Thursday 23rd February 2017

Resource Clips


Posts tagged ‘Aurvista Gold Corp (AVA)’

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.

Aurvista Gold reinforces EM prior to drilling Abitibi property

December 19th, 2016

by Greg Klein | December 19, 2016

Following up on last summer’s airborne EM, Aurvista Gold TSXV:AVA plans to complete a ground survey on its Douay gold project by next month. The company describes the University of Toronto Electro-Magnetic system as “different from other EM systems in that it can detect good EM conductors in the presence of poorer ones…. UTEM sees both the freely decaying and directly driven part of the magnetic field. It is this second aspect that makes UTEM unique and so important in detecting and characterizing extremely conductive deposits such as massive sulphides.”

Aurvista Gold reinforces EM prior to drilling Abitibi property

Aurvista’s Douay project gained a nearly
$6-million private placement last month.

The survey will target three near-surface conductive bedrock anomalies surrounding the Abitibi project’s South porphyry. Last summer’s EM also found four anomalies proximal to the Casa Berardi deformation zone, northwest of the Adam Creek gold deposit.

Aurvista considers one of the current targets, anomaly E, most promising because of its location near the gold-bearing Main, South and Adam porphyries. “There are chlorite-sulphide bearing feeder pipes nearby as observed in drill holes DO-92-24 and DO-11-34, typically found in association with massive sulphide mineralization, yet to be found at Douay,” the company stated.

The other two targets, anomalies F and G, are larger “but are believed, based on nearby re-logged drill core from the Phase I program, to be related to sulphide mineralization.”

Last week the company announced it had chosen seven drill locations to update resources for four of the project’s zones. Eight zones were included in a 2012 resource estimate that used a 0.3 g/t cutoff and 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

In November the company closed a private placement of $5.99 million.

Of the 14,520-hectare project, Aurvista holds 100% of 13,310 hectares, 90% of 20 hectares and 75% of 1,190 hectares.

Read more about Aurvista Gold.

Aurvista Gold selects initial drill targets to update Abitibi resources

December 12th, 2016

by Greg Klein | December 12, 2016

Analysis has identified the next seven drill locations for Aurvista Gold’s (TSXV:AVA) Douay project in Abitibi. Totalling about 3,700 metres, this phase of drilling’s intended to update resources for four of the project’s zones, Douay West, Northwest, Porphyry (Adams section) and Central, the company reported December 12. The 14,500-hectare property hosts eight zones with resource estimates along a five-kilometre northwest-southeast trend. That, in turn, sits within a 20-kilometre trend of lower-grade porphyry.

Aurvista Gold selects initial drill targets to update Abitibi resources

In a 2012 resource estimate using a 0.3 g/t cutoff, the eight zones 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

Meanwhile work continues on geological, geochemical, assay and geophysical data to build a 3D model by Q1 2017. The agenda includes re-logging more than 300 historic holes totalling 98,135 metres. About 4,000 samples of historic core have been sent for gold-copper-zinc assays. The core also underwent analysis with a hand-held XRF device to take magnetic and conductive readings.

In addition, a mapping program focused on the property’s 10-kilometre by three-kilometre Adam Creek area “that encompasses the former Douay-style mineralization sector containing the higher- and lower-grade gold zones associated with the nine individual east-west shear zones and three subparallel structural domains,” Aurvista stated. Fifty-eight grab samples were collected west of the area.

Last month the company closed a private placement of just under $6 million.

Read more about Aurvista Gold.

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.