VANCOUVER, Sept. 16, 2015 /PRNewswire/ - Corvus Gold Inc.
("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces
positive results from the initial two scout drill holes in the new
and previously untested Eastern Steam-heated Zone on its North
Bullfrog project. Results from the initial holes in the
Alunite Hill target area intersected multiple zones of low-grade
gold and silver representing the first confirmation that
gold-silver systems are present in this large untested target area
(Table 1). Mineralization appears to be directly related to
the large outcropping alteration system that currently covers 14
square kilometres along the NNW trending structural zone. The
first pass scout drilling in the Eastern target area drilled six
holes in three of the eight targets to be tested in 2015 (Figure
1).
In addition, final results from an initial soil survey of the
East Bullfrog structural belt returned a number of surface gold and
silver anomalies which correlate with known, large structural zones
and are enhancing targeting for follow-up drilling (Figure
2).
The ongoing 2015 drill program is targeting new vein systems as
well as the expansion of the YellowJacket deposit in the Western
Resource Area (WRA). Four to five targets in the WRA will be
drilled before returning to the East Bullfrog belt for follow up
and new target testing.
Jeff Pontius, Corvus Gold CEO
states… "These initial results from our previously untested
exploration target area are encouraging. Results have
demonstrated the presence of gold-silver mineralization at depth
and are directly related to this very large alteration
system. In addition the numerous surface anomalies generated
by our most recent soil survey have enhanced our targeting and
demonstrated the potential scale of the system. The detection
of gold and silver mineralization in the large East Bullfrog target
area has the potential to be a game changer for the property as the
area is nearly three times the size of the area hosting our current
deposits. Given the strong economic results demonstrated in
the Company's recent PEA and our ongoing District wide exploration
for new and expanding high-grade discoveries, we believe that
Corvus Gold is uniquely positioned in the junior sector to make a
major value impact in the coming months."
Alunite Hill Target
The initial two scout holes into Alunite Hill intersected a
shallow (~350) west dipping structural zone with
characteristic high level alteration and scattered zones of thin
stockwork veining. The low angle, west dipping nature of the
structural zone is analogous to the major controlling structural
zone at the historic Bullfrog mine to the south which also had
scattered low grade gold and silver intercepts distal to the main
ore body. The low grade gold and silver mineralization is
also similar to the distal parts of the YellowJacket deposit in
particular with broader areas of silver mineralization generally
surrounding gold mineralization. In addition the
occurrence of silver to gold ratios of about 10-1 is a good
indicator for mineral systems that have potential for high-grade,
YellowJacket type vein systems. The current vectors from
these initial two holes and the surface soil results would indicate
hotter and better grade parts of the system would be to the NW
which is emerging as a strong follow-up target.
Table 1: Initial Results from Alunite Hill
Target
(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.)
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-15-260
|
128.02
|
134.11
|
6.09
|
0.19
|
1.705
|
Azi 45 Incl
-45
|
192.02
|
193.55
|
1.52
|
0.105
|
2.090
|
Notable
Silver
Zones
|
121.92
|
134.11
|
12.19
|
|
1.989
|
140.21
|
147.83
|
7.62
|
|
3.088
|
164.59
|
175.26
|
10.67
|
|
1.386
|
|
|
|
|
|
|
NB-15-261
|
111.25
|
115.82
|
4.57
|
0.153
|
0.290
|
121.92
|
124.97
|
3.04
|
0.171
|
0.475
|
Azi 45 Incl
-70
|
129.54
|
131.06
|
1.52
|
0.103
|
0.590
|
*
|
all intercepts
utilize a cutoff of 0.1g/t gold with the exception of the stockwork
zones which use a 1.0 g/t gold cutoff.
|
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.
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.
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.
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, including the potential targets and
ongoing drilling for the 2015 drill 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, 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, 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.