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Aurvista Gold Corporation Consolidates Ownership Interest at the Douay Gold Project

Cory
March 29, 2017

Aurvista now owns 100% of the Douay Gold Project. While this is not market moving news it is important to see the Company acquire the last 10% stake of the project and now own 100%.

This is a large land package with an already defined low grade resource. The Company currently has a 30,000 meter drill program underway to further prove out the resource. This Company has a strong shareholder base and an already defined open pit resource of 2.8million ounces in a Quebec. We will continue following this story through the drilling campaign.

For more information on Aurvista click here.

Also feel free to email me if you have any other questions on the Company – Fleck[at]kereport.com.

Here is the news…

Aurvista Gold Corporation (“Aurvista” or the “Company“) (TSX VENTURE:AVA)(OTCQB:ARVSF)(FRANKFURT:AV2) is pleased to provide a corporate update on recent developments with Société d’exploration minière Vior Inc. (“Vior”), the historic owner of claims acquired by the Company that comprise the Douay Gold Project (“Douay”). Aurvista exercised an option granted to it by Vior on May 26, 2011 and acquired Vior’s remaining 10% interest in West Zone for C$12,500. As a result, Aurvista has increased its 100% owned land package to 247 contiguous claims totaling 128.8 km2, and holds a 75% interest (25% held by SOQUEM) in 32 additional claims totaling 11.9 km2 located in the Northwest Zone. SOQUEM is a mineral project generator, a subsidiary of two Quebec government corporations, Ressources Québec and Investissement Québec, and is a valued partner.

Vior recently completed a special dividend (the “Dividend”), distributing 13,796,795 Aurvista shares to Vior shareholders (see Vior’s press release, March 20, 2017). Vior now owns 6,710,442 common shares of Aurvista and 800,000 warrants to acquire common shares, representing 5.6% of the Company’s outstanding common shares on a partially diluted basis. With Vior’s ownership interest in Aurvista falling below 10%, the Shareholders’ Agreement between Aurvista and Vior on March 7, 2011, as amended shall cease to be in effect. Consequently, Vior’s pre-emptive right to maintain its ownership percentage through the participation in future Aurvista Public Share Issuances and the obligation of each of Vior and Aurvista to vote for the matters contained in their respective management information circulars, are no longer in effect.

The acquisition of Vior’s 10% interest follows the previously announced purchase and cancellation of Northern Abitibi Mining Corp.’s 1.5% NSR (see Aurvista’s press release, January 31, 2017), as Aurvista continues to consolidate ownership interest at Douay. The consolidation costs have been largely offset by Aurvista’s recently completed sale of 1,080,000 Vior shares, for C$215,551 in net proceeds.

Aurvista’s President and CEO, Jean Lafleur, stated: “We continue to plan for success and take the necessary steps to consolidate the ownership and expand the 100% owned property package at Douay. The Vior Dividend brings us new valued Aurvista shareholders and significantly simplifies the equity financing process for the Company going forward. These transactions end the formal relationship between the Companies. Aurvista recognizes the contribution of Vior to the Douay Project and appreciates having Vior as a shareholder going forward as the Company advances the Project.”

Douay Gold Project and Company Profile

Aurvista Gold Corporation is a junior gold exploration and development Company advancing the Douay Gold Project in Quebec. The Company has 136,609,900 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 247 contiguous claims totaling 128.8 km2 and a 75% interest (25% held by SOQUEM) in 32 contiguous claims totaling 11.9 km2. In total, there are 279 claims covering 140.7 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.

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.

Forward-Looking Statements

This news release may contain forward-looking statements, including the mineral resource estimate and the assumptions used to prepare such estimate, that are 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.

Contact Information

  • Mr. Jean Lafleur, P. Geo.
    President and CEO, Director
    Cell: +1 514 927 3633
Discussion
2 Comments
    CFS
    Mar 29, 2017 29:19 PM

    Klondex increases NI 43-101 M&I resources at True North

    2017-03-29 07:03 ET – News Release

    Mr. Paul Huet reports

    KLONDEX ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE AT TRUE NORTH; ~32% INCREASE IN M&I MINERAL RESOURCE, ~45% INCREASE IN INFERRED MINERAL RESOURCE

    Klondex Mines Ltd. has provided a mineral resource estimate update for its True North gold mine in Manitoba, Canada, which incorporated the company’s assayed drill results subsequent to its acquisition of the property and with an effective date of Feb. 14, 2017.

    Mineral resource estimate highlights:

    Total measured and indicated (M&I) mineral resource estimate of 1,797,000 tons grading 0.216 ounce per ton (7.40 grams per tonne) (388,000 ounces gold), an increase of about 32 per cent in Au ounces from the September, 2016, mineral resource estimate;
    Total inferred mineral resource estimate of 3,676,000 tons grading 0.182 ounce per ton (6.24 g/t) (668,000 Au ounces), an increase of about 45 per cent in Au ounces from the September, 2016, mineral resource estimate.

    CFS
    Mar 29, 2017 29:24 PM

    Enforcer Gold Releases Metallic Sieve Assay Results for the High-Grade Montalembert Gold Project

    Canada NewsWire

    TORONTO, March 30, 2017

    With short intervals (1 m) grading as high as 500 g/t