AVM's acquisition of the Victorian high grade gold tenements early this year was excellently timed to take advantage of the fact that the Victorian goldfields appear to be on the cusp of a major revival.
Fosterville and Costerfield have shown what is possible and what lies waiting to be discovered deep below the surface, and the Geological Survey of Victoria estimated that there is still as much as 75 million ounces of gold waiting to be discovered in the Vic goldfields.
Serra Energy had already spent about $6 on exploration of AVM's new tenements, which encompass hundreds of old workings with numerous high grade (over 30g/t au) hits
The sheer amount of activity is testament to the confidence that the mining industry has in this region, with so many companies in addition to AVM engaged in exploration there, including INF, CYL, KAU, FAL, S2R, KZR, NSM, BUS, SX2, NAG, AIS, AKA, ADG, and now with ALK joining the party through its merger with Mandalay.
It really does appear that Victoria is on its way back to becoming a major gold producer, and AVM is likely to play a significant role.
AVM Price at posting:
4.2¢ Sentiment: Buy Disclosure: Held
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