(Orvana, 30.Jan.2022) — Orvana Minerals Corp. (TSX: ORV) is issued the following details regarding its disclosure on the Don Mario Property.
On 30 December 2020, the company filed a technical report effective 30 September 2020, on the Don Mario oxide stockpile project, located on the Don Mario Property (the “Stockpile Technical Report”). On 29 December 2021, the company filed a technical report effective 30 September 2021, on the tailings reprocessing project, also located on the Don Mario Property (the “Tailings Technical Report”).
Both projects on the Don Mario Property were reported independently as the mineral resource base are not connected. Ontario Securities Commission (OSC) staff advised that under the definition of a technical report in NI 43-101, there can be only one current technical report in respect of a property. Any time a new technical report is filed, it will replace the previously filed technical report on that property and must include the material scientific and technical information which is still current and relevant to that property. Consequently, the Stockpile Technical Report and the Tailings Technical Report do not comply with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and Form 43-101F1 – Technical Report (“Form 43-101F1”).
As a result, the company is in the process of preparing a new technical report (the “Amended Technical Report”) that will effectively merge the disclosure contained in the Stockpile Technical Report and the Tailings Technical Report as both projects are located on the same property and information in respect of both is required for the technical report to be current.
OSC staff also identified certain other deficiencies in the Stockpile Technical Report and Tailings Technical Report related to missing disclosure that is required under several Items in Form 43-101F1, each of which will be rectified in the Amended Technical Report. The company has engaged an independent technical consultant to assist in reviewing and preparing the Amended Technical Report to comply with the NI 43-101 requirements, and anticipates filing the Amended Technical Report on or before the date that is 45 days from the date hereof.
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