Friday 21st July 2017

Resource Clips


Posts tagged ‘Aurvista Gold Corp (AVA)’

Aurvista Gold unloads assays as drilling extends and expands Douay mineralization

July 17th, 2017

by Greg Klein | July 17, 2017

Aurvista Gold unloads assays as drilling extends and expands Douay mineralization

 

Following a $10.1-million private placement that closed the previous business day, Aurvista Gold TSXV:AVA greeted July 17 with a backlog of long-awaited assays from its Douay gold project in Quebec. The results wrap up a 59-hole, 23,965-metre campaign on Abitibi’s Casa Berardi deformation zone. Forty holes targeted the property’s four-kilometre-long porphyry trend, extension targets and mineralized zones parallel to the core porphyry system, the company reported.

Aurvista last released assays in early May.

Some high-grade highlights of the current batch came from the main porphyry zones, including the Porphyry, 20, 10, Central and new North zones:

Hole DO-17-197A

  • 0.51 g/t gold over 23.9 metres, starting at 80.4 metres in downhole depth

  • 13.35 g/t over 1.2 metres, starting at 130 metres
Aurvista Gold unloads assays as drilling extends and expands Douay mineralization

DO-17-200

  • 4.68 g/t over 4.5 metres, starting at 285 metres
  • (including 6.01 g/t over 1.5 metres)
  • (and including 7.16 g/t over 1.5 metres)

DO-17-202

  • 4.53 g/t over 9 metres, starting at 255 metres
  • (including 15.7 g/t over 1.5 metres)
  • (and including 6.86 g/t over 1.5 metres)

True widths were estimated at 90%.

DO-17-200 and 202 demonstrate additional potential along the North zone, while several strong intercepts from DO-17-187 expand known mineralization at the southern edge of the Porphyry zone, Aurvista stated.

Wide intervals were numerous too, with some standouts including 2.2 g/t gold over 23.1 metres, 2.11 g/t over 20.6 metres, 0.89 g/t over 36 metres and 0.79 g/t over 34.5 metres. The program also expanded known mineralization between the Porphyry and 20 zones, as well as one hole that extended mineralization past 600 metres in depth.

Looking at a final hole on Douay West, Aurvista sees potential to more than double the zone’s original footprint, making it a priority for further drilling. Twenty stepouts, meanwhile, confirmed the porphyry system extends northwest, the company added. Another 11 exploration holes tested VMS-style mineralization, finding results that included 1.81 g/t gold over 1.5 metres and 2.77% zinc over 6.4 metres.

The campaign naturally encourages speculation about the resource, last updated in March with a 0.5 g/t cutoff showing a total for seven zones:

  • inferred: 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces

Aurvista’s technical committee plans an early August site visit to help guide its next drill program, buoyed by $10.1 million in fresh financing.

Aurvista Gold closes $10.1-million private placement for Abitibi drilling

July 14th, 2017

by Greg Klein | July 14, 2017

A financing that began with a $7-million offer raked in gross proceeds of $6 million in charity flow-through and another $4.1 million in hard dollars, Aurvista Gold TSXV:AVA announced July 14. Insiders participated for $261,250. The total surpasses the $7.5 million raised last year to advance the Douay gold project in Abitibi’s Casa Berardi deformation zone.

Aurvista Gold closes $10.1-million private placement for Abitibi drilling

Past drilling brought visible encouragement for Aurvista Gold.

The private placement supplies “the necessary funds to carry out significant exploration and drilling in the months ahead with the aim of making new gold discoveries, connecting existing zones of mineralization and increasing resources,” said president/CEO Matthew Hornor. “We will also continue to make corporate improvements by establishing an expert technical committee and enhanced board of directors this summer.”

Using a 0.5 g/t cutoff, a March resource update for seven zones brought an inferred total of 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces. The company last reported assays in May, when results had been received for 25 of 53 holes totalling 21,065 metres.

Out of Douay’s 30,500 hectares, Aurvista holds a 100% interest in approximately 29,300 hectares and a 75% interest in the 1,190-hectare North West zone, a joint venture with 25% partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Read more about Aurvista Gold.

Ivanhoe veteran Matthew Hornor joins Aurvista Gold as president/CEO

May 23rd, 2017

by Greg Klein | May 23, 2017

Management changes should help Aurvista Gold TSXV:AVA move to the next level as Matthew Hornor takes charge of financial and business development while Jean Lafleur leads exploration at the company’s Douay project in Abitibi.

Ivanhoe veteran Matthew Hornor joins Aurvista Gold as president/CEO

Hornor’s background includes 10 years as VP and executive VP for Ivanhoe Mines, where he negotiated deals with international banking syndicates, strategic alliances and equity financings totalling more than $450 million. He also spent 10 years as managing director for Ivanhoe Capital and four years as chairperson for Ivanplats Holding SARL, owner of the Platreef platinum-palladium mine in South Africa.

As president/CEO of Kaizen Discovery TSXV:KZD from 2013 to 2016, Hornor arranged project acquisitions, equity financings and a collaboration agreement with ITOCHU Corp, a prominent Japanese trading and investment house. Fluent in Japanese, he began his mining career in Japan 27 years ago. He visits the country frequently, maintaining relationships with major corporations, mining companies, investment firms and trading houses.

The appointment also allows Jean Lafleur to move from president/CEO to VP of exploration on the Douay project in Abitibi’s Casa Berardi deformation zone. Hornor’s experience “speaks for itself,” Lafleur said, “and having his corporate, capital markets and project financing leadership will help us accelerate the company’s growth and true value. I look forward to leading our exploration team in Quebec and working with our group to define the ultimate extent of gold mineralization at Douay.”

Well underway is a 43-hole, 30,000-metre campaign with an update planned later this year for a resource that currently shows an inferred 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces. Among results released so far, the company announced stepout intercepts earlier this month despite an assay lab backlog caused by the pace of drilling. In March Aurvista announced initial metallurgical test results in line with comparable Abitibi projects.

Last month the company more than doubled its Douay land position, which now stands at 30,500 hectares. Aurvista holds a 100% interest in about 29,300 hectares and a 75% interest in the 1,190-hectare North West zone, with the remainder held by JV partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Read more about Aurvista Gold.

Aurvista steps out to find more Abitibi gold

May 8th, 2017

by Greg Klein | May 8, 2017

Stepout drill results have Aurvista Gold TSXV:AVA increasingly optimistic about potential outside the Douay project’s resource area. The program on Abitibi’s Casa Berardi deformation zone has so far seen 53 holes totalling 21,065 metres, with results received for 25 holes. Some highlights from a batch of assays released May 8 include holes DO-17-169 and DO-17-173 from northwest of the Porphyry zone:

DO-17-169

  • 2.46 g/t gold over 4.5 metres, starting at 312 metres in downhole depth

  • 0.44 g/t over 3 metres, starting at 325.5 metres

  • 0.72 g/t over 9 metres, starting at 336 metres

An earlier interval from DO-17-169, among assays released last month, showed 0.79 g/t over 34.5 metres.

Aurvista steps out to find more Abitibi gold

Previous core from Douay
reveals visible gold.

DO-17-173

  • 0.64 g/t over 7.5 metres, starting at 132 metres

  • 0.55 g/t over 4.5 metres, starting at 196.5 metres

  • 2.19 g/t over 3 metres, starting at 219 metres

A few other highlights include:

DO-17-165

  • 0.86 g/t over 7.5 metres, starting at 143.5 metres

  • 0.42 g/t over 6 metres, starting at 306.5 metres

DO-17-167

  • 0.36 g/t over 18.5 metres, starting at 209.5 metres

True widths are estimated at about 90%.

A resource update released in March used a 0.5 g/t cutoff for eight zones totalling:

  • inferred: 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces

With another resource update planned for later this year, drilling continues backed by $7.5 million raised last year. But the pace might exceed lab capacity. “Due to increased investment and high volume of exploration and drilling currently underway in the Douay region, assay labs are backed up and we have taken the necessary steps to expedite the assay process for the remainder of the program,” said president/CEO Jean Lafleur. “We look forward to results from 25-plus more drill holes from high-priority target areas at Douay.”

In March Aurvista released preliminary metallurgical test results that the company said were in line with comparable Abitibi projects. More tests are planned this year.

With additional claims staked last month, Douay now totals 30,500 hectares. Aurvista holds a 100% interest in approximately 29,300 hectares and a 75% interest in the 1,190-hectare North West zone, a JV with 25% partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Aurvista Gold more than doubles its Abitibi-region Douay project

April 5th, 2017

by Greg Klein | April 5, 2017

Maybe partly inspired by a recent expansion of mineralization, Aurvista Gold TSXV:AVA has expanded its Douay gold project to more than twice its previous size. Taking advantage of recently abandoned claims, the company staked another 16,440 hectares, increasing the property to about 30,500 hectares along a 40-kilometre stretch of the Abitibi’s Casa Berardi deformation zone.

Aurvista Gold more than doubles its Abitibi-region Douay project

The new land has airborne geophysics and ground surveys scheduled for summer.

Aurvista now holds a 100% interest in about 29,300 hectares and a 75% interest in the 1,190-hectare North West zone, with the remainder held by JV partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Two days earlier Aurvista released assays boasting good grades over wide intervals, one of which potentially expanded Douay’s Main porphyry zone by 500 metres. Having raised $7.5 million in 2016, the company has three rigs conducting a 30,000-metre campaign, with a year-end goal of updating the resource, currently showing an inferred 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces.

Last week Aurvista announced preliminary metallurgical results that the company said were in line with comparable Abitibi projects.

Read more about Aurvista Gold.

Aurvista Gold extends Main zone as three rigs tackle the Abitibi’s Douay project

April 3rd, 2017

by Greg Klein | April 3, 2017

With 29 holes and 11,363 metres finished so far out of a 30,000-metre program, Aurvista Gold TSXV:AVA announced a 500-metre strike expansion northwest of the Douay project’s Main porphyry zone. The extension comes from hole DO-17-169:

  • 0.79 g/t over 34.5 metres, starting at 204 metres in downhole depth

Additional assays for this hole are still to come. Six of the 10 holes reported April 3 searched for Main zone extensions, with highlights showing:

Aurvista Gold extends Main zone as three rigs tackle the Abitibi’s Douay project

Located on the Abitibi’s Casa Berardi deformation zone,
Douay has another resource update planned this year.

DO-17-155

  • 0.59 g/t gold over 31.5 metres, starting at 55.5 metres

DO-17-156

  • 1.26 g/t over 12 metres, starting at 121.5 metres

DO-17-158

  • 0.83 g/t over 23.2 metres, starting at 227.3 metres

  • 0.99 g/t over 7.5 metres, starting at 279 metres

  • 0.98 g/t over 13.4 metres, starting at 306.7 metres

  • 1.05 g/t over 19 metres, starting at 387.4 metres

True widths were estimated at 90%.

Assays are pending for 13 additional holes, 10 of them at the Main zone, which has another 10 holes planned. An earlier batch released in February saw results up to 2.11 g/t over 20.6 metres and 2.2 g/t over 23.1 metres. Overall, 93% of the program’s results have equalled or exceeded the resource’s 0.5 g/t cutoff, Aurvista president/CEO Jean Lafleur stated. This year’s update shows an inferred category of 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces. The company anticipates another update by year-end.

Aurvista has three rigs on site to extend mineralization along east-west corridors and expand individual zones. Results “have provided favourable indications that previously ‘unmineralized’ segments of the Douay West and the Main porphyry zones are in fact mineralized,” the company stated.

Preliminary metallurgical results released last week showed recoveries in line with comparable Abitibi projects, Aurvista announced. Gold recovery averaged 26% from gravity and 66% from flotation, for a total of 92%. Cyanidation leaching of a gravity and flotation concentrate came to 85% recovery.

Also last week, Aurvista bought the remaining 10% interest of a 20-hectare portion of the 14,520-hectare Douay property for $12,500 from Société d’exploration minière Vior TSXV:VIO. In January Aurvista bought back a 1.5% NSR on 32 claims for $325,000. Aurvista offset most of those costs by selling 1.08 million Vior shares for $215,551. Aurvista raised $7.5 million in 2016.

The company now holds a 100% interest in 13,330 hectares and a 75% interest in the 1,190-hectare North West zone, a JV with 25% partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Read more about Aurvista Gold.

Aurvista Gold completes initial met tests for Abitibi project

March 21st, 2017

by Greg Klein | March 21, 2017

Aurvista Gold TSXV:AVA declared preliminary metallurgical results for its Douay deposit “in line with the recoveries achieved elsewhere in the Abitibi belt at projects with comparable mineralization styles and similar or lower gold grades.” Ten composite samples totalling 311 kilograms and averaging 1.89 g/t gold from seven zones underwent the tests.

Aurvista Gold completes initial met tests for Abitibi project

Visible gold enhances Aurvista’s
confidence in its Abitibi deposit.

With consistent results, gold recovery averaged 26% from gravity and 66% from flotation, for an average total of 92%. The correlation between gold and sulphur recovery suggested the metal’s association with sulphide minerals.

Cyanidation leaching of a gravity and flotation concentrate averaged 85% recovery. The process improved recovery of samples from the project’s North West zone, characterized by a felsic volcanic host rock, but other composites did better. Excluding the North West samples, recovery averaged 88.9% for material from mafic volcanic and porphyry host rocks.

Results suggest capex and opex advantages to gravity-flotation-leach over an entirely leach process. The company has further tests planned later this year to optimize results and lower costs.

Earlier this month Aurvista issued a clarifying news release with an amended resource estimate. Using a 0.5 g/t cutoff within a conceptual pit shell, Douay’s eight zones total:

  • inferred: 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces

Last month Aurvista released assays up to 2.2 g/t over 23.1 metres. Backed by $7.5 million raised in 2016, the company has about 30,000 metres of additional drilling planned this year.

Douay consists of 14,520 hectares along a 20-kilometre segment of the Casa Berardi deformation zone in Quebec’s Abitibi region. Aurvista holds a 100% interest in 13,310 hectares, a 90% interest in 20 hectares and a 75% interest in the 1,190-hectare North West zone, a JV with 25% partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Read more about Aurvista Gold.

The Aurvista Gold team reflects on a successful year at the Douay project

March 10th, 2017

…Read more

Aurvista drills 2.2 g/t gold over 23.1 metres, plans more rigs for Abitibi campaign

February 22nd, 2017

by Greg Klein | February 22, 2017

With a second rig now onsite and more planned to arrive, Aurvista Gold TSXV:AVA reported assays from its Douay gold project in Quebec’s Abitibi region on February 22. So far the crew has sunk 11 holes totalling 4,936 metres on three zones of the property’s Adam Creek deposit. The current program calls for 30,000 metres. Some highlights from the latest results include:

Hole DO-16-147

  • 2.11 g/t gold over 20.6 metres, starting at 150 metres in downhole depth (Douay West zone)

DO-16-149

  • 2.2 g/t over 23.1 metres, starting at 90 metres (Upper Douay West)

DO-17-150

  • 0.89 g/t over 36 metres, starting at 204 metres (New zone)

DO-17-151

  • 3.53 g/t over 4.5 metres, starting at 70.5 metres (Douay West North A)
Aurvista drills 2.2 g/t gold over 23.1 metres, plans more rigs for Abitibi campaign

The latest results extend known mineralization along
east-west structural corridors and down-dip of
previous intersections, Aurvista stated.

True widths were estimated at 90%.

“The objective of the first drill holes was to prove the new geological model by extending the known mineralization along east-west corridors in proximity to three known gold zones,” stated COO Keith Minty. “A limited number of historic drill holes were twinned and new holes were drilled that visually extended the gold mineralization along the corridors and down-dip of previous intersections.”

With $7.5 million raised last year, the company plans to add more rigs to seek horizontal and vertical extensions of several zones and their potential connections.

The project’s 2012 base case resource applied a 0.3 g/t cutoff to eight zones along a five-kilometre trend:

  • 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

The resource ends at a vertical depth of approximately 400 metres.

Douay totals 14,520 hectares. Aurvista holds a 100% interest in 13,310 hectares, a 90% interest in 20 hectares and a 75% interest in the 1,190-hectare North West zone. The NW zone consists of a joint venture with 25% partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Earlier this month the company announced four management additions. Last week Aurvista began trading on the OTCQB Venture Market in the U.S. under the symbol ARVSF.

Read more about Aurvista Gold.

Aurvista Gold advances Abitibi project with drilling, hiring, buying

February 2nd, 2017

by Greg Klein | February 2, 2017

Having raised $7.5 million last year in three private placements at increasing prices, Aurvista Gold TSXV:AVA outlined aggressive plans for its Douay gold-base metals project in Quebec’s Abitibi region. Along with the announcements came new expertise introduced February 2.

Exploration manager Alex Horvath’s 30-year career includes service as COO/VP of exploration for Champion Iron TSX:CIA, where he played a major role in the Bloom Lake acquisition. He also spent 20 years with Asarco Inc and Asarco Exploration, taking part in exploration, project generation and ore reserve estimates, among other responsibilities.

Aurvista Gold advances Abitibi project with drilling, hiring, buying

As mineral co-ordinator of resources and project development, Peter Karelse brings three decades of experience in exploration, resource development, and both underground and open pit mining. He’s helped bring three projects into production.

Database co-ordinator Antoine Yassa’s CV shows a 35-year international background using database management and software for resource estimates, project evaluation and resource modelling.

With a 40-year involvement in precious metals, base metals, chromium, lithium, graphite and uranium exploration and mining projects, Yvan Bussières takes the role of Douay gold project co-ordinator.

The new faces “bring a significant amount of both intellectual capital and operational experience and will be key members of the company as we grow our strong foundation of quality gold resources,” said president/CEO Jean Lafleur.

Two days previously the company announced the buy-back of a 1.5% NSR on 32 claims within Douay from Northern Abitibi Mining TSXV:NAI for $325,000. Aurvista CFO Bryan Keeler said the purchase “cleans up project ownership, improves the Douay economics and opens up opportunities in future financing.”

The entire geological picture of Douay was changed from a convoluted mixture of poorly understood and unrecognizable rock units and unconnected mineralized zones to now well-recognized volcanic rocks and a porphyries package typical of Abitibi belt gold-bearing deposits.

With a 74-hole, 30,000-metre drill program that began testing nine targets last month, the company vowed to move into “a more aggressive exploration stage by adding additional gold mineralization within a series of east-west corridors, termed the Adam Creek gold deposit, covering for now a minimum 10 kilometres by three kilometres of prime exploration ground.”

A Q2 resource update will take into consideration re-interpreted historic core as well as new assays. Preliminary metallurgical tests have also begun.

Among last year’s accomplishments, the company stated, “the entire geological picture of Douay was changed from a convoluted mixture of poorly understood and unrecognizable rock units and unconnected mineralized zones to now well-recognized volcanic rocks and a porphyries package typical of Abitibi belt gold-bearing deposits. At Douay, these rocks structurally host for now an identified minimum of 11 gold-bearing lenses. The 10-kilometre-long gold system remains open along the remaining 10-kilometre strike length and at depth below 300 metres.”

Using a 0.3 g/t cutoff, a 2012 resource for eight zones along a five-kilometre trend totalled:

  • 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

The resource stopped at a vertical depth of about 400 metres.

Of the 14,520-hectare property, Aurvista holds a 100% interest in 13,310 hectares, a 90% interest in 20 hectares and a 75% interest in the 1,190-hectare North West zone. The latter comprises a JV with 25% partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Read more about Aurvista Gold.