Aurvista Reports Big Boost in Resources at Douay Gold Project; Shares off 2.4%

By Midnight Trader,  July 04, 2012, 12:37:47 PM EDT

Aurvista Gold Corp. (AVA.V) received an updated independent mineral resource estimate for its Douay gold project in Quebec. The company said the results suggest that Douay is one of the largest undeveloped gold deposits in the province.

Highlights include:

--50% increase in global inferred resources to 2,754,554 ounces of gold using a cut-off grade of 0.3 grams per tonne 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).

Rick Adams, President and CEO of Aurvista, commented: "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."

Investors don't appear too convinced the project will turn into a major, economic gold mine. Shares in Aurvista are down 0.005, or 2.4%, at 20 cents, in the bottom quartile of the stock's 52-week trading range of 13 cents to 80 cents.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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