-related hydrothermal system.
Complete lab results from TADD-278 (Table 1), highlighting interval from 715 to 920 metres, returned 0.25 g/t gold and 0.12% copper over 205 metres (downhole length). Chalcopyrite occurs only in trace amounts, while pyrite dominates. Assay data and identified mineralogy support the interpretation that drilling remains within the upper to intermediate levels of the mineralized system.
Completed lab results from TADD-279 (Table 1), returned several intercepts, highlighted by a 1.25 metres interval (from 398 to 399.25 metres) grading 9.19 g/t gold, 5.55% copper. This high-grade intercept indicates that the high-sulfidation epithermal system remains rooted and mineralized at these depths, demonstrating vertical continuity of the hydrothermal system.
The most significant intercepts from 2026 campaign are detailed in Table 1 below:
Table 1.Selectedintercepts from TADD-278 & TADD-279
DDH
From
To
Downhole
length (m)
Au (g/t)
Ag (g/t)
Cu (%)
TADD-278
490.00
492.00
2.00
32.34
4.50
0.06*
TADD-278
536.00
552.80
16.80
0.32
4.20
0.81*
including
536.00
537.00
1.00
1.34
20.00
5.39*
including
551.50
552.80
1.30
1.49
9.00
2.44*
TADD-278
638.00
675.00
37.00
0.86
6.09
0.69*
including
672.00
675.00
3.00
5.62
10.20
0.29*
TADD-278
715.00
920.00
205.00
0.25
1.82
0.12
including
812.00
828.00
16.00
0.43
3.37
0.07
including
848.00
863.00
15.00
0.61
4.06
0.21
TADD-278
1007.70
1015.00
7.30
0.30
8.20
0.28
TADD-278
1097.70
1109.00
11.30
0.23
1.71
0.26
TADD-278
1121.00
1127.00
6.00
0.29
1.48
0.19
TADD-279
361.00
364.00
3.00
0.15
2.36
0.41*
TADD-279
372.00
379.00
7.00
0.18
2.92
0.43*
TADD-279
398.00
403.00
5.00
2.44
9.48
1.69*
including
398.00
399.25
1.25
9.19
28.10
5.55*
TADD-279
427.00
444.00
17.00
0.19
2.04
0.28*
including
439.00
440.00
1.00
1.12
20.60
3.49*
TADD-279
470.00
472.00
2.00
0.25
3.20
0.36*
TADD-279
648.00
650.00
2.00
0.57
1.10
0.17*
TADD-279
686.00
688.00
2.00
0.64
0.25
0.02
TADD-279
756.00
758.00
2.00
0.18
38.70
7.19*
TADD-279
836.00
840.00
4.00
0.16
1.90
0.36*
*Copper content is primarily associated with the presence of enargite (Cu₃AsS₄), characteristic of high-sulfidation epithermal systems.
** Intercepts reported are downhole lengths unless otherwise stated, and true widths are not yet known. No cut-off grade has been applied. The reported intervals may not be representative of mineralization across the property.
Next Steps
Complete detailed petrographic studies on TADD-279 to characterize alteration, mineralization, and paragenesis, and better constrain the geological processes operating at depth within the hydrothermal system.
Advance vectoring studies toward a potential deep porphyry source, focusing on the spatial relationship between high-sulfidation mineralization, recent porphyry intercepts on 2026 campaign, alteration zonation, structural controls, and geochemical signatures observed in recent drilling.
The company also plans to undertake appropriate geochronological studies on selected drill core samples in order to constrain the timing of the different porphyry intrusion phases and better understand the temporal evolution of the hydrothermal system.
Conduct a technical workshop during July involving subject matter experts in porphyry and epithermal systems to review geological, geochemical, mineralogical, structural, and alteration datasets and provide independent input on the exploration model.
Incorporate the outcomes of the technical review into exploration targeting, with the objective of defining priority drill targets and optimizing the design of the next exploration campaign.
Undertake a comprehensive desktop review of the recently acquired Evelina claims, located south of the main Taguas property, to evaluate their exploration potential and generate priority targets.
El Valle–Boinás Brownfield Infill Program
At the El Valle Boinás mine, Q3 FY2026 drilling has focused on the oxide mineralized bodies, specifically the "Breccia East" and "Area 208", where infill and brownfield drilling campaigns totaling 2,862 metres and 742 metres, respectively, were completed.
The objective of these programmes is to validate inferred mineral resources and assess the potential to extend the existing mineralization.
In addition, an infill drill hole was completed in the Boinás East Skarn to finalize the delineation of a mining stope.
The assays results are pending and will be reported in future news releases.
Orovalle – Q3 FY2026
Drilling meters
Infill
Brownfield
TOTAL
El ValleBoinás
Breccia East
1,358
1,504
2,862
Area 208
482
260
742
Boinas East
108
108
TOTAL
1,948
1,764
3,712
During Q4, drilling activities will continue at the El Valle-Boinás Mine, with work at the "Breccia East" focused on upgrading inferred resources to the indicated category. The Company also plans to undertake a 1,000 metre infill and brownfield drilling programme at the Carlés Mine, targeting the upgrade and expansion of mineral resources within the Northwest Carlés Skarn body between the -30 m and -100 m levels.
Quality Assurance-Quality Control ("QA/QC")
Taguas
Samples were prepared and analyzed by Alex Stewart International Argentina SA Laboratory in Mendoza. This laboratory is ISO 9001; ISO 17025, and ISO 14001 certified. Samples were prepared following the P-5 laboratory preparation code: the samples were dried, crushed to passing 10 mesh (>80%), riffle split of 1kg sample and pulverized to 106 microns (>95%). The assays included 50 g Au by fire assay (FA), AA finish and 39 element package with aqua regia dilution and ICP OES finish. Over limits for Au and Ag were run in 50 g sample by FA and gravimetric method finish. Coarse and pulp rejects were returned and are stored in a storage facility in Mendoza, Argentina.
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.
This exploration update relating to the Taguas Project has been prepared under the supervision of Raúl Alvarez Cifuentes, a Qualified Person as defined under NI 43-101. Mr. Alvarez is an employee of the Company, and therefore is not independent of the Company.
The Qualified Person has reviewed and verified the technical data relating to Taguas disclosed in this news release. Drilling was conducted using diamond drilling methods.
El Valle–Boinás
The technical information in this news release relating to the El Valle–Boinás Mine, including drilling metres and the interpretation of exploration results described above, has been reviewed and approved by Guadalupe Collar Menéndez, a Qualified Person under NI 43-101 and Chief Geologist of Orovalle Minerals S.L., a subsidiary of the Company. Ms. Collar Menéndez is an employee of Orovalle Minerals S.L. and therefore is not independent of the Company.
Assay results from the El Valle–Boinás drilling programmes described in this news release are pending and will be subject to the Company's standard QA/QC protocols and review by the applicable Qualified Person before being reported in a future news release.
ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).
Cautionary Statements - Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward–looking information includes, but is not limited to statements regarding: (i) the next steps of the Taguas exploration campaign; (ii) interpretation of a porphyry-related system; (iii) plans for the next drilling campaign; (iv) potential for copper-gold mineralization; and (v) geochronological study plans. Forward-looking information also includes statements regarding: (vi) planned Q4 fiscal 2026 drilling activities at the El Valle–Boinás Mine, including work at "Breccia East" intended to upgrade inferred resources to the indicated category; (vii) the Company's planned infill and brownfield drilling programme at the Carlés Mine and its objective of upgrading and expanding mineral resources within the Northwest Carlés Skarn body; and (viii) the expectation that assay results from the El Valle–Boinás drilling programmes described herein, which are currently pending, will be reported in future news releases. There is no assurance that the current drilling programs will result in the definition of mineral resources or that any mineralization identified will be economically viable, and there is no assurance that inferred mineral resources at El Valle–Boinás will be upgraded to the indicated category or that any of the planned drilling programmes will achieve their stated objectives.
Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.
A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to advance the exploration at Taguas and to advance the brownfield drilling programmes at El Valle–Boinás and Carlés; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.
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. Readers are cautioned not to place undue reliance on forward-looking statements.
For further information please contact: Nuria Menéndez, Chief Financial Officer, E: nmenendez@orvana.com
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