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Resource Clips


Posts tagged ‘Avala Resources Ltd (AVZ)’

B.C. to Burkina & beyond

October 1st, 2012

Bralorne, Avala, Riverstone and Oromin go for gold

by Greg Klein

Among the gold exploration news reported October 1, we look at a small producer in British Columbia, a 250-square-kilometre project in Serbia, an expanding Burkina Faso deposit and a Senegal resource update.

Bralorne Gold Mines TSXV:BPM reported short intervals but high grades from its project near Gold Bridge, B.C., 240 kilometres north of Vancouver. The 2,490-hectare Bralorne property of today includes the historic King, Bralorne and Pioneer mines, which produced 4.1 million gold ounces up to 1972. Current production began in April 2011, reaching about 7,642 ounces so far.

The October 1 assays come from the BK gap area between the former Bralorne and King mines. Some highlights include

  • 385.57 grams per tonne gold over 1.2 metres
  • 114 g/t over 0.3 metres
  • 63.6 g/t over 0.2 metres
  • 4.1 g/t over 1.3 metres
  • 6.88 g/t over 1 metre
  • 12.6 g/t over 0.4 metres

Intercepts are true widths. No topcut was applied to grades. The underground drilling reached depths extending to 166 metres.

Bralorne, Avala, Riverstone and Oromin go for gold

Oromin Explorations drills its joint venture gold project in eastern Senegal.

The first result given above comes from a quartz vein just west of underground development underway on the project’s BK-3 Zone. Last June the company reported 67 sample traverses over 160 metres taken from a drift at the zone’s 1,159-metre elevation. The assays showed an average grade of 68.7 g/t gold (uncut) over 0.8 metres (true thickness). With a topcut applied, the average grade came to 27.1 g/t over 0.8 metres.

The company’s share price opened September 28 at $0.70 before climbing to $0.79. On October 1 it closed a penny lower, at $0.78. Bralorne’s 52-week high and low were $1.19 and $0.68.

Bralorne IR Manager Johnathon Smith tells ResourceClips, “We have a new preliminary economic assessment coming out in about a week or a week and a half. Right now we’re producing about 100 tonnes a day and this new economic study is going to look at upgrading the operations to 250 tonnes per day. Being a micro-producer, we have quite a bit of blue sky ahead of us.”

From eastern Serbia, Avala Resources TSXV:AVZ announced drill results for the Kraku Pester area, part of the company’s Timok Gold Project. Assays include

  • 3.07 grams per tonne gold over 76 metres
  • 1.63 g/t over 137 metres
  • 1.8 g/t over 93 metres
  • 1.16 g/t over 128 metres
  • 1.41 g/t over 104 metres
  • 1.35 g/t over 105 metres
  • 1.46 g/t over 81 metres

Depths extend to 178 metres. True widths were not provided.

Along with the Kraku Pester target, the 250-square-kilometre Timok Project comprises the Bigar Hill and Korkan areas. Bigar Hill has a July 2012 inferred resource estimate of 38 million tonnes grading 1.3 g/t gold for 1.5 million ounces, using a 0.4 g/t cutoff. Resource drilling for Korkan and Kraku Pester has been completed and their initial resource calculations are underway.

Last February Avala President/CEO Jim Crombie told ResourceClips, “The infrastructure is terrific. We’re 25 kilometres outside of Bor, which is a major copper mining and smelting town. Power lines run adjacent to all of these properties, and there’s a road that runs alongside them. This is as good as it gets.”

The company states it has over eight years’ experience working in Serbia.

Avala held steady at $0.55 on September 28, opened October 1 at $0.56, then slipped back to $0.55. The share’s 52-week high and low were $1.25 and $0.52.

Riverstone Resources TSXV:RVS (Update: on February 25, 2013, Riverstone Resources Inc began trading as True Gold Mining Inc TSXV:TGM) announced more news from Burkina Faso on October 1, stating it found a new mineralized zone on the Kao Deposit of its Karma Gold Project. Some highlights from 71 reverse circulation holes include

  • 16 grams per tonne gold over 2 metres
  • 1.2 g/t over 26 metres
  • 0.5 g/t over 34 metres
  • 1.58 g/t over 10 metres
  • 1.15 g/t over 10 metres
  • 2.56 g/t over 4 metres

True widths were estimated between 90% and 100%. Depths extend to 206 metres.

Recent drilling has expanded the Kao Deposit by about 100 metres, the company stated. The deposit now extends over 1,500 metres in a northeast-southwest direction, at least 900 metres down-dip to the east and remains open in all directions.

Right now we’re producing about 100 tonnes a day and this new economic study is going to look at upgrading the operations to 250 tonnes per day. Being a micro-producer, we have quite a bit of blue sky ahead of us.—Johnathon Smith,
Bralorne IR Manager

In a statement issued with the results, Riverstone President/CEO Dwayne L. Melrose said, “There is very good potential to expand the mineralization to the north, as the gold-in-soil anomaly extends four kilometres further to the north. We expect to have these results reflected in the upcoming resource update, slated to be available for release this quarter.”

Riverstone’s share price opened September 28 at $0.64, rising to a $0.70 close that day. It opened and closed October 1 at $0.71. The share’s 52-week high hit $0.77 while the 52-week low fell to $0.30.

Among the resource estimates announced October 1, Oromin Explorations TSX:OLE reported a 49% increase in the indicated category for the Oromin Joint Venture Group Gold Project in eastern Senegal. The indicated total for all deposits comes to 75.21 million tonnes grading 1.56 g/t gold for 3.78 million gold ounces, while the inferred total shows 17.33 million tonnes grading 1.73 g/t for 963,000 ounces.

The company categorizes the deposits in three groups: Golouma, consisting of three large, high-grade deposits; Masato, the largest single deposit; and 10 widely distributed heap leach deposits. The Golouma and Masato deposits will form the basis of a carbon-in-leach feasibility study update while the heap leach deposits will form the basis for a heap leach PEA update. Both reports are scheduled for completion in Q4 2012.

Oromin holds a 43.5% interest in the JV and acts as project operator. Bendon International and Badr Investment and Finance hold 43.5% and 13% respectively. Oromin’s shares began and ended September 28 at $0.70 and $0.69, with an October 1 start and finish at $0.69 and $0.71. The company’s 52-week high and low were $1.20 and $0.435.

Avala reports Serbia Results as high as 10.1 g/t Gold, 90 g/t Silver over 26m

April 10th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAvala Resources Ltd TSXV:AVZ announced assays from the Korkan Target of its Timok Gold Project in eastern Serbia. Results include

10.1 g/t gold and 90 g/t silver over 26 metres
(including 15.39 g/t gold and 136 g/t silver over 16 metres)
3.15 g/t gold over 68 metres
2.59 g/t gold over 37 metres
1.56 g/t gold over 31 metres
1.07 g/t gold over 43 metres
1.03 g/t gold over 38 metres
3.36 g/t gold over 9 metres
1.16 g/t gold over 22 metres

Avala has eight diamond drill rigs and two RC rigs operating on the Korkan-Bigar portion of the Timok Gold Project.

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Greg Klein

Avala President Jim Crombie on Serbia gold assays of 4.24 g/t over 47m

February 7th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAvala Resources Ltd TSXV:AVZ announced drill results from its Korkan-Bigar trend in eastern Serbia. Highlights include

9.46 g/t gold over 5 metres
1.21 g/t over 68 metres
2.01 g/t over 38 metres
1.6 g/t over 60 metres
1.88 g/t over 32 metres
1.27 g/t over 38 metres
4.24 g/t over 47 metres
1.79 g/t over 71 metres
1.24 g/t over 43 metres
1.46 g/t over 69 metres
2.27 g/t over 35 metres
1.72 g/t over 50 metres
1.71 g/t over 53 metres
1.64 g/t over 35 metres
1.27 g/t over 51 metres
2.21 g/t over 44 metres
4.84 g/t over 39 metres
2.87 g/t over 42 metres

President/CEO Jim Crombie tells ResourceClips.com, “It’s a relatively new discovery and Avala’s a relatively new company. We took the project from Dundee Precious Metals TSX:DPM who had done some work in this part of Serbia. It’s essentially a from-first-principles discovery on the west side of the Timok Magmatic Complex, which is home to a number of very larger copper mines. We’re just outside the town of Bor, which is the big Serbian copper mining and smelting area.

Bigar Hill’s been a tremendous success. We’re calculating a resource there that will be complete, I’m guessing, by the end of April—Jim Crombie

“The west side of the Timok Magmatic Complex abuts into limestones and sediments. There was about a 20-kilometre long continuous gold anomaly which was discovered in about 2007-2008 that was followed up with trenching. We started drilling it last year. We started in an area called Kraku Pestar, then we got a very good trench in the Korkan area, so we moved up there. That was followed by Bigar Hill. Essentially what we did was wide-spaced footprint drilling on 160-metre centres. Then we started the infill program, and these are part of the results on the infill program. It’s very much as we expected, and we are now in the course of doing a resource calculation for Bigar Hill. At the same time we are doing exactly the same process on Korkan and Kraku Pestar.

“There are a number of high-grade zones,” Crombie continues. “There’s a lot of very good results. Bigar Hill’s been a tremendous success. We’re calculating a resource there that will be complete, I’m guessing, by the end of April.

“We’re confident that this will all be inferred. We’ve done enough of the geostats and the variography and that sort of stuff on it to know that it will be inferred. Some of it might creep into indicated, but we’re not worried about that. Then we’ll obviously have to drill it all out to get it to indicated, and that process is ongoing. The drilling at Korkan and Kraku Pestar will be finished in April, so I guess it will be mid-year by the time we get the resource out. That’ll give us the three areas in inferred. Also, we’ve got a number of exploration areas like Bigar East and Korkan East. So the idea is to continue the process of bringing the project up to measured and indicated and expanding it through the other zones.

“The infrastructure is terrific. We’re 25 kilometres outside of Bor, which is a major copper mining and smelting town. Power lines run adjacent to all of these properties, and there’s a road that runs alongside them. This is as good as it gets.”

Crombie reports that the Avala has roughly $34 million cash on hand, which will see the company through the year.

“We’ve been very pleasantly surprised,” he concludes. “We found Bigar Hill a year ago and have drilled it to a resource stage. This is going to be a significant resource in the area—several million ounces between Bigar Hill, Korkan and Kraku Pestar. Not everyone does that in the space of 18 months.”

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Ted Niles

Avala reports Serbia Gold Assays up to 4.24 g/t over 47m

February 6th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAvala Resources Ltd TSXV:AVZ announced drill results from its Korkan-Bigar trend in eastern Serbia. Highlights include

9.46 g/t gold over 5 metres
1.21 g/t over 68 metres
2.01 g/t over 38 metres
1.6 g/t over 60 metres
1.88 g/t over 32 metres
1.27 g/t over 38 metres
4.24 g/t over 47 metres
1.79 g/t over 71 metres
1.24 g/t over 43 metres
1.46 g/t over 69 metres
2.27 g/t over 35 metres
1.72 g/t over 50 metres
1.71 g/t over 53 metres
1.64 g/t over 35 metres
1.27 g/t over 51 metres
2.21 g/t over 44 metres
4.84 g/t over 39 metres
2.87 g/t over 42 metres

President/CEO Jim Crombie tells ResourceClips.com, “It’s a relatively new discovery and Avala’s a relatively new company. We took the project from Dundee Precious Metals TSX:DPM who had done some work in this part of Serbia. It’s essentially a from-first-principles discovery on the west side of the Timok Magmatic Complex, which is home to a number of very larger copper mines. We’re just outside the town of Bor, which is the big Serbian copper mining and smelting area.

Bigar Hill’s been a tremendous success. We’re calculating a resource there that will be complete, I’m guessing, by the end of April—Jim Crombie

“The west side of the Timok Magmatic Complex abuts into limestones and sediments. There was about a 20-kilometre long continuous gold anomaly which was discovered in about 2007-2008 that was followed up with trenching. We started drilling it last year. We started in an area called Kraku Pestar, then we got a very good trench in the Korkan area, so we moved up there. That was followed by Bigar Hill. Essentially what we did was wide-spaced footprint drilling on 160-metre centres. Then we started the infill program, and these are part of the results on the infill program. It’s very much as we expected, and we are now in the course of doing a resource calculation for Bigar Hill. At the same time we are doing exactly the same process on Korkan and Kraku Pestar.

“There are a number of high-grade zones,” Crombie continues. “There’s a lot of very good results. Bigar Hill’s been a tremendous success. We’re calculating a resource there that will be complete, I’m guessing, by the end of April.

“We’re confident that this will all be inferred. We’ve done enough of the geostats and the variography and that sort of stuff on it to know that it will be inferred. Some of it might creep into indicated, but we’re not worried about that. Then we’ll obviously have to drill it all out to get it to indicated, and that process is ongoing. The drilling at Korkan and Kraku Pestar will be finished in April, so I guess it will be mid-year by the time we get the resource out. That’ll give us the three areas in inferred. Also, we’ve got a number of exploration areas like Bigar East and Korkan East. So the idea is to continue the process of bringing the project up to measured and indicated and expanding it through the other zones.

“The infrastructure is terrific. We’re 25 kilometres outside of Bor, which is a major copper mining and smelting town. Power lines run adjacent to all of these properties, and there’s a road that runs alongside them. This is as good as it gets.”

Crombie reports that the Avala has roughly $34 million cash on hand, which will see the company through the year.

“We’ve been very pleasantly surprised,” he concludes. “We found Bigar Hill a year ago and have drilled it to a resource stage. This is going to be a significant resource in the area—several million ounces between Bigar Hill, Korkan and Kraku Pestar. Not everyone does that in the space of 18 months.”

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Ted Niles

Avala reports Serbia Gold Results as high as 4.5 g/t over 37m

October 18th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAvala Resources Ltd TSXV:AVZ announced assays from the Korkan-Bigar Trend in Eastern Serbia. Results include

4.5 g/t gold over 37 metres
3.61 g/t over 30 metres
5.3 g/t over 12 metres
1.56 g/t over 48 metres
2.6 g/t over 21 metres
1.15 g/t over 41 metres
3.01 g/t over 15.2 metres
1.18 g/t over 38 metres

President/CEO James Crombie stated, “With these initial reverse-circulation infill-drilling results we are starting to establish continuity of stratabound mineralization at Bigar Hill, which is an important milestone for the sediment-hosted gold project. In addition, our ongoing wide-spaced, exploration diamond-drilling program continues to grow the overall mineralized footprint at the Korkan target area together with advancing our other recently discovered target areas which are located in close proximity to the resource definition-drilling areas.”

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Greg Klein