MONTRÉAL, QUÉBEC--(Marketwire - July 4, 2012) -
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Aurvista Gold Corp. ("Aurvista" or the "Corporation") (TSX VENTURE:AVA) is pleased to announce that it has received the Updated Mineral Resource Estimate from its independent consultant, Riverbend Geological Services Inc. ("Riverbend"), for its Douay Gold Project ("the Project").
- 50% increase in Global Inferred Resources to 2,754,554 ounces of gold using a cut-off grade of 0.3 grams per tonne ("gpt") gold (versus 0.7 gpt and 4 gpt cut-off used in the previous resource estimate).
- 87% increase in Global Indicated Resources to 238,433 ounces of gold using a cut-off grade of 0.3 gpt gold (versus 4 gpt cut-off used in the previous resource estimate). This increase is principally in the Douay West Deposit, which was previously evaluated primarily as an underground deposit, but was evaluated in this estimate using a surface model.
- 109% increase in Inferred Resources in the Porphyry Zone to 2.36 million ounces (107.2 million tonnes at 0.68 gpt) using the 0.3 gpt cut-off (versus 0.7 gpt cut-off used in the previous resource estimate).
- Riverbend has generated a three dimensional block model of the Douay mineral resource which the Company can use to further advance its understanding of the resources, to plan future drilling programs and to advance strategic thinking about the asset.
- Internal gaps in drilling were identified in the model as having potential to add resources.
- Improved understanding of mineralizing controls has indicated the potential to expand resources at the Project through additional drilling, particularly in the Porphyry Zone.
The Updated Mineral Resource Estimate includes all drilling completed to the end of March 2012, and comprises results from 657 holes drilled on the Project since its discovery. The results of the Updated Mineral Resource Estimate show significant improvement in terms of upgrading the Resource category through the conversion of Inferred Resources into Indicated Resources and the expansion of the Project through the addition of new Indicated and Inferred Resources (for previous resource estimate please refer to the Technical Report dated March 15, 2011 and entitled, "Resource Update of the Douay Property and Preliminary Economic Assessment of the Douay West Mineral Deposit, Northern Abitibi, Quebec").
"We are very pleased to have been able to achieve our initial target and a major milestone of two million seven hundred and fifty thousand inferred ounces and two hundred and thirty thousand indicated ounces. The Corporation has also completed a revised NI 43-101 Resource Estimate in a timely manner incorporating all of our drilling to date" said Rick Adams, President and CEO of Aurvista. "The significant increase in 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 with the potential to add additional ounces along this substantial mineralized system. We believe the Douay Project now represents one of the largest undeveloped gold deposits in Quebec."
Updated Global Mineral Resource Estimate
The following two tables summarize the Updated Global Mineral Resource Estimate for the Douay Project at various cut-off grades. The figures are cumulative for each successive cut-off grade.
Global Indicated Mineral Resource Estimate
|> 5.0 g/t
|> 3.0 g/t
|> 1.0 g/t
|> 0.5 g/t
|> 0.3 g/t
Global Inferred Mineral Resource Estimate
|> 5.0 g/t
|> 3.0 g/t
|> 1.0 g/t
|> 0.5 g/t
|> 0.3 g/t
- Resource model is based on open pit extraction, constrained at 400 metres of depth.
- Resources are contained in eight separate Zones (10, 20, 531, Central, Douay West, North West, Porphyry and Main).
- Bulk density of 2.85 tonnes per cubic metre was used.
- The mineral resource estimate was calculated using both Ordinary Kriging and Inverse Distance Squared modeling. The reported figures are taken from the Ordinary Kriging method when enough data was available to provide an estimate, otherwise the Inverse Distance Squared method was used.
- The reported cut-off grade of 0.3 g/t is based upon consideration of other gold deposits that show similarity in volume and grade to the Douay Project.
- The mineralized material was classified into the Indicated or 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.
- The Douay Project Indicated resource has been categorized taking into account the search parameters in relation to variographic results, and the observed geological and mineralization continuity based on sectional interpretation.
- The North West Zone (included in Global Resource Estimate) is the subject of a Joint Venture Agreement between Aurvista (75%) and SOQUEM Inc. (25%). The Inferred Resource estimate for the North West Zone is 87,604 ounces (1,054,000 tonnes at 2.59 g/t at a 0.3 g/t cut-off).
Mineral resources do not have demonstrated economic viability. The estimate of mineral resources may also be materially affected by other relevant factors or issues. There is no guarantee that the Project will be placed into production. Riverbend Geological Services Inc. is currently in the process of completing the NI 43-101 Technical Report supporting the estimate and the Technical Report will be filed within 45 days of this press release with SEDAR.
Riverbend Geological Services Inc.
The Resources in this report were estimated by Riverbend Geological Services Inc. in accordance with the definitions contained in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves Definitions and Guidelines that were prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on November 27, 2010. A supporting Technical Report will be filed under the Company's profile on SEDAR in the time allotted. The Riverbend Geological Services Inc. person responsible for this Mineral Resource Estimate is Cliff Duke, P. Eng. Mr. Duke is a Qualified Person as defined in NI 43-101, and is independent of Aurvista. Riverbend Geological Services Inc. acknowledges that it has read this news release and approves of its contents.
Jean Lafleur, P. Geo., Aurvista's VP Exploration, is the Qualified Person responsible for technical content of this release.
Aurvista implements an Analytical Quality Assurance 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 the Laboratoire Expert Inc. in Rouyn-Noranda and at ALS Chemex Inc. in Val-d'Or. Samples are assayed by fire-assay (30 grams) followed by atomic absorption according to industry standards. Repeats are completed by fire-assay followed by gravimetry on selected samples.
About SOQUEM Inc.
SOQUEM is a wholly-owned subsidiary of Ressources Québec, itself a wholly-owned subsidiary of Investissement Québec. Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
Aurvista Gold Corporation is a junior gold exploration and development company. Aurvista's principal asset is the Douay Gold Project, consisting of 218 contiguous claims totaling approximately 114 km2 located on the Casa Berardi Fault.
Details of Aurvista's Douay Project can be viewed at the Company's website at www.aurvistagold.com.
Statements in this press release may contain forward-looking information including, but not limited to, statements with respect to the Company's proposed drill programs. In addition, information concerning the interpretation of drill results may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including but not limited to, the ability of the Corporation to raise sufficient capital to pay the exploration and development costs on the properties, the availability of skilled labour, availability of equipment, and future capital and operating costs. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, the risks of capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, commodity price and exchange rate fluctuations, the uncertainty of estimates and projections relating to production, health, safety and environmental risks, delays in the development of projects, uncertainties relating to the interpretation of the geology, unanticipated operational or technical difficulties and other factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
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