TSX: KOR OTCQX:
CORVF
VANCOUVER, Oct. 22, 2014 /CNW/ - Corvus Gold Inc. ("Corvus"
or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the first
Mineral Resource estimate for its non-core, 100% owned, LMS project
in Alaska (Table 1). The
resource estimate was calculated incorporating new drilling
conducted by the Company's prior JV partner (Figure 1) where the
primary target has been a folded stratiform breccia horizon.
This additional drill information and review allowed for a
reinterpretation of the structural controls on the highest grade
veins (713 g/t gold and 139 g/t silver over 1.8 metres in hole
LM-06-29; Table 2) which suggests that previous drilling has left
the potential of the project untested (Figure 2).
The LMS project is currently a non-core asset for Corvus, and no
immediate, internally funded exploration is scheduled at this
time. Corvus remains fully focused on its new Nevada high-grade Yellowjacket discovery at
its North Bullfrog project.
Jeff Pontius Corvus Gold CEO states "This maiden resource and
new high-grade target at our non-core LMS project represents the
broad potential of the Corvus portfolio of projects and the
proficiency of our exploration and discovery team. Although
Corvus will not be initiating a follow-up exploration program in
the near-term, the LMS project remains a future potential
opportunity."
Table 1: The grade-tonnage
table for the LMS inferred resource with a number of cut-off
grades.
At this time an economic cut-off is unknown and a value of 0.5 g/t
Au has been highlighted
as a possible open pit cut-off.
Au Cut-off
(g/t)
|
Tonnes
>Cut-off
|
Grade
>Cut-off
Au (g/t)
|
Gold
Contained Ounces
|
0.4
|
10,900,000
|
0.87
|
304,000
|
0.5
|
8,320,000
|
1
|
267,000
|
0.6
|
6,640,000
|
1.11
|
238,000
|
0.7
|
5,460,000
|
1.21
|
213,000
|
0.8
|
4,490,000
|
1.31
|
190,000
|
0.9
|
3,750,000
|
1.41
|
169,000
|
1
|
3,180,000
|
1.49
|
152,000
|
Mineral resources which are not mineral reserves do not
have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, marketing, or other relevant issues. See
also Cautionary Note to U.S. Investors below.
New High-Grade Target
Drilling at LMS has been designed primarily to cut the
stratiform breccia horizon which hosts the currently reported
resource. However, high-grade vein mineralization has been
encountered in the rock unit below this zone (gneiss) in every
drilling campaign (Figures 1 and 2, Table 1). Corvus has not
carried out any drilling at LMS. The initial drilling in 2005
– 2006 was carried out by Corvus' predecessors in interest.
The drilling programs in 2010 and 2011 were carried out by First
Star Resources Inc., Corvus' prior joint venture partner, and were
designed with the idea that the high-grade veins had a northeast
strike. While this drilling failed to establish any
continuity in that direction, the drilling did encounter
significant veining and these results, together with an improved
definition of the fold geometry, provided the data which has
allowed a reinterpretation of the vein controls. Figure 2
illustrates the location of the upright fold in the breccia horizon
and the distribution of higher grade veins in the footwall gneiss
while Figure 3 illustrates how all these high-grade samples can be
enclosed in a series of axial planar structures. At present,
there is insufficient data to delineate a resource in these
high-grade zones but they provide a clear target for future
exploration.
Table 2: Intercepts* around
10g/t gold samples in the lower gneiss unit illustrating the
potential significance of these zones if the revised pay trend
interpretation is correct. The first two digits in the Hole ID
indicate the year the hole was drilled.
Hole
ID
|
|
From
(metres)
|
|
To
(metres)
|
|
Interval
(metres)
|
|
Gold
(g/t)
|
|
Silver
(g/t)
|
LM-05-11
|
|
121.92
|
|
125.12
|
|
3.20
|
|
16.28
|
|
23.94
|
LM-05-12
|
|
143.0
|
|
146.3
|
|
3.4
|
|
21.7
|
|
43.2
|
|
|
171.8
|
|
173.3
|
|
1.5
|
|
35.4
|
|
54.4
|
LM-06-21
|
|
279.2
|
|
279.5
|
|
0.3
|
|
10.0
|
|
4.6
|
|
|
295.7
|
|
297.2
|
|
1.5
|
|
5.1
|
|
2.5
|
|
|
302.1
|
|
302.7
|
|
0.7
|
|
121.0
|
|
121.0
|
|
|
308.8
|
|
309.4
|
|
0.6
|
|
24.0
|
|
53.1
|
LM-06-24
|
|
175.9
|
|
180.3
|
|
4.4
|
|
6.3
|
|
5.8
|
LM-06-25
|
|
116.6
|
|
116.9
|
|
0.3
|
|
68.0
|
|
18.9
|
LM-06-26
|
|
282.2
|
|
283.7
|
|
1.4
|
|
27.7
|
|
1.8
|
|
|
285.6
|
|
286.2
|
|
0.6
|
|
10.0
|
|
1.0
|
|
|
380.3
|
|
380.9
|
|
0.6
|
|
22.3
|
|
3.1
|
LM-06-29
|
|
156.0
|
|
159.4
|
|
3.4
|
|
14.6
|
|
11.1
|
|
|
185.0
|
|
186.8
|
|
1.8
|
|
713.1
|
|
138.7
|
LM-06-31
|
|
240.0
|
|
241.7
|
|
1.7
|
|
12.0
|
|
59.0
|
|
|
253.8
|
|
254.7
|
|
1.0
|
|
7.8
|
|
3.4
|
|
|
265.6
|
|
270.8
|
|
5.1
|
|
4.2
|
|
1.6
|
|
|
317.0
|
|
317.5
|
|
0.6
|
|
10.7
|
|
3.6
|
LM-10-38
|
|
180.1
|
|
180.9
|
|
0.8
|
|
11.6
|
|
7.3
|
|
|
198.9
|
|
201.2
|
|
2.3
|
|
15.3
|
|
5.8
|
LM-10-39
|
|
221.6
|
|
224.0
|
|
2.4
|
|
4.3
|
|
6.9
|
|
|
233.6
|
|
238.1
|
|
4.4
|
|
4.9
|
|
19.0
|
|
|
267.9
|
|
274.8
|
|
6.9
|
|
6.4
|
|
11.6
|
LM-11-40
|
|
211.2
|
|
215.7
|
|
4.4
|
|
23.8
|
|
33.5
|
*Intercepts calculated using a 2g/t cutoff and allowing up to
1.4m of internal waste
October 2014 LMS Resource –
Technical Report
Mr. Ed Hunter of Hunter Geo Logic
Inc. and Mr. Gary Giroux of Giroux
Consultants Ltd. were retained by Corvus to prepare an initial
resource estimate for the LMS Project. This initial resource,
which has an effective date of March 26,
2014, will be contained in a NI 43-101 technical report
("Report") which will be filed on SEDAR within 45 days, and
investors are urged to review the Report in its entirety.
Mr. Giroux produced the initial resource estimate for the LMS
Project (effective as at March 26,
2014), based on drilling that occurred between 2005 and 2011
(Figure 1). The initial mineral inventory is based on a
revised geological model constructed by Mr. Hunter that
incorporates a new stratigraphic and structural
interpretation. The calculation is based on 5715 samples from
36 drill holes with an average depth of 317 metres within the Camp
Zone. The resource was estimated using ordinary Kriging.
Individual stratigraphic intervals were interpolated
separately to reflect the stratigraphically controlled nature of
the mineralization. A low grade shell was created to restrict
interpolation around the veins in the footwall gneiss. The
entire resource is classified as inferred at this time (Table 1).
Full details of the resource estimation procedure will be
included in the Report.
Exploration
The possible fold control on the formation of high-grade veins
at LMS suggests that vein formation is coincident with regional
folding and compression. The recognition of the fold control
on veining has far-reaching implications for targeting in the LMS
area where a number of soil anomalies are known. The new
high-grade target at LMS represents an opportunity that could be
addressed by Corvus following the Company's full assessment and
value extraction from its more advanced North Bullfrog project in
Nevada.
Qualified Person and Quality Control/Quality
Assurance
Jeffrey A. Pontius (CPG 11044), a
qualified person as defined by National Instrument 43-101, has
supervised the preparation of the scientific and technical
information that form the basis for this news release and has
approved the disclosure herein. Mr. Pontius is not
independent of Corvus, as he is the CEO and holds common shares and
incentive stock options.
The geological data utilized in the preparation of the Report
was initially compiled and validated by Russell Myers (CPG 11433), President of Corvus.
During every drilling campaign, similar security and quality
control protocols were utilized. On-site personnel at the
project log and track all samples prior to sealing and
shipping. Quality control is monitored by the insertion of
blind certified standard reference materials and blanks into each
sample shipment. All resource sample shipments were sealed
and shipped to ALS Minerals in Fairbanks,
Alaska, for preparation and then on to ALS Minerals in
Reno, Nevada, or Vancouver, B.C., for assaying. ALS
Chemex's quality system complies with the requirements for the
International Standards ISO 9001:2000 and ISO 17025:1999.
Analytical accuracy and precision are monitored by the analysis of
reagent blanks, reference material and replicate samples. Mr.
Myers is not independent of Corvus, as he is the President and
holds common shares and incentive stock options.
Mr. Ed Hunter, P.Geo., BSc., a
consulting geologist employed by Hunter Geo Logic Inc., is acting
as the Qualified Person, as defined in NI 43-101, for all portions
of the Report, including the description of the general site
information, the mineral exploration and the site geology, and data
verification portions, other than the mineral resource
estimate. Mr. Hunter has over 44 years of experience in all
aspects of exploration and is member in good standing of the
Association of Professional Engineers and Geoscientists of the
Province of British Columbia. Both Mr. Hunter and Hunter Geo
Logic Inc. are independent of the Company under NI 43-101.
Mr. Gary Giroux, M.Sc., P. Eng
(B.C.), a consulting geological engineer employed by Giroux
Consultants Ltd., has acted as the Qualified Person, as defined in
NI 43-101, for the Giroux Consultants Ltd. mineral resource
estimate portion of the Report. He has over 30 years of
experience in all stages of mineral exploration, development and
production. Mr. Giroux specializes in computer applications
in ore reserve estimation, and has consulted both nationally and
internationally in this field. He has authored many papers on
geostatistics and ore reserve estimation and has practiced as a
Geological Engineer since 1970 and provided geostatistical services
to the industry since 1976. Both Mr. Giroux and Giroux
Consultants Ltd. are independent of the Company under NI
43-101.
About Corvus Gold Inc.
Corvus Gold Inc. is a North American gold exploration and
development company, focused on advancing its 100% controlled
Nevada, North Bullfrog project
towards a potential development decision. In addition the
Company controls a number of other North American exploration
properties representing a spectrum of gold, silver and copper
projects. Corvus is committed to building shareholder value
through new discoveries and the expansion of those discoveries to
maximize share price leverage in a recovering gold and silver
market.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A.
Pontius
Jeffrey A.
Pontius,
Chief Executive Officer
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements
of historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost
of exploration programs, anticipated exploration program results,
the discovery and delineation of mineral
deposits/resources/reserves, the potential for higher grades zones
to be delineated at LMS through future work, the potential to
develop multiple high-grade zones and to expand the LMS deposit at
depth through future work, the potential for the discovery of a
new, large high-grade gold system at LMS, the potential to expand
the existing estimated resource at the LMS project, including
through definition of the identified high grade areas, the
potential for any mining or production at LMS, the potential for
the identification of multiple deposits at LMS, the potential for
the existence or location of additional high-grade veins, the
potential for the Company to secure or receive any royalties in the
future, business and financing plans and business trends, are
forward-looking statements. Although the Company believes
that such statements are reasonable, it can give no assurance that
such expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe,
expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, variations in the market price of any mineral
products the Company may produce or plan to produce, the Company's
inability to obtain any necessary permits, consents or
authorizations required for its activities, the Company's inability
to produce minerals from its properties successfully or profitably,
to continue its projected growth, to raise the necessary capital or
to be fully able to implement its business strategies, and other
risks and uncertainties disclosed in the Company's 2013 Annual
Information Form and latest interim Management Discussion and
Analysis filed with certain securities commissions in Canada and the Company's most recent filings
with the United States Securities and Exchange Commission (the
"SEC"). All of the Company's Canadian public disclosure
filings may be accessed via www.sedar.com and filings
with the SEC may be accessed via www.sec.gov and
readers are urged to review these materials, including the
technical reports filed with respect to the Company's mineral
properties.
Cautionary Note to U.S. Investors Regarding References to
Resources and Reserves
National Instrument 43 101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource estimates contained in or incorporated by
reference in this press release have been prepared in accordance
with NI 43-101 and the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (the "CIM") Standards on
Mineral Resource and Mineral Reserves, adopted by the CIM Council
on November 14, 2004 (the "CIM
Standards") as they may be amended from time to time by the
CIM.
United States investors are
cautioned that the requirements and terminology of NI 43-101 and
the CIM Standards differ significantly from the requirements and
terminology of the SEC set forth in the SEC's Industry Guide 7
("SEC Industry Guide 7"). Accordingly, the Company's
disclosures regarding mineralization may not be comparable to
similar information disclosed by companies subject to SEC Industry
Guide 7. Without limiting the foregoing, while the terms
"mineral resources", "inferred mineral resources", "indicated
mineral resources" and "measured mineral resources" are recognized
and required by NI 43-101 and the CIM Standards, they are not
recognized by the SEC and are not permitted to be used in documents
filed with the SEC by companies subject to SEC Industry Guide
7. Mineral resources which are not mineral reserves do not
have demonstrated economic viability, and US investors are
cautioned not to assume that all or any part of a mineral resource
will ever be converted into reserves. Further, inferred
resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically.
It cannot be assumed that all or any part of the inferred resources
will ever be upgraded to a higher resource category. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of a feasibility study or prefeasibility study,
except in rare cases. The SEC normally only permits issuers
to report mineralization that does not constitute SEC Industry
Guide 7 compliant "reserves" as in-place tonnage and grade without
reference to unit amounts. The term "contained ounces" is not
permitted under the rules of SEC Industry Guide 7. In
addition, the NI 43-101 and CIM Standards definition of a "reserve"
differs from the definition in SEC Industry Guide 7. In SEC
Industry Guide 7, a mineral reserve is defined as a part of a
mineral deposit which could be economically and legally extracted
or produced at the time the mineral reserve determination is made,
and a "final" or "bankable" feasibility study is required to report
reserves, the three-year historical price is used in any reserve or
cash flow analysis of designated reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority. U.S. investors are urged to consider
closely the disclosure in our latest reports and registration
statements filed with the SEC. You can review and obtain copies of
these filings at http://www.sec.gov/edgar.shtml. U.S. Investors are
cautioned not to assume that any defined resource will ever be
converted into SEC Industry Guide 7 compliant reserves.
This press release is not, and is not to be construed in any
way as, an offer to buy or sell securities in the United States.
SOURCE Corvus Gold Inc.