Hole

Zone

Azimuth

Dip

From,
(m)

To
(m)

True
Thickness
(m)

Au,
(g/t)

Ag,
(g/t)

Cu
(%)

Recovery,
(%)

17CNW1051R

CNW

302.6

-18.5

95.4

102.0

3.3

3.08

2.84

0.11

89

17CNW1052

CNW

300.8

-10.1

83.5

84.5

1.0

3.12

4.70

0.18

100

17CNW1053

CNW

299.8

5.9

64.1

66.1

2.0

3.12

1.28

0.11

97

17CNW1054

CNW

300.0

27.0

56.6

57.6

0.9

5.11

0.50

0.01

100

17CNW1055

CNW

306.3

-26.2

61.7

74.6

5.2

5.06

6.45

0.30

98

Including

CNW

70.8

73.3

1.0

13.70

20.60

1.02

100

17CNW1056

CNW

306.6

-15.0

45.2

51.2

3.6

4.97

3.85

0.14

88

17CNW1057

CNW

307.3

9.2

31.5

37.2

5.7

4.10

2.75

0.13

98

17CNW1058

CNW

308.8

31.7

28.0

31.8

3.9

3.00

2.78

0.08

95

17CNW1059

CNW

281.2

-26.2

99.3

106.9

2.3

2.02

1.41

0.17

64

17CNW1060

CNW

280.5

-16.8

73.8

75.2

1.4

3.73

2.10

0.15

89

17CNW1060

CNW

88.3

89.6

1.3

2.27

0.50

0.01

100

17CNW1061

CNW

285.2

8.9

35.7

37.2

1.3

2.41

8.20

0.34

100

17CNW1061

CNW

38.0

40.9

2.6

9.41

7.95

0.47

90

17CNW1062

CNW

303.7

-33.8

89.9

115.5

10.2

12.54

4.74

0.15

96

Including

CNW

101.2

115.5

5.7

20.09

8.06

0.26

98

17CNW1063

CNW

282.1

-8.5

46.3

47.3

0.7

2.43

0.50

0.00

100

17CNW1063

CNW

58.3

59.2

0.6

20.90

26.30

0.61

89

17CNW1064

CNW

300.3

-25.1

120.2

121.3

0.4

3.86

10.00

0.40

100

17CNW1064

CNW

125.7

128.9

1.3

5.25

15.39

0.70

100

17CNW1065

CNW

316.9

-23.3

115.0

116.6

0.8

2.85

4.00

0.17

100

17CNW1066

CNW

318.8

-6.1

77.6

82.2

4.7

2.17

0.50

0.00

90

17CNW1067

CNW

300.6

-12.8

48.4

50.4

1.2

2.31

0.50

0.00

98

17CNW1067

CNW

53.4

56.2

1.7

14.58

0.78

0.00

95

17CNW1067

CNW

62.2

63.2

0.6

2.82

0.50

0.00

68

17CNW1068

CNW

299.3

-32.9

106.4

133.2

10.7

3.72

1.98

0.11

94

17CNW1068

CNW

108.0

114.8

2.4

6.08

1.09

0.10

89

17CNW1069

CNW

281.1

-24.1

96.8

108.1

5.7

3.08

0.55

0.01

97

17CNW1069

CNW

121.5

124.4

1.5

2.49

0.50

0.01

93

17CNW1070

CNW

279.2

-11.1

61.5

63.7

1.3

4.75

1.44

0.00

100

17CNW1071

CNW

267.2

27.1

34.6

40.4

5.9

3.14

0.50

0.00

93

17CNW1072

CNW

298.8

-26.7

76.7

84.8

4.1

8.10

1.17

0.01

96

Including

CNW

76.7

80.0

1.7

16.63

1.34

0.00

94

17CNW1073

CNW

299.7

-1.6

38.5

44.8

5.0

4.82

0.59

0.01

98

17CNW1074

CNW

279.6

-18.4

No intercepts Au> 2 g/t

17CNW1075

CNW

334.1

10.9

28.5

38.2

9.17

7.63

2.69

0.07

94

Including

CNW

28.5

32.5

3.80

12.98

1.60

0.02

94

17CNW1076

CNW

318.6

4.9

No intercepts AU> 2 g/t

17CNW1077

CNW

319.4

-13.5

52.5

58.3

4.09

5.80

1.52

0.01

96

Note: True thicknesses were determined graphically by measuring the distance approximately perpendicular to the contacts. No values were capped.

The CNW area located in the northwest portion of the Carlés deposit is a calcic continuous and well-defined skarn trending in the northeast-southwest direction. Drilling in the CNW area indicates that mineralization increases at depth (Figure 4: Hole 17CNW1062 - 10.2 m with 12.54 g/t Au). Evaluation is underway of the potential for incorporation in the fiscal 2018 mine plan of these CNW stopes with higher grade skarn ores, together with other recently drilled areas in the El Valle-Boinás deposit, which may positively impact projected unitary costs.

Further information related to the El Valle Mine and Carlés Mine geology and mineralization can be found on the Company's website ().

QA/QC and Data Verification
Security measures were taken to ensure the integrity and validity of the mineralization and proximal rocks in the new drill core under the supervision of Guadalupe Collar Menéndez, Chief Geologist, Orovalle Minerals S.L., a qualified person for the purposes of NI 43-101. The core was sampled based on lithologic and alteration considerations. Assays were completed by the on-site laboratory at Orovalle Minerals S.L except DDH 17V1496 that was analyzed at ALS Laboratory Group SL Mineral Laboratories at Sevilla, Spain ("ALS"). The QA/QC protocol included internal and laboratory certified reference materials, blanks, duplicates and check assays. At the Orovalle Minerals S.L. laboratory, a 30-gram sample was analyzed by fire assay with an atomic absorption spectroscopy for gold, and copper, silver, arsenic, bismuth, mercury, lead, zinc, fluorine, selenium and antimony were analyzed by ICP-optical emission spectroscopy. Pulps were sent to the ALS laboratory for check analyses. A 30-gram sample was analyzed by fire assay methods for gold and a conventional Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) analysis was used for the analysis of 35 elements at ALS. Copper values exceeding 10,000 ppm and silver values exceeding 100 ppm were re-analyzed by atomic absorption using a 4-acid digestion. In addition, Ms. Menéndez has verified the sampling, analytical, and test data underlying the information or opinions contained herein by reviewing original data certificates and monitoring all of the data collection protocols.

Qualified Person
The technical information contained in this document was prepared under the supervision of Guadalupe Collar Menéndez, a qualified person for the purposes of NI 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.

About Orvana
Orvana is a multi-mine gold and copper producer. Orvana's operating assets consist of the producing gold-copper-silver El Valle and Carlés mines in northern Spain and the producing gold-copper-silver Don Mario mine in Bolivia. Additional information is available at Orvana's website ().

Cautionary Statements - Forward-Looking Information
Certain statements in this information 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" or "intends" 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 increase mineral reserves and resources; Orvana's ability to convert existing inferred mineral resources to measured and indicated mineral resources; Orvana's ability to improve grade control of the mineralized material at its Spanish operations; Orvana's ability to reduce overall unitary costs;; Orvana's ability to optimize its assets to deliver shareholder value; the Company's ability to optimize productivity at El Valle; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained or incorporated by reference in this information, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in Orvana's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Company Disclosures") or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle and Don Mario being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana's current expectations.

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 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 Don Mario and/or ability to resume long-term operations at Carlés Mine; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to execute on its strategy; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in the Company's Disclosures under the heading "Risks and Uncertainties". This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Disclosures for a description of additional risk factors.

Any forward-looking statements made in this information 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.

The forward-looking statements made in this information are intended to provide an overview of management's expectations with respect to certain future operating activities of the Company and may not be appropriate for other purposes.

SOURCE Orvana Minerals Corp.

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