Corvus Gold Inc. (TSX:KOR) (OTCQX:CORVF) (“Corvus” or the
“Company”) announces the filing of an independent NI 43-101
technical report for its 100% owned North Bullfrog Project (NBP),
Nevada to support the Company’s announcement on October 31,
2017. The technical report shows an updated Mineral Resource
estimation incorporating all drill results through to 2017.
There are no material differences between the October 31,
2017 news release and the technical report filed on December 15,
2017 which is available on the Company website and SEDAR.
About the North Bullfrog Project and the
Mother Lode 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 Company also controls 140 federal unpatented
mining claims on the Mother Lode project which totals 1,147
hectares which it owns 100% of.
The NBP includes numerous prospective gold targets
at various stages of exploration with four having the following
modeled Mineral Resources (Sierra Blanca, Jolly Jane, Mayflower,
and YellowJacket). In Phase 1, the project contains a
Measured Mineral Resource for the mill of 5.2 Mt at an average
grade of 1.79 g/t gold and 12.72 g/t silver, containing 300 k
ounces of gold and 2,136 k ounces silver and Indicated Mineral
Resources for the mill of 5.6 Mt at an average grade of 1.75 g/t
gold, and 11.86 g/t silver, containing 314 k ounces of gold and
2,128 k ounces of silver, and an Inferred Mineral Resource for the
mill of 49 kt at an average grade of 1.90 g/t gold and 18.41 g/t
silver, containing 3 k ounces of gold and 29 k ounces of
silver. In addition, the project contains a Phase 1 Measured
Mineral Resource for oxide, run of mine, heap leach of 5.2 Mt at an
average grade of 0.37 g/t gold and 2.42 g/t silver, containing 62 k
ounces of gold and 404 k ounces silver and an Indicated Mineral
Resource for, oxide, run of mine, heap leach of 19.0 Mt at an
average grade of 0.37 g/t gold and 1.30 g/t silver, containing 228
k ounces of gold and 791 k ounces of silver, and an Inferred,
oxide, run of mine, heap leach Mineral Resource of 5.9 Mt at an
average grade of 0.30 g/t gold and 0.59 g/t silver, containing 56 k
ounces of gold and 111 k ounces of silver.
The Phase 2 Measured Mineral Resource for the mill
has 0.8 Mt at an average grade of 1.01 g/t gold and 3.27 g/t
silver, containing 26 k ounces of gold and 84 k ounces silver and
Indicated Mineral Resource for the mill of 2.7 Mt at an average
grade of 1.04 g/t gold and 2.96 g/t silver, containing 91 k ounces
gold and 260 k ounces silver, and an Inferred Mineral Resource for
the mill of 67 kt at an average grade of 1.39 g/t gold and 2.32 g/t
silver, containing 3 k ounces gold and 5 k ounces silver. In
addition, the project contains a Phase 2 Measured, oxide, run of
mine, heap leach Mineral Resource of 9.3 Mt at an average grade of
0.19 g/t gold and 0.85 g/t silver, containing 58 k ounces gold and
254 k ounces silver, an Indicated, oxide, run of mine, heap leach
Mineral Resource of 110.3 Mt at an average grade of 0.19 g/t gold
and 0.55 g/t silver, containing 680 k ounces gold and 1,967 k
ounces silver, and an Inferred, oxide, run of mine, heap leach
Mineral Resource of 58.8 Mt at an average grade of 0.19 g/t gold
and 0.47 g/t silver, containing 364 k ounces gold and 897 k ounces
silver.
Mineral Resources that are not Mineral Reserves do
not have demonstrated economic viability.
Qualified Person and Quality
Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person
as defined by NI 43-101, has supervised the preparation of the
scientific and technical information that form the basis for this
news release and has reviewed and 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 NI 43-101,
has coordinated execution of the work outlined in this news release
and has reviewed and 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 the NBP was designed and
supervised by Mark Reischman, Corvus’ 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.
The Independent Qualified Person, Scott E. Wilson,
visited the NBP site during 2014, 2015 and 2016. Mr. Wilson
has performed data verification by examining core materials at the
site, and has selected check samples to develop independent
verifying assays of intervals by the Inspectorate laboratory in
Reno, NV. Geologic data development processes were reviewed and
observed during a site visit. All drilling geologic description,
assaying data and geochemical data have been provided in a database
format to Metal Mining Consultants Inc. for the purpose of
estimating the resource. The Qualified Person has reviewed
the News Release and approved its publication.
Mr. Scott E. Wilson, CPG, President of Metal Mining
Consultants Inc., is an independent consulting geologist
specializing in Mineral Reserve and Resource calculation reporting,
mining project analysis and due diligence evaluations. He is
acting as the Qualified Person, as defined in NI 43-101, for the
overall technical report, and the Mineral Resource estimate.
Mr. Wilson has over 28 years of experience in surface mining and is
a Registered Member (#4025107RM) of Society for Mining, Metallurgy
and Exploration, Inc. Mr. Wilson and Metal Mining
Consultants, Inc. are independent of the Company under NI
43-101.
For additional information, refer to the technical
report entitled “Technical Report and Preliminary Economic
Assessment for Combined Mill and Heap Leach Processing at the North
Bullfrog Project, Bullfrog Mining District, NYE County, Nevada”
effective as of October 31, 2017 and dated December 6, 2017 which
is available under the Company’s profile on SEDAR 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 another exploration property, Mother
Lode, with gold mineralization near the NBP. 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 ofCorvus Gold Inc.
(signed) Jeffrey A. PontiusJeffrey A. Pontius,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. 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.
All statements, other than statements of historical fact,
included herein including, without limitation, statements regarding
projected economics of the mine plan contained in the PEA,
including mine development and operating costs and potential future
productions, estimates of mineral resources, 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 expand the
existing estimated mineral resource at the North Bullfrog project,
the potential for the North Bullfrog system to continue to grow
and/or to develop into a major new higher-grade, bulk tonnage,
Nevada gold discovery, the potential for any mining or production
at North Bullfrog, the potential for the identification of multiple
deposits at North Bullfrog, the potential for the existence or
location of additional high-grade veins, the potential for a low
cost mining operation at the North Bullfrog Project the gold and
silver prices used to constrain the Mineral Resource estimates at
the North Bullfrog Project, the potential development of the Mother
Lode property, 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. Although the
Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct.
Certain material assumptions regarding such forward-looking
statements are discussed in this news release and the Company’s
annual and quarterly management’s discussion and analysis filed at
www.sedar.com. In addition to, and subject to, such assumptions
discussed in more detail elsewhere, the forward-looking statements
in this news release are also subject to the following assumptions:
(1) the price of gold and silver being consistent with the prices
used herein; (2) the ability to develop the North Bullfrog project
in accordance with the terms of the PEA; (3) the timing of the
receipt of regulatory and governmental approvals, permits and
authorizations necessary to implement and carry on the Company’s
planned exploration and potential development programs; (4) the
Company’s ability to attract and retain key staff, (5) the timing
of the ability to commence and complete the planned work at the
Company’s projects, and (6) the ongoing relations of the Company
with its underlying property lessors and the applicable regulatory
agencies. 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 2014 Annual Information
Form and latest interim Management Discussion and Analysis filed
with certain securities commissions in Canada. All of the
Company’s Canadian public disclosure filings may be accessed via
www.sedar.com and the Company’s United States public disclosure
filings 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 to US
Investors
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. The mine economics presented herein and
derived from the PEA are preliminary in nature and may not be
realized. The PEA is not a feasibility study. 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.
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