Corvus Gold Inc. (“Corvus” or the “Company”) - (TSX: KOR, OTCQX:
CORVF) announces it has received positive assay results from the
upper part of its first diamond core hole in the North Deep target
(ND), designed to evaluate the intrusive connection to the Mother
Lode gold system at depth. Corvus believes that these
encouraging results continue to demonstrate the expansion potential
of the Mother Lode Gold system and its increasing association with
higher-grades (Table 1) in both gold and silver. In addition,
geologic data from pending holes suggest the ND mineralized zones
is flattening or uplifted as it continues to the north with an
expanding intrusive zone and stronger alteration (Figure 1).
Due to the initial encouragement of the deep diamond drilling, we
have expanded the program with an additional diamond core rig.
North Target Area
Results from hole ML19-125-CT (19.3m @ 2.79 g/t
Au and 12.9m @ 2.91g/t Au including 11.4m @ 4.01 g/t Au & 10.4
g/t Ag) is successfully outlining a new exploration front for the
expansion of the Mother Lode deposit both to the north and at depth
below the main deposit. The higher-grade zones in this
initial core hole, like hole ML19-104 (NR19-05, Mar. 19, 2019 with
126.5m @ 1.85 g/t Au including 18.3m @ 4.2 g/t Au) to the north and
ML19-92 (NR19-01, Jan. 10, 2019 with 24.4m @ 1.22 g/t Au & 5.08
g/t Ag including 3.1m @ 2.44 g/t Au & 17.17 g/t Ag), indicate
mineralization is closely associated with a multiphase,
intermediate intrusive system at depth. This deeper intrusive
target environment has shown a strong alteration and mineral
assemblage pattern, as well as increasing silver values which are
characteristic of a higher temperature zone favorable for large,
higher-grade gold systems.
The upper part of hole ML19-126-CT which is in
progress and located 50 metres to the north of ML19-125CT has
intersected a broad, dynamic breccia zone along the main intrusive
trend which has localized higher temperature alteration above the
main intrusive trend. This hydrothermal eruptive feature
could be the upper expression of the large dike/intrusive system
below and to the east as intersected in this and all the other
surrounding holes (ML19-125CT, ML19-104 & ML19-114).
In general, the mineral system at Mother Lode appears to be
increasing in size to the north and at depth of the currently
defined deposit.
Jeffrey Pontius, President and CEO of Corvus,
said, “The ongoing Phase-4 drilling program continues to deliver
promising results and may potentially open the door for a major
expansion for the Mother Lode deposit at depth and along
strike. The strong association of deeper, higher grade gold
mineralization with multi-phase intrusive activity at Mother Lode
is encouraging as we begin to see the key earmarks of a major new
intrusion related, sediment hosted system. The exploration of
this new type of target in the greater Bullfrog District holds
potential for the development of another major new Nevada gold
district on the scale of those in north central Nevada and Corvus
Gold is committed to leading that
development.”
Table 1Mother Lode –
Mineral Resource Expansion Phase-4 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 cut-off unless otherwise indicated
below)
Drill Hole # |
from (m) |
to (m) |
Interval (m) |
Gold (g/t) |
Silver (g/t) |
Comment |
ML19-125-CTAZ 090 dip-75 |
458.11 |
462.15 |
4.04 |
0.79 |
2.39 |
North Deep TargetUpper OX zone |
|
470.76 |
490.06 |
19.30 |
2.79 |
6.29 |
Main zone intrusive dike |
inc |
471.83 |
488.90 |
17.07 |
3.10 |
7.08 |
1 g/t cut |
inc |
477.5 |
488.90 |
11.4 |
4.01 |
10.4 |
2 g/t cut |
|
494.17 |
498.13 |
3.96 |
1.95 |
0.31 |
Main zone intrusive dike |
|
501.64 |
514.50 |
12.86 |
2.91 |
0.74 |
Main zone intrusive dike |
|
518.28 |
526.18 |
7.90 |
1.52 |
1.08 |
Main zone intrusive dike |
|
541.02 |
547.36 |
6.34 |
0.45 |
5.33 |
Potential CIZ Oxide Zone |
Results Pending for bottom of hole
547.36-706.53
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’ 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 mineral 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. Pontius, 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.
Mr. Scott E. Wilson, CPG (10965), Registered
Member of SME (4025107) and President of Resource Development
Associates Inc., is an independent consulting geologist
specializing in Mineral Reserve and Mineral Resource calculation
reporting, mining project analysis and due diligence
evaluations. He is acting as the Qualified Person, as defined
in NI 43-101, and is the primary author of the Technical Report for
the Mineral Resource estimate and has reviewed and approved the
Mineral Resource estimate and the Preliminary Economic Assessment
summarized in this news release. Mr. Wilson has over 29 years
of experience in surface mining, mineral resource estimation and
strategic mine planning. Mr. Wilson is President of Resource
Development Associates Inc. and is independent of the Company under
NI 43-101.
Mr. Wilson, 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.
Metallurgical testing on North Bullfrog and
Mother Lode samples has been performed by McClelland Analytical
Services Laboratories Inc. of Sparks Nevada (“McClelland”),
McClelland is an ISO 17025 accredited facility that supplies
quantitative chemical analysis in support of metallurgical,
exploration and environmental testing using classic methods and
modern analytical instrumentation. McClelland has met the
requirements of the IAS Accreditations Criteria for Testing
Laboratories (AC89), has demonstrated compliance with ANS/ISO/IEC
Standard 17025:2005, General requirements for the competence of
testing and calibration laboratories, and has been accredited,
since November 12, 2012. Hazen Research Inc. (“Hazen”), an
independent laboratory, has performed flotation, AAO testing and
cyanide leach testing on samples of sulphide mineralization from
the YellowJacket zone and Swale area of Sierra Blanca, and roasting
tests on Mother Lode flotation concentrate. Hazen holds analytical
certificates from state regulatory agencies and the US
Environmental Protection Agency (the “EPA”). Hazen
participates in performance evaluation studies to demonstrate
competence and maintains a large stock of standard reference
materials from the National Institute of Standards and Technology
(NIST), the Canadian Centre for Mineral and Energy Technology
(CANMET), the EPA and other sources. Hazen’s QA program has
been developed for conformance to the applicable requirements and
standards referenced in 10 CFR 830.120 subpart A, quality assurance
requirements, January 1, 2002. Pressure oxidation test work on
Mother Lode concentrate samples was performed by Resource
Development Inc. of Wheatridge, CO.
For additional details, see technical report
entitled “Technical Report and Preliminary Economic Assessment for
the Integrated Mother Lode and North Bullfrog Projects, Bullfrog
Mining District, Nye County, Nevada”, dated November 1, 2018 and
amended on November 8, 2018, with an effective date of September
18, 2018 on the Company’s profile at www.sedar.com.
About the North Bullfrog & Mother
Lode Projects, Nevada
Corvus controls 100% of its North Bullfrog
Project, which covers approximately 90.5 km2 in southern Nevada.
The property package is made up of a number of private
mineral leases of patented federal mining claims and 1,134 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
445 federal unpatented mining claims on the Mother Lode project
which totals approximately 36.5 km2 which it owns 100%.
The total Corvus 100% land ownership now covers over 127 km2,
hosting two major new Nevada gold discoveries.
The combined Mother Lode and North Bullfrog
Projects contains a Measured Mineral Resource for the mill of 9.3
Mt at an average grade of 1.59 g/t gold, containing 475 k ounces of
gold and Indicated Mineral Resources for the mill of 18.2 Mt at an
average grade of 1.68 g/t gold containing 988 k ounces of gold and
an Inferred Mineral Resource for the mill of 2.3 Mt at an average
grade of 1.61 g/t gold containing 118 k ounces of gold. In
addition, the project contains a Measured Mineral Resource for
oxide, run of mine, heap leach of 34.6 Mt at an average grade of
0.27 g/t gold containing 305 k ounces of gold and an Indicated
Mineral Resource for, oxide, run of mine, heap leach of 149.4 Mt at
an average grade of 0.24 g/t gold containing 1,150 k ounces of gold
and an Inferred, oxide, run of mine, heap leach Mineral Resource of
78.7 Mt at an average grade of 0.26 g/t gold containing 549 k
ounces of gold. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability.
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. 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 advancement and
development of our Mother Lode project and the expansion of our
drill program; plans for drilling; expectations of and potential
for additional resources or mineralization; expectations regarding
the potential for future open-pit and underground mining;
expectations for types of mineralization; updates on the
development progress at the Mother Lode project; the potential for
new deposits and discoveries and expected increases in a system’s
potential; expectations regarding the potential expansion of the
Bullfrog mining district; anticipated content, commencement and
cost of exploration programs, anticipated exploration program
results, 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.
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 Annual Report on Form 10-K
for the fiscal year ended May 31, 2019 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4544f73d-0c28-4cc6-b688-d8b8628086e4
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