TSX: KOR OTCQX: CORVF
VANCOUVER,
April 14, 2015 /CNW/
- Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR,
OTCQX: CORVF) announces the start of its Phase 1 2015 core drill
program at the North Bullfrog Project, Nevada on April
23rd. The 3,000 metre drill program has been designed to
identify potential additional high-grade vein systems within the
project area. Multiple compelling targets have been
identified through detailed surface mapping, geophysical surveys
and structural modelling that indicates the presence of multiple
feeder zones that, if present, could significantly expand the
high-grade resource currently defined at the YellowJacket deposit
(the Company currently anticipates releasing a resource update and
a Preliminary Economic Analysis for the North Bullfrog project in a
single technical report in Q2 of this year).
The phase 1 drill plan calls for initial testing of 5 targets
including three near the Yellowjacket/Sierra Blanca area and two in
the newly defined Eastern Steam-heated Zone (Figure
1).
Jeff Pontius, CEO of Corvus Gold
Inc. said "Based on what we have learned from our 2014 detailed
drilling and modeling program for the YellowJacket deposit, we have
identified 10 high priority targets with good potential to host
high-grade vein systems similar to those at the YellowJacket and
Bullfrog deposits. With our proof of concept YellowJacket,
Corvus initiated an extensive mapping and geophysical program about
a year ago with the belief that YellowJacket is not an isolated
deposit and the District likely hosts additional high-grade systems
like the similar age Bullfrog District, ten kilometres to the
south. The integration of this new data with the emerging
deposit's structural detail and new district wide age date
information has greatly enhanced our target definition. If
discovered, new high-grade systems generated from this year's
exploration program could provide a catalyst to the North Bullfrog
project and Corvus Gold, potentially unlocking future value for our
shareholders."
Liberty Vein and Sierra Blanca Targets
The Liberty Vein target concept is similar to that of the
YellowJacket system with barren veining at surface progressing down
into a productive system at depth (Figure 2). The orientation of
the Liberty vein is remarkably similar to the main YellowJacket
vein (Josh Vein) and is also in the footwall of the Liberator
Fault. Recent drilling has helped define the locations of the
Liberator and Cairn Faults and indicates that there is a large
untested area along the south-eastern extension of the YellowJacket
system which could host a high-grade vein deposit at the target
depths of about 100 to 300 metres below the surface. The Liberty
Vein exposed at surface is unmineralized but contains fragments of
banded chalcedonic vein, similar to the YellowJacket veins,
suggesting productive zones at depth.
To the west of the Josh Vein surface mapping has defined a NNE
trending swarm of quartz veinlets along the crest of the ridge at
Sierra Blanca North (Figure 2). Drilling has shown that the NE30
and NE40 faults are both mineralized and classic upper level
YellowJacket type stockwork mineralization which has been
encountered in holes 342, 374 and 375. This stockwork veining
has high silver to gold ratios that are typical of upper Josh Vein
style mineralization. Both drilling and resistivity
geophysical data indicate that there is a deep rooted structural
zone of highly resistive silica-adularia alteration developed under
the ridge which is typical of the upper levels of the YellowJacket
deposit. Drilling here will test the zone between the NE30 and NE40
faults at elevations equivalent to the most productive high-grade
zone in the adjacent YellowJacket deposit.
Eastern Steam-heated Targets
Geological mapping in 2014 delineated a zone of more than 10
square kilometres that has been affected by high level steam-heated
alteration which develops above boiling geothermal systems like
those that create the YellowJacket and Bullfrog deposits (Figure
3). Recent age date information has established a 10 million
year old age for this alteration system which is coincident with
the 10-11 million year old age of the Bullfrog and YellowJacket
vein systems.
The eastern area is underlain with a featherless debris flow
unit and has considerable young erosion cover complicating
structural mapping. However, a detailed gravity survey
conducted in March of 2015 has revealed a number of major NW and NS
trending structures which appear to control the distribution of
steam-heated alteration and host weak surface mineralization
(Figure 3). The Eastern Steam-heated zone has never received
any modern focused exploration work and represents a very large
unexplored system that was operating during the main gold and
silver mineralizing event.
To date the Company has prioritized two target areas for phase 1
drilling and one for further surface work which could lead to
drilling in the first phase as well see below:
- The Yellow Rose target has a NW trending linear alteration zone
developed along a major gravity gradient with coincident veining in
outcrop. Yellow Rose was also the site of limited turn of the
century gold mining along these same NW trending structural
zones.
- The Alunite Hill Fault is a very significant structure, part of
which is exposed on the surface and locally there is quartz veining
with bladed-calcite replacement textures at the surface (could have
a shallow productive zone). These quartz veins have gold
concentrations which are highly anomalous for this level of the
system and similar to the upper level of mineralization at the
YellowJacket deposit.
- The Spicerite Graben target is still undergoing follow-up
surface exploration over a large area but the intensity of
alteration along major graben faults indicated the area was very
active. The geologic setting of the Spicerite target is a
collapsing structural graben that is contemporaneous with the main
stage mineralization event forming multiple periods of vein
development that are preserved under progressive graben fill. This
unique geologic setting is analogous to some of the most productive
epithermal deposits in the world such as the Republic Graben in
Washington State and the
exceptional Fruta del Norte deposit in Ecuador.
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, including number and location of drilling
targets in the 2015 drilling program, 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, timing and release of an
updated resources estimates and PEA, 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, the discovery of new high-grade systems
acting as a catalyst to the North Bullfrog Project and the Company,
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.