VANCOUVER, April 12, 2016 /CNW/ - Corvus Gold Inc.
("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces
the start of its Phase I 2016 drill program at the North Bullfrog
Project, Nevada on April
11th. The 5,000 metre reverse circulation (RC)
drill program will focus on two main areas 1) Expanding the new
high-grade NW Sierra Blanca target in the large unexplored area
just west of the current Sierra
Blanca deposit and; 2) Follow-up drilling to the new Lower
Savage target and the West Jolly Jane fault approximately 500m
directly south of the YellowJacket deposit (Figure 1). The
program will be the first stage of follow-up on new geologic,
structural and mineralization results from the 2015 exploration
program.
Jeff Pontius, President and CEO
of Corvus said "The positive results from Corvus' 2015 exploration
program have outlined a number of high priority targets for
2016. The phase I drill program will begin by testing a new
high-grade structural zone discovered last year at the NW Sierra
Blanca target which has potential to host another YellowJacket type
deposit. In addition we will be testing the new detachment
style structural zones at the lower Savage target which we believe
has potential to host a new style of high-grade
mineralization. This targeted phase I drill program will
address new areas for deposit expansion and what might be an
entirely new deposit just below the existing resource area. The
more exploration we do at North Bullfrog the greater the potential
we unlock from this evolving new Nevada
Gold district."
NW Sierra Blanca Target
The new NW Sierra Blanca Zone is currently defined by about a
dozen drill holes over a kilometre of strike length (Figure
2). The gold system is over 100 metres wide and extends to at
least 150 metres in depth of low-grade gold and silver with
narrower 2-20 metre wide zones of 1-5 g/t stockwork related
gold-silver mineralization. The system trends to the
northeast and includes the new Rhyolite zone as seen in hole
NB-15-267 (NR15-14, October 15,
2015), with 10.7m @ 3.47 g/t Au & 3.6 g/t Ag
within 210m at 0.47 g/t Au & 1.4 g/t Ag, and hole NB-15-282
(NR16-02, January 19, 2016) that is
600 metres to the SW which returned 3.1m @ 5 g/t Au and 42 g/t
Ag within 99.1m of 0.64 g/t Au and 4.08 g/t Ag.
Drilling this year will focus on outlining the shape and extent
of the higher grade stockwork zones and assessing their potential
impact on the overall mine plan and project economics. The
initial drill program at NW Sierra Blanca and the northern
extension of the YellowJacket deposit into the Swale target area,
will involve about 15 drill holes.
Lower Savage and West Jolly Jane Fault Targets
The Lower Savage target is a unique new discovery that could
have an impact on the gold and silver potential of the North
Bullfrog District (Figure 3). Mineralization intersected near
the bottom of Savage hole NB-15-273 (NR16-03, January 26, 2016) with 3.1m @ 2.05 g/t Au and 178
g/t Ag, the deepest drilled at North Bullfrog, is characteristic of
a hotter and more intrusion related gold-silver system which could
be the source of mineralization for the overlying Sierra
Blanca–YellowJacket deposit. This mineralization which lies
about 100 metres below the current deposit is high in silver with
significant copper (up to 0.2%). The mineralized zone appears
to be a splay off of the West Jolly Jane listric fault, a
structural system that is related to large scale movement at low
angles and is similar to the structural environment that hosts the
historic Bullfrog deposit located 10 kilometres to the south.
The initial follow-up drilling on this new discovery will test the
north and south extension of the zone and if positive will be
followed with oriented core drilling of the zone.
The West Jolly Jane structural zone intersected in the Lower
Savage target come to surface in the North Jolly Jane area and
recent exploration along this zone has identified outcropping
banded quartz-carbonate veins up to a kilometre to the north of the
northern most drilling (over 1.5 km to the north of the Jolly Jane
Deposit). This structural zone remains essentially untested.
Two or three scout holes will be drilled on this structural
zone in the first phase to assess its potential to host
YellowJacket/Bullfrog type vein systems.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers
approximately 72 km² in southern Nevada. The property package
is made up of a number of private mineral leases of patented
federal mining claims and 865 federal unpatented mining
claims. The project has excellent infrastructure, being
adjacent to a major highway and power corridor as well as a large
water right.
The North Bullfrog project includes numerous prospective gold
targets at various stages of exploration with four having NI 43-101
mineral resources (Sierra Blanca,
Jolly Jane, Mayflower and YellowJacket). The project
contains a measured mineral resource of 3.86 Mt at an average grade
of 2.55 g/t gold and 19.70 g/t silver, containing 316.5k ounces of
gold and 2,445k ounces of silver, an indicated mineral resource of
1.81 Mt at an average grade of 1.53 g/t gold, and 10.20 g/t silver,
containing 89.1k ounces of gold and 593.6k ounces of silver and an
inferred resource of 1.48 Mt at an average grade of 0.83 g/t gold
and 4.26 g/t silver, containing 39.5k ounces of gold and 202.7k
ounces of silver for oxide mill processing. The mineral
resource for the mill process was defined by WhittleTM
optimization using all cost and recovery data and a breakeven
cut-off grade of 0.52 g/t gold. In addition, the project contains a
measured mineral resource of 0.3 Mt at an average grade of
0.25 g/t gold and 2.76 g/t silver, containing 2.4k ounces of gold
and 26.6k ounces of silver, an indicated mineral resource of 22.86
Mt at an average grade of 0.30 g/t gold and 0.43 g/t silver,
containing 220.5k ounces of gold and 316.1k ounces of silver and an
inferred mineral resource of 176.3 Mt at an average grade of 0.19
g/t gold and 0.67 g/t silver, containing 1,077.4k ounces of gold
and 3,799.2k ounces of silver for oxide, heap leach processing. The
mineral resource for heap leach processing was defined by
WhittleTM optimization using all cost and recovery data
and a breakeven cut-off grade of 0.15 g/t.
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 forms the basis for this news release and has
approved the disclosure herein. Mr. Pontius is not
independent of Corvus, as he is the CEO & President and holds
common shares and incentive stock options.
Carl E. Brechtel, (Nevada PE
008744 and Registered Member 353000 of SME), a qualified person as
defined by National Instrument 43-101, has coordinated execution of
the work outlined in this news release and has approved the
disclosure herein. Mr. Brechtel is not independent of Corvus, as he
is the COO and holds common shares and incentive stock options.
The work program at North Bullfrog was designed and supervised
by Mark Reischman, Corvus Gold's
Nevada Exploration Manager, who is responsible for all aspects of
the work, including the quality control/quality assurance
program. 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 are sealed and shipped to ALS Chemex in
Reno, Nevada, for preparation and
then on to ALS Chemex 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. Finally, representative blind duplicate samples are
forwarded to ALS Chemex and an ISO compliant third party laboratory
for additional quality control.
For additional information on the North Bullfrog project,
including information relating to exploration, data verification
and the mineral resource estimates, see "Technical Report and
Preliminary Economic Assessment for Combined Mill and Heap Leach
Processing at the North Bullfrog Project, Bullfrog Mining District,
NYE County, Nevada" dated
June 16, 2015, which is available
under Corvus Gold's SEDAR profile at www.sedar.com.
About Corvus Gold Inc.
Corvus Gold Inc. is a North American gold exploration and
development company, focused on its near-term gold-silver mining
project at North Bullfrog, Nevada. 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 potential for new deposits and expected
increases in a systems potential; anticipated content, commencement
and cost of exploration programs, anticipated exploration program
results, the discovery and delineation of mineral
deposits/resources/reserves, the potential to develop multiple
YellowJacket style high-grade zones, the Company's belief that the
parameters used in the WhittleTM pit optimization
process are realistic and reasonable, the potential to discover
additional high grade veins or additional deposits, the potential
to expand the existing estimated resource at the North Bullfrog
project, the potential for any mining or production at North
Bullfrog, 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. Information
concerning mineral resource estimates may be deemed to be
forward-looking statements in that it reflects a prediction of the
mineralization that would be encountered if a mineral deposit were
developed and mined. 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 in Canada 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 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.