Aurvista Gold Reports Assay Results for Its Phase 1 Drilling Program at the Douay West Zone
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 Corp. 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
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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
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