Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Aviva Corporation CEO continues on market share buy up

Aviva Corporation (ASX: AVA) chief executive officer Lindsay Reed has bought another 100,000 shares in the company for a total consideration of A$11,500, providing an average entry price of $0.115 per share.

The purchase takes Reed's total holding to 6.2 million shares and 1.5 million options, exercisable at $0.25.

Interestingly, the company is nearing a maiden gold Resource at the Kakamega Gold Camp.

Work during early 2012 is focusing on drilling prospects in the Kakamega Gold Camp with infill, down dip and extensional drilling at Bushiangala and Kimingini being prioritised.

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 encouraging results.

Three reverse circulation holes were drilled at the Makuchi prospect, all of which intersected very broad widths of anomalous gold mineralisation.

The host and style of mineralisation is interpreted to be similar to that encountered at Dhahabu where previous drilling returned 62 metres at 2.45g/t gold from 42 metres, 24 metres at 2.41g/t gold from 42.2 metres and 5 metres at 1.95g/t gold from 29 metres.

Meanwhile, results from the single reverse circulation hole drilled into the western end of the Sigalagala gold-in-soil anomaly returned a very broad anomalous interval which included a zone of 4 metres at 3.59g/t gold from 79 metres.