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Feature article December 19, 2014: 

 

Aurvista currently at 3 million oz gold (all categories) with plan to become next major gold mine in Canada

      

Aurvista Gold Corporation

(TSX-V: AVA) (US: ARVSF)

 

 

Current established intrinsic value at Douay Gold Project:

  • 238,433 oz Gold Measured & Indicated (2,689,000 tonnes @ 2.76 g/T).

  • 2,754,554 oz Gold Inferred (114,652,000 tonnes @ 0.75 g/T). 

  • AVA.V is capitalized to handle planned activities through to Spring-2015.

Value drivers:

  • Pre-Feasibility study is expected in 2015, the PFS will build on the positive PEA (released December 9, 2014) and will assess economics of mining the high-grade gold resource and low-grade bulk tonnage gold resource. The PEA proposes a mine plan for both the open pit and underground scenarios using a production rate of 900 tonnes per day.

  • Large resource expansion potential; targeting 5 - 10M oz along with improved knowledge how anastomosing mineralized corridors of high-grade gold vein zones tie in with disseminated gold. Exploration and engineering initiatives are outlined in 3-phase plan.

  • New discovery potential; Douay Property covers 20 km strike length of the Casa Berardi South fault yet only ~5 km has been tested.

  • Experienced management & skilled technical leadership.

  • Located in stable, mining-friendly Quebec, with good infrastructure.

 

 

Valuation Commentary: Aurvista Gold Corporation (TSX-V: AVA) (US Listing: ARVSF) has one of the largest undeveloped gold projects in North America with ~3 million ounces Gold (in all categories) at its Douay Gold Project located along the Casa Berardi Fault, in the prolific Abitibi greenstone belt of northern Quebec. It's Douay Gold Project is comparable in potential to rival nearby Malartic (10.8M oz) gold deposit & Detour Gold (15.6M oz) deposit. AVA.V's management team is executing on a plan to target, generate, and develop 5 to 10 million ounces Gold -- advanced enough to pique the interest of large miners/players. A positive Preliminary Economic Assessment (PEA) was released in Q4-2014 exploring the economics of mining the high-grade Douay West zone and a PFS improving on the findings is expected in 2015.

 

The (2012) resource estimate at the Douay Gold Project (0.3 g/t cut-off) is:

     • 238,433 oz gold Measured & Indicated (2,689,000 tonnes @ 2.76 g/T)

     • 2,754,554 oz gold Inferred (114,652,000 tonnes @ 0.75 g/T)

 

The intrinsic value of AVA.V relative to its current market capitalization (~$6 million) appears disproportionate and presents exceptional opportunity for investors establishing a long position; shares of AVA.V are poised for upside revaluation as the inherent value and accomplishments are appreciated by the market, and apt to respond in multiples as gold retrenches and strengthens.

 

To date the Douay Deposit has received 657 drill holes, totaling 186,000 m, over a ~5km corridor, including 12,801 m in 2012 by Aurvista after acquiring the property in 2011 and capitalizing the Company.

 

 

Figure 1. (above) Douay Project drill hole locations and inset of Douay West high-grade zones (vertical view)

 

Multiple high-grade zones: A big advantage that Aurvista's Douay Gold Deposit has compared to major low-grade high-tonnage area deposits, such as Malartic and Detour, is that Douay has multiple high-grade zones. The most advanced section of its deposit is the Douay West zone hosting high-grade veins and shears, it contains anywhere from ~4 - 30 g/t of gold and the averages depending on the cut-off varies from say 4 to 8 g/t gold. AVA.V has identified 7 high-grade zones to date throughout the 5 km corridor, so far identifying ~300K ounces in the high-grade model. There is no history of mining on the Douay project, all high-grade remains intact.

 

PEA (released December 9, 2014) focused on mining the Douay West zone:  The PEA proposes a mine plan for both the open pit and underground scenarios using a production rate of 900 tonnes per day of mineralized material. The Project is considered viable with the current Mineral Resource estimates of 2,558,000 tonnes at an average grade of 2.77 g/t gold for 228,000 ounces of Indicated Mineral Resources and additional Inferred Mineral Resources of 1,413,000 tonnes at an average grade of 1.65 g/t gold for 75,000 ounces, based on a cut-off grade of 0.30 g/t gold. 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 internal rate of return ("IRR") for the project is 55% and the post-tax IRR is 40%. Jean Lafleur, M.Sc., P. Geo., President and CEO of Aurvista commented (in the related news release) “The high grade nature of the mineralization at Douay West could potentially allow successive open pit and underground mining of the currently defined Mineral Resources… …With much of the site infrastructure in place and considering that the mined product could be processed at a nearby toll milling operation, the capital requirements to bring Douay West into production are relatively low. Should production from the Douay West Zone be attained, I am confident that we will be able to extend the life of mine by adding mineral resources at depth and from the other zones that comprise the Douay Gold Project." [click here for full copy of the Q4-2014 PEA release]. The PEA provides orientation as to where to focus to improve matters for the upcoming PFS and AVA.V plans a 4,000 metre drilling campaign to enhance the Project's economics.

 

Like other deposits across the Abitibi greenstone belt (an area which has seen over 200 million ounces of gold production history) Douay is a structurally hosted deposit. It has unique anastomosing mineralized corridors of high-grade vein type zones tied-together with disseminated gold. The high-grade zones tend, up to now, to boarder the porphyries, however the high-grade zones themselves are composed of high-grade sub-zones (e.g. four sub-zones on the Douay West section) that are likely tied together with material that carries. Definition drilling in the current phase of drilling will better reveal the links that will aid in mining it all effectively.

 

10M+ oz gold potential: Well on its way, Aurvista is aiming to discover and develop 5-10 million ounces gold; potentially 500,000 to 1,000,000 ounces in higher-grade ≥ 6 g/T, and 4,500,000 to 9,000,000 ounces in lower-grade ≤ 1.5 g/T. Currently the bulk of the Douay resource is with the disseminated low-grade model (0.3 - 2 g/t, but generally under 1 g/t) in the inferred category (2.75 million ounces gold Inferred (114,652,000 tonnes @ 0.75 g/t)). The main porphyry trend runs the distance of the 5km east-west corridor and appears to have the potential for a possible super-pit. Aurvista's CEO & President, Jean Lafleur M.Sc., P.Geo., was involved in the early exploration days with what is now Yamana and Agnico Eagle Mines' Canadian Malartic property (formerly owned by Osisko), prior to Osisko acquiring it (early shareholders and stakeholders in Osisko have seen >4,000% rate of return since 2004 (click here for a comparative history of Osisko)) -- Mr. Lafleur intimately understands the type of deposit being advanced at Douay and its comparable potential; in 2012 Mr. Lafleur took point for AVA.V on two drill campaigns across the 5km corridor of Douay and encountered substantial disseminated gold, drilling occasionally down to 150 m, no deeper than 400 m, with most above 300 m. There is a second porphyry that runs N-S that was successfully tested and can be followed up on later to add ounces in that direction. The Douay Property covers 20 km strike length of the Casa Berardi South fault yet only ~5 km has been adequate tested, in part. A combination of several models will be employed in maximizing the deposit going forward; Aurvista has identified at least 8 metallogenic styles for gold mineralization, each could potentially host multi-million ounces, 2 have been tested to date on a budget and that delivered 3 million ounces.

  

Shares outstanding: 69,511,617 (fully diluted: ~$85M, however all options and warrants are well out-of-the-money with majority expiring in early spring-2015), market cap: under $5 million. The recent trading price is symptomatic of the out-of-favor market climate for mining equities, it presents tremendous opportunity for investors looking for an insurance-position in precious metals as AVA.V has serious intrinsic value established (3 million ounces gold to date), and will be adding value as it executes on its plan to become the next major gold mine in Canada. Ownership-wise (as of November-2014) ~62% of AVA.V shares are well controlled; insiders, associates, and corporate entities that appear in for the end-prize; 30% Vior Inc., 12% Norvista, 7% Management/Directors, 7% CDPQ/SODEMEX, 6% Montreal Investment Group.

 

Aurvista maintains a strong cash balance, as of early November-2014 it had ~$2 million cash on hand (from its original 2011 capitalization and ~$800K from exploration tax credits). The company remained relatively quiet from 2012 (after releasing its updated resource estimate) until mid-2014 as it was evaluating a deteriorating market climate and the impact on majors its Douay Project is modeled after. AVA.V is now proceeding, taking advantage of large cost savings on services in an out-of-favor market for mining equities. AVA.V is capitalized to handle planned activities through to Spring-2015.

 

Activities currently underway: 1) engineering, environmental, geotechnical surveys, 2) model evaluation, and 3) drilling (~5,000 m to look at depth, potential, boarders of mineralization, and some definition drilling). At the Douay West zone high-grade gold comes right up to the overburden, which varies between 10 m to 45 m -- there is quality material very close to surface. This Q4-2014 Aurvista has been doing some drilling to look at overburden characteristics in that area, and it has also been doing some drilling to see if the ore near surface links up with the slightly deeper zones -- if they linkup it makes this a lot more feasible to mine in connection.

 

     Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer

   

Overview of Aurvista's Douay Gold Project - Quebec

 

Location:

 

 

Figure 2. (above) Location map

 

Québec, is voted as a top mining jurisdiction in the Fraser Institute Global Mining Survey. Québec is one of the safest and highest rated mining jurisdictions in the world with established mining processes and regulations. Aurvista Gold Corporation receives Federal and Provincial tax incentives for exploration. The Québec government reimburses 32% of exploration costs.

 

Region

 

Figure 3. (above) Regional map

 

The Douay Property is located within the Abitibi greenstone belt which has a production history >200 million ounces gold, the second most prolific gold region in the world after South Africa's Wits Basin.

 
  • 160 KM N OF YAMANA’S-AGNICO EAGLE’S MALARTIC MINE (formerly Osisko, sold in Q2-2014 for ~$3.5B) (10 MOZ GOLD)
  • 80 KM ON TREND E OF AURIZON’S CASA BERARDI MINE (2.7 MOZ GOLD)
  • 120 KM SE OF DETOUR GOLD’S DETOUR LAKE DEPOSIT (15 MOZ GOLD)
 

Claims

254 Mineral exploration claims, 127.04 Km2
     • 221 CLAIMS ACQUIRED 100% FROM VIOR INC.
     • 32 CLAIMS ACQUIRED 75% FROM VIOR, 25% HELD BY SOQUEM (NW CLAIMS)

 

1% NSR Royalty to IAMGOLD, 1.5% NSR Royalty to Northern Abitibi (50% of which can be purchased for $1 million)

 

Figure 4. (above) Douay Property claims map

 

 

Infrastructure

 

 

Figure 5. (above) Satellite view

 

The Douay Property is easily accessible located along the highway linking Val d'Or to Matagami. There is a Hydro Quebec power line adjacent Douay. Important to note is there's no town to move. A shaft collar and head frame, hoist and hoist house, office/dry area building and some shaft sinking materials were left on site by a previous operator in the 1990's.
 

The Douay Gold Project covers a 20 Km segment of the Casa Berardi south fault and splays

 

 

Figure 6. (above) Geophysical I.P. survey overlay of Douay Property

 

Aurvista has similar setting and strike as the Val D'or and Malartic gold camps.

 

DDH locations, in part:

 

Figure 7. (above) Drill hole locations on Douay Property

 

Current (2012) Resource Estimate:

 

Figure 8. (above) Table summary of current resource estimate on Douay Property

 

Focusing in on high-grade gold zones:

 

 

Figure 9. (above) Noteworthy high-grade zones of the Douay Project

 

Data from 2012 NI 43-101 Technical Report from Riverbend Geological Services (click here to access full resource estimate technical report PDF).

 

By initially brining Douay West to production Aurvista may generate cash flow for future exploration and development of the entire Douay Gold Project.

 

Douay West zone -- Vertical Section

 

 

Figure 10. (above) Douay West zone vertical section. The bedrock/overburden contact varies between 10 and 45 metres below surface. The mineralization dips at approximately 60° to 85° to the south and varies from approximately 15 metres to 30 metres in true width.

 

Douay West -- Longitudinal Section

 

 

Figure 11. (above) Douay West longitudinal section

 

Preliminary Economic Assessment -- released December 9, 2014:

 

Aurvista Gold Reports Positive Preliminary Economic Assessment on Douay West Zone

 

Montreal, Quebec--(Newsfile Corp. - December 9, 2014) - Aurvista Gold Corporation (TSXV: AVA) (OTC: ARVSF) ("Aurvista" or the "Company") is pleased to announce positive results of the Company's Preliminary Economic Assessment (the "PEA") of the Douay West Zone (the "Project"), part of the Douay Gold Project located in northwestern Quebec within the prolific gold producing Abitibi Greenstone Belt (the "AGB").

 

Gold mines of the AGB have already produced 200 million ounces of gold (6,000 tonnes of gold) since the early 1900's. The more recently developed gold mines include Yamana's and Agnico-Eagle's Malartic Gold Mine estimated at just under 10 million ounces of reserves, located 115 km south of the Project, and Detour Gold's Detour Lake Gold Mine with an estimated 15 million ounces of gold in reserves located 125 km northwest of the Project.

 

The PEA was completed by Eugene Puritch, P. Eng., and Kirk Rodgers, P. Eng., of P&E Mining Consultants Inc. ("P&E") of Brampton (Ontario). P&E's National Instrument 43-101 Technical Report on the PEA will be posted under Aurvista filings on SEDAR at www.sedar.com within 45 days of this news release. The PEA referenced in this news release only considers the Douay West Zone and does not include any of the other known zones that comprise the Douay Gold Project. The Company intends to advance these additional zones sequentially using a scalable approach that is consistent with the Company's longer term strategy.

 

All dollar values referenced in this press release are in Canadian dollars unless otherwise stated.

 

Project Highlights

 

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 internal rate of return ("IRR") for the project is 55% and the post-tax IRR is 40%.

 

The initial preproduction expenditure is estimated at $12.2 million to achieve first production from the open pit. The project life is 3.7 years, after approximately one-year of open pit pre-stripping. The Life of Mine ("LOM") cash operating cost is $800 per ounce of gold, and the LOM all-in sustaining cost is $1,195 per ounce of gold, with a 3.2 year pay-back period from the start of development.

 

The Project is considered viable with the current Mineral Resource estimates of 2,558,000 tonnes at an average grade of 2.77 g/t gold for 228,000 ounces of Indicated Mineral Resources and additional Inferred Mineral Resources of 1,413,000 tonnes at an average grade of 1.65 g/t gold for 75,000 ounces, based on a cut-off grade of 0.30 g/t gold. For further resource estimate information the reader may reference the Company's technical report titled "Douay Deposit National Instrument 43-101 Compliant Technical Report" dated August 2012, by Cliff Duke, P. Geo., of Riverbend Geological Services Inc., of Beausejour, Manitoba.

 

Based on these positive results, a Pre-Feasibility study on the Douay West Zone is planned for 2015. Aurvista plans a 4,000 metre drilling campaign to enhance the Project's economics. If this proposed drill campaign succeeds in increasing the size and quality of the compliant Mineral Resources and subsequently the projects production profile, this could result in a higher Net Present Value and extend the mine life. This PEA has an accuracy of +/- 40%, which is considered industry standard for preliminary capital and operating cost estimates.

 

Jean Lafleur, M.Sc., P. Geo., President and CEO of Aurvista commented "The high grade nature of the mineralization at Douay West could potentially allow successive open pit and underground mining of the currently defined Mineral Resources. The presence of historical buildings and infrastructure on site, as well as the excellent location in the Abitibi Greenstone Belt and northwestern Quebec's established mining districts, offers Aurvista the opportunity to generate significant cash flow from mining at reasonable cash cost per ounce. With much of the site infrastructure in place and considering that the mined product could be processed at a nearby toll milling operation, the capital requirements to bring Douay West into production are relatively low. Should production from the Douay West Zone be attained, I am confident that we will be able to extend the life of mine by adding mineral resources at depth and from the other zones that comprise the Douay Gold Project."

 

PEA Background

 

A decision was taken in 2013 by Aurvista to review possible mining methods for the Project. An internal concept study was concluded in late 2013 on its development using successive open pit and underground mining methods. The concept study yielded favorable results that prompted the Company to undertake a PEA.

 

The Douay Gold Project is located approximately 55 km southwest of Matagami and 120 km north of Amos, Quebec. It is accessible by paved Provincial Highway #109, which is the major north-south regional road linking the towns of Amos (Val-d'Or) and Matagami (James Bay). Access to the Project is via the public road network that extends onto the mine site. This network could be used to haul mineralized material off-site to nearby toll processing facilities. Utilities are available on site including hydro-electricity provided directly from Hydro-Quebec's power grid to the Company's on-site substation.

 

Proposed mining would start by open pit followed by underground mining. The deposit was explored by several past operators since the 1990's. A shaft collar and head frame, hoist and hoist house, office/dry area building and some shaft sinking materials were left on site by a previous operator in the 1990's. The Douay Gold Project was subsequently acquired by Aurvista from Société d'Exploration Minière Vior Inc.("Vior") in August 2011.

 

The Project is situated just southeast of the existing shaft collar and head frame. The bedrock/overburden contact varies between 10 and 45 metres below surface. The mineralization dips at approximately 60° to 85° to the south and varies from approximately 15 metres to 30 metres in true width.

 

The PEA proposes a conventional truck and shovel open pit, followed by ramp access, and long-hole open stoping in the underground mine. The access decline will be developed in the footwall of the mineralization to access sublevels at a vertical spacing of approximately 25 metres. Since the LOM currently being contemplated is relatively short, the mining operation would be conducted on a contractor basis.

 

The mine plan is to extract the upper portions of the Mineral Resources (the top 100 metres) using open pit mining methods. While the open-pit is producing, an underground portal will be established on the pit wall and an underground ramp will be extended below the proposed crown pillar. Underground mining will progress in a top-down fashion with major sublevels every 25 metres defining groups of stopes.

 

The PEA schedule assumes mining of 419,000 tonnes of mineralized material in the open pit at an average grade of 3.16 g/t gold (at a cut-off of 1.17 g/t gold). The average dilution factor applied is 16.3% at a diluting grade of 0.32 g/t gold. Mining recovery has been estimated at 97%. The underground operation will mine 133,000 mineralized development tonnes at a grade of 4.57 g/t gold and 608,000 stoping tonnes at a grade of 4.83 g/t gold (at a cut-off grade off 3.25 g/t gold). The average planned dilution factor applied is 14.5% at a diluting grade of 1.82 g/t gold. Un-planned dilution has been estimated by adding an additional 5% at zero grade gold to mineralization after planned dilution. A mining recovery of 85% has been assumed.

 

The PEA has relied on limited metallurgical test work conducted by Laboratoire LTM Inc. in 2005. The body of the report is contained in a Systèmes Geostat International Inc. ("SGI") document. SGI commissioned the work to confirm amenability to cyanidation and to assess the effect of grind on extraction. While the results could not be verified, the test work was conducted on a sample composited from 30 individual assay reject samples that returned an average calculated head of 4.87 g/t gold. Cyanidation tests conducted on material ground to seven different size distributions ranging from 75% -200 mesh to 99% -400 mesh returned extractions ranging from 90% to 95%, indicating a minor effect of grind on extraction. The laboratory estimated an extraction of 93% based on a grind of 95% -200 mesh. On this basis, the PEA considered a recovery of 92% for both open pit and underground feed.

 

Due to the current size of the Mineral Resources it is expected that mineralization from the Project would be processed at a nearby external facility. Based on the limited available test work, the contracted mill would be a direct cyanidation plant as opposed to a flotation or flotation-cyanidation mill. A conventional CIP or CIL process would be suitable.

 

Additional details regarding the historic metallurgical test work will be contained in the PEA technical report.

 

PEA Conclusions

 

The PEA demonstrates positive economics for the extraction of the Mineral Resources using successive open pit and underground mining methods. In conducting this assessment, a gold price of US$1,350 per ounce of gold and exchange rate of 1.00 $C=0.95 US$ was assumed. The results indicate a pre-tax NPV at a 5% discount rate of $25.0 million, a post-tax NPV at a 5% discount rate of $16.6 million, and a payback period of 3.2 years from the start of prestripping of the open pit.

 

The project is robust, although sensitive to the price of gold. The following sensitivities to gold price for pre and post-tax undiscounted cash flow are presented in the table below.

Gold Price 
(US$/oz)
Undiscounted Pre-Tax Cash 
Flow ($ millions)
Undiscounted Post-Tax Cash 
Flow ($ millions)
1,620 73.3 46.6
1,553 63.1 40.6
1,485 52.9 34.5
1,418 42.7 28.5
1,350 32.5 22.3
1,283 22.3 16.2
1,215 12.0 10.0
1,148 1.90 3.5
1,080 -8.4 -4.0
An exchange rate of 1.00 $C=0.95 US$ has been used
 

In this project, P&E has assumed that tax pools generated by the project can be deducted in the final year to create a tax loss. Since the Company is intending to develop a second project or phase of work, it is reasonable to assume that the Company will be able to eventually deduct these pools.

 

Operating and Capital Expenditures

 

Proposed initial capital expenditures will be minimal due to the decision to seek a toll milling arrangement, the existence of facilities on site, and the use of contractors in the mine operation. It is estimated that the LOM capital requirement are $56.8 million. The table below presents the major capital items during the life of the Project (excluding the open pit prestripping operation which is treated as an operating expense.)

 

Capital Expenditures ($M)   
Infrastructure Refurbishment $ 1.0  
Underground Development and Initial Stoping $ 50.1  
Sustaining Capital $ 0.7  
Closure $ 5.0  
Total Capital Expenditures $ 56.8  
       

The proposed mine plan for both the open pit and underground scenarios use a production rate of 900 tonnes per day of mineralized material. Based on this assumption, the following tables highlight the major key performance indicators.

Operating Parameters
Average Production Rate 900 tpd
Average Gold Recoveries 92%
Overburden Stripping $4.35 / tonne
Open Pit Mining Cost $4.25 / tonne
Underground Stope Mining Cost $65 / tonne
Mineral Haulage to Toll Mill $7.00 / tonne
Crushing $3.50 / tonne
Toll Milling $30.00 / tonne
General & Administrative Cost Variable based on Project Phase
Life of Mine Costs
Cash Operating Costs C$800/oz
All-in Cost C$1,195/oz
   

The technical contents of this press release have been reviewed and approved by Mr. Chris Sharpe, P.Eng. Vice President Engineering for Aurvista Gold Corporation, and independent qualified persons Eugene Puritch, P. Eng., and Kirk Rodgers, P. Eng., both of P&E Mining Consultants Inc. All individuals are Qualified Persons pursuant to National Instrument 43-101 standards. The reader is advised that the PEA summarized in this news release is intended to provide an initial conceptual review of the project. 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.

...click here for full copy from source

 

Douay gold project action plan details:

 

 

Figure 12. (above) Douay gold project action plan details

 

Once the above action plan is complete, Aurvista will be sufficiently advanced and should have a number of options open to it, including the involvement of a major for final development, and the retention of a net smelter royalty.

 

Staged programs-budgets-funding from 2014 to 2016:

 

 

Figure 13. (above) Douay project funding stages 2014 - 2016

* Includes geological modeling/evaluation, mineral resources modeling, mktg. & G&A.

+ Estimate of ~$3,150,000 to be received by AVA.V from a 35% mining tax refund on all hard dollars exploration work.

 

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Q3/Q4 2014 Action plan details - FUNDED:

(numbers below are estimates and activities mentioned are all-encompassing in nature (e.g. inclusive of related studies and exploration))

 
PEA ~$1,000,000
   - COMPLETE PEA -VIABILITY OF WEST ZONE O/P AND/OR U/G PRODUCTION
     TARGET: INITIAL RECOVERABLE 150,000 OUNCES OF GOLD

 
MODEL EVALUATION ~$350,000
   - 85 YEARS OF GOLD EXPLORATION, MANAGEMENT, TARGET GENERATION
   - UPDATE COMPILATION, SYNTHESIS, INTERPRETATION, MRE’S
   - PRIORITIZE EXPLORATION TARGETS TO INCREASE CURRENT RESOURCES

 

MARKETING ~$100,000
   - UPDATE VALUATION –MARKET RESEARCH GROUP, GMI, NEWSLETTERS
   - MARKETING IN CANADA-US-EUROPE
   - RAISE FUNDS AT HIGHER STOCK PRICE FOR 2015 PROGRAM

 
GENERAL & ADMIN. ~$300,000

     (We note that it costs ~$50,000 per month to keep doors open burn-rate-wise)

 

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Click the following image to access PDF of detailed action plan budget break down for 2014 - 2016:

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Concurrent field program initially focused on the open-pit potential
  • O/V, BEDROCK, HYDROLOGICAL, GEOCHEM, GEOTECHNICAL STUDIES
  • O/P IN-FILL PROGRAM (PHASE 1)
  • U/G IN-FILL PROGRAM (PHASES 2, 3)
 

Move to Feasibility level study for open=pit or underground or both
  • PLAN U/G PROGRAM

  
Permitting work to be completed along side engineering studies
  • ENVIRONMENTAL BASELINE STUDY, PERIMETER SURVEY
  • FIRST NATION’S CONSULTATIONS

 

2014 Douay West Drilling -- Phase 1 Definition

 

 

Figure 14. (above) Douay West Phase 1 planned definition drilling locations

 

2014 Douay West Drilling -- Geotech O/V

 

 

Figure 15. (above) Douay West planned geotechnical drilling hole locations

 

2014 Douay West Drilling -- Phase 2 Definition

 

 

Figure 16. (above) Douay West Phase 2 planned definition drilling locations

  

2014 Douay West Drilling -- Phase 3 Definition

 

 

Figure 17. (above) Douay West Phase 3 planned definition drilling locations

 

2014 Environmental Baseline Survey - Biology

 

 

Figure 18. (above) Douay Property 2014 Environmental Baseline Survey - Biology

 

2014 Environmental Baseline Survey - Physical

 

 

Figure 19. (above) Douay Property 2014 Environmental Baseline Survey - Physical

 

2014 Environmental Baseline Survey - Hydrogeology, Geotechnical

 

 

Figure 20. (above) Douay Property 2014 Environmental Baseline Survey - Hydrogeology, Geotechnical

 

HISTORY OF THE DOUAY GOLD PROJECT

 

1976

   - ORIGINAL PROPERTY STAKE BY INCO -

   - DRILLED 4 DDH’S / 579 METRES -

   - DISCOVERED THE “MAIN ZONE” -

 

1977-1985

   - DRILLED 66 DDH’S / 11,109 METRES -

 

1986

   - VIOR OPTIONED PROPERTY -

 

1986-1989

   - COMPLETES SERIES OF GEOPHYSICAL SURVEYS -

   - DRILLED 104 DDH’S / 26,510 METRES -

 

1990

   - DRILLED 63 DDH’S / 16,356 METRES -

   - DISCOVERED “WEST ZONE” (44 DDH’S / 8,656 METRES) -

 

1991

   - DRILLED 34 DDH’S / 10,521 METRES -

   - HISTORIC MINERAL RESERVE ESTIMATES* FOR THE DOUAY WEST ZONE -

      PROBABLE RESERVES: 442,465 TONNES @ 9.6 G/T GOLD

      POSSIBLE RESERVES: 93,493 TONNES @ 8.1 G/T GOLD

 

1992

   - DRILLED 17 DDH’S / 7,980 METRES -

   - VIOROBTAINS 100% OWNERSHIP OF PROPERTY -

   - SOQUEM OPTIONS PART OF THE NORTHWEST TREND -

   - DRILLED 22 DDH’S / 6,416 METRES, DISCOVERED THE “10 ZONE” -

 

1993

   - DRILLED 60 DDH’S / 17,238 METRES -

   - DISCOVERED THE “531 ZONE” -

 

1994

   - DRILLED 27 DDH’S / 6,156 METRES -

   - SOQUEM RETURNS PROPERTY SEGMENT TO VIOR -

 

1995

   - CAMBIOR OPTIONS PROPERTY, DRILLED 31 DDH’S / 6,894 METRES -

   - EVALUATED POTENTIAL OF “WEST ZONE”: 357,000 TONNES @ 7.2 G/T GOLD* -

     ACCESSIBLE NEAR SURFACE USING RAMP

   - DROPS OPTION -

 

1996

   - AURIZON MINES OPTIONS PROPERTY, PLANNED TO SPEND $17 MILLION -

   - DRILLED 7 DDH’S / 2,520 METRES ON “WEST ZONE” -

   - CONSTRUCTED 4 KM GRAVEL ROAD FROM HIGHWAY 109 TO “WEST ZONE“ -

 

1997

   - CONSTRUCT HEAD FRAME, HOIST, ACCESSORY INFRASTRUCTURE, POWER LINE -

   - SHAFT COLLAREDTO A DEPTH OF 10 METRES -

 

1997-2000

   - AURIZON DRILLED 40 DDH’S / 13,147 METRES

   - AURIZON DROPS OPTIONS TO FOCUS ON CASA BERADI DEPOSIT SOME 80 KM TO THE WEST

 

2004
   - VIOR COMPILES-SYNTHESIZES FROM PROPERTY, DRILLED 1 DDH / 309 METRES -
 

2005
   - DRILLED 14 DDH’S / 3,384 METRES, BETWEEN “WEST” AND “ADAM ZONES” -
   - DISCOVERED THE “PORPHYRY ZONE”, DRILLED 2 DDH’S / 309 METRES -
   - GEOSTAT SYSTEMS INTERNATIONAL (NOW SGS CANADA) RESOURCES ESTIMATES -
   - COMPLETED FEASIBILITY STUDY FOR AN O/PIT ON “WEST ZONE” -
   - PROBABLEMINERAL RESERVES: 269,726 TONNES @ 4.74 G/T GOLD -
 

2006-2007
   - DRILLED “WEST ZONE” PLUS OTHER AREAS (83 DDH’S / 24,800 METRES) -
   - GEOSTAT/SGS UPDATES 2005 TECHNICAL REPORT FROM “WEST ZONE” -
      (AT A 3 G/T GOLD CUT-OFF)
      MEASURED: 236,000 TONNES @ 6.08 G/T GOLD
      INDICATED: 735,000 TONNES @ 5.46 G/T GOLD
      INFERRED: 1,594,000 TONNES @ 3.94 G/T GOLD
 

2009
   - RELOGGING/REINTERPRETATION OF DRILL CORE FROM “WEST ZONE”

 

2010

   - DRILLED 3 DDH’S / 1,820 METRES

   - GEOSTAT/SGS UPDATES MINERAL RESOURCES, COMPLETED PEA OF “WEST ZONE”

     (AT A 4 G/T CUT-OFF)

     MEASURED + INDICATED: 313,000 TONNES @ 7.75 G/T GOLD

     INFERRED: 267,000 TONNES @ 8.53 G/T GOLD

   - ESTIMATES GLOBAL MINERAL RESOURCES FROM THE LOWER GRADE “PORPHYRY ZONE” -

     MEASURED + INDICATED: 905,000 TONNES @ 1.7 G/T GOLD

     INFERRED: 42,644,000 TONNES @ 1.29 G/T GOLD

   - AURVISTA OPTIONS PROPERTY -

   - DRILLS 4 DDH’S / 2,097 METRES TO A -500 METRE VERTICAL DEPTH -

 

2011

   - NOVATEM COMPLETES HIGH RES AIRBORNE MAGNETIC SURVEY OVER ENTIRE PROPERTY -

     CONCLUDES DOUAY DEPOSITS/SHOWINGS KNOWN TO DATE OCCUPY MAGNETIC LOWS

   - ABITIBI GEOPHYSICS COMPLETES RESISTIVITY-IP SURVEY OVER MINERALIZED AREAS -

     RESULTS INCONCLUSIVE

   - DRILLS 44 DDH’S / 17,503 METRES TO TEST BULK GOLD TARGETS -

 

2012

   - DRILLS 38 DDH’S / 12,801 METRES FURTHER TESTING OF BULK GOLD POTENTIAL -

  

Figure 21. (above) highlights of AVA.V's 2012 drill results testing disseminated bulk tonnage gold potential

 

   - PHOTONIC KNOWLEDGE STUDY -

     BARITE/ANHYDRITE DOMAIN WITH GOLD

     VERSUS GOLD DEPLETED ORTHOCLASE/ALBITE DOMAIN

   - RIVERBEND GEOLOGICAL SERVICES COMPLETES GLOBAL RESOURCE ESTIMATES -

      (See above under '2012 Current Resource' section for details or click here to access full resource estimate technical report PDF)

 

Other recent salient news release from Aurvista Gold Corporation on recent activities at Douay Gold Property:

 

- December 17, 2014 "Aurvista Gold Discovers 25 New Targets at the Douay Gold Project"

Excerpt:

Aurvista Gold Discovers 25 New Targets at the Douay Gold Project

 

December 17, 2014: Aurvista Gold Corporation (“Aurvista”  or the “Company”) (TSX-V: AVA) is pleased to announce results from the Company's recently completed geophysical interpretation of 2011 magnetic and historic electromagnetic-magnetic ("EM").

 

INPUTTM airborne geophysical surveys from the Douay Gold Project (the "Project") within the prolific gold producing Abitibi Greenstone Belt ("AGB"). A list of the geophysical and geological technical reports and data sets compiled and synthesized for the geophysical interpretation are appended to this press release. The magnetic and EM INPUTTM responses and target map can be found on the Company's websitewww.aurvistagold.com under Compilation-Target Map #5.

 

Notable conclusions include:

  • Discovery of a number of sizeable EM INNPUTTM anomalies associated with a mix of felsic and mafic volcanic rocks that could be associated with base metal mineralization. The largest which spans a length of 4 km has been marked inside the ellipse on the Compilation-Target Map #5.
    There are a number of examples of such bi-modal occurrences in the AGB.

  • The largest portion of the newly discovered targets is in an area some 6 km in length and 1 km wide and contains a cluster of EM INPUTTM anomalies and conductors. This cluster runs from the southern tip of the South Porphyry Zone eastwards to the limit of the Project (marked by a rectangle on the Compilation-Target Map #5).

  • The discovery of these targets has resulted in Aurvista map-staking a group of contiguous claims to the southwest of the Project. This has not been approved as of yet but the Company is taking the necessary steps.

The original strategy behind the on-going geophysical and geological interpretation work was to assist in identifying additional targets with similar geophysical properties to those associated with already known gold mineralization on the Project.

 

The Company now believes that the results show the potential for additional and significant gold and base metal mineralization. Examples of such bi-modal occurrences in the region include: (1) the Dome, McIntyre, Hollinger gold deposits of the Timmins Mining Camp with the copper-zinc mineralization of the Kidd Creek deposit; (2) the Doyon gold deposit along the Cadillac Break of the Rouyn-Noranda Mining Camp with the Bousquet gold-base metal deposit; and (3) the Sigma-Lamaque gold deposits of the Val-d'Or Mining Camp with the Louvicourt base metal deposit.

 

The bi-modal gold and base metal potential cannot be overlooked, since the Project is of camp-scale proportion extending in length for 20 km along the CBDZ, of which only 10 km has been reasonably investigated for gold only. There are numerous EM INPUTTM conductors outside of the known gold mineralization corridor. These EM INPUTTM conductors could potentially be linked to massive sulphides based on the geological-geophysical association.

 

The Douay-Style Mineralization ("DSM")

Independent geophysical and geological consultant Yvan Bussières, P. Eng., of St-Eustache (Quebec), compiled and interpreted the 2011 magnetic and historic magnetic and EM INPUTTM airborne geophysical surveys from the Project and surrounding area.

 

The main conclusion of the interpretation is that there is a direct link between several multi-kilometric magnetic signatures, bedrock alterations, known gold mineralization and structural patterns. The distinct association is now termed the Douay-Style Mineralization (the "DSM"). The DSM has been well defined by historic and recent exploration work, although not necessarily recognized as such by the previous investigations since the 1970's.

 

The DSM is comprised of the following:

(1) 

A 10 km long by 3 km wide southeast-tilted parallelogram-shaped block (at its longest and widest points) covering an area of 18 km2 located in the centre of the Project and bounded in all directions by southeast-northwest and northeast-southwest splay faults of the east-west trending Casa Berardi Fault (the "Fault").

(2)

Mafic and felsic volcanics with related sediments and porphyry intrusives that are typical of the AGB gold camps. Some of the sediments appear as younger conglomerates of the Timiskaming-type (the Pull-Apart Zone). This is not uncommon as they are present in the Kirkland Lake and Timmins Gold Mining Camps in the western portion of the AGB;

(3)

Schistose and foliated host rocks due to various degrees of shearing related to the CBDZ and its numerous faults or "horsetail faults";

(4)

Highly altered host rocks containing anomalous amounts of secondary pyrite (an iron sulphide), barite (a barium sulphate), anhydrite (a calcium sulphate), ankerite (an iron carbonate), fluorite (a calcium fluoride), and micas (water bearing potassium fluorine aluminum silicates) and/or clay minerals (water bearing aluminum silicates);

(5)

The geophysical responses are unique to the DSM in that they consist of chaotic, non-linear, and distorted bands of strong magnetic highs and complementary lows that result from the faulting, shearing, and alteration of the host rocks;

(6)

All of the known higher and lower grade gold mineralization, such as the "Douay West", "10", "20", "531", "Central", "Main", "Northwest", "Porphyry" and the "South Porphyry" zones; are clearly identified on the Compilation-Target Map #5.

(7)

Of the zones noted above in (6), the gold mineralization including in the porphyry zones tend to occupy magnetic lows; and the DSM completely lacks EM INPUTTM anomalies or conductive horizons.

 

Other Geophysical Targets

Several significant targets including those of the DSM-type remain completely untested outside of the discovered gold mineralization marked by the parallelogram-shaped block on the Compilation-Target Map #5. The untested locations run along the remaining 10 kilometric-long area of the CBDZ that lies within the Project limits.

 

A number of the 25 newly identified targets in this interpretation are extensions of already known gold mineralization, however the Company still considers these viable targets as they could potentially contain higher grade gold veins and/or disseminated, and strictly disseminated, bulk gold mineralization, as well as possible Volcanogenic Massive Sulphide ("VMS"). There is one specific VMS target, 6 km long, running along the southeast boundary of the DMS, which contains a 1 km wide cluster of EM INPUTTM anomalies or conductors (shown on the Compilation-Target Map #5).

 

Jean Lafleur, M.Sc., P. Geo., President and CEO of Aurvista commented "The geophysical interpretation has now shown that the 3 million ounces of gold in mineral resources outlined in a 2012 NI 43-101 technical report sits within a 5 km2 segment of a 18 km2 geophysical target area that remains largely untested for gold. This excludes the remaining untested 10 km trend of the Casa Berardi Deformation Zone, as well as the massive sulphide targets."

 

Mr. Lafleur adds "All of the superpit mineralization at the Dome, Canadian-Malartic and Detour Lake deposits, which are located in the AGB along with Douay, had extensive historic underground mining which extracted most of the higher grade gold veins and stockworks. Douay, on the other hand has never been mined and contains the higher grade gold lenses surrounded by lower grade gold mineralization in very similar geological environments to the superpit deposits. Douay lacks the extensive exploration at this time to substantiate a larger mineral resource. Aurvista's 20 km strike length includes the Casa Berardi Deformation Zone, a structure similar to the Porcupine-Destor and Larder Lake-Cadillac Deformation Zones, which hosts numerous gold deposits, such as the Dome, McIntyre and Hollinger mines in the historic triangle or the 25 km long Val-d'Or and Malartic gold deposit trend."

 

Aurvista's combined geophysical and geological interpretative work will continue into 2015. It will include the field testing of the priority targets determined as part of the interpretation, starting as soon as possible. The Company is also 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. The infill drilling will lead to a revised resource estimation that will be appropriate for both an open pit and an underground mining scenario. Much of the work is nearly complete and will be reported in mid-2015. The resource modeling will continue to be revised as the Company receives drill results.

 

A Company news release issued on December 9, 2014, summarized a Preliminary Economic Study ("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 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 valuations compare to a current market capitalization of approximately $C 3,000,000.

 

...click here for full copy from source

 

 

- October 16, 2014 "Aurvista Gold Corp. Commences Infill Drilling at Douay West Zone"

 

   Excerpt:

Aurvista Gold Corp. Commences Infill Drilling at Douay West Zone Montreal, Quebec

 

October 16, 2014: Aurvista Gold Corporation (“Aurvista” or the “Company”) (TSX-V: AVA) is pleased to announce that it has commenced the first phase of a three phase diamond drill program on the Douay West Zone (“Douay West”) at the Company’s Douay Gold Project, located in northern Quebec along the Abitibi Gold Belt.
 

The objective of the three phase drilling program is to get a more detailed interpretation of the mineralization in certain areas of Douay West. The first phase of the drill campaign will test the northwest and southeast extensions of the near surface mineralization in an attempt to further define a trend which could link to a second zone at shallow depth. The second and third phases of the drilling program will be infill focused in order to facilitate a conversion of mineralization at depth from the inferred to the indicated class. Phase 1 will comprise 1,500 metres of diamond drilling with the second and third phases comprising 3,900 metres for a total of 5,400 metres of additional drilling at Douay West. The second and third phases are anticipated to start sometime in 2015.

 

As part of the phase 1 drilling program the Company has elected to conduct geotechnical and hydrogeological investigations on both the overburden and rock units at Douay West. In addition to this work the Company has also initiated a geochemistry study. These studies are intended to help the Company better evaluate the merits of an open pit mining scenario against other alternatives. Additional study work for the further evaluation of a potential underground mining operation would likely be completed during phase 2 and 3 of the drill campaign.

 

The Company is also concurrently working towards completing a Preliminary Economic Assessment (“PEA”) for both an open pit and underground mining scenario at Douay West. The PEA is expected to be completed in Q1 of 2015. The results of the current drill program and its associated studies are not expected until sometime in Q1 2015 and therefore will not be a part of the PEA. Nevertheless, the results in combination with the PEA will help to form the basis of future project definition work that could lead to a pre-feasibility or feasibility level study at Douay West.

 

Chris Sharpe, VP Engineering, stated: “This drill campaign is a continuation of past investigations and represents another step forward to further understanding the mineralization and overall resource potential of the Douay West Zone. The results of this campaign will contribute to the overall detail of future studies and build on the PEA on which Aurvista is currently working. This campaign’s results will also be beneficial to prefeasibility and feasibility studies the company intends to complete in the future.

...click here for full copy from source

 
- October 7, 2014 "Aurvista Gold Corporation and Abitibiwinni First Nation Sign Letter of Collaboration"

 
- June 18, 2014 "AURVISTA GOLD PROVIDES CORPORATE UPDATE"
 

------ ------ ------      ------ ------ ------


Aurvista's Technical Leadership, Management, and Governance  Skip to top

The current management team and board of directors has a well rounded combination of people that each contribute expertise in disciplines necessary for a successful mining entity:

 

Jean Lafleur, M.Sc., P.Geo., President, CEO and Director

Mr. Lafleur is a Professional Geologist with 30 years plus of experience in various capacities within the mineral exploration industry including company project and property evaluations and audits, project planning and execution, supervision and management, and resource estimations. He received his B. Sc. and M. Sc. degrees in Geology from the University of Ottawa, and has been active in mineral exploration, both in Canada and internationally (Africa, Mexico and Ecuador), with a wide range of industry-leading companies, such as Newmont, Falconbridge and Placer Dome. From 1998 to 2003, Mr. Lafleur worked with McWatters Mining Inc., a Quebec-based junior exploration and mining company, and was instrumental in the discovery of new ore reserves for the company's gold projects in the Val-d'Or and Malartic Mining camps, including developing the bulk gold exploration program at the Canadian Malartic Gold Property which eventually became Osisko's 10 million ounce Canadian-Malartic Deposit, which exhibits many similarities to the "porphyry" zone at Aurvista's Douay property.

 

Bryan Keeler,CA,CFO, Eng., CFO, Director

Bryan Keeler is a Chartered Accountant with over 30 years of operations and corporate office experience with Canadian Cellulose, Noranda Forest and Denison Mines. Bryan has participated with creative financial engineering work in the building of three successful royalty finance companies and most recently hands on building of VERCOR Canada small to middle market Investment Bank with over a Billion dollars in transactions closed and 19 offices worldwide. Since he first teamed up with Gerry McCarvill in 1993, he has acted as CFO in support of Gerry's various ventures, Repadre Capital Corporation, now IAMGOLD Corporation, Reserve Royalty and McCarvill Corporation.
 

Chris Sharpe, P.Eng., VP Engineering, VP Engineering

Previously held progressively senior engineering position with Aurico Gold, Wardrop Engineering, and Golder Associates.

 

G. Edmund King, Director

Mr. King has been chairman and CEO of MTHRTY Communications, a social media company, since May 2004. He served as Chairman and Chief Executive Officer of Wood Gundy Ltd. and CIBC Wood Gundy Ltd. from 1988 to 1995. He is a past chairman of the Investment Dealers Association of Canada. He served as chairman of Western International Communications (WIC) from Jun 1994 to January 1998. Mr King also served as Deputy Chairman of Rockwater Capital Corporation from January 2996 to March 31, 2003.

 

Gerald McCarvill, Director

Gerry McCarvill has extensive experience in the origination and execution of global mining and energy, private equity and finance transactions. His career includes more than 30 years in the financial sector holding senior positions with major investment firms including the executive committee of CIBC Wood Gundy. Most recently, Gerry was CEO of McCarvill Corporation, a diversified financial services company, which financed mining and energy companies. He helped establish Repadre Capital Corporation, a mining royalty company, now IAMGOLD (TSX), Desert Sun Mining, acquired by Yamana Gold (NYSE), Consolidated Thompson Iron Mines (TSX) and Metals Royalty Corporation. The combined market capitalizations of these companies is several billion dollars.

 

Robert Michell, Director and Chairman of the Audit Committee

Mr. Mitchell is an experienced corporate director and a member of the Institute of Corporate Directors and has been a member of three Audit Committees, two of which he currently chairs. Mr. Mitchell is a retired partner of Ernst and Young LLP., and has over forty years of financial experience. Mr. Mitchell is well versed in International Financial Reporting Standards and CEO/CFO certification of the effectiveness of disclosure controls and procedures. Mr. Mitchell is currently a Director, acting Chairman of the Board and Chairman of the Audit Committee of Orvana Minerals Corp. as well as Director and Chairman of the Audit Committee of Home Capital Group Inc. Mr. Mitchell brings a tremendous amount of experience to both the Board of Directors and the Audit Committee.

 

Claude St. Jacques, Director

Mr. St-Jacques is the founder and past president of Vior as well as being the founder of Mazarin and Virginia Gold Mines. Mr. St-Jacques graduated from Laval University (1982) in management and public relations and has been associated with the mining industry since 1982, namely as Managing Director of the Quebec Prospector's Association from 1982 to 1984. Mr. St-Jacques is also a director of Virginia Mines Inc.

 

Marc L'Heureux, Director

Mr. L'Heureux has more than 20 years of experience as a professional geologist in exploration for gold, nickel, base metals and diamond in North and Latin America. M. L'Heureux is currently the Vice-President, Exploration of Vior (2010 to present) and was the Vice-President of Everton Resources Inc. (2003 to 2010). He is also currently a director of Adventure Gold Inc., Mazorro Resources Inc., and Pan Caribbean Minerals Inc. Mr. L'Heureux holds a degree in geology and a Master Degree in Earth Sciences (Applied Geochemistry).

 

Note: This list is not intended to be a complete overview of Aurvista Gold Corporation or a complete listing of Aurvista's projects. Mining MarketWatch urges the reader to contact the subject company and has identified the following sources for information:

 

For more information contact Aurvista Gold Corporation's head office at: Ph (416).682.2674

 

Company's web site: www.aurvistagold.com   SEDAR Filings: URL

 

     

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Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer. This is a journalistic article and the author is not a registered securities advisor, and opinions expressed should not be considered as investment advice to buy or sell securities, but rather journalistic opinion only. Technical mining terms used by the writer may be used/expressed in simplified layman terms and should not be relied upon as appropriate for making investment decisions unless the reader contacts the company directly for independent verification.

 

     

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