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.
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.”
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.