Montreal, Quebec: Aurvista Gold Corporation’s (“Aurvista” or the “Company”) (TSX-V: AVA, OTC: ARVSF; Frankfurt: AV2) President and CEO, Mr. Jean Lafleur, P. Geo., is pleased to update shareholders and stakeholders on the Company’s objectives for the upcoming year as the Douay Gold Project (“Douay”) moves into a more aggressive exploration stage by adding additional gold mineralization within a series of E-W corridors, termed the Adam Creek Gold Deposit, covering for now a minimum 10 km by 3 km of prime exploration ground.
Mr. Jean Lafleur, President and CEO, stated “2016 was an excellent year for Aurvista. The Company raised a total of $7.5 million in three private placements at increasing share prices. The funds enabled Aurvista to re-interrogate and re-evaluate the entire Douay Gold Project or Douay from a gold and base metal perspective. Share prices culminated from a low of C$ 0.025 in February 2016 to a high of $C 0.385 in August 2016, now trading in the C$ 0.20 to $C 0.30 range. Our final raise in 2016 was led by Primary Capital Inc., and PowerOne Capital Markets Limited who brought a number of valued investors into the Company. We look forward to 2017 with optimism as we advance Douay to the next exploration stage with our 30,000 meters core drilling program by outlining the maximum quality mineral resources.”
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 km long gold system remains open along the remaining 10 km strike length and at depth below -300 meters. Similar gold systems in other portions of the Abitibi Belt, such as in Timmins, Kirkland Lake, Cadillac, Malartic and Val-d’Or host gold mineralization to depths beyond 2,000 meters, nearly 7 times the current Douay mineralization tested depth.
A significant base metal signature was uncovered in proximity to the gold mineralization. The base metal signature relates to sulphide bearing alteration pipes, again typical of other areas of the Abitibi Belt where copper-zinc-silver-gold bearing massive sulphides have been mined over the years, such as Kidd Creek, Noranda, Louvicourt and Matagami. Douay is located less than 70 kilometers from the Bracemac-McLeod Copper-Zinc Mine (Glencore Xstrata 65%; Donner Metals 35%) pegged in proven and probable reserves of 3.7 million tonnes grading 9.6% zinc, 1.3% copper, 28.3 g/t silver and 0.4 g/t gold, and with additional inferred resources of 2.6 million tonnes at 8.8% zinc, 1.1% copper, 38.8 g/t silver and 1.1 g/t gold (Donner Metals, 2013); and 15 km from Joutel’s former copper-zinc producer, the Poirier Mine, with a historic production of 5.2 million tonnes at 2.3% copper, 0.6 % zinc and 4.5 g/t silver (Globex Mining website).
Resource potential increased by conducting ground geophysical UTEM surveys on (Anomalies “E”, “F” and “G”) all of which are in proximity to the porphyries. Aurvista is awaiting results from a recently completed ground geophysical UTEM survey to determine the size dimensions and depths to source of each anomaly for their massive sulphides potential.
Aurvista recently announced the start of a 30,000 meters core drilling program covering the central to western portions of the Adam Creek Gold Deposit where the bulk of the mineral resources occur (refer to the Douay Gold Project and Company Profile below). The targets are centered on the higher grade Douay West, Adam-Porphyry and NW zones and the lower grade Main Porphyry mineralization where there is potential to discover additional higher grade gold in the range of 2 to 20 g/t gold.
The new drilling program will be integrated with the new geology and resource models, as well as the more than 4,200 new gold assay results from the 2016 re-sampling program of historic core drill holes not previously assayed for gold.
The Company is currently updating the Douay mineral resources for Q2-2017 based on updated re-interrogation of historic drill core, and current and core drilling assay results. Micon International Ltd. (of Toronto, Ontario) has been contracted to update the Douay Mineral Resources statement which will be completed during this period.
Also Aurvista has commenced preliminary metallurgical test work on known gold mineralized zones. BASE Metallurgical Laboratories Ltd. (of Kamloops, B.C.) has been contracted to determine preliminary optimum metallurgical options in order to maximize the NSR realized values. In addition, the Company is working on a number of corporate and technical initiatives that could potentially appreciate the Douay asset valuation.
Aurvista also added key personnel under the leadership of Mr. Keith Minty, COO of the Company, which now counts more than 300 years in total of geological, mineral exploration and resources, mine development and mining experience to the management team. The team is focused on outlining new gold and base metal mineralization as well as developing them into quality resources and reserves.
Douay Gold Project and Company Profile
Aurvista Gold Corporation is a junior gold exploration and development Company with 131,162,407 shares outstanding trading on the TSX Venture Exchange in Canada, the Frankfurt Stock Exchange and OTC Pink Sheets in the US. Aurvista’s only asset is the Douay Gold Project, consisting 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 Zinc Base Metal Camp and 150 km N of the Val-d’Or-Malartic Gold Camp (both in Quebec).
In August, 2012, Aurvista updated the Mineral Resources estimates that included 657 holes in more than 185,000 metres drilled on Douay since its discovery to the end of March 2012. Douay contains base case Mineral Resources of 2.7 million tonnes of Indicated Resources at 2.76 g/t gold for 238,000 ounces above a 0.3 g/t gold cut-off grade. Under a sensitivity analysis cut-off grade of 0.5 g/t gold, the Indicated Resources total 2.5 million tonnes grading 2.98 g/t gold for 235,500 ounces. There were additional base case Inferred Resources of 115 million tonnes at 0.75 g/t gold for 2.75 million ounces above a 0.3 g/t gold cut-off grade. Under a sensitivity analysis cut-off grade of 0.5 g/t gold, the Inferred Resources total 62 million tonnes grading 1.06 g/t gold for 2.1 million ounces. Details can be viewed on the Company’s website at www.aurvistagold.com.
The technical contents in this news release have approved by Mr. Jean Lafleur, M. Sc., P. Geo., President and CEO for Aurvista Gold Corporation, a Qualified Person under National Instrument 43-101.
For further information please contact:
Mr. Jean Lafleur, P. Geo., MSc
President and CEO, Director
Cell: +1 514 927 3633
Mr. Keith C Minty, P. Eng., MBA
Chief Operating Officer
Phone: +1 416 682 2671
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.