NB-14-400
|
Josh Vein: 6
metres @ 14 g/t Gold and 60 g/t Silver
|
|
Footwall
Stockwork: 16.3 metres @ 33 g/t Gold and 20 g/t
Silver
|
|
Including 6.7
metres @ 73 g/t Gold and 38 g/t Silver
|
NB-14-401
|
Hangingwall
Stockwork: 21 metres @ 7 g/t Gold and 8 g/t Silver
|
VANCOUVER, Oct. 28,
2014 /CNW/ - Corvus Gold Inc. ("Corvus" or the
"Company") - (TSX: KOR, OTCQX: CORVF) announces results from holes
NB-14-400 and NB-14-401 which have respectively returned broad
intercepts of 36 metres @ 17 g/t gold and 32 metres of 5 g/t gold
(Table 1). These new results continue to fill a gap in the
previous drilling in an area targeted for high-grade mineralization
related to shoot development (Figure 1). This release
represents the first three of 18 completed holes with another 10-12
planned holes in the phase two 2014 drill program.
Mineralization in this target area occurs in the
form of native gold in quartz veins primarily within the stockwork
zone around the main Josh Vein.
This new high-grade zone, originally hit in hole NB-14-399,
is expanding at depth with grades that are 5 to 15 times the
average of the system overall and higher than the main Josh Vein. These results indicate that the
most productive part of the system is not exclusively the main
Josh Vein and opens up the
possibility of further broad above Josh
Vein grade zones within Yellowjacket's stockwork.
Table 1:
Significant Intercepts* from Recent Drilling at
Yellowjacket
(Reported drill intercepts are not true
widths. At this time, there is insufficient data with respect
to the shape of the mineralization to calculate its true
orientation in space.)
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Comments
|
|
112.2
|
115.4
|
3.2
|
0.7
|
4.9
|
Hangingwall
Stockwork
|
NB-14-399
|
115.4
|
116.9
|
1.6
|
10.6
|
59.1
|
Josh
Vein
|
|
116.9
|
121.6
|
4.7
|
1.0
|
4.3
|
Footwall
Stockwork
|
Azi 90, incl
-45
|
|
|
9.4
|
2.5
|
13.7
|
Vein +
Stockwork
|
|
119.7
|
133.7
|
14.0
|
0.4
|
2.2
|
Hangingwall
Stockwork
|
NB-14-400
|
133.7
|
139.3
|
5.6
|
13.9
|
60.1
|
Josh
Vein
|
|
139.3
|
155.6
|
16.3
|
32.6
|
20.3
|
Footwall
Stockwork
|
including
|
145.0
|
151.7
|
6.7
|
73.4
|
38.4
|
|
Azi 90, incl
-63
|
|
|
35.9
|
17.1
|
19.5
|
Vein +
Stockwork
|
|
145.7
|
166.8
|
21.1
|
6.9
|
8.0
|
Hangingwall
Stockwork
|
NB-14-401
|
166.8
|
167.7
|
0.9
|
0.7
|
5.5
|
Josh
Vein
|
|
167.7
|
177.7
|
10.0
|
1.0
|
2.4
|
Footwall
Stockwork
|
Azi 90, incl
-73
|
|
|
32.0
|
4.9
|
6.2
|
Vein +
Stockwork
|
*The vein intervals are defined as having
>50% quartz infill and stockwork is defined as the interval in
the immediate hangingwall and footwall of the vein where overall
vein density exceeds 5%. Within the stockwork zones, a cutoff of
0.3g/t gold equivalent has been used assuming a 59:1 price ratio of
gold to silver.
Jeff Pontius, CEO
of Corvus, stated "These new results from what appears to be a key
shoot in the Yellowjacket vein system have significantly expanded
the potential of the deposit. Hole NB-14-400 is the best
high-grade broad intercept drilled to date on the North Bullfrog
Project and has now clearly outlined our large Gap Area "Shoot
Target". With only 3 of 18 completed holes reported in the
ongoing Phase 2 drill program, the initial results are encouraging
and continue to showcase the expansion potential as we unlock the
high-grade shoot zones of the Yellowjacket Deposit."
Geology of Holes NB-14-400 and
NB-14-401
Holes NB-14-400 and NB-14-401 confirm the down
dip continuity of the Josh vein system and suggest that the
interaction of two faults may be responsible for the broad zones of
stockwork and bonanza grades found in these holes (Figure 2).
The consistency of the mineralization in NB-14-400 is
remarkable, with 40% of the samples having more than 10 g/t gold
(Table 2). Within the stockwork, native gold occurs in
millimeter wide veinlets where they interact with pre-existing
veins forming spectacular dendritic textures (Figure 3). The
style of mineralization is similar to that observed in hole
NB-13-347 (14m @ 7 g/t gold and 21 g/t silver, NR13-20,
September 5, 2013) and NB-14-399 (9.4
m @ 2.5g/t gold and 14g/t silver; NR14-18, October 1, 2014) which are approximately 50
metres up plunge from NB-14-400. Work is currently underway
to determine the specific controls on this bonanza grade
mineralization. The gap target zone is currently about 200
metres long and has been tested to a depth of about 175 metres down
dip.
Exploration Program
Corvus is currently utilizing two core drills
focusing on expanding the Yellowjacket resource along strike,
internally and at depth. Phase II drilling will include
approximately 30 core holes designed to expand the Yellowjacket
deposit, define bonanza grade shoots within the deposit and provide
material for continuing advanced metallurgical testing. The
Phase II program will continue through November and, following the
return of all results, the Company plans on calculating a new
estimated resource in the first quarter of 2015. This
resource will form the basis of an initial Preliminary Economic
Assessment (PEA) that will incorporate the Yellowjacket
discovery. The PEA is scheduled to be completed in Q2 of
2015. In addition, Corvus is engaged in detailed
metallurgical studies of the new high-grade mineralization which
have provided very encouraging initial results. The North
Bullfrog Project is also being advanced on a number of development
fronts as well as project characterization work ahead of
permitting.
Table 2: Individual assays from vein and
footwall stockwork in NB-14-400 illustrating the grade
distribution.
Sample
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Geology
|
P490404
|
133.67
|
134.11
|
0.44
|
6.6
|
33
|
|
P490405
|
134.11
|
134.65
|
0.54
|
1.8
|
17
|
|
P490406
|
134.65
|
135.21
|
0.56
|
2.7
|
24
|
|
P490407
|
135.21
|
135.70
|
0.49
|
24.6
|
111
|
|
P490408
|
135.70
|
136.11
|
0.41
|
8.3
|
59
|
Massive
|
P490409
|
136.11
|
136.68
|
0.57
|
11.6
|
45
|
Quartz
|
P490410
|
136.68
|
137.16
|
0.48
|
17.2
|
56
|
Vein
|
P490411
|
137.16
|
137.63
|
0.47
|
8.0
|
40
|
|
P490412
|
137.63
|
138.07
|
0.44
|
20.6
|
79
|
|
P490414
|
138.07
|
138.47
|
0.40
|
8.4
|
32
|
|
P490415
|
138.47
|
138.92
|
0.45
|
34.2
|
125
|
|
P490416
|
138.92
|
139.31
|
0.39
|
29.2
|
123
|
|
P490417
|
139.31
|
139.86
|
0.55
|
2.3
|
11
|
|
P490418
|
139.86
|
140.40
|
0.54
|
1.0
|
6
|
|
P490419
|
140.40
|
140.97
|
0.57
|
1.7
|
4.5
|
|
P490420
|
140.97
|
141.49
|
0.52
|
3.4
|
5.0
|
|
P490421
|
141.49
|
142.05
|
0.56
|
0.6
|
3.0
|
|
P490422
|
142.05
|
142.54
|
0.49
|
0.6
|
4.4
|
|
P490424
|
142.54
|
143.10
|
0.56
|
1.5
|
4.5
|
|
P490425
|
143.10
|
143.54
|
0.44
|
2.5
|
6
|
|
P490426
|
143.54
|
143.99
|
0.45
|
4.6
|
12
|
Stockwork
|
P490427
|
143.99
|
144.48
|
0.49
|
0.6
|
7
|
with >5%
vein
|
P490428
|
144.48
|
145.04
|
0.56
|
10.5
|
16
|
|
P490429
|
145.04
|
145.49
|
0.45
|
268.0
|
109
|
|
P490430
|
145.49
|
145.96
|
0.47
|
69.7
|
51
|
|
P490431
|
145.96
|
146.40
|
0.44
|
17.5
|
11
|
|
P490432
|
146.40
|
146.92
|
0.52
|
11.4
|
9
|
|
P490434
|
146.92
|
147.46
|
0.54
|
1.5
|
6
|
|
P490435
|
147.46
|
148.04
|
0.58
|
2.5
|
3.9
|
|
P490436
|
148.04
|
148.57
|
0.53
|
6.3
|
24
|
|
P490437
|
148.57
|
149.01
|
0.44
|
30.6
|
25
|
|
P490438
|
149.01
|
149.60
|
0.59
|
431.0
|
206
|
|
P490439
|
149.60
|
150.09
|
0.49
|
39.1
|
18
|
|
P490440
|
150.09
|
150.68
|
0.59
|
4.9
|
1.7
|
|
P490441
|
150.68
|
151.20
|
0.52
|
24.3
|
12
|
|
P490442
|
151.20
|
151.72
|
0.52
|
29.9
|
14
|
|
P490444
|
151.72
|
152.14
|
0.42
|
0.4
|
1.8
|
|
P490445
|
152.14
|
152.50
|
0.36
|
1.0
|
3.5
|
|
P490446
|
152.50
|
153.09
|
0.59
|
1.0
|
16
|
|
P490447
|
153.09
|
153.67
|
0.58
|
0.4
|
2.2
|
|
P490448
|
153.67
|
154.29
|
0.62
|
0.5
|
1.7
|
|
P490449
|
154.29
|
154.81
|
0.52
|
1.1
|
3.1
|
|
P490450
|
154.81
|
155.17
|
0.36
|
49.8
|
22
|
|
P490451
|
155.17
|
155.61
|
0.44
|
12.1
|
22
|
|
Total
|
Intercept
|
21.94
|
27.8
|
30.5
|
|
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog
Project, which covers approximately 68 km² in southern
Nevada. The property package is made up of a number of
private mineral leases of patented federal mining claims and 758
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.
Based upon a USD
1300 gold price and a silver to gold price ratio of 59:1,
the North Bullfrog project currently has estimated mineral
resources defined in six deposits: the structurally controlled
Yellowjacket milling deposit and the oxidized disseminated heap
leach Sierra Blanca, Jolly Jane, Air
Track West, Connection and Mayflower deposits. The
Yellowjacket vein-style deposit has an Indicated Mineral Resource
of 3.69 Mt at an average grade of 1.03 g/t gold and 5.52 g/t silver
for 122,000 contained ounces of gold and 654,000 ounces of silver
and an Inferred Mineral Resource of 18.40 Mt with an average grade
of 0.94 g/t gold and 6.16 g/t silver for 555,000 contained ounces
of gold and 3.64M ounces of silver, both at a 0.29 g/t gold
cutoff.
The five oxidized disseminated heap leach
deposits contain an Indicated Mineral Resource of 25.72 Mt at an
average grade of 0.29 g/t gold for 240,000 contained ounces of gold
and an Inferred Mineral Resource of 185.99 Mt at 0.19 g/t gold for
1,136,000 contained ounces of gold (both at a 0.13 g/t gold
cut-off), with appreciable silver credits.
For full details with respect to the assumptions
underlying the current resource estimate detailed herein, please
review the Company's latest NI 43-101 technical report entitled
"Technical Report - The North Bullfrog Project, Bullfrog Mining
District, Nye County, Nevada"
dated April 1, 2014 and available on
SEDAR or at the Company's website www.corvusgold.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 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 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 supervised
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 Russell Myers (CPG
11433), President of Corvus, and Mark
Reischman, Corvus Nevada Exploration Manager, who are
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 Minerals in Reno,
Nevada, for preparation and then on to ALS Minerals in
Reno, Nevada, or Vancouver, B.C., for assaying. ALS
Minerals'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 company which is 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.
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 possibility of
further broad above Josh Vein grade
zones to be found within the Yellowjacket stockwork zone, the
potential for there to be additional high grade shoots of
mineralization at Yellowjacket, the potential for the North
Bullfrog project to enter the permitting process towards a
potential development decision; 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 timing and completion of the Phase II drill program,
the timing and completion of the planned updated resource estimate
and PEA for 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 2014 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.