Corvus Gold Inc. (“Corvus” or the “Company”) (TSX:KOR)
(OTCQX:CORVF) announces it has received initial results from the
first four holes of its 2018 phase 2, Mother Lode drill program
(Figure 1). The results are from three holes evaluating the western
extension of the Mother Lode deposit and one hole evaluating the
southern extension (Table 1). Results continue to demonstrate the
western extension of the main Mother Lode deposit with thick,
higher grade intercepts extending into the favorable host rock
package.
Western Extension, Mother Lode
Deposit
Hole ML18-043, 44 & 45 demonstrates the
continued western extension in the core high-grade zone in the
Mother Lode deposit (27.4m @ 1.81 g/t Au, 25.9m @ 2.32 g/t Au &
39.6m @ 2.45 g/t Au respectively). In addition, the new upper zone
of low-grade, oxide intersected in previous holes to the east is
also extending to the west. As with the main zone of the Mother
Lode the western extension is hosted by the calcareous Tertiary
sediments above the Fluorspar Canyon Fault (FCF) and the Paleozoic
carbonates below the FCF. Given the success of these initial
western holes, the Company is planning for additional stepout
drilling for another 200 metres to the west toward the Flatiron
target in this current phase of work.
Drill Results - South End of Mother Lode
Gold System
Hole ML17-035 drilled southwest of the historic
pit area has returned a narrow, shallow high-grade intercept
(4.57m @ 1.55 g/t Au), but appears to be
indicating the limit of the higher-grade part of the Mother Lode
system to the south.
Corvus’ next priority target for another Mother
Lode deposit is the Flatiron target approximately one kilometre to
the southwest of the Mother Lode pit. The Flatiron target has an
outcropping thick jasperoid zone averaging over 1 g/t gold along
the FCF that projects down dip into favorable host units, which the
Company believes highlights the potential for another Mother Lode
type deposit to the north.
Jeff Pontius, President and CEO of Corvus
states, “The extension of the Mother Lode system to the west offers
significant potential for expanding the deposit. The success of
this drilling and our new modeling of the Flatiron target one
kilometre to the southwest of the Mother Lode pit is highlighting
potential for an expansion of the main Mother Lode deposit. Our
phase II drilling program is focusing on stepout drilling around
the core deposit which so far has been successful at outlining a
large, near surface, high-grade, sediment hosted gold system. The
Mother Lode gold system is evolving into the core deposit in what
we believe is emerging as a new Nevada gold belt within the
Fluorspar Canyon Gold District.”
Table 1 |
Phase I - Mother Lode Significant Drilling
Results |
(Reported intercepts are not true widths as there is
currently insufficient data to calculate true orientation in
space.Mineralized intervals are calculated using a 0.3 g/t cutoff
unless otherwise indicated below) |
|
Drill Hole # |
from (m) |
to (m) |
Interval(m) |
Gold(g/t) |
Silver(g/t) |
Comment |
ML17-035AZ 180 dip-85 |
80.77 |
85.34 |
4.57 |
1.55 |
n/a |
Drilled SW of Pit |
|
ML18-043 |
124.97 |
128.02 |
3.05 |
0.63 |
n/a |
West of ML17-027New Upper Ox Zone |
|
137.16 |
143.26 |
6.10 |
0.55 |
n/a |
New Upper Ox Zone |
|
220.98 |
248.41 |
27.43 |
1.81 |
n/a |
West ext. – Main Zone |
inc |
224.03 |
246.89 |
22.86 |
2.05 |
n/a |
>1 g/t |
AZ 085 dip-70 |
333.76 |
341.38 |
7.62 |
0.44 |
n/a |
|
|
|
|
|
|
|
|
ML18-044 |
207.26 |
222.50 |
15.24 |
0.37 |
n/a |
West of ML17-022New Upper Ox Zone |
AZ 085 dip-85 |
230.12 |
251.46 |
21.34 |
0.92 |
n/a |
New Upper Ox Zone |
inc |
234.70 |
239.27 |
4.57 |
1.22 |
n/a |
>1 g/t |
inc |
243.84 |
249.94 |
6.10 |
1.14 |
n/a |
>1 g/t |
|
256.03 |
281.94 |
25.91 |
2.32 |
n/a |
West ext. – Main Zone |
inc |
259.08 |
280.42 |
21.34 |
2.69 |
n/a |
>1 g/t |
|
ML18-045 |
169.16 |
176.78 |
7.62 |
0.52 |
n/a |
West of ML17-039New Upper Ox Zone |
AZ 085 dip-80 |
184.40 |
187.45 |
3.05 |
0.46 |
n/a |
New Upper Ox Zone |
|
256.03 |
295.66 |
39.63 |
2.45 |
n/a |
West ext. – Main Zone |
inc |
256.03 |
289.56 |
33.53 |
2.84 |
n/a |
>1 g/t |
Figure 1 accompanying this announcement is
available
at: http://www.globenewswire.com/NewsRoom/AttachmentNg/f0bc70e9-cbd3-47b0-ba3b-c354abbf0753
Qualified Person and Quality
Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified
person as defined by National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 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
NI 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 Mother Lode 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
American Assay Laboratories (AAL) in Reno, Nevada, for preparation
and assaying. AAL is independent of the Company. AAL’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 AAL and an ISO compliant
third-party laboratory for additional quality control. Mr.
Reischman, a qualified person, has verified the data underlying the
information disclosed herein, including sampling, analytical and
test data underlying the information by reviewing the reports of
AAL, methodologies, results and all procedures undertaken for
quality assurance and quality control in a manner consistent with
industry practice, and all matters were consistent and accurate
according to his professional judgement. There were no limitations
on the verification process
About the North Bullfrog & Mother
Lode Projects, 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 Company also controls 194 federal unpatented mining claims on
the Mother Lode project which totals 1,597 hectares which it owns
100% of.
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 the North Bullfrog and Mother Lode
Districts in Nevada. In addition, the Company controls a number of
royalties on 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 its projects to maximize share price leverage
in an advancing gold and silver market.
On behalf ofCorvus Gold
Inc.
(signed) Jeffrey A. PontiusJeffrey A.
Pontius,President & Chief Executive Officer
Contact
Information: |
|
Ryan Ko |
|
|
Investor Relations |
|
|
Email:
info@corvusgold.com |
|
|
Phone: 1-844-638-3246
(toll free) or (604) 638-3246 |
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 rapid and effective capture of
the potential of our new Mother Lode project, the potential for new
deposits and expected increases in a system’s potential;
anticipated content, commencement and cost of exploration programs,
anticipated exploration program results, the discovery and
delineation of mineral deposits/resources/reserves, 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 Mother Lode
project, the statement that the zone of high-grade mineralization
is encouraging for expanding the mineralization zones of the Mother
Lode deposit west along the Fluorspar Canyon Fault, the statement
that drilling results bodes well for the continued growth of Corvus
Gold over the next several phases of deposit expansion drilling
programs in 2018, the growth potential of the Mother Lode project
and the potential for any mining or production at the Mother Lode
project, 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 2017 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.
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