Friday 9th December 2016

Resource Clips


Posts tagged ‘Aurvista Gold Corp (AVA)’

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

November 18th, 2016

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.

Aurvista Gold defines Abitibi targets for November drilling

September 27th, 2016

by Greg Klein | September 27, 2016

As a comprehensive program of analyzing and relogging previous drill core continues, Aurvista Gold TSXV:AVA prepares to resume drilling its Abitibi-region Douay project in Q4. So far 74,580 metres of core from 228 historic holes have been re-logged, the company reported September 27. Another 23,830 metres from 105 historic holes remain. The program will also consider previous Aurvista drilling of 127 holes totalling 42,955 metres.

Aurvista Gold defines Abitibi targets for November drilling

The campaign has taken around 19,000 readings of core using a handheld X-ray fluorescence spectrometer (XRF) for geochemical analysis. About 7,000 more readings are expected, the company stated.

Aurvista has identified nine east-west shears and three subparallel structural domains on the property.

“The company believes that it can link the known gold zones to specific shears and potentially predict where to find additional gold mineralization,” said president/CEO Jean Lafleur. “Even more critical in terms of the overall potential, there are two distinct but overlapping metal signatures at Douay. The first is a primary volcanogenic massive sulphide of copper-zinc affinities crosscut by a secondary shear-hosted gold system. This interpretation is very similar to the Doyon-Bousquet-Laronde mining camp located 100 kilometres south-southwest of Douay, along the Cadillac-Larder Lake Deformation Zone.”

Aurvista anticipates sinking 4,000 metres from mid-November into the new year. The property has electrical grid connection and road access to a highway five kilometres away leading to Val-d’Or, 165 kilometres south.

In July the company closed a $500,000 private placement that followed a $1.1-million placement completed in May.

Geophysics narrows targets as Aurvista Gold’s Douay project nears drilling

August 29th, 2016

by Greg Klein | August 29, 2016

Preparing for an upcoming drill campaign, Aurvista Gold TSXV:AVA announced results of an extensive geophysics program over the Abitibi-region Douay project on August 29. Among results of previous geophysics were EM anomalies consistent with massive sulphides known elsewhere in the Abitibi, Aurvista stated. This time Douay underwent airborne magnetic, time-domain electromagnetic and radiometric surveys.

Geophysics narrows targets as Aurvista Gold’s Douay project nears drilling

Work focused on the central and western portions of the 14,500-hectare property. The TDEM survey outlined seven strong anomalies associated with the strongest previous EM anomalies. The most significant sits proximal to the gold-bearing Main, South and Adam porphyries, with nearby chlorite-sulphide bearing feeder pipes like those “typically found in association with massive sulphide mineralization, yet to be found at Douay,” the company stated.

Aurvista has its team re-logging previous core from 26 sections across Douay to define chemical signatures and alteration mineralogy, and to confirm the suspected source of the volcanic intrusion. With 45,000 metres out of nearly 200,000 metres complete so far, the work presents “a much simpler geological picture than previously interpreted,” the company added.

A 2012 resource estimate used a 0.3 g/t cutoff for eight zones along a five-kilometre trend to a maximum depth of about 400 metres. The total showed:

  • 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

Now Aurvista states, “The previously held interpretation of eight independent higher-grade gold zones is incorrect. Management believes there are additional higher-grade zones … linked by an extensive network of E-W, NW-SE and NE-SW structures in magnetic iron-rich volcanic rocks, but now non-magnetic sulphide-bearing, hosting iron-carbonates alteration, porphyries and/or silica-rich alteration and/or sodium-rich alteration.”

Last month Aurvista closed a $500,000 private placement. The company has 4,000 metres of drilling scheduled to begin in Q4.

Read more about Aurvista Gold.

Aurvista Gold president/CEO Jean Lafleur says the Douay project could be the Abitibi’s last big deposit

July 20th, 2016

…Read more

In the land of giants

June 24th, 2016

Aurvista Gold sees super pit potential for its Douay gold project in Abitibi

by Greg Klein

A new Abitibi gold mine, maybe the region’s last—could that be Douay’s destiny? Jean Lafleur sees such potential in the project that attracted him to Aurvista Gold TSXV:AVA, where he took on the role of president/CEO. The geologist’s international career includes considerable experience in Quebec’s most auriferous region, including Malartic, where he was instrumental in developing the project’s campaign of bulk gold exploration. He sees similarities in Douay. But this one also stands apart for its distinctions.

Aurvista Gold sees super pit potential for its Douay gold project in Abitibi

This year’s campaign calls for more geophysics
followed by another 4,000 metres.

A bulk deposit with higher-grade “jewelry boxes” on the Casa Berardi fault, Douay’s “unique because it’s never been mined, it’s a disseminated-type deposit, there are no quartz veins so it goes against the grain of these old Archean-type deposits, it’s Crown land, but what makes it really unique is it’s the last one left in the Abitibi,” Lafleur says.

“There might be others farther north, but when you talk about strictly Abitibi, this is the last one.”

Aurvista plans to support that theory with a summer/fall campaign of geophysics and drilling backed by last month’s $1.1-million financing. The 14,500-hectare property features eight zones along a five-kilometre trend. Using a cutoff of 0.3 grams per tonne, a 2012 resource estimate 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 was limited to a vertical depth of about 400 metres.

With the same cutoff, a west-to-east, zone-by-zone breakdown shows the jewelry boxes amid bulk mining potential:

Douay West zone

  • indicated: 2.56 million tonnes averaging 2.77 g/t for 227,980 ounces

  • inferred: 1.41 million tonnes averaging 1.65 g/t for 74,915 ounces

North West zone

  • inferred: 1.05 million tonnes averaging 2.59 g/t for 87,605 ounces

Porphyry zone

  • inferred: 107.21 million tonnes averaging 0.68 g/t for 2.36 million ounces

20 zone

  • inferred: 340,000 tonnes averaging 0.66 g/t for 7,231 ounces

Central zone

  • inferred: 780,000 tonnes averaging 0.99 g/t for 24,935 ounces

10 zone

  • inferred: 959,000 tonnes averaging 1.32 g/t for 40,705 ounces

531 zone

  • inferred: 1.55 million tonnes averaging 1.54 g/t for 76,620 ounces

Main zone

  • indicated: 130,000 tonnes averaging 2.47 g/t for 10,450 ounces

  • inferred: 1.35 million tonnes averaging 1.97 g/t for 85,480 ounces

Pushing the cutoff up to three g/t, seven of the eight zones still show ounces, with these two standouts—Douay West revealing 153,890 ounces indicated and 28,420 ounces inferred, and the Adams section of the Porphyry zone bearing 274,200 ounces inferred.

A 2014 PEA examined Douay West alone as a combination open pit and underground operation that would cost $56.8 million to build, producing 156,000 ounces over a 3.7-year life. The study used a 5% discount rate to calculate a post-tax NPV of $16.6 million and a post-tax IRR of 40%. But the proximity of other zones, especially Porphyry, encouraged Aurvista to consider other approaches.

To that end the company has an imminent two-stage 2016 program scheduled for a three-by-10-kilometre expanse. Primarily focus will be some eight kilometres of porphyry targets. Also under scrutiny will be a six-by-one-kilometre cluster of EM anomalies immediately south that have affinities to VMS mineralization associated with gold, along with potential copper and other base metal targets, the company states.

Aurvista Gold sees super pit potential for its Douay gold project in Abitibi

Past operators left behind camp infrastructure.

Stage 1 calls for additional mapping, re-logging previous core and flying magnetic, electromagnetic and radiometrics. That would lead to Stage 2’s 4,000-metre Q4 drill program. The company also hopes to find new trends at about 300 to 500 metres in depth, below the currently known mineralization.

With Abitibi infrastructure as well as gold, Douay has road access to a highway five kilometres away leading to Val-d’Or, 165 kilometres south, and an electrical line connecting the property with the grid.

A solid share structure supports the company. After vending Douay to Aurvista in 2011, Société d’exploration minière Vior TSXV:VIO now holds 24%. The 1,193-hectare North West zone comes under a JV with 25% partner SOQUEM, the mineral exploration division of the provincial government’s Investissement Québec. Together, the province and company insiders account for 14%. Among them is chairperson Gerry McCarvill, who helped create Repadre Capital, now IAMGOLD TSX:IMG, and Desert Sun Mining, later picked up by Yamana Gold TSX:YRI. McCarvill also helped develop Consolidated Thompson Iron Ore from its $2-million beginning to the $4.9-billion takeover by Cliffs Natural Resources NYSE:CLF.

Lafleur expects this year’s work to further support the “super pit” potential that he believes could position Douay as the next mine to be surrounded by the giants of Abitibi. A resource update could arrive this year but more likely in 2017, he says. Lafleur anticipates a three- to five-year plan for the project. “We want to follow the same story that Detour and Osisko did—just keep drilling and prove up as many ounces as we can.”

Aurvista Gold launches summer geophysics and drilling at Abitibi

June 21st, 2016

This story has been expanded and moved here.

Exploring opportunity

June 17th, 2016

A capacity crowd attends the first annual Vancouver Commodity Forum

by Greg Klein
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A capacity crowd attends the first annual Vancouver Commodity Forum

 

“There’s excitement in the air,” said Cambridge House International founder Joe Martin. That’s the mood he senses as junior explorers emerge from the downturn. And certainly optimism was evident on June 14 as more than 450 people converged on the Vancouver Commodity Forum for an afternoon of expert talks amid a showcase of two dozen companies. Keynote speakers included Martin, Chris Berry of the Disruptive Discoveries Journal, Jon Hykawy of Stormcrow Capital, John Kaiser of Kaiser Research Online and Stephan Bogner of Rockstone Research.

A capacity crowd attends the first annual Vancouver Commodity Forum

Lithium, not surprisingly, stood out as a commodity of interest. While cautioning against over-enthusiasm for the exploration rush, Berry and Hykawy each affirmed the need for juniors to find new sources of the metal. Cobalt and scandium featured prominently too, as did other commodities including what Kaiser called “the weird metals”—lesser known stuff that’s vital to our lives but threatened with security of supply.

Kaiser also noted he was addressing a crowd larger than his last PDAC audience, another indication that “we’ve turned the corner.”

Attendees also met and mingled with company reps. Potential investors learned about a wide gamut of projects aspiring to meet a growing demand for necessities, conveniences and luxuries.

Presented by Zimtu Capital TSXV:ZC, the forum’s success will make it an annual event, said company president Dave Hodge. Berry emceed the conference, holding the unenviable task of “making sure Dave stays well-behaved.”

Read interviews with keynote speakers:

Meet the companies

Most companies were core holdings of Zimtu, a prospect generator that connects explorers with properties and also shares management, technical and financing expertise. Zimtu offers investors participation in a range of commodities and companies, including some at the pre-IPO stage.

After sampling high-grade lithium on its Hidden Lake project in the Northwest Territories earlier this month, 92 Resources TSXV:NTY plans to return in mid-July for a program of mapping, exposing spodumene-bearing pegmatite dykes, and channel sampling. The company closed the final tranche of a private placement totalling $318,836 in April. Hidden Lake’s located near Highway 4, about 40 kilometres from Yellowknife and within the Yellowknife Pegmatite Belt.

With one of the Athabasca Basin’s largest and most prospective exploration portfolios, ALX Uranium TSXV:AL has a number of projects competing for flagship status. Among them is Hook-Carter, which covers extensions of three known conductive trends, one of them hosting the sensational discoveries of Fission Uranium TSX:FCU and NexGen Energy TSXV:NXE. ALX’s strategic partnership with Holystone Energy allows that company to invest up to $750,000 in ALX and retain the right to maintain its ownership level for three years. ALX closed a private placement first tranche of $255,000 last month, amid this year’s busy news flow from a number of the company’s active projects.

A capacity crowd attends the first annual Vancouver Commodity Forum

Arctic Star Exploration TSXV:ADD boasts one of northern Canada’s largest 100%-held diamond exploration portfolios. Among the properties are the drill-ready Stein project in Nunavut and others in the Lac de Gras region that’s the world’s third-largest diamond producer by value. North Arrow Minerals TSXV:NAR holds an option to earn up to 55% of Arctic Star’s Redemption property.

Aurvista Gold TSXV:AVA considers its Douay property one of Quebec’s largest and last undeveloped gold projects. The Abitibi property has resources totalling 238,400 ounces of gold indicated and 2.75 million ounces inferred. Now, with $1.1 million raised last month, the company hopes to increase those numbers through a summer program including 4,000 metres of drilling. Douay’s 2014 PEA used a 5% discount rate to forecast a post-tax NPV of $16.6 million and a post-tax IRR of 40%.

Looking for lithium in Nevada, Belmont Resources TSXV:BEA now has a geophysics crew en route to its Kibby Basin property, which the company believes could potentially host lithium-bearing brines in a similar geological setting to the Clayton Valley, about 65 kilometres south. Results from the gravity survey will help identify targets for direct push drilling and sampling.

A mineral perhaps overlooked in the effort to supply green technologies, zeolite has several environmental applications. Canadian Zeolite TSXV:CNZ holds two projects in southern British Columbia, Sun Group and Bromley Creek, the latter an active quarrying operation.

With a high-grade, near-surface rare earths deposit hosted in minerals that have proven processing, Commerce Resources TSXV:CCE takes its Ashram project in Quebec towards pre-feasibility. The relatively straightforward mineralogy contributes to steady progress in metallurgical studies. Commerce also holds southeastern B.C.’s Blue River tantalum-niobium deposit, which reached PEA in 2011 and a resource update in 2013.

Permitted for construction following a 2014 PEA, Copper North Mining’s (TSXV:COL) Carmacks copper-gold-silver project now undergoes revised PEA studies. The agenda calls for improved economics by creating a new leach and development plan for the south-central Yukon property. In central B.C. the company holds the Thor exploration property, 20 kilometres south of the historic Kemess mine.

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