TSX: KOR OTCQX: CORVF
VANCOUVER, Aug. 11, 2015 /CNW/ - Corvus Gold Inc.
("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces
the start of its Phase II 2015 drill program at the North Bullfrog
Project, Nevada on August 11th. The 8,000 metre reverse
circulation (RC) drill program will focus on two main areas 1)
Testing new high-grade discovery targets in the large unexplored
Eastern Steam-heated Zone; 2) Defining new high-grade systems
similar to the recent YellowJacket discovery in and around the
large resource areas in the NW part of the property (Figure
1). The program will follow-up on new geologic, structural
and mineralization results from the initial spring 2015 phase I
drilling program.
Jeff Pontius,
President and CEO of Corvus Gold Inc. said "The positive results
from Corvus Gold's preliminary economic assessment which
incorporates the new high-grade YellowJacket discovery have
demonstrated the high potential of the North Bullfrog District. New
surface and drill hole exploration data linked to the gold
depositional controls defined at YellowJacket has now outlined a
number of prospective new discovery and potential resource
expansion targets across the District. The two pronged phase
II drill program will focus on the evaluation of near-term
high-grade resource expansion in the west and new large deposit
discovery potential in the east. We believe that the large
new Eastern Steam-heated target area which covers some fourteen
square kilometres has the potential to host additional YellowJacket
or Bullfrog-type deposits. This next round of exploration at
North Bullfrog holds the potential to expand an existing, highly
prospective, high margin deposit."
Western Target Areas
The phase II drill program will test a number of priority new
discovery and resource expansion targets in and around the existing
North Bullfrog deposits (Figure 2). Two of these targets were
tested in the early 2015 phase I, "proof of concept" drilling
program, the results of which have confirmed the key structural and
mineralization controls. At the North Sierra Blanca target a
northeast trending high level stockwork vein system returned +1 g/t
gold intercepts from high level stockwork veining over several
meters. This new vein system appears to mirror the
YellowJacket zone some 400 metres to the west (NR15-08:
July 9, 2015). At the Liberty
target which is 500 metres south of the YellowJacket deposit,
drilling has intersected a high level quartz stockwork vein system
with high mercury values and low grade gold and silver which is
characteristic of the tops of the YellowJacket system. Follow
up drilling will be conducted at both targets to evaluate these new
stockwork systems at depth in the projected productive zones.
In addition, a number of other structural/high-grade targets
will be tested in the greater Sierra Blanca and Jolly Jane areas
including the Air Track/366 target (following up hole NB-13-366
with 20m of 1.03 g/t Au & 17.5m @ 1.26 g/t Au under shallow
pediment cover, NR14-01, January 9,
2014) and North YellowJacket (Rhyolite Vein 11.3m @ 3.3 g/t
Au, NR14-17: September 4,
2014). The setting of the Jolly Jane is similar to the Sierra
Blanca/YellowJacket deposits with two major bounding structural
zones on the east and west sides of a large low-grade
deposit. It is believed that these structural zones could
host similar high-grade mineralization to that at YellowJacket and
will be initially tested in the phase II program.
Eastern Steam-heated Zone
Ongoing mapping and surface exploration has now expanded the
Eastern Steam-heated alteration zone to 7 km along strike and
approximately 2 km in width. The core of this expanding
target area has now been covered with a detailed soil survey with
initial results indicating new areas of anomalous gold-silver
mineralization linked to the major through going structures (Figure
3). These new soil results will be an important addition to
defining the location, scale and priority of phase II drill targets
in the Eastern Zone as they link the large highly altered
structural zones with potentially productive gold-silver
mineralization.
Drilling at the Eastern Zone will start with the initial testing
of the first group of target areas including: Alunite Hill,
Spicerite Graben, Vinegaroon and Cat Hill. These areas each
include several individual targets each with potential to host
significant deposits. The Eastern Zone is an exploration
opportunity over a District scale system that remains essentially
unexplored. Recent exploration work and analysis of the
Eastern Steam-heated Zone by Dr. Richard
Sillitoe, has refined and enhanced the targeting process and
highlighted the potential of the belt in the context of other large
productive epithermal belts in the world. Dr. Sillitoe has
been an important contributor to discoveries like the Fruta del
Norte deposit in Equator, El Pinion deposits in Chile and Cerro Vangardia deposits in
Argentina as well as many
more.
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
compliant 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. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
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.
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.
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.
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 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.