Montreal, Quebec--(Newsfile Corp. - January 7, 2015) - Aurvista Gold
Corporation (TSXV: AVA) (OTC:
ARVSF) ("Aurvista" or the "Company") is pleased to report the first series of assay results from its Phase
1 definition drilling program that targeted near surface mineralization at the
Douay West Zone.
The Phase 1 program tested the northwest and southeast
extensions of the Preliminary Economic Assessment ("PEA") Open Pit ( the "Open Pit" ) in an attempt to further delineate a trend that could link an
existing second lens at shallow depth to the mineralization contained in the
Open Pit.
Based on the core drilling and assay results, the upper lens
now extends from 75 to 175 metres in length between elevations of 15 to
175 metres below ground level. The most significant assay intervals are from the
holes drilled to the immediate northwest of the Open Pit. This result would
suggest that the Open Pit plan should include this near surface area.
The Phase 1 drilling program is part of a three-phased program
that is intended to increase the confidence, or potentially the volume of the
mineralization that surrounds the PEA mine plan. The successful conclusion of
Phase 1 marks another positive milestone for the Douay West Zone. The Company
will focus on the Phase 2 and 3 drill programs in 2015. These programs will
focus on drilling out deeper mineralization identified to have underground
mining potential as part of the PEA. Such drilling will be subject to the
reasonable availability of financing.
Highlights
Phase 1 drilling comprised 14 drill holes and totaled 1,602
metres. Holes varied in length, ranging from 45 metres to 328 metres, averaging
115 metres in length. Recorded overburden ("OVB") thicknesses were estimated
based on casing depth and found to range from 15 metres to 30 metres. Drilling
covered a 200 metre horizontal interval of the upper lens with 3 drill holes
without any significant assay intervals (above 1 g/t gold) to the southeast of
the lens and open pit limit. On the northwest side of the lens and open pit 11
holes were drilled with 7 holes having assay intervals above 1 g/t gold. Two
drill holes had to be abandoned and re-drilled due to difficult OVB and bedrock
conditions.
The most significant assay intervals (above 1 g/t gold) were
obtained from the northwest segment of the upper lens:
- DO-14-141: 4.23 g/t gold over 13.9 metres from 20.1 to
34.0 metres (core length), including 25.21 g/t gold over 2.0 metres from 25.0 to
27.0 metres (core length), located 15 metres northwest of the upper lens and 20
metres from surface.
- DO-14-144: 9.27 g/t gold over 3.7 metres from 23.3 to
27.0 metres (core length), located 100 metres northwest of the upper lens and 30
metres from surface.
- DO-14-145: 3.89 g/t gold over 30.5 metres from 27.5 to
58.0 metres (core length), including 16.99 g/t gold over 5.0 metres from
49.0 to 54.0 metres (core length), located 80 metres northwest of the upper lens
and 40 metres from surface.
Assay intervals from the Phase 1 drilling are summarized in the
following table:
DDH # (DO-14)
|
UTM COORDINATES |
AZ
(°) |
DIP
(°) |
TOTAL
LENGTH (M) |
OVB
(M) |
ASSAY
INTERVALS |
FROM
(M) |
TO
(M) |
CORE
LENGTH (M) |
GOLD
ASSAY (G/T AU) |
NORTH |
EAST |
135 |
704396 |
5491195 |
027 |
-60 |
1620 |
35.0 |
124.0 |
129.0 |
5.0 |
1.71 |
136 |
704413 |
5491231 |
027 |
-60 |
120.0 |
31.3 |
83.5 |
99.0 |
15.5 |
1.80 |
137X |
704395 |
5491250 |
027 |
-60 |
51.0 |
31.5 |
DRILL HOLE ABANDONED
|
137 |
704395 |
5491250 |
027 |
-60 |
135.0 |
31.5 |
77.0 |
89.0 |
12.0 |
0.63 |
138 |
704412 |
5491286 |
027 |
-60 |
100.0 |
20.5 |
47.3 |
51.3 |
4.0 |
6.20 |
INCL. |
48.3 |
50.3 |
2.0 |
12.07 |
139 |
704427 |
5491317 |
027 |
-60 |
61.0 |
19.4 |
28.5 |
31.3 |
2.8 |
0.49 |
140 |
704428 |
5491262 |
027 |
-60 |
96.0 |
21.3 |
60.0 |
63.0 |
3.0 |
3.08 |
141 |
704443 |
5491293 |
027 |
-60 |
73.0 |
20.1 |
20.1 |
34.0 |
13.9 |
4.23 |
INCL. |
25.0 |
27.0 |
2.0 |
25.21 |
142X |
704528 |
5491181 |
027 |
-60 |
45.0 |
35.0 |
DRILL HOLE ABANDONED
|
142 |
704528 |
5491181 |
027 |
-60 |
121.0 |
35.0 |
60.0 |
67.5 |
7.5 |
0.26 |
INCL. |
111.0 |
115.5 |
4.5 |
0.91 |
143 |
704545 |
5491217 |
027 |
-60 |
82.0 |
17.7 |
19.0 |
23.0 |
4.0 |
0.14 |
144 |
704379 |
5491332 |
027 |
-60 |
328.0 |
23.3 |
23.3 |
27.0 |
3.7 |
9.27 |
INCL. |
113.0 |
116.0 |
3.0 |
2.36 |
145 |
704390 |
5491298 |
030 |
-60 |
126.0 |
20.2 |
27.5 |
58.0 |
30.5 |
3.89 |
INCL. |
49.0 |
54.0 |
5.0 |
16.99 |
146 |
704410 |
5491340 |
027 |
-70 |
102.0 |
21.8 |
31.0 |
32.0 |
1.0 |
0.66 |
|
|
|
|
TOTAL |
1 602.0 |
|
|
|
|
|
Mr. Jean Lafleur, M. Sc., P. Geo., President and CEO of
Aurvista stated "The overall strategy behind the multi-phased drilling
program is to enhance the Project's economics following the release of the PEA
on December 9, 2014. Success in the drilling campaign by increasing the size and
quality of the Mineral Resources and subsequently the Project's production
profile could result in a higher Net Present Value and extended mine
life.
Mr. Lafleur added "For the time being, we have extended the
gold mineralization in the upper lens of Douay West in a northwesterly direction
for an additional 100 metres. The next campaigns, Phases 2 and 3 drilling
totaling 3,900 metres, should better define the outer limits of the gold
mineralization at depth, as well as infilling to convert the mineralization from
Inferred Mineral Resources to the Indicated category."
Aurvista is presently focused on the engineering and permitting
processes to assess the potential and the economics of bringing the Douay West
Zone into production. At the beginning of Q3-2014 the Company undertook an
engineering program that includes both overburden and rock field investigations
for slope engineering and design purposes, a hydrogeological investigation, an
environmental baseline study, a geochemistry program, and mineral resource
infill drilling, that will lead to a revised resource estimation that will be
appropriate for both open pit and underground scenarios. The work is nearly
complete and will be reported in 2015. The Mineral Resource modeling, however,
will be revised once all of the Company's planned drilling results are
received.
Quality Assurance and Quality Control
Aurvista implements an analytical Quality Assurance and Quality
Control program to control the analytical quality of assays in its exploration
work. This program includes the systematic addition of blank samples and
certified standards to each batch of samples sent for analysis at commercial
laboratories. Blank samples are used to check for possible contamination in
laboratories while certified standards determine the analytical accuracy and
precision. Samples have been assayed at ALS Chemex Inc. in Val-d'Or. Samples are
assayed by fire-assay (50 grams) followed by atomic absorption according to
industry standards. Repeats are completed by fire-assay followed by gravimetry
on selected samples.
Drill core intervals to be analyzed were identified by a
qualified geologist using a red marker. Aurvista qualified geologists and
technicians prepare sample books, bags and tags accordingly. After the core was
cut in half on site using a rock-saw. One-half of the identified samples were
placed in corresponding sample bags. The other of the sampled was placed inside
core boxes as witness core. Bags were then sealed and inserted into larger nylon
bags for transport to the laboratory.
The technical contents of this press release have been
reviewed and approved by Mr. Chris Sharpe, P. Eng. Vice President Engineering
for Aurvista, and Mr. Denis Chénard, P. Eng., Geological Engineer and Aurvista's
Senior Project Consultant at the Douay Gold Project. Both individuals are
Qualified Persons under National Instrument 43-101.
About Aurvista Gold
Aurvista Gold Corporation is a junior gold exploration and
development company. Aurvista's only asset is the Douay Gold Project, consisting
of 221 wholly owned claims totaling approximately 11,430 hectares. The Douay
Project's North West Zone has 32 designated claims for a total of 1,193 hectares
and is in a Joint Venture agreement with SOQUEM. The Douay Project is located
along the Casa Berardi Fault part of the Casa Beradi Deformation Zone in
northern Quebec.
As of 2012, the Douay Gold Project contains a NI 43-101 Mineral
Resource of 114,652,000 tonnes at 0.75 g/t gold (2.8 million ounces of gold) in
the Inferred category and 2,689,000 tonnes at 2.76 g/t gold (238,400 ounces of
gold) in the Indicated category, at a cut-off of 0.3 g/t gold.
The company recently completed a Preliminary Economic
Assessment ("PEA") of the Douay West Zone. The PEA considers both open pit and
underground production options for the advancement of the Project. The study
economics show a pre-tax Net Present Value ("NPV") of $25.0 million at a
discount rate of 5% and post-tax NPV(5%) of $16.6 million using an approximate
two-year average gold price of US$1,350 per ounce and an exchange rate of 1.00
$C=0.95 US$. The pre-tax and post-tax internal rates of return ("IRR") for the
project are 55% and 40% respectively. The PEA mine plan and economic model
include the use of Inferred Mineral Resources which are considered speculative
geologically to have any economic considerations applied to them that would
enable them to be categorized as Mineral Reserves and there is no certainty that
the PEA will be realized.
Details of the Douay Gold Project can be viewed on the
Company's website at www.aurvistagold.com
Refer to the latest newsletter updates at
www.miningmarketwatch.net
Forward-Looking Statements
This news release may contain forward-looking statements based
on assumptions, uncertainties and management's best estimate of future events.
Actual events or results could differ materially from the Company's expectations
and projections. Investors are cautioned that forward-looking statements involve
risks and uncertainties. Accordingly, readers should not place undue reliance on
forward-looking statements. When used herein, words such as "anticipate",
"will", "intend" and similar expressions are intended to identify
forward-looking statements. For a more detailed discussion of such risks and
other factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, refer to Aurvista Gold
Corporation's filings with Canadian securities regulators available on
www.sedar.com or the Company's website at
www.aurvistagold.com.
For further information please contact
Jean Lafleur, M. Sc., P. Geo.
President and CEO
Cell +1 514 975 3633
Facsimile +1 416 504 4129
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
copyright (c) newsfile corp. 2015. all rights reserved