Highlights: 19.8m @ 1.28 g/t Gold and 1.8 g/t
Silver
TSX: KOR OTCQX: CORVF
VANCOUVER, Nov. 3,
2015 /CNW/ - Corvus Gold Inc. ("Corvus" or the
"Company") - (TSX: KOR, OTCQX: CORVF) announces its most recent
intercepts from a newly identified structural zone on the west side
of the Sierra Blanca deposit approximately 700 metres west of the
YellowJacket deposit (Table 1). This new zone of gold and
silver mineralization occurs along a major north-south structural
zone and intersects with the new Rhyolite Zone.
Mineralization found at both the Rhyolite Zone and NW Sierra Blanca
is adjacent but outside the defined resource at both YellowJacket
and Sierra Blanca.
This newly identified mineralization at NW Sierra
Blanca is covered by shallow pediment and represents another blind
discovery near the western range front of the large Sierra
Blanca/YellowJacket deposit. The current drilling covers
about 200 metres of strike length with additional follow-up
drilling scheduled for later this month (Figure 1).
Table 1: Initial Results from
NW Sierra Blanca Zone
(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-15-268
|
39.62
|
48.77
|
9.15
|
0.27
|
0.45
|
AZ 090 dip
-50
|
53.34
|
96.01
|
42.67
|
0.45
|
0.61
|
including
|
86.87
|
88.39
|
1.52
|
1.15
|
1.51
|
|
108.2
|
112.78
|
4.58
|
0.21
|
0.04
|
|
|
|
|
|
|
NB-15-269
|
13.72
|
19.81
|
6.09
|
0.64
|
0.77
|
AZ 090 dip
-55
|
54.86
|
62.48
|
7.62
|
0.37
|
1.1
|
|
92.96
|
112.78
|
19.82
|
1.28
|
1.8
|
|
167.64
|
172.21
|
4.57
|
0.23
|
0.5
|
|
|
|
|
|
|
NB-15-270
|
45.72
|
54.86
|
9.14
|
0.35
|
0.58
|
AZ 090 dip
-60
|
82.3
|
109.73
|
27.43
|
0.43
|
1.47
|
including
|
85.34
|
86.86
|
1.52
|
1.05
|
1.02
|
|
118.87
|
144.78
|
25.91
|
0.29
|
0.59
|
* Mineralized thickness calculated @ 0.10 g/t Au cutoff with
internal vein/stockwork intervals calculated @ 1.0 g/t Au
cutoff
Jeffrey Pontius Corvus Gold CEO states… "The
results from this new prospective zone of gold-silver
mineralization are encouraging for the North Bullfrog
project. The covered nature of this broad, shallow and well
mineralized structural zone highlights the potential for multiple
new vein systems immediately adjacent to our existing
deposits. These results along with our recent Rhyolite
discovery continue to support our belief of expansion potential at
the Sierra Blanca/YellowJacket deposit. This linked with
positive results from our ongoing East Bullfrog new discovery
drilling, is outlining what we hope is becoming a new Nevada Gold
District."
New NW Sierra Blanca Zone
The new NW Sierra Blanca Zone is covered by a
thin (<20m) veneer of post-mineral, volcanic rocks and gravels.
The zone appears to be dominated by two structural zones, the
north-south NWSB zone and the NE trending Rhyolite Zone. The
intersection of these two major structural zones was hit in hole
NB-15-269 that returned a broad intercept of +1 g/t with stockwork
mineralization at less than 100 metres vertically in the system
(similar to upper levels of the YellowJacket
system).
Gold and silver mineralization in this area is a
mix of replacement sulfide/oxide material surrounding quartz
stockwork zones that are controlled by the two large structural
zones. The north-south NWSB structure extends north out of
the Air Track Hill area where it was hit in prior drilling and
projects through the intersection with the northeast trending
Rhyolite Zone and continues to the north under cover.
Follow-up step out holes along strike to the north and south and
down dip are currently being drilled in this encouraging new target
area.
The emergence of this new zone of mineralization
that is controlled by known major mineralizing structural trends in
an unexplored part of the property is encouraging for the discovery
of new high-grade vein systems. The shallow cover in this
area was key in concealing the system from previous
explorers. The majority of the new mineralization drilled
this year in the Sierra Blanca/YellowJacket area is outside the
current resource and bodes well for potentially expanding the
overall deposit.
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 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 & President 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, 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, 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 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.