DOUAY GOLD PROJECT
DESCRIPTION AND LOCATION
- The Douay Project is located in Quebec and is 2 km from a major regional road, and approximately 150km north of Osisko's Malartic Mine and on trend with Aurizon's Casa Berardi Mine.
- The Project is located in Atbitibi Greenstone Belt, which is considered the 2nd most prolific gold region in world history.
- Quebec has been on the top 10 in the Fraser Institute Annual Mining Survey since 2001 (2010/2011 Survey of Mining Companies).
- Quebec has maintained its standing as a top mining jurisdiction due to government policies ensuring investments into its commodities sector, an immediate example being Plan Nord
Douay Gold Project
- The Douay Gold Project is considered to be one of the largest undeveloped gold projects in Quebec.
- The Douay Gold Project is easily accessible by the provincial paved highway 109, a major regional road linking the town of Amos to Matagami, and by a 5km all-weather gravel road linking the property to the paved road. The Project site has excellent infrastructure, including power lines, collared shaft, head frame, hoist, compressors and an office building.
- The revised NI 43-101 resource estimate has significantly increased the current Resources at the Douay Gold Porject.
- 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 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 assets.
- Internal gaps in drilling were identified in the model as having potential to add resources.
- Improved understanding of mineralizing controls indicated the potential to expand resources at the Project through additional drilling, particularly in the Porphyry Zone.
- 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 adopted by the CIM Council on November 27,2010. A supporting Technical Report will be filled 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
- Unlike elsewhere in the world, where super pits have been developed, there has been no historic mining on the Douay project and the high grade portion remains intact.