Aviva Corporation (ASX: AVA) chief executive officer Lindsay Reed has increased his interest in the company to more than 6 million shares this month, a major vote of confidence in the company as it works towards a maiden gold JORC Resource.
Reed purchased a total of 500,000 Aviva shares on market over February 15, 16 and 17, at a price of $0.115 per share for a total cost of $57,500.
The purchase takes Reed’s total holding to 6.1 million shares and 1.5 million options, exercisable at $0.25.
Aviva has interests in a range of metal and energy projects in Africa, with recent success at its operations in Kenya.
The company rounded out 2011 with high grade gold intercepts at the Kakamega Gold Camp in Kenya and high grade results at the Bumbo Base Metals Project in West Kenya.
At Kakamega, follow up diamond drilling at the Bushiangala joint venture prospect returned intercepts of 4.67 metres at 4.92 grams per tonne (g/t) gold from 77.95 metres, 6.34 metres at 5.02g/t gold from 38.32 metres, and 16 metres at 5.91g/t gold from 57.8 metres.
Reconnaissance drilling at two new prospects, Sigalagala and Makuchi, also returned positive results.
Aviva is targeting a maiden gold JORC Resource in the first half of 2012.
Meanwhile, at Bumbo, infill and extensional drilling indicated the potential to extend the 1.68 million tonne Inferred JORC Resource.
Gold mineralisation was intercepted 200 metres from the Resource, while the drilling program also led to the discovery of a broad, near-surface weathered zone.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/25520/aviva-corporation-ceo-snaps-up-more-shares-as-company-targets-jorc-gold-resource-25520.html