NB-14-414 Josh Vein: 11 metres @ 8.1 g/t Gold and 30 g/t
Silver NB-14-410 Josh Vein + Stockwork: 9.9 metres @ 3.2 g/t Gold
and 124 g/t Silver NB-14-410 New Lower Stockwork: 1.6 metres @ 13.6 g/t Gold
and 3.9 g/t Silver
|
|
TSX: KOR OTCQX: CORVF
VANCOUVER, Jan. 13,
2015 /CNW/ - Corvus Gold Inc. ("Corvus" or the
"Company") - (TSX: KOR, OTCQX: CORVF) announces further results
from its 2014 exploration program to test the southern expansion
potential of the Yellowjacket deposit. The results also include a
series of holes that expand the previously discovered West Vein
zone at depth which include NB-14-414 (11 metres @ 8.1 g/t gold
and 30 g/t silver) and NB-14-410 (9.9 metres @ 3.2 g/t gold
and 124.3 g/t silver) (Table 1, Figure 1). Holes NB-14-417
(7.8 metres @ 1.1 g/t gold and 1 g/t silver) and NB-14-422
(3.5 metres @ 2.6 g/t gold and 3.3 g/t silver) illustrate
the continuation of Yellowjacket type vein mineralization well to
the south of the 2013 resource area. Although drilling conditions
to the south were difficult and several holes were lost due to poor
ground these new results indicate that the Yellowjacket system now
continues at least 200 metres to the south of the deposits original
discovery hole NB-12-138 (4.3 metres @ 20 g/t gold and 1519 g/t
silver) with broad oxide, heap leach mineralization extending
at least another 100 metres beyond that.
The current interpretation of the southern
Yellowjacket expansion zone is the typical Josh type higher grade
vein system is further at depth which will be an immediate target
for future exploration. In addition new high-grade vein
targets are developing in this area such as the NE60 and NE70 fault
zones, with characteristic upper level Josh Vein type
mineralization like that in hole NB-14-424 (7.3 metres of quartz
vein with 0.6 g/t gold and 4 g/t silver). The southern exploration
program has now outlined a significant new Yellowjacket resource
expansion area for future exploration.
Jeff Pontius, CEO
of Corvus Gold Inc. said "The 2014 drill campaign has significantly
expanded the size, grade and quality of the Yellowjacket
resource. The discovery of several new high-grade veins
during the 2014 program and the currently unconstrained nature of
the deposit suggest that Yellowjacket as well as other similar and
untested zones in the North Bullfrog district have potential to
develop into a large new Nevada,
high-grade gold-silver District. The knowledge gained in 2014
has formed the foundation for a new District wide exploration
program in 2015 to determine the potential of this new multimillion
ounce Nevada discovery. In
addition over the next few months the results from the 2014 work
will be integrated into a new resource statement and our first PEA
looking at the high-grade system and its impact on the overall
project."
Geological Results
The Josh Vein intercepts in holes NB-14-410
(2.2 metres of 8.9g/t gold and 450 g/t silver), NB-14-412
(4.5 metres of 1.0 g/t gold and 20 g/t silver, NB-14-414
(11 metres with 8.1 g/t gold and 30 g/t silver) and
NB-14-416 (6.6 metres with 0.9 g/t gold and 17 g/t silver)
tested the down-dip extensions of the West Vein to a depth of
approximately 200 metres.
All of the holes in the southern exploration
reported here have encountered significant intervals of
disseminated oxide mineralization some of it with grades
substantially higher than the average resource (Table 1). New drill
roads on the top of Sierra Blanca
have produced chip channel sampling (SBRC-15) which shows
continuous mineralization with quartz vein stockwork zones carrying
grades that are much higher than the average heap leach resource
(Figure 1). This mineralization should substantially impact early
mine production from the heap leach material.
High Grade Shoots within Josh Vein
The interaction between the Josh Vein and the
NE50, NE60 and NE70 fault zones may (Figure 1) be an important
control on the development of high-grade shoots within the Josh
Vein system and defining the locations and character of these
faults represents a big step forward for future targeting of
high-grade zones like those defined in hole NB-14-400 (35.9
metres @ 17 g/t gold and 20 g/t silver).
A new target, NE60 that is now emerging as a
potential new high-grade discovery was first intersected in early
exploration in holes NB-07-02 (4.5 metres of 1.6 g/t gold and 1.1
g/t silver) and RDH-768 (1.5 metres of 1.2 g/t gold and 0.4 g/t
silver). Hole NB-14-407 also encountered the mineralized NE60 fault
(5.4 metres of 0.83 g/t gold and 2.5 g/t silver), as well as in
holes NB-14-419, NB-14-423 and NB-14-420. This new broad zone
of structurally (fault zone) hosted gold is similar to the
mineralization above the Josh Vein to the north and has developed a
potential high-grade target at depth.
The NE70 fault zone target was a conceptual
target from geologic modeling and was initially tested in 2014
returning very encouraging results in holes NB-14-417 (7.8 metres
of 1.1 g/t gold and 1 g/t silver) and NB-14- 422 (32 metres of 0.61
g/t gold and 1.2 g/t silver). As with the NE60 target these
intercepts are from the upper parts of the system with the main
high-grade zone projected to be deeper in the system.
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
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Comments
|
NB-14-407
|
69.6
|
95.4
|
25.8
|
0.36
|
1.47
|
Disseminated
Oxide
|
Including
|
73.3
|
78.7
|
5.4
|
0.82
|
2.49
|
NE60
Fault
|
azi 90 incl
-50
|
|
|
|
|
|
Lost hole
|
|
128.3
|
132.2
|
4.0
|
1.15
|
53.90
|
JV HW
Stockwork
|
NB-14-410
|
132.2
|
134.4
|
2.2
|
8.87
|
450.09
|
JV
|
|
134.4
|
138.2
|
3.8
|
2.00
|
8.60
|
JV FW
Stockwork
|
|
|
|
9.9
|
3.18
|
124.34
|
Vein +
Stockwork
|
azi 90 incl
-64
|
149.2
|
150.8
|
1.6
|
13.57
|
3.92
|
FW Zone
|
|
131.5
|
141.7
|
10.2
|
0.50
|
7.83
|
JV HW
Stockwork
|
NB-14-412
|
141.7
|
146.3
|
4.5
|
0.95
|
19.74
|
JV
|
|
146.3
|
159.9
|
13.7
|
1.32
|
6.11
|
JV FW
Stockwork
|
|
|
|
28.4
|
0.97
|
8.90
|
Vein +
Stockwork
|
|
159.9
|
169.5
|
9.6
|
0.76
|
4.07
|
JV FW
Peripheral
|
azi 90 incl
-71
|
193.6
|
203.6
|
10.0
|
0.52
|
1.48
|
FW Min
|
|
153.3
|
154.1
|
0.8
|
0.53
|
7.27
|
JV HW
Stockwork
|
NB-14-414
|
154.1
|
165.0
|
11.0
|
8.13
|
30.53
|
JV
|
|
165.0
|
175.9
|
10.8
|
0.54
|
2.40
|
JV FW
Stockwork
|
|
|
|
22.6
|
4.22
|
16.20
|
Vein +
Stockwork
|
azi 90 incl
-63
|
175.9
|
191.1
|
15.2
|
0.49
|
1.27
|
JV FW
Peripheral
|
|
144.6
|
154.5
|
10.0
|
0.48
|
2.92
|
JV HW
Stockwork
|
NB-14-416
|
154.5
|
161.1
|
6.6
|
0.88
|
17.01
|
JV
|
|
161.1
|
170.8
|
9.7
|
0.52
|
6.33
|
JV FW
Stockwork
|
|
|
|
26.3
|
0.59
|
7.71
|
Vein +
Stockwork
|
azi 79 incl
-70
|
170.8
|
188.1
|
17.2
|
0.52
|
1.68
|
JV FW
Peripheral
|
NB-14-417
|
66.4
|
84.6
|
18.1
|
0.21
|
0.13
|
Disseminated
Oxide
|
|
103.3
|
153.3
|
50.1
|
0.35
|
0.98
|
Disseminated
Oxide
|
azi 90 incl
-55
|
110.5
|
118.3
|
7.8
|
1.12
|
1.01
|
NE70 Fault
|
|
64.9
|
75.2
|
10.3
|
0.25
|
0.90
|
Disseminated
Oxide
|
NB-14-419
|
75.2
|
81.5
|
6.3
|
0.37
|
1.19
|
NE60 Fault
|
|
81.5
|
90.8
|
9.3
|
0.43
|
2.54
|
NE60
FWStkwk
|
azi 110 incl
-50
|
90.8
|
107.6
|
16.8
|
0.25
|
1.99
|
NE60
FWPeriph
|
|
104.2
|
143.5
|
39.3
|
0.28
|
1.53
|
Disseminated Oxide
Includes NE60 Fault
|
|
174.4
|
181.3
|
6.9
|
0.86
|
5.05
|
JV HW
Stockwork
|
NB-14-420
|
181.3
|
182.9
|
1.6
|
0.32
|
7.06
|
JV
|
|
182.9
|
185.8
|
2.9
|
0.83
|
6.46
|
JV FW
Stockwork
|
azi 90 incl
-61
|
|
|
11.5
|
0.78
|
5.69
|
Vein +
Stockwork
|
NB-14-421
|
90.8
|
136.2
|
45.3
|
0.26
|
0.87
|
Disseminated
Oxide
|
Including
|
111.3
|
124.9
|
13.6
|
0.33
|
0.70
|
Including
|
azi 257incl
-67
|
|
|
|
|
|
|
NB-14-422
|
77.5
|
118.6
|
41.2
|
0.40
|
1.59
|
Disseminated
Oxide
|
|
180.8
|
212.8
|
32.0
|
0.61
|
1.19
|
NE70 Zone
|
Including
|
183.8
|
187.3
|
3.5
|
2.61
|
3.28
|
|
azi 70 incl
-60
|
|
|
|
|
|
|
|
100.0
|
101.5
|
1.5
|
0.34
|
1.63
|
NE60
HWStkwk
|
NB-14-423
|
101.5
|
104.6
|
3.1
|
0.87
|
1.72
|
NE60
|
azi 103 incl
-61
|
104.6
|
107.6
|
3.0
|
0.37
|
1.87
|
NE60
FWStkwk
|
NB-14-424
|
114.6
|
161.6
|
47.0
|
0.24
|
1.63
|
Disseminated
Oxide
|
azi 101 incl
-45
|
192.8
|
200.2
|
7.3
|
0.56
|
3.99
|
Unnamed Quartz
Vein
|
SBRC-15
|
0.0
|
74.7
|
74.7
|
0.36
|
0.68
|
Veined
Oxide
|
Including
|
6.1
|
13.7
|
7.6
|
0.53
|
0.54
|
Quartz
Stockwork
|
Including
|
35.0
|
41.2
|
6.1
|
0.79
|
1.42
|
Quartz
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. For disseminated oxide zones a cutoff of
0.1g/t gold has been applied.
Exploration Program
Final geological modeling of the Yellowjacket
Zone is currently underway and it is anticipated that a new
resource will be calculated 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 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 mine permitting.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog
Project, which covers approximately 75 km² in southern
Nevada. The property package is made up of a number of
private mineral leases of patented federal mining claims and 814
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, results of future
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
impact of mineralization on early mine production, timing and
content of a new resource estimate and new PEA, 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, and such similar
statements 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.