Aurvista Significantly Expands Global Resource at Douay Gold Project
04 Juli 2012 - 6:26PM
Marketwired Canada
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Aurvista Gold Corp. ("Aurvista" or the "Corporation") (TSX VENTURE:AVA) is
pleased to announce that it has received the Updated Mineral Resource Estimate
from its independent consultant, Riverbend Geological Services Inc.
("Riverbend"), for its Douay Gold Project ("the Project").
Highlights:
-- 50% increase in Global Inferred Resources to 2,754,554 ounces of gold
using a cut-off grade of 0.3 grams per tonne ("gpt") gold (versus 0.7
gpt and 4 gpt cut-off used in the previous resource estimate).
-- 87% increase in Global Indicated Resources to 238,433 ounces of gold
using a cut-off grade of 0.3 gpt gold (versus 4 gpt cut-off used in the
previous resource estimate). This increase is principally in the Douay
West Deposit, which was previously evaluated primarily as an underground
deposit, but was evaluated in this estimate using a surface model.
-- 109% increase in Inferred Resources in the Porphyry Zone to 2.36 million
ounces (107.2 million tonnes at 0.68 gpt) using the 0.3 gpt cut-off
(versus 0.7 gpt cut-off used in the previous resource estimate).
-- Riverbend has generated a three dimensional block model of the Douay
mineral resource which the Company can use to further advance its
understanding of the resources, to plan future drilling programs and to
advance strategic thinking about the asset.
-- Internal gaps in drilling were identified in the model as having
potential to add resources.
-- Improved understanding of mineralizing controls has indicated the
potential to expand resources at the Project through additional
drilling, particularly in the Porphyry Zone.
The Updated Mineral Resource Estimate includes all drilling completed to the end
of March 2012, and comprises results from 657 holes drilled on the Project since
its discovery. The results of the Updated Mineral Resource Estimate show
significant improvement in terms of upgrading the Resource category through the
conversion of Inferred Resources into Indicated Resources and the expansion of
the Project through the addition of new Indicated and Inferred Resources (for
previous resource estimate please refer to the Technical Report dated March 15,
2011 and entitled, "Resource Update of the Douay Property and Preliminary
Economic Assessment of the Douay West Mineral Deposit, Northern Abitibi,
Quebec").
"We are very pleased to have been able to achieve our initial target and a major
milestone of two million seven hundred and fifty thousand inferred ounces and
two hundred and thirty thousand indicated ounces. The Corporation has also
completed a revised NI 43-101 Resource Estimate in a timely manner incorporating
all of our drilling to date" said Rick Adams, President and CEO of Aurvista.
"The significant increase in resources generated at cut-off grades consistent
with other projects in the region are indicative of what we consider to be the
outstanding potential for an economic bulk tonnage deposit with the potential to
add additional ounces along this substantial mineralized system. We believe the
Douay Project now represents one of the largest undeveloped gold deposits in
Quebec."
Updated Global Mineral Resource Estimate
The following two tables summarize the Updated Global Mineral Resource Estimate
for the Douay Project at various cut-off grades. The figures are cumulative for
each successive cut-off grade.
Global Indicated Mineral Resource Estimate
----------------------------------------------------------------------------
Cutoff Au Au
Grade Tonnes (g/t) (oz)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
greater than 5.0 g/t 413,000 7.87 104,578
----------------------------------------------------------------------------
greater than 3.0 g/t 855,000 5.82 160,042
----------------------------------------------------------------------------
greater than 1.0 g/t 1,953,000 3.56 223,472
----------------------------------------------------------------------------
greater than 0.5 g/t 2,458,000 2.98 235,466
----------------------------------------------------------------------------
greater than 0.3 g/t 2,689,000 2.76 238,433
----------------------------------------------------------------------------
Global Inferred Mineral Resource Estimate
----------------------------------------------------------------------------
Cutoff Au Au
Grade Tonnes (g/t) (oz)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
greater than 5.0 g/t 537,000 20.38 351,904
----------------------------------------------------------------------------
greater than 3.0 g/t 1,317,000 10.55 446,684
----------------------------------------------------------------------------
greater than 1.0 g/t 15,840,000 2.12 1,080,930
----------------------------------------------------------------------------
greater than 0.5 g/t 61,574,000 1.06 2,093,290
----------------------------------------------------------------------------
greater than 0.3 g/t 114,652,000 0.75 2,754,554
----------------------------------------------------------------------------
Notes:
1. Resource model is based on open pit extraction, constrained at 400
metres of depth.
2. Resources are contained in eight separate Zones (10, 20, 531, Central,
Douay West, North West, Porphyry and Main).
3. Bulk density of 2.85 tonnes per cubic metre was used.
4. The mineral resource estimate was calculated using both Ordinary Kriging
and Inverse Distance Squared modeling. The reported figures are taken
from the Ordinary Kriging method when enough data was available to
provide an estimate, otherwise the Inverse Distance Squared method was
used.
5. The reported cut-off grade of 0.3 g/t is based upon consideration of
other gold deposits that show similarity in volume and grade to the
Douay Project.
6. The mineralized material was classified into the Indicated or Inferred
mineral resource category on the basis of a combination of the following
factors: (a) confidence in the geological and mineralization continuity,
(b) position of blocks in relation to the range of influence as defined
by the variographic analysis and (c) and the search ellipse ranges.
7. The Douay Project Indicated resource has been categorized taking into
account the search parameters in relation to variographic results, and
the observed geological and mineralization continuity based on sectional
interpretation.
8. The North West Zone (included in Global Resource Estimate) is the
subject of a Joint Venture Agreement between Aurvista (75%) and SOQUEM
Inc. (25%). The Inferred Resource estimate for the North West Zone is
87,604 ounces (1,054,000 tonnes at 2.59 g/t at a 0.3 g/t cut-off).
Mineral resources do not have demonstrated economic viability. The estimate of
mineral resources may also be materially affected by other relevant factors or
issues. There is no guarantee that the Project will be placed into production.
Riverbend Geological Services Inc. is currently in the process of completing the
NI 43-101 Technical Report supporting the estimate and the Technical Report will
be filed within 45 days of this press release with SEDAR.
Riverbend Geological Services Inc.
The Resources in this report were estimated by Riverbend Geological Services
Inc. in accordance with the definitions contained in the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and
Reserves Definitions and Guidelines that were prepared by the CIM Standing
Committee on Reserve Definitions and adopted by the CIM Council on November 27,
2010. A supporting Technical Report will be filed under the Company's profile on
SEDAR in the time allotted. The Riverbend Geological Services Inc. person
responsible for this Mineral Resource Estimate is Cliff Duke, P. Eng. Mr. Duke
is a Qualified Person as defined in NI 43-101, and is independent of Aurvista.
Riverbend Geological Services Inc. acknowledges that it has read this news
release and approves of its contents.
Qualified Person
Jean Lafleur, P. Geo., Aurvista's VP Exploration, is the Qualified Person
responsible for technical content of this release.
Quality Assurance
Aurvista implements an Analytical Quality Assurance 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
the Laboratoire Expert Inc. in Rouyn-Noranda and at ALS Chemex Inc. in Val-d'Or.
Samples are assayed by fire-assay (30 grams) followed by atomic absorption
according to industry standards. Repeats are completed by fire-assay followed by
gravimetry on selected samples.
About SOQUEM Inc.
SOQUEM is a wholly-owned subsidiary of Ressources Quebec, itself a wholly-owned
subsidiary of Investissement Quebec. Investissement Quebec's mission is to
foster the growth of investment in Quebec, thereby contributing to economic
development and job creation in every region. The Corporation offers businesses
a full range of financial solutions, including loans, loan guarantees and equity
investments, to support them at all stages of their development. It is also
responsible for administering tax measures and prospecting for foreign
investment.
About Aurvista
Aurvista Gold Corporation is a junior gold exploration and development company.
Aurvista's principal asset is the Douay Gold Project, consisting of 218
contiguous claims totaling approximately 114 km2 located on the Casa Berardi
Fault.
Details of Aurvista's Douay Project can be viewed at the Company's website at
www.aurvistagold.com.
READER ADVISORY
Statements in this press release may contain forward-looking information
including, but not limited to, statements with respect to the Company's proposed
drill programs. In addition, information concerning the interpretation of drill
results may also be considered forward-looking statements as such information
constitutes a prediction of what mineralization might be found to be present if
and when a project is actually developed. Any statements that are contained in
this press release that are not statements of historical fact may be deemed to
be forward looking statements. The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be incorrect,
including but not limited to, the ability of the Corporation to raise sufficient
capital to pay the exploration and development costs on the properties, the
availability of skilled labour, availability of equipment, and future capital
and operating costs. Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and unknown
risks, uncertainties, and other factors, many of which are beyond the control of
the Company. Factors that could cause actual results to differ materially from
any forward-looking information include, but are not limited to, the risks of
capital and operating costs varying significantly from estimates, delays in
obtaining or failures to obtain required governmental, environmental or other
project approvals, inflation, commodity price and exchange rate fluctuations,
the uncertainty of estimates and projections relating to production, health,
safety and environmental risks, delays in the development of projects,
uncertainties relating to the interpretation of the geology, unanticipated
operational or technical difficulties and other factors. The reader is cautioned
not to place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ materially
from those anticipated. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of
the date of this press release, and the Company does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise,
except as expressly required by securities law.
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