Highlights
include:
|
NB-14-403
|
|
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New Upper Stockwork Zone: 1.7 metres @ 145 g/t
Gold and 22 g/t Silver
|
NB-14-404
|
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Josh Vein + Stockwork: 8 metres @ 3.8 g/t Gold and
14 g/t Silver
|
NB-14-405
|
|
|
Josh Vein + Stockwork: 18 metres @ 2.3 g/t Gold
and 25 g/t Silver
|
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TSX: KOR OTCQX: CORVF
VANCOUVER,
Nov. 20, 2014 /CNW/ - Corvus Gold
Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF)
announces results from holes NB-14-403 through NB-14-406 which
continue the down-dip exploration of the main Josh Vein system of
the Yellowjacket Deposit (Figure 1). Hole NB-14-403, returned
1.7 metres @ 145 g/t gold in a new stockwork zone above the
Josh Vein system, testing the new zone approximately 175 metres
down-dip from the surface (Figure 2) and 50 metres down dip from
hole NB-14-377 (17m @ 2 g/t gold and 8.2 g/t silver,
April 3, 2014 news release). This new
zone marginal to the main Josh vein/stockwork system is another
example of high-grade splay veins that are regularly being
encountered as the system is being infill drilled.
Hole NB-14-405, which returned 18 metres of 2.3 g/t gold and
25 g/t silver, tested the structure at the same elevation as
holes 403 and 406 but 250 metres to the north (Figure 1 & 2).
In addition hole NB-14-405 tested the NE30 Fault Zone which occurs
in the hangingwall of the Josh Vein and it returned a substantial
intercept of 8.7 metres of 2.4 g/t gold and 12 g/t silver
opening up a new vein system target for follow-up in 2015.
NB-14-406, which encountered 9.7 metres of solid vein material
with 1.8g/t gold and 5g/t silver, tested the structure at the same
elevation as NB-14-403 but 50 metres to the south. Hole NB-14-404,
with 7.9 metres of 3.8 g/t gold and 14 g/t silver infills
the same zone in between holes NB-14-377 and NB-14-378 (9.2m @18
g/t gold and 260 g/t silver, April 3,
2014 news release).
These results show that at 175 metres down-dip the
vein/stockwork shoots are still well developed in both the north
(NB-14-405) and south (NB-14-406) opening up future expansion
potential. Future holes will continue to test the down-dip
extensions and a series of holes are currently in progress to
continue to test this elevation in the vicinity of discovery hole
NB-12-138 (72m @ 1.7 g/t gold and 99 g/t silver including 4.3m @
20 g/t gold and 1,519 g/t silver, January 22, 2013 news release) and farther south
(Figure 1).
Jeff Pontius, CEO of Corvus Gold
Inc. states "The overall continuity of the Josh Vein structure both
along strike and down dip is remarkable and bodes well for further
expansion. In addition the continued discovery of high grade
splay veins like the one found in NB-14-403 with ongoing drilling
of the margin and strike extent of the system is very encouraging
for the possible discovery of other Josh Vein type systems within
the overall Yellowjacket structural zone. The continued
success of the Yellowjacket exploration program will likely make a
significant impact on the deposit's size and quality and
should have a positive impact on overall shareholder value in the
coming year."
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.)
HoleID
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From
(m)
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|
|
To
(m)
|
|
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Interval
(m)
|
|
|
Gold
(g/t)
|
|
|
Silver
(g/t)
|
|
|
Comments
|
|
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129.0
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|
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130.7
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|
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1.7
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|
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145
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|
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22
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|
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Upper
Stockwork
|
|
|
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148.6
|
|
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172.6
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24.0
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|
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0.4
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1.8
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|
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Hangingwall
Stockwork
|
NB-14-403
|
|
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172.6
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|
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173.6
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|
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1.0
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0.5
|
|
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4.5
|
|
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Josh
Vein
|
|
|
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173.6
|
|
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180.8
|
|
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7.1
|
|
|
0.4
|
|
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3.9
|
|
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Footwall
Stockwork
|
Az 136 incl
-72
|
|
|
|
|
|
|
|
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32.1
|
|
|
0.4
|
|
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2.3
|
|
|
Vein +
Stockwork
|
|
|
|
116.1
|
|
|
119.7
|
|
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3.5
|
|
|
2.1
|
|
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1.8
|
|
|
Upper
Stockwork
|
|
|
|
129.2
|
|
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131.4
|
|
|
2.2
|
|
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1.1
|
|
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5.7
|
|
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Hangingwall
Stockwork
|
NB-14-404
|
|
|
131.4
|
|
|
134.0
|
|
|
2.7
|
|
|
0.5
|
|
|
19.7
|
|
|
Josh
Vein
|
|
|
|
134.0
|
|
|
137.1
|
|
|
3.1
|
|
|
8.6
|
|
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14.2
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|
|
Footwall
Stockwork
|
Az 90 incl
-54
|
|
|
|
|
|
|
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7.9
|
|
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3.8
|
|
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13.7
|
|
|
Vein +
Stockwork
|
|
|
|
135.8
|
|
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144.5
|
|
|
8.7
|
|
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2.4
|
|
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12.3
|
|
|
NE30
Fault
|
|
|
|
144.5
|
|
|
153.3
|
|
|
8.8
|
|
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0.3
|
|
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6.8
|
|
|
NE30 Footwall
Stockwork
|
|
|
|
170.2
|
|
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174.7
|
|
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4.4
|
|
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0.4
|
|
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17.3
|
|
|
JV/HW
Periph
|
|
|
|
174.7
|
|
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179.6
|
|
|
5.0
|
|
|
2.8
|
|
|
26.6
|
|
|
Hangingwall
Stockwork
|
NB-14-405
|
|
|
179.6
|
|
|
186.0
|
|
|
6.4
|
|
|
2.0
|
|
|
41.1
|
|
|
Josh
Vein
|
|
|
|
186.0
|
|
|
192.6
|
|
|
6.5
|
|
|
2.2
|
|
|
6.7
|
|
|
Footwall
Stockwork
|
Az 90 incl
-68
|
|
|
|
|
|
|
|
|
17.9
|
|
|
2.3
|
|
|
24.6
|
|
|
Vein +
Stockwork
|
|
|
|
173.1
|
|
|
198.7
|
|
|
25.6
|
|
|
0.8
|
|
|
2.8
|
|
|
Peripheral
Stockwork
|
|
|
|
198.7
|
|
|
207.6
|
|
|
8.9
|
|
|
1.0
|
|
|
2.3
|
|
|
Hangingwall
Stockwork
|
NB-14-406
|
|
|
207.6
|
|
|
217.3
|
|
|
9.7
|
|
|
1.8
|
|
|
4.9
|
|
|
Josh
Vein
|
|
|
|
217.3
|
|
|
224.6
|
|
|
7.2
|
|
|
0.6
|
|
|
2.3
|
|
|
Footwall
Stockwork
|
Az 132 incl
-71
|
|
|
|
|
|
|
|
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25.8
|
|
|
1.2
|
|
|
3.3
|
|
|
Vein +
Stockwork
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
*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 0.3 g/t gold
equivalent has been used assuming a 59:1 price ratio of gold to
silver.
Exploration Program
Corvus Gold 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
with only 8 reported to date designed to expand the Yellowjacket
deposit, define bonanza grade ore shoot 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 resource estimate in the first quarter of
2015. The new resource estimate 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.
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 potential for future expansion of the drilling
program, commencement and testing of future drill holes, potential
discovery of other vein systems, success of drilling program having
a significant impact on the deposit's size and quality and a
positive impact on shareholder value, 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.