Past drilling brought visible encouragement for Aurvista Gold.
A financing that began with a $7-million offer raked in gross proceeds of $6 million in charity flow-through and another $4.1 million in hard dollars, Aurvista Gold TSXV:AVA announced July 14. Insiders participated for $261,250. The total surpasses the $7.5 million raised last year to advance the Douay gold project in Abitibi’s Casa Berardi deformation zone.
The private placement supplies “the necessary funds to carry out significant exploration and drilling in the months ahead with the aim of making new gold discoveries, connecting existing zones of mineralization and increasing resources,” said president/CEO Matthew Hornor. “We will also continue to make corporate improvements by establishing an expert technical committee and enhanced board of directors this summer.”
Using a 0.5 g/t cutoff, a March resource update for seven zones brought an inferred total of 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces. The company last reported assays in May, when results had been received for 25 of 53 holes totalling 21,065 metres.
Out of Douay’s 30,500 hectares, Aurvista holds a 100% interest in approximately 29,300 hectares and a 75% interest in the 1,190-hectare North West zone, a joint venture with 25% partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.