Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR)(OTCQX:
CORVF) announces further results from its 2010-2011 drill program
at its North Bullfrog Project, located near Beatty, Nevada.
Highlights from the latest round of results confirm the existence
of thick, continuous, largely oxide gold mineralization covering an
area of approximately 1.6 square kilometres. New drill results
include 81 metres of 0.6 g/t gold (hole NB-11-91), 88 metres of 0.5
g/t gold (hole NB-11-88), 302 metres of 0.33 g/t gold (hole
NB-11-91) and 265 metres of 0.3 g/t gold (hole NB-11-95).
Corvus has now completed its Phase I drill program, which
totalled 17,820 metres in 75 holes, and assays are still pending on
15 drill holes. Work has begun on an updated resource model, which
is expected to be completed in September of this year. In addition
to completing an updated resource model, the Company will be
conducting a series of metallurgical tests including large diameter
columns and expanded bottle roll tests. Following this work, the
Company will be permitting a Phase II drill program to further
define this large new gold system.
Jeff Pontius, CEO of Corvus, stated: "We are extremely pleased
with these results as they clearly demonstrate the presence of a
major new gold system at the North Bullfrog project and we look
forward to advancing our understanding of this exciting new Nevada
discovery. In addition, the near-surface, widespread, largely
oxidized nature of the mineralization offers potential for a
large-scale, low-cost, run-of-mine heap leach operation which could
be attractive in our current gold price environment."
The drill results reported in this release come primarily from
the Yellowjacket, Sierra Blanca and Savage Valley targets, as well
as surface chip channel results (JJRX) from the Jolly Jane target
area (To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/kor629F1.pdf).
Yellowjacket Target Results
Drill results from the Yellowjacket target indicate this area
may be a center for mineralization for the northern part of the
deposit. Mineralization remains open to the north as indicated by
the results of holes NB-11-87 and NB-11-88 (Figure 1, Table 1).
Drilling shows that mineralization in the Crater Flat tuff is
continuous both along strike and down dip. The current drilling,
together with historical drilling, indicates that there is
potential to extend the mineralization for hundreds of meters up
dip and along strike into shallow highly oxidized areas (To view
Figure 2, please visit the following link:
http://media3.marketwire.com/docs/kor629f2.pdf).
Savage Valley/Sierra Blanca Target Results
The Sierra Blanca/Savage Valley target area is the largest
discovered to date at the North Bullfrog project, with high
potential for a large, low strip ratio oxide deposit (To view
Figure 3, please visit the following link:
http://media3.marketwire.com/docs/kor629f3.pdf). Oxidation here
generally exceeds 120 metres and locally extends to 200 metres.
This combined target area has a strike length of over 1.3
kilometres and a width of up to 1 kilometre.
Jolly Jane Results
Jolly Jane is a particularly attractive area because completely
oxidized and well mineralized Crater Flat Tuff is exposed at
surface forming a favourable mining target that would have a low
strip ratio (To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/kor629f4.pdf). With
mineralization confirmed over an area of 500x500 metres with true
mineralization thicknesses of 60-100 metres, this represents a
significant target.
Table 1: Significant intercepts(i) from recent drilling/channel sampling at
North Bullfrog
(Yellowjacket, Sierra Blanca and Savage Valley targets + Jolly Jane surface
chip channel results (JJRX))
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.
Hole ID/Channel From To Interval Gold Silver
Sample # (metres) (metres) (metres) (g/t) (g/t) Area
----------------------------------------------------------------------------
NB-11-87 83.8 219.5 135.6 0.28 1.22 Yellowjacket
Including 109.7 189.0 79.2 0.33 1.33
NB-11-87 239.3 298.7 59.4 0.34 0.43
Including 262.1 297.2 35.0 0.46 0.48
NB-11-88 199.6 288.0 88.4 0.46 1.40 Yellowjacket
NB-11-88 295.7 355.1 59.4 0.22 1.66
NB-11-89 211.8 268.2 56.4 0.16 0.68 Yellowjacket
NB-11-90 198.1 333.8 135.6 0.27 0.60 Yellowjacket
Including 208.8 248.4 39.6 0.43 0.67
NB-11-91 83.8 385.6 301.8(ii) 0.33 0.79 Sierra Blanca
Including 83.8 164.6 80.8 0.58 1.22
Including 105.2 135.6 30.5 1.14 1.86
NB-11-92 85.3 100.6 15.2 0.27 1.46 Sierra Blanca
NB-11-92 157.0 193.6 36.6 0.18 1.02
NB-11-92 280.4 309.4 28.9 0.38 0.84
NB-11-92 323.1 371.9 48.8 0.47 0.81
NB-11-93 50.3 65.5 15.2 0.30 1.23 Sierra Blanca
NB-11-93 83.8 109.7 25.9 0.19 1.40
NB-11-93 149.4 192.0 42.7 0.17 0.52
NB-11-94 77.7 134.1 56.4 0.22 0.50
Including 82.3 102.1 19.8 0.35 0.59
NB-11-94 193.6 221.0 27.4 0.24 0.46 Sierra Blanca
NB-11-95 128.0 393.2 265.2 0.27 0.65 Savage Valley
Including 128.0 207.3 79.2 0.33 0.55
Including 211.8 286.5 74.7 0.34 0.50
NB-11-96 135.6 224.0 88.4 0.34 0.73 Savage Valley
Including 184.4 216.4 32.0 0.61 0.82
NB-11-97 44.2 93.0 48.8 0.29 0.95 Savage Valley
Including 45.7 67.1 21.3 0.43 1.14
NB-11-98 100.6 115.8 15.2 0.12 0.48 Savage Valley
NB-11-98 131.1 153.9 22.9 0.19 0.77
JJRX-1 0.0 45.7 45.7 0.23 0.61 Jolly Jane
JJRX-2 0.0 76.2 76.2 0.33 0.31 Jolly Jane
JJRX-3 0.0 41.2 41.2 0.29 0.42 Jolly Jane
JJRX-3 50.3 65.5 15.2 0.25 0.41 Jolly Jane
JJRX-4 0.0 74.7 74.7 0.18 0.38 Jolly Jane
JJRX-5 0.0 24.4 24.4 0.32 0.69 Jolly Jane
(i) Intercepts calculated using 0.1 g/t cutoff with a maximum of 3 metres of
internal dilution.
(ii) This intercept includes one 6 metre interval of internal waste.
About the North Bullfrog Project, Nevada
The North Bullfrog Project covers over 24 square kilometres in
southern Nevada just north of the historic Bullfrog gold mine
formerly operated by Barrick. The project has excellent
infrastructure, being adjacent to a major highway and power
corridor, and is 100% controlled by the Company.
The project currently includes eight prospective gold targets
with one prospect - the Mayflower target - containing an NI 43-101
compliant initial Indicated Resource of 2.6 million tonnes at an
average grade of 0.67 g/t gold for 76,300 ounces of gold and an
Inferred Resource of 2.2 million tonnes at 0.56 g/t gold for 39,000
ounces of gold (both at a 0.3 g/t cutoff) with appreciable silver
credits. Mineralization occurs in two primary forms: (1) broad
stratabound bulk-tonnage gold zones such as the Sierra Blanca and
Jolly Jane systems; and (2) moderately thick zones of high-grade
gold and silver mineralization hosted by structural zones with
breccias and quartz-sulfide vein stockworks such as the Mayflower
and Yellowjacket targets. The Company is actively pursuing both
types of mineralization.
A video of the North Bullfrog project showing location,
infrastructure access and 2010 winter drilling is available on the
Company's website at
http://www.corvusgold.com/investors/video/.
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 the Company, as he is the CEO and holds common
shares and incentive stock options.
The work program at North Bullfrog was designed and supervised
by Russell Myers, President of the Company; and Mark Reischman,
Nevada Exploration Manager, who are 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. All 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. Quality
control is further assured by the use of international and in-house
standards. Finally, representative blind duplicate samples are
forwarded to ALS Chemex and an ISO compliant third party laboratory
for additional quality control.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in
Alaska and Nevada, which controls a number of exploration projects
representing a spectrum of early-stage to advanced gold projects.
Corvus is committed to building shareholder value through new
discoveries and leveraging those discoveries via partner funded
exploration work into carried and or royalty interests that provide
shareholders with exposure to gold production.
On behalf of
Corvus Gold Inc.
Jeffrey A. Pontius, Chairman and 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 for higher grade zones
of mineralization to exist at North Bullfrog, the potential for any
mining or production at North Bullfrog, the potential for the
identification of multiple deposits at North Bullfrog and the
operation of a central processing facility to treat North Bullfrog
mineralization, the potential for a large-scale, low-cost,
run-of-mine heap leach operation at North Bullfrog, the potential
for Crater Flat Tuff which is exposed at surface to form a
favourable mining target that would have a low strip ratio, the
potential for the discovery of a large, low strip ratio oxide
deposit at the Sierra Blanca/Savage Valley target, the potential to
expand the mineralization at Yellowjacket, 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.
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 latest interim Management
Discussion and Analysis and filed with certain securities
commissions in Canada. All of the Company's Canadian public
disclosure filings may be accessed via www.sedar.com 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 shareholders 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.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent
or similar mineral properties in respect of which the Company has
no interest or rights to explore or mine. The Company advises US
investors that the mining guidelines of the US Securities and
Exchange Commission (the "SEC") set forth in the SEC's Industry
Guide 7 ("SEC Industry Guide 7") strictly prohibit information of
this type in documents filed with the SEC. Readers are cautioned
that the Company has no interest in or right to acquire any
interest in any such properties, and that mineral deposits on
adjacent or similar properties are not indicative of mineral
deposits on the Company's properties.
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.
Contacts: Corvus Gold Inc. Shirley Zhou Manager - Corporate
Communications 1-888-770-7488 (toll free) or (604) 638-3246 (604)
408-7499 (FAX) szhou@corvusgold.com www.corvusgold.com
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