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Abitibi drilling nears as Aurvista Gold closes $6-million private placement

by Greg Klein | November 18, 2016

Bringing in Primary Capital, PowerOne Capital and their clients as shareholders, Aurvista Gold TSXV:AVA completed a financing of $5.99 million effective November 15.

Abitibi drilling nears as Aurvista Gold closes $6-million private placement

A 3,000-metre program this quarter will
precede another 20,000 metres in H1 2017.

“Their financing also marks a major milestone in our history,” said Aurvista president/CEO Jean Lafleur. “We can now start proving up the full bulk gold potential of Douay. Drilling is slated to begin later in the quarter on a series of priority targets which will be summarized shortly. The initial drilling campaign will total 3,000 metres to be completed before year-end. This will be followed in Q1 to Q2 of 2017 by an additional 20,000 metres of drilling.”

The company has been busy analyzing and relogging previous drill core in efforts to link gold zones to some of the nine shears on the company’s sole asset.

A 2012 resource estimate used a cutoff of 0.3 grams per tonne, with eight zones along a five-kilometre trend totalling:

  • indicated: 2.69 million tonnes averaging 2.76 g/t for 238,435 gold ounces

  • inferred: 114.65 million tonnes averaging 0.75 g/t for 2.75 million ounces

Aurvista holds a 100% interest in 13,310 hectares of the 14,520-hectare property, a 90% interest in 20 hectares and a 75% interest in 1,190 hectares.

Read more about Aurvista Gold.

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