- New defined Mineral Resources of 130 million tonnes @ 1.06 g/t gold for 4.4 million ounces using a 0.5 g/t gold cut-off grade (Base-Case)
- Increasing the cut-off grade to 0.7 g/t gold, in a grade Sensitivity Analysis, results in a 30% grade increase to 1.38 g/t gold for 3.4 million ounces in 77 million tonnes
- The New Mineral Resources scenario is limited to the current drill-hole perimeter, with mineralization open in all directions beyond the average 250 meter depth, and 7,000 meter strike length, which has never been mined
Montreal, Quebec: Aurvista Gold Corporation (“Aurvista” or the “Company”) (TSX-V: AVA, OTCQB: ARVSF; Frankfurt: AV2) is pleased to announce the New Mineral Resource Estimates (the “New Estimates”) as received from Micon International Limited ("Micon"), for the Company’s Douay Gold Project (“Douay”). The New Estimates are in line with a bulk gold scenario from surface to an average -250 meters in vertical depth, extending 7,000 meters in surface length and remaining open in all directions (refer to appended Figure 1), which includes higher and lower gold grades that have never been mined. The following table summarizes the New Estimates for Douay with a Base-Case cut-off grade of 0.5 g/t gold and a Sensitivity Analysis cut-off grade of 0.7 g/t gold:
|2017 NEW MINERAL RESOURCES ESTIMATES, INFERRED CATEGORY*|
> 0.5 g/t
> 0.7 g/t
*Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may also be materially affected by other relevant factors or issues. The mineral resource estimate has been prepared without reference to surface rights or the presence of overlying public infrastructure. There has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
Mr. Jean Lafleur, President and CEO of Aurvista stated: “The significant increase in mineral 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 at Douay, should a PEA or mining study establish the economic viability and technical feasibility of the project, with the potential to add additional ounces and higher grades within this substantial mineralized system. Our improved understanding of mineralizing controls together with an appreciation of the internal gaps in the drilling will allow us to develop an effective and efficient drill campaign to expand and upgrade this significant resource.”
The appended Table 1 details the New Mineral Resources Estimates for each of the 8 gold zones covering the Douay West, Porphyry, 531, 10, 20, Main, North-West and Central zones, by cut-off grade ranging from 0.3 to 5.0 g/t gold; the criteria used to determine the New Estimates and the resources statement for the Inferred category. Micon developed a three-dimensional block model of Douay based, in part, on Aurvista’s 2016 interpretation of the geology and structural controls on gold mineralization over the 7,000 meters trend. Micon is currently completing the National Instrument 43-101 Technical Report supporting the Estimates which will be filed within 45 days of this news release on SEDAR at www.sedar.com.
Comparison between the current 2017 and historical 2012 Mineral Resources Estimates
In 2012, Aurvista filed a Technical Report on the updated Mineral Resource estimates from Riverbend Geological Services Inc. ("Riverbend") for Douay - refer to the Technical report titled “Douay Deposit, National Instrument 43-101 Compliant Technical Report” dated August 10, 2012, prepared by Cliff Duke, P. Eng., Riverbend Geological Services Inc., under Aurvista Gold Corp., at www.sedar.com), now considered historical mineral resource estimates.
The following table compares the current 2017 Micon Estimates with the historical 2012 Riverbend estimates:
|CURRENT 2017 MICON||HISTORICAL 2012 RIVERBEND*|
|INDICATED||> 5.0 g/t||-||-||-||413,000||7.87||104,578|
|> 3.0 g/t||-||-||-||855,000||5.82||160,042|
|> 1.0 g/t||-||-||-||1,953,000||3.56||223,472|
|> 0.7 g/t||-||-||-||-||-||-|
|> 0.5 g/t||-||-||-||2,458,000||2.98||235,466|
|> 0.3 g/t||-||-||-||2,689,000||2.76||238,433|
|> 0.0 g/t||-||-||-||3,062,000||2.44||239,923|
|INFERRED||> 5.0 g/t||909,000||6.91||202,000||537,000||20.38||351,904|
|> 3.0 g/t||4,084,000||4.56||599,000||1,317,000||10.55||446,684|
|> 1.0 g/t||42,767,000||1.82||2,506,000||15,840,000||2.12||1,080,930|
|> 0.7 g/t||76,726,000||1.38||3,411,000||-||-||-|
|> 0.5 g/t||129,979,000||1.06||4,416,000||61,574,000||1.06||2,093,290|
|> 0.3 g/t||231,101,000||0.76||5,671,000||114,652,000||0.75||2,754,554|
|> 0.0 g/t||-||-||-||262,886,000||0.40||3,406,436|
* The Historical 2012 Riverbend mineral resource estimates are historical in nature. They are an indication of the gold mineralization at Douay. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves; and Aurvista is not treating the historical estimates as current mineral resources or mineral reserves.
The current 2017 Micon Estimates and historical 2012 Riverbend estimates used similar statistical criteria to build the resource block model. However, the 2017 Micon model benefitted from the new interpretation based on the re-logging, re-description and assaying of previously un-assayed mineralized intervals of drill core from Douay. This work showed a greater lateral and vertical continuity of rock units, structural trends and gold mineralization, which were non-existent in the historical 2012 Riverbend model (refer to appended Figure 1); hence, the greater volume/tonnage of mineralization in the current 2017 Micon model: 130 million tonnes of Inferred resources in the Base-Case 0.5 g/t cut-off grade versus the historical 2012 Riverbend study at 61.5 million tonnes, both at the same grade of 1.06 g/t gold.
About Micon International Limited
Micon International Limited (Micon), mineral industry consultants, is an independent firm of senior geological, mining, metallurgical and environmental consultants. The firm operates from integrated offices in Toronto and Vancouver, Canada and Norwich and Cornwall, United Kingdom. The professionals of Micon have extensive experience in the mining industry with both mining companies and leading consultancy firms.
Douay Gold Project and Company Profile
Aurvista Gold Corporation is a junior gold exploration and development Company advancing one of the largest undeveloped gold projects in Quebec. The Company has 131,912,407 shares outstanding trading on the TSX Venture Exchange in Canada, the Frankfurt Stock Exchange and OTCQB in the US. Aurvista’s Douay Gold Project consists of a 100% owned interest in 250 contiguous claims totaling 133.1 km2, plus a 90% interest in 5 contiguous claims totaling 0.2 km2 and a 75% interest (25% held by SOQUEM) in 32 contiguous claims totaling 11.9 km2. In total, there are 287 claims covering 145.3 km2 located along a 20 km segment of the Casa Berardi Deformation Zone in the prolific Abitibi Belt of northern Quebec. Douay is located 40 km SW of the Matagami Base Metal Camp and 150 km N of the Val-d’Or-Malartic Gold Camp (both in Quebec). For more information, please visit the Company’s website at www.aurvistagold.com.
The technical contents in this news release have been reviewed and approved by Mr. Jean Lafleur, M. Sc., P. Geo., President and CEO for Aurvista Gold Corporation, and Mr. William Lewis, B.Sc., P. Geo., of Micon, who is independent of Aurvista and who is responsible for the Mineral Resource Estimate. Both individuals are Qualified Persons under National Instrument 43-101.
For further information please contact:
|Mr. Jean Lafleur, P. Geo.
President and CEO, Director
Cell: +1 514 927 3633
Mr. Keith C Minty, P. Eng., MBA
Chief Operating Officer
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.
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.
Table 1. 2017 Mineral Resource Estimates* in the Inferred Category. The highlighted 0.5 and 0.7 g/t gold cut-off grades represent the Base Case and Sensitivity tonnes, gold grade and gold metal content.
|Zone||Cut-off Grade (g/t)||Tonnes||
- The global resource model follows a bulk gold scenario and are not constrained by a pit shell.
- The mineralized envelopes were modelled using Leapfrog Geo.
- The Estimates include all drilling completed to the end of 2016 comprising 705 holes of which 399 holes were used in the estimate containing 14,334 samples or 11,101 1.5 m composites. The remaining drill holes cover other areas or potential zones within Douay.
- Resources are contained in eight separate Zones (10, 20, 531, Central, Douay West, North-West, Porphyry and Main) and the zones may consist of a number of sub-parallel or parallel lenses.
- Varying densities were used depending on the mineralized zone, Douay West = 2.88, Porphyry = 2.81, MZ10 = 2.94, MZ20 = 2.67, North-West Zone 2.78, Main Zone = 2.77, with the Central Zone and Waste using the global average of 2.82 as no specific gravity test work was conducted for these areas and the overburden was assigned a density of 1.5.
- Only the mineral resources for the Douay West, Porphyry and 531 zones were estimated using Ordinary Kriging with the remaining zones estimated using Inversed Distance Cubed, due to the amount of data points for each zone.
- The Base Case reported cut-off grade of 0.5 g/t is based upon consideration of other gold deposits that show similarity in volume and grade to Douay.
- A block size of 10 x 2 x 5 meters was used for the initial interpretation.
- The mineralized material was classified into the 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. In some instances, a portion of the resources may have been able to be classified in a higher category but for the purposes of the report all resources were classified lower due to the use of open pit mining method rather than the traditional underground methods used in this area of Quebec.
- The search ellipses ranged from 50 m to 300 m and used three passes to fill the blocks within the model. The search ellipses varied per zone, and sometimes for each of the mineralized lenses within the zones.
- The figures have been rounded following National Instrument 43-101 practices to reflect that they are estimates and therefore, they may not total.
- The effective date of the current 2017 Micon Estimates is February 15, 2017.
* Mineral Resources Estimates which are not mineral reserves do not have demonstrated economic viability. The Mineral Resources Estimates may also be materially affected by other relevant factors or issues. The Mineral Resources Estimates have been prepared without reference to surface rights or the presence of overlying public infrastructure. There has been insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources, and it is uncertain if further exploration will result in upgrading them to Indicated or Measured Mineral Resources.
Figure 1. Longitudinal section covering the 7,000 meter mineralized trend of the Douay Gold Project comparing the extent of the 2017 Micon and 2012 Riverbend models.