VANCOUVER, Feb. 2, 2016
/PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") -
(TSX: KOR, OTCQX: CORVF) announces new exploration results from
three additional target areas at the North Bullfrog property in
Nevada, including two targets in
the new Eastern Steam-Heated Zone. The initial scout drilling on
these three new target areas has returned positive results with
broad zones of low-grade gold-silver mineralization with some
internal zones of +1 g/t gold.
These results have expanded the gold system in the North
Bullfrog District and provided critical data for the planned 2016
follow-up drill program, which will be targeting new high-grade
discoveries within these new, large and unexplored gold
systems.
New Target Review
Jolly Jane North: One hole was drilled at the Jolly
Jane North target about 80 metres north of previous Corvus hole
NB-12-123 (139m @ 0.27 g/t Au). The hole is located 450 metres
north of the Jolly Jane resource (Figure 2). NB-15-283
intersected a broad zone of low-grade dominantly oxide
mineralization (104m @ 0.23 g/t gold and 0.6 g/t silver) within the
Sierra Blanca Tuff in the footwall of the West Jolly Jane Fault
(WJJF). The WJJF is a large displacement fault zone similar to the
MP Fault which hosts the main historic Bullfrog deposit and also
similar to the YellowJacket fault zone. The Sierra
Blanca/YellowJacket deposit lies about a kilometre to the west in
the hanging-wall of the WJJF which appears to be a major
mineralizing fluid conduit. The WJJF is a mineral system of similar
size to the current Sierra Blanca/YellowJacket deposit with
unconstrained potential to the north under post-mineral cover.
NB-15-283 has not only confirmed the potential to expand the
Jolly Jane low-grade deposit to the north but opens up a major new
target area for new blind, high-grade feeder veins discoveries like
those at YellowJacket or the historic Bullfrog mine. Follow
up drilling is being planned for 2016.
Cat Hill: Two holes (NB-15-284 & 285) were
drilled in the Cat Hill target area. The Cat Hill target has a
strong surface gold anomaly that is associated with large
overlapping high and low sulfidation mineral systems (Figure 1).
The target area lies adjacent to the large Road Fault structural
zone which extends 10 kilometres to the south where it is called
the Contact Fault, a major structural control to the historic
Bullfrog deposit mined by Barrick
Gold in the 1990's. At Cat Hill, a series of N-S- to
NNE-trending structures control alteration, gold mineralization and
irregular qtz-calcite veins exhibiting boiling textures. The
initial two holes at Cat Hill intersected broad zones of near
surface, low-grade, oxide mineralization with one hole having two
1.5 metre, +1 g/t gold intercepts within targeted NNE-trending
structural zones. Targeting work is ongoing for a follow-up drill
program this year.
Vinegaroon: A total of 7 holes (NB-15-286 to 292)
were drilled on the Vinegaroon target. The Vinegaroon area lies ~2
kilometres east of Cat Hill, within the main Eastern Steam-heated
Zone. As at Cat Hill, the Vinegaroon target has a surface
gold anomaly associated with overlapping high and low sulfidation
mineralization (Figure 3). A series of N-S- to NNW-trending
structures control alteration and mineralization in this
area. Five of the seven holes intercepted low grade gold
mineralization along the large Vinegaroon fault zone. This is
highly encouraging, as it represents a new and extensive area of
alteration and gold mineralization in the large Eastern Steam
Heated Zone. The alteration style is quartz-adularia-illite with
local quartz stockwork including amethystine quartz, which is
similar to the Sierra Blanca/YellowJacket deposits. The drill data
is being evaluated for follow-up in 2016, including a re-evaluation
of the surface mapping.
Jeffrey Pontius Corvus Gold CEO states… "The results from these
early stage scout holes in new and untested target areas across the
North Bullfrog District are encouraging. The intersection of
broad zones of low-grade oxide gold mineralization in a new area of
the District is the first step in finding additional zones of
high-grade mineralization like the YellowJacket deposit and our new
NW Sierra Blanca discovery. These results have expanded the
potential of the North Bullfrog District and the area favourable
for hosting additional deposits which will be addressed in the next
phase of exploration scheduled for this
spring."
The 2015, North Bullfrog exploration program tested a total of
12 new gold targets across the District, seven in the Western Zone
and five in the new Eastern Zone. A total of 10,260 metres
were drilled in 38 holes (1,450m of core and 8,810m of RC).
Of the 12 targets tested, five are scheduled for the next phase of
follow-up drilling in the 2016 program. In addition five new
targets have been developed for initial testing. The initial
2016 North Bullfrog exploration program is currently scheduled to
complete approximately 9,000 metres of
drilling.
Table 1
Initial
Drill Results from Cat Hill, North Jolly Jane and Vinegaroon
Targets
(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.)
Cat Hill
Target
|
|
|
|
|
|
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-15-284
|
22.86
|
30.48
|
7.62
|
0.29
|
0.05
|
AZ 090 dip
-50
|
70.1
|
80.77
|
10.67
|
0.25
|
0.05
|
|
86.87
|
91.44
|
4.57
|
0.18
|
0.08
|
|
103.63
|
143.26
|
39.63
|
0.22
|
0.11
|
including
|
114.3
|
115.82
|
1.52
|
1.12
|
0.12
|
|
179.83
|
207.26
|
27.43
|
0.27
|
0.71
|
including
|
185.93
|
187.45
|
1.52
|
1.33
|
1.25
|
|
231.65
|
237.74
|
6.09
|
0.15
|
0.22
|
|
|
|
|
|
|
NB-15-285
|
30.48
|
47.24
|
16.76
|
0.23
|
0.04
|
AZ 320 dip
-55
|
56.39
|
82.3
|
25.91
|
0.15
|
0.03
|
|
106.68
|
109.73
|
3.05
|
0.37
|
0.06
|
North Jolly Jane Target
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-15-283
|
92.96
|
196.6
|
103.64
|
0.23
|
0.62
|
AZ 090 dip
-50
|
227.08
|
230.12
|
3.05
|
0.11
|
0.22
|
|
260.6
|
274.32
|
13.72
|
0.13
|
0.35
|
Vinegaroon Target
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-15-286
|
35.05
|
39.62
|
4.57
|
0.15
|
0.73
|
Azi 060 Incl
-45
|
89.92
|
99.06
|
9.14
|
0.20
|
0.33
|
|
115.82
|
123.44
|
7.62
|
0.15
|
0.41
|
|
138.68
|
152.4
|
13.72
|
0.20
|
1.45
|
|
160.02
|
166.12
|
6.1
|
0.14
|
2.93
|
|
|
|
|
|
|
NB-15-287
|
No significant
results
|
Azi 050 Incl
-50
|
|
|
|
|
|
|
|
NB-15-288
|
42.67
|
50.29
|
7.62
|
0.18
|
0.27
|
AZ 230 dip
-45
|
144.78
|
146.3
|
1.52
|
0.12
|
7.00
|
|
|
|
|
|
|
NB-15-289
|
9.14
|
10.67
|
1.52
|
0.15
|
0.22
|
AZ 090 dip
-45
|
30.48
|
32
|
1.52
|
0.14
|
0.32
|
|
38.1
|
50.29
|
12.19
|
0.13
|
0.44
|
|
|
|
|
|
|
NB-15-290
|
No significant
results
|
AZ 250 dip
-45
|
|
|
|
|
|
|
|
|
|
|
|
NB-15-291
|
25.91
|
27.43
|
1.52
|
0.29
|
|
AZ 090 dip
-45
|
97.54
|
105.16
|
7.62
|
0.11
|
|
|
167.64
|
172.21
|
4.57
|
0.13
|
|
|
|
|
|
|
|
NB-15-292
|
12.19
|
13.72
|
1.52
|
0.15
|
1.58
|
AZ 060 dip
-45
|
25.91
|
30.48
|
4.57
|
0.11
|
1.63
|
* Mineralized thickness calculated @ 0.10 g/t Au cutoff with
internal vein/stockwork intervals calculated @ 1.0 g/t Au
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
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.