-- Orvana Minerals (ORV.TO) overnight Wednesday reported an update on the progress to date, initial assay results, and planned next steps of the ongoing deep drilling campaign at its 100%-owned Taguas Project in San Juan, Argentina.
Among highlights, ORV in a statement said drilling is ongoing on the first deep drill hole (TADD-278) at Taguas, which had reached a depth of approximately 1,326 meters as of April 7. The company added its objective is to advance the drill hole to the "maximum feasible depth", currently targeted at between 1,500 and 2,000 meters.
ORV also said drilling has intersected a "vertically zoned hydrothermal system, transitioning from a high-sulfidation epithermal environment into a deeper porphyry setting". It added preliminary assay results and the identified mineralogy support the interpretation that drilling remains within the upper to intermediate levels of the mineralized system.
Raul Alvarez, Director of Exploration and Technical Services of Orvana, said: "We are encouraged by the results obtained to date. The upcoming metres of drilling are expected to further improve our understanding of the Taguas mineral system."
Shares in ORV edged up $0.01 to $1.73 in Canada.