KOR Corvis Gold Inc

PROPERTIES UPDATE

The scientific and technical information included in the following section has been derived, in part, from the technical report prepared in accordance with NI 43-101 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 (the “Technical Report”). The Technical Report was prepared by Scott E. Wilson, CPG (#10965) and SME-RM (#4025107) of Resource Development Associates, Inc. (“RDA”) of Highlands Ranch, CO, USA, Michael Cole, SME-RM (#4130807), Mining Engineer, of Roanoke, VA, USA, Christopher L. Easton, MMSA-QP, Metallurgical Consultant and President at Easton Process Consulting, Inc. of Highlands Ranch, CO, USA and Richard Delong, MMSA-QP, Environmental Geologist (#01471) and President of EM Strategies, of Reno, NV, USA, each of whom is a qualified person under NI 43-101.

The NBP and MLP do not have any known proven or probable reserves under SEC Industry Guide 7 and the project is exploratory in nature. The Technical Report is referred to herein for informational purposes only and is not incorporated herein by reference. The Technical Report contains disclosure regarding mineral resources that are not SEC Industry Guide 7 compliant proven or probable reserves. See “Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources and Proven and Probable Reserves” above.

Project Description, Location and Access

Location and Means of Access

The project (the “Project” or the “NB-MLP”) consists of both the NBP and the MLP integrated into a single mining operation which is located in southwest Nevada near the community of Beatty, Nevada. Figure 1 shows the land positions that form the NB-MLP. NB-MLP is accessible from Beatty, Nevada, which is an approximately two and a half hour drive (193 km, 120 mi) north of Las Vegas, Nevada via US Highway 95. US Highway 95 is the major transportation route between Las Vegas, Nevada, Reno, Nevada and Boise, Idaho. Las Vegas is serviced by a major international airport. Beatty is the closest town to the Project having a population of about 1,100, and providing most basic services.

NBP lies 10 km due north of Beatty and is accessed via several dirt roads to the west from US Highway 95 between mile markers 66 and 72 (6-12 road miles north of Beatty on US Highway 95). A network of typically well-maintained dirt roads provides access to most of the important exploration areas. MLP lies 8 km due east of Beatty. MLP is accessed from US Highway 95 just one mile south of Beatty by taking the Fluorspar Canyon road east. Access around the Project is also by a network of reasonably good dirt roads.

Figure 1 – Map showing the boundaries of the NBP and MLP (grid UTM NAD27 Zone 11).

Corvus Interest in the Project

MLP Area and Location

The MLP is located in the northern Bare Mountain area of northwestern Nye County, Nevada. A map of the MLP is presented in Figure 1, which shows the boundary defined by public land mining claims in blue. Location of the property is shown with respect to Beatty, NV. The Project covers approximately 3,570 ha (8,820 ac) of federal unpatented lode mining claims located in Sections 10, 11, 14, 15, 22, 23, 26, 27, 34, 35 and 36 of T11S, R47E; Sections 1, 2, 3, 9, 10, 11, 12, and 13 of T12S, R47E; and Sections 6, 7, 8, 9, 16, 17 and 18 of T12S, R48E, Mount Diablo Base and Meridian (“MDBM”). A list of the mining claims included in the MLP and administered by the US Bureau of Land Management (“BLM”) is provided in Table 1. Corvus owns, through its wholly-owned subsidiary, Mother Lode Mining Company LLC, the historic Mother Lode property which consists of 13 mining claims (the “Historic Mother Lode Property”). The MN and ME claims were staked by Corvus in 2017 and 2018 and are 100% owned by its wholly-owned subsidiary, Corvus Gold Nevada Inc. (“Corvus Nevada”).

In May of 2017, Corvus purchased 100% of the Historic Mother Lode Property by acquiring the Goldcorp Daisy LLC from Goldcorp USA, Inc. Goldcorp Daisy LLC was subsequently renamed the Mother Lode Mining Company LLC, which is a wholly owned subsidiary of Corvus Nevada. The Historic Mother Lode Property consisted of 13 mining claims (BVC, Mother Lode, MF and TWE in Table 1) comprising approximately105 ha (~260 ac) around and adjacent to the historic Mother Lode open pit. Corvus issued Goldcorp USA, Inc. 1,000,000 common shares of Corvus and granted a 1% Net Smelter Royalty (“NSR”) on any future production from the 13 claims for a gold price up to USD 1,300 per ounce, increasing to a 2% NSR for a gold price equal to or greater than USD 1,400 per ounce.

Table 1 – List of Federal Mining Claims forming the MLP

All of the mining claims on public land at the MLP are administered by the BLM. The mining claims require payment of yearly maintenance fees to the BLM and Nye County (recording fees) of an aggregate of USD 137,478 (estimated for 2019). These claims give Corvus the right to explore for and mine minerals, including gold and silver, subject to the necessary permits. Corvus has a current Notice-level exploration permit from the BLM which allows Corvus to access, maintain the roads, perform drilling and sampling, and create up to five ac of surface disturbance under permit N-095622. A second Notice-level permit (N-96894) which allows construction of up to 17 drill sites with up to 4.39 ac of surface disturbance at the Willy’s target area (east of MLP), has been granted by the BLM (the “Willy’s NOI”). A third Notice-level permit (N-96991) which allows construction of up to 8 drill sites for up to 0.7 ac of disturbance at the Sawtooth target area (west of MLP) has been acknowledged by the BLM (the “Sawtooth Notice”). A Plan of Operations (NVN-096238) to construct up to 550 drill sites for up to 140 ac of disturbance is pending approval from the BLM and the Nevada Department of Environmental Protection (“NDEP”).

Reclamation bonding related to environmental liabilities at MLP is in place to cover proposed disturbance on the property. Such reclamation liabilities are covered by surety bonds issued to the BLM by Lexon Insurance Company (“Lexon”) in the amounts of USD 33,216 for the Mother Lode Notice and USD 9,515 for the Willy’s NOI, and USD 5,367 for the Sawtooth Notice. Additional bonding of up to an estimated USD 440,067 will be required in phases when the Mother Lode Plan of Operations is approved.

Corvus has submitted an application to the Nevada Division of Water Resources for 276 acre-feet of water rights used historically in the Daisy Project mining and processing concession.

NBP Area and Location

The NBP is located in the Bullfrog Hills of northwestern Nye County, Nevada. A map of the NBP property is presented in Figure 1, which shows the public lands boundary defined by mining claims in blue. Within the public land boundary are private lands (based on historic patented mining claims). The Project covers about 7,223 ha of patented and unpatented lode mining claims in Sections 19, 20, 21, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, and 36 of T10S, R46E; Sections 1, 2, 3, 4, 5, 6, 10, 11, 12, 13, 14 and 15 of T11S, R46E; Section 19, 30, 31, 32 of T10S, R47E; and Sections 4, 5, 6, 7, 8, 9, 15, 16, 17 and 18 of T11S, R47E, MDBM. Corvus has a total of nine option/lease agreements in place that give it control of 303 ha (748 ac) of private land derived from the 51 historic patented lode mining claims which are listed in Table 2. Corvus has also purchased surface rights to an additional 37 ha (91 ac) of private land derived from 5 historical patented claims in the Mayflower area.

The mining claims and lease agreements give Corvus the right to explore the property subject to required regulatory permits. Corvus currently has permits for exploration on the public and private land from the BLM and the NDEP Bureau of Mining Regulation and Reclamation (the “BMRR”). The permits allow non-exclusive access by Corvus and its contractors for surface disturbance associated with exploration drilling, engineering characterization, and baseline environmental data collection as defined in the permits. The claims and lease agreements also give Corvus the rights to conduct mining operations to extract the mineral resources subject to future operating permits.

Redstar Option/Joint Venture/International Tower Hill Mines Ltd. Purchase of Land

Redstar Gold Corporation (“RGC”) originally staked 213 public land mining claims and optioned private land related to 21 historic patented lode mining claims from six private parties in 2005-2006 at the NBP. ITH optioned the original NBP land package from RGC in 2006, creating the North Bullfrog Property Joint Venture (the “NBPJV”). In 2007, ITH added the Mayflower Property related to 11 historic patented lode mining claims to the NBPJV under the Greenspun lease agreement. In 2008, RGC added further private land related to 12 historic patented lode mining claims (Connection and adjacent properties) to the NBPJV under the first lease agreement with Lunar Landing LLC. In August 2009, ITH purchased a 100% interest in the NBPJV from RGC by paying to RGC CAD$250,000 and issuing to RGC 200,000 common shares of ITH. The land holdings were then transferred to Corvus during the spin out from ITH on August 26, 2010. In March 2011, Corvus completed the Sussman option agreement on private land related to two historic patented lode mining claims in the Jolly Jane area of the NBP. In May 2014, Corvus amended its existing lease agreement with Kolo Corp. to add the historic Yellow Rose and Yellow Rose No. 1 patented claims. In March 2015, Corvus added a second option agreement with Lunar Landing LLC, to lease the Sunflower, Sunflower No. 1 and Sunflower No. 2 historic patented claims. Table 2 summarizes the obligations of the nine private land lease agreements which are part of Corvus’ responsibilities on the NBP. The leases allow extension beyond the original term with payment of the annual advanced royalty and continuation of exploration work at NBP.

Table 2 – NBP Private Land Leases and defined Obligations (all funds USD)

¹ Original title transferred from Hall to Wiley due to death in the family.

² Plus 50,000 common shares of ITH and 25,000 common shares of Corvus.

³ Estimated 2019.

Mayflower Area

ITH, through its subsidiary Talon Gold Nevada Inc. (now Corvus Nevada), entered into a mining lease with the Greenspun Group with an option to purchase 74 ha (183 ac) of patented lode mining claims that cover much of the Mayflower prospect (the “Mayflower Lease”). The Mayflower Lease requires Corvus to make payments and complete work programs as outlined in Table 3. During the term of the lease, any production from the Mayflower property is subject to a sliding scale royalty, also outlined in Table 3. Corvus has the right to purchase a 100% interest in the Mayflower property for USD 7.5 million plus a 0.5% NSR (if gold is less than USD 500) or 1.0% NSR (if gold is above USD 500) at any time during the term of the lease (subject to escalation for inflation if the option is exercised after the 10th year of the lease). The annual property taxes to be paid by Corvus for the Mayflower property are USD 214. On February 11, 2015, the Mayflower Lease was amended with the addition of an anti-dilution clause applying to the ITH common shares to be issued to the lessor and with an increase in the annual payment to include 25,000 common shares of Corvus. On November 22, 2017, the Mayflower Lease was extended until 2027 with the original terms and an annual payment of USD 10,000, and issuance of 50,000 ITH common shares and 25,000 Corvus common shares to the lessor.

On February 21, 2013, Corvus signed a purchase agreement for the surface rights to 37 ha (91 ac) of private land related to five historic patented lode mining claims owned by Mr. and Mrs. Gordon Millman. The claims are located immediately east of the Mayflower deposit. The purchase was subsequently closed on March 27, 2013 (the “Closing Date”). Corvus purchased the surface rights for USD 160,000. This ground could be used for overburden storage at the Mayflower deposit as well as improving access to the Mayflower deposit, in general. Additionally, Corvus agreed to pay the Millman’s a fee of USD 0.02 per ton of any potential overburden storage subject up to a minimum storage of 12 million short tons of material. The minimum storage fee of USD 240,000 was financed by a promissory note at an interest rate of 4.2% per annum from the Closing Date and due on December 31, 2015. The promissory note was paid off in December 2015.

Table 3 -Summary of the original and extended terms of the Mayflower/Greenspun Lease

Other NBP Property Considerations

Corvus staked 652 additional public land mining claims between 2012 and 2015, including 595 claims staked in 2012, and 57 claims staked in 2015. Table 4 lists the total of 865 mining claims on federal land at the NBP. All of these properties are held through Corvus Nevada.

All of the mining claims on public land at the NBP are administered by the BLM. The mining claims require payment of yearly maintenance fees to the BLM and Nye County (recording fees) of an aggregate of USD 144,465 (estimated for 2019). Annual property taxes to be paid by Corvus for some of the properties subject to the original six RGC leases and subsequent leases are tabulated in Table 2 and 3. These claims give Corvus the right to explore for and mine minerals, including gold and silver, subject to the necessary permits from regulatory agencies, the NDEP BMRR and the BLM.

The current exploration permits from the BLM and the NDEP allow Corvus surface access, maintenance of roads, and exploration drilling with a defined amount of accompanying surface disturbance. Current exploration activities are covered by a Plan of Operations (NVN-083002) with the BLM. Two Plans of Operations are in place with the NDEP (NDEP #0280 and #0290) that fulfill the State of Nevada permitting obligations on the private and public lands, respectively. Reclamation bonds, related to environmental liabilities to which the NBP is subject, are in place to cover activities on the property. Corvus’ reclamation liabilities are covered by surety bonds issued by Lexon in the amount of USD 284,386 for 77.4 ac of disturbance on public land with the BLM and USD 209,070 for 25.4 ac of disturbance on private land with NDEP.

Two Notice-level operating permits have been obtained for disturbance in areas outside the Plan of Operations area. These include the North Bullfrog Baseline Collection Project and the East Bullfrog Exploration Project. Corvus’ reclamation liabilities for these permits are covered by surety bonds issued by Lexon in the amounts of USD 47,068 and USD 31,143, respectively.

In December 2013, the Company completed the purchase of 170 ha (420 ac) parcel of private land 16 km north of the NBP, which includes 1,600 acre-feet of irrigation water rights within the Sarcobatus Flat water basin. The cost of the land was USD 1,000,000. The Company has registered the purchase of water rights with the Nevada State Engineer and has received Permit 87214 which allows a consumptive use of 1,277 acre-feet of water per year for the purpose of mining. The Company has also received Permit 87745T which allows the transfer of the extraction point of a portion of the water right to NBP and allows the consumption of 67 acre-feet of water per year to support its future drilling programs. The water right requires annual renewal and has currently been extended through June 11, 2019.

Table 4 – Summary of the unpatented lode mining claims at the NBP

The authors of the Technical Report did not identify any significant factors and risks that may affect access or title to the NBP or MLP, or the right or ability to perform work on the NB-MLP Project. To the extent known, the authors know of no other royalties, back-in rights, payments or other agreements and encumbrances to which the property is subject.

History

The Project is located in the Bullfrog district which is informally divided into three subdistricts: 1) Main Bullfrog; 2) North Bullfrog; and 3) Bare Mountain. Figure 2 shows the North Bullfrog (blue boundary) and Mother Lode (purple boundary) claim blocks, the historic (green asterisks) and modern (red) producing mines and the general areas of the subdistricts. Gold was first discovered in the main Bullfrog district by Frank “Shorty” Harris and Ernest Cross on August 9, 1904 at the location of the Original Bullfrog mine. The discovery sparked a rush of prospectors and within a few weeks the district was staked “for nine miles in all directions from the sagebrush flats, including part of the desert to the tip of every summit in sight”. Reports note that 111,805 ounces of gold and 868,749 ounces of silver were produced in the district between 1905 and 1921. The Montgomery-Shoshone mine was the most important mine in the district, operating between 1907 and 1910. A number of other small mines in the Main Bullfrog and North Bullfrog subdistricts contributed to the total reported production.

The Bare Mountain subdistrict is also known historically as the Fluorine district. Gold was first discovered on the east side of Bare Mountain in 1905, as prospectors flocked to the Beatty area after the discovery at the Original Bullfrog mine (the “Original Bullfrog Discovery”). Gold was first discovered in Fluorspar Canyon in 1906 near the Daisy shaft. Unreported amounts of gold were produced from a number of small operations around Bare Mountain between 1907 and 1929. Gold prospecting led to the discovery of a number of fluorite vein deposits associated with gold mineralization including the Daisy (or Crowell), Goldspar and Mary mines. Daisy was by far the largest fluorspar mine producing 204,508 tons between 1919 and 1986. Fluorspar Canyon was named because of a number of fluorite occurrences in the Daisy area.

Figure 2 – Bullfrog Mining District Map

Mercury was discovered in 1908 at the Harvey (also known as the Telluride) mine on the northeast flank of Bare Mountain just one kilometer south-southwest of the Mother Lode deposit. The Harvey mine operated intermittently between 1912 and 1943 producing 72 flasks of mercury. Another mercury occurrence known as the Tip Top mine lies along the Flatiron jasperoid just 800 m southwest of the Mother Lode deposit. The Tip Top mine has no documented production, but may have produced up to 100 flasks of mercury. The Harvey and Tip Top mines are known to have gold associated with cinnabar, but no reported gold production. Mercury was later discovered at the Thompson mine in 1929. The Thompson mine is located 5 km northeast of Mother Lode, and is reported to have had only minor mercury production.

Ceramic grade high-purity silica was produced at the Silicon mine between 1919 and 1929, located 1.5 km northwest of the Thompson mine.

Modern exploration for precious metals in the Main Bullfrog subdistrict began as early as 1982, when geologists from St. Joe Minerals Corporation became interested in the Montgomery-Shoshone area. St. Joe Minerals conducted extensive exploration in the area of the Montgomery-Shoshone and Senator Stewart mines, resulting in the discovery of the Bullfrog vein deposit in 1987. Several company acquisitions resulted in Barrick Gold Corporation (“Barrick”) being the final owner and operator of the mine. The Bullfrog mine produced gold and silver from three deposits including: 1) Bullfrog (open pit and underground); 2) Montgomery-Shoshone (open pit); and 3) Bonanza Mountain (open pit). Between 1989 and 1999, the Bullfrog mine produced 2.31 million ounces (“Moz”) of gold and 3.0 Moz of silver. The Gold Bar open pit mine, located 4 km northeast of the Original Bullfrog mine, produced a small (unreported) amount of gold in the late 1980’s.

Modern exploration for precious metals in the North Bullfrog subdistrict began as early as 1974. There has been no reported modern production from the North Bullfrog subdistrict.

Modern exploration for precious metals in the Bare Mountain subdistrict began in the 1973 when Cordilleran Exploration Company (“Cordex”) staked claims in the Sterling mine area. Between 1973 and 1977, Cordex discovered and delineated bulk-tonnage sediment-hosted gold mineralization at the Sterling mine. In 1978, Cordex leased the Sterling property to Saga Exploration Company (“Saga”). Saga continued to explore the property, and in 1980 formed the Sterling Mine Joint Venture (“SMJV”). The SMJV began producing gold in April 1980.

Cordex explored the Paleozoic sedimentary rocks in Fluorspar Canyon starting in the mid-1970’s, focusing on gold mineralization associated with the fluorite occurrences. In 1979, U.S. Borax Incorporated (“US Borax”) (Pacific Coast Mines) staked the original BVC claims in the Fluorspar Canyon area. U.S. Borax was primarily interested in uranium, but recognized the potential for bulk-tonnage volcanic-hosted disseminated gold mineralization, and discovered the Secret Pass deposit in 1981. In 1985, Cordex entered into a joint venture agreement with U.S. Borax, and by 1989 had earned 100% interest in the U.S. Borax holdings, which would become the core of the Daisy mine property. In 1990-1991, Inter-Rock Gold, Inc. (“Inter-Rock”), through a series of transactions, acquired an option to earn a 100% interest in the Daisy mine property, subject to a 25% back-in right to Cordex. Between 1985 and 1994, Cordex was involved in the discovery and delineation of two new sediment-hosted gold deposits at Daisy South and Daisy West, as well as expanding the Secret Pass deposit. In 1994, Inter-Rock had earned 100% interest in the Daisy mine property through the funding of ongoing exploration, and Cordex (now Rayrock Mines Inc. (“Rayrock”)) elected to exercise their back-in rights to hold 25% interest in the property. In 1995, the Mother Lode property was purchased by Rayrock from U.S. Nevada Gold Search Joint Venture (“USNGSJV”) and incorporated it into the Daisy mine property. The Daisy mine partnership subsequently consisted of Rayrock as the operator (35%) and Inter-Rock as the majority owner (65%). The Daisy mine partnership began mining the Secret Pass and Daisy West deposits in late 1996 and ceased mining operations in late 1999. Inter-Rock sold all interest in the Daisy mine property back to Rayrock in 1998. Gold production from the Daisy leach pad continued into 2001.

Reported modern production of 351,744 ounces from Bare Mountain subdistrict has come from the following deposits: 1) 212,744 ounces produced at the Sterling mine (open pit and underground) between 1980 and 2015; 2) 104,000 ounces produced from the combined Secret Pass and Daisy West open pit mines between 1996 and 2001; and 3) 35,000 ounces produced from the Mother Lode open pit mine between 1989-1991.

MLP History

In 1983, shortly after U.S. Borax had discovered the Secret Pass deposit, Galli Exploration Associates (“Galli”) which was later spun off as GEXA Gold Corporation (“GEXA”) in 1987, prospected and staked claims in the Mother Lode-Joshua Hollow areas east of Secret Pass. In 1985, Galli drilled 54 shallow holes in the Flatiron jasperoid area along the Fluorspar Canyon Fault. Mineralized intercepts were generally narrow, low grade, and confined to the fault zone. Galli geologists recommended drilling the pediment area where the Fluorspar Canyon Fault was projected to intersect a northwest-trending rangefront fault. The Mother Lode deposit was discovered in 1987 with drill hole ML-59, which intersected 47m (155 ft.) of 1.7 g/t (0.049 ounces per ton) gold. GEXA also discovered the SNA deposit under pediment to the south of Mother Lode in 1987.

The Mother Lode deposit was delineated by drilling in 1987 and 1988. In 1988, GEXA formed USNGSJV with U.S. Precious Metals, Inc. and contract miner N.A. Degerstrom, Inc. Mining of the Mother Lode deposit began in 1989. Between 1989 and 1991, the USNGSJV produced approximately 35,000 ounces of gold at Mother Lode at an average grade of 1.8 g/t gold. The bulk of the gold production came in 1990. Mining ceased in 1991 as oxide reserves were mined-out.

Rayrock purchased the Mother Lode property in 1995 from the USNGSJV; incorporating the Mother Lode and SNA deposit resources into the Daisy mine property. Rayrock continued to explore the Mother Lode-SNA area through 1997. Rayrock also intended to mine sulfide resources at Mother Lode as a part of their Daisy mine plan but a declining gold price in 1998 prohibited this development. Some mining development was done in the Mother Lode pit between 1998 and 1999, but no separate gold production was reported.

Glamis Marigold Mining Company (“Glamis”) acquired all of the assets of Rayrock in March 1999, including 100% interest in the Daisy mine property. Glamis continued limited gold recovery from the Daisy leach pad into early 2001. Total gold production reported by the Nevada Bureau of Mines and Geology was nominally 104,000 Au ounces. The majority of the Daisy mine property was dropped by Glamis in 2001 and 2002, and the Daisy Project began reclamation work. Glamis retained a small portion of the Daisy Project property including the 13 mining claims covering the Mother Lode mine area. Goldcorp USA, Inc. acquired all of the assets of Glamis in 2006, including the 13 claims at Mother Lode. The Mother Lode claims were transferred into Goldcorp Daisy LLC (a wholly owned subsidiary of Goldcorp USA, Inc.) in 2014. In May 2017, Corvus acquired Goldcorp Daisy LLC from Goldcorp USA, Inc. In 2017-2018, Corvus has staked 436 additional mining claims which comprise the current MLP land position shown in Figure 1 and 2.

In May 2016, Glamis was notified by the BLM that the BLM was closing the Plan of Operations and authorizing a reclamation cost estimate reduction of 100%. In June 2016, Goldcorp Daisy LLC received notification from the BMRR that all regulatory requirements for permanent closure of the Daisy mine had been met, and that the Water Pollution Control Permit was terminated. Goldcorp Daisy LLC was relieved of all obligations under Nevada Revised Statutes 445 A and the Nevada Administrative Code 445A. BMRR also concurred with the BLM’s decision and terminated the Reclamation Permit 0031 noting that all reclamation and surety liability associated with the permit had been successfully completed.

Sterling Gold Mining Corp began acquiring land and staking open ground in the Daisy-Secret Pass-Mother Lode area in 2005, and by 2007 had assembled a substantial land position at northern Bare Mountain covering all the former Daisy mine property and surrounding Glamis’ small Mother Lode claim block. The land position is currently owned by Coeur Mining Inc.

NBP History

Also known as the Pioneer district, the early history of the NBP is comingled with the Main Bullfrog district. A rush of prospectors came to the Bullfrog Hills soon after the Original Bullfrog Discovery, which resulted in discoveries at the Mayflower mine in 1906 and the Pioneer mine in 1907. The Pioneer mine and Mayflower mine were the principal mines at the NBP. The Mayflower mine was intermittently active between 1906 and 1940. The Pioneer mine was intermittently active between 1908 and 1920 with 1909-1910 being the most productive years. There are no accurate production figures, but limited records suggest that head grades were between 0.5 to 1 ounce of gold per ton at both Mayflower and Pioneer. Underground development at Sierra Blanca, Jolly Jane, Savage Valley and YellowJacket between 1910 and 1914 had no reported production.

Modern exploration for precious metals at NBP started with Cordex at the Connection prospect in 1974. Table 5 outlines a number of companies that worked in various target areas up to 1996. These programs consisted of a variety of activities including surface mapping and sampling, underground mapping and sampling, and drilling. Through the 1996 Barrick program, approximately 249 rotary and reverse-circulation drill holes were drilled on the NBP by eight different operators. Barrick had dropped all interest in the NBP by 1998.

Table 5 – List of Companies that have explored NBP

RGC became attracted to the North Bullfrog area in late 2005, and began staking unpatented claims and acquiring leases on patented claims in 2006. In March 2007, RGC granted ITH the right to earn an interest in the NBP and thereafter formed the NBPJV. In December 2007, ITH completed a lease of the Mayflower property, which was included in the NBPJV. Following the execution of the NBPJV option/joint venture agreement, ITH commenced active exploration on the NBP. In October 2008, RGC completed a lease of the Connection property, which was also included in the NBPJV. On August 4, 2009, ITH purchased RGC’s interests in the property and continued the exploration program as sole owner/lessor. On August 26, 2010, ITH spun out Corvus as a separate public company in a transaction that resulted in Corvus acquiring all of the interest and responsibilities in the NBP.

Geologic Setting, Mineralization and Property Geology

Regional Geologic Setting

The Project lies within the Walker Lane mineral belt and the Southwestern Nevada Volcanic Field (“SWNVF”). The regional stratigraphy includes a basement of Late Proterozoic to Late Paleozoic metamorphic and sedimentary rocks. Basement rocks are overlain by a thick pile of Miocene volcanic and lesser sedimentary rocks of the SWNVF, ranging in age from approximately 15-7.5 million years (“Ma”) (Figure 3). The pre-Tertiary rocks exhibit large-scale folding and thrust faulting, having been subjected to compressional deformation associated with multiple pre-Tertiary orogenic events. The stratigraphy of the SWNVF is dominated by ash flow tuff sheets erupted from a cluster of nested calderas known as the Timber Mountain Caldera Complex. The southwestern edge of the caldera complex lies approximately eight km northeast of the MLP, and ten km east of the NBP (Figure 3). The stratigraphy of the SWNVF includes voluminous ash flow tuff sheets, smaller volume lava flows, shallow intrusive bodies, and lesser sedimentary rocks. Many of the volcanic units exposed around NB-MLP include ash flow tuffs that originated from the caldera complex. Other volcanic units are locally sourced outside of the caldera complex, particularly at the NBP.

The Bullfrog and Fluorspar Hills comprise a somewhat isolated structural domain within the Walker Lane, where both pre-Tertiary and Miocene rocks have been subjected to large-scale, west- to west-north-west-directed, syn-volcanic extension (i.e. down-to-the-west normal faulting and east-tilting of stratigraphy). Extensional faulting was coincident with magmatism and volcanic activity between approximately 15-9.4 Ma. Hydrothermal alteration and gold mineralization were also episodic through this time period. If present, through-going right-lateral faults of the Walker Lane are poorly exposed in the SWNVF. One possible example of a NW-trending, through-going Walker Lane structure cuts through the historic Silicon and Thompson mine areas to the northeast of the MLP (Figures 2 and 3). Despite the dominance of caldera volcanism in the region, little or no mineralization is associated with any caldera ring fracture system. Rather, mineralization is typically associated with extensional faults outside of the caldera complex.

Extension is accommodated by the Bullfrog Hills Fault System (“BHFS”); a complex group of kinematically linked faults that facilitate west-north-west-directed extension and east-tilted block rotation. The primary structure of the BHFS is the Southern Bullfrog Hills Fault (“SBHF”). The SBHF is an east-west-trending, north-dipping, district-scale, low-angle detachment fault. West of Beatty, in the main Bullfrog district, the SBHF separates Proterozoic metamorphic rocks in the footwall from weakly metamorphosed Paleozoic sedimentary and Tertiary volcanic rocks in the hanging wall. East of Beatty, in the Bare Mountain sub-district, the same fault is called the Fluorspar Canyon Fault (“FCF”, Figure 3). The FCF cuts up-section from west to east such that in Fluorspar Canyon it separates Paleozoic sedimentary rocks (footwall) from brittle Tertiary volcanic rocks (hanging-wall). The FCF continues to cut up-section to the east until it eventually separates brittle Tertiary rocks (footwall) from brittle Tertiary rocks (hanging-wall) at MLP. The magnitude of displacement along the SBHF-FCF appears to decrease from west to east across the greater Bullfrog district. The northward dip of the SBHF-FCF generally increases from west to east including: approximately 20 degrees north at the Bullfrog mine, 25-30 degrees north in lower Fluorspar Canyon, 45 degrees north at the Secret Pass mine, and 55-65 degrees northwest at Mother Lode.

Secondary structures of the BHFS include large-displacement, north-northwest- to north-northeast-trending, moderately to steeply west-dipping, down-to-the-west, normal faults. These faults accommodate the east-tilting of the Tertiary units throughout the Bullfrog and Fluorspar Hills. Hydrothermal alteration and gold mineralization are often spatially associated with these large-displacement faults. Such faults are expected to have listric shapes at depth. The MP fault, which hosts the Bullfrog vein at the Bullfrog mine, is an example of a listric fault. Another example is the Contact Fault, which truncates the north side of the Montgomery-Shoshone deposit. The Contact Fault also hosts low-grade mineralization under Rhyolite Valley. The Road Fault at the NBP is the northern continuation of the Contact Fault. Such faults are interpreted to sole into the SBHF-FCF detachment fault at depth.

The long period of syn-volcanic extension in the western SWNVF between approximately 15-9.4 Ma (depending on location) includes at least two periods of accelerated extension documented in the Bullfrog and Fluorspar Hills. A major period of extension between approximately 12.7 Ma and 11.6 Ma has been identified, culminating with the eruption of the Timber Mountain Group ash-flows between 11.6 and 11.45 Ma. Evidence for this period of extension lies west of MLP where the 12.7 Ma Tiva Canyon Tuff is tilted up to 45 degrees east, but the nearby 11.6 Ma Rainier Mesa Tuff is essentially horizontal. Block rotation of up to 45 degrees is documented between 12.7 and 11.6 Ma in the Fluorspar Hills. Mineralization at MLP is coincident with the onset of this period of accelerated extension. It is postulated that a second period of accelerated extension between 11.4 Ma and 10.5 Ma, resulted in major block rotation, rapid erosion and the deposition of the Rainbow Mountain Debris Flow Sequence. In the Mayflower area, the base of the Rainbow Mountain Debris Flow Sequence is tilted as much as 55 degrees east, whereas the top of the sequence is tilted only 25 degrees east. Block rotation of up to 30 degrees is documented in this area while the Mayflower basin was filling with debris. In the southern Bullfrog Hills east of Rainbow Mountain, the 11.45 Ma Ammonia Tanks tuff is tilted as much as 70 degrees east, whereas the base of the overlying Rainbow Mountain sequence is tilted only 35 degrees east. The block rotation of 35 degrees is documented in this area between 11.4 and 10.5 Ma. Extensional faulting continued through approximately 9.5 Ma, with an additional 25 degrees of eastward rotation of the Rainbow Mountain Sequence. Extensional faulting ceased in the Bullfrog Hills prior to the eruption of the relatively flat-lying 9.4 Ma Pahute Mesa Tuff. The 10 Ma age of Bullfrog and Mayflower mineralization and the 9.5-10.2 Ma age of the Eastern Steam-heated Zone at NBP coincide with the culmination of extensional tectonism in the Bullfrog Hills.

Extensional faulting in the Bullfrog and Fluorspar Hills created fault-bounded sedimentary basins which filled with basement- and volcanic-derived sediments (e.g. the Sedimentary Rocks of Joshua Hollow, the Jolly Jane Formation, and the Rainbow Mountain Debris Flow Sequence). During younger periods of extension, older normal faults in the hanging-walls of large-displacement listric faults may have experienced significant reactivation and subsequent eastward rotation, such that they may exhibit relative reverse displacement.

Figure 3 – Regional Geology of the Greater Bullfrog District

MLP Geology and Mineralization

The MLP stratigraphy are listed on the map and include in order of youngest to oldest:

MLP is characterized as a sediment, intrusive, and locally volcanic-hosted disseminated gold deposit. Mineralization most closely resembles Carlin-type sediment-hosted gold deposits of north-central Nevada. There is also evidence for a large buried porphyry-type magmatic system associated with the rhyolite dike swarm at eastern Bare Mountain. The Mother Lode deposit formed at approximately12.7 Ma, which is much younger than the typical approximately 40 Ma age in north-central Nevada. The nature of mineralization is rather passive and with very low introduction of secondary silica, suggesting it may have formed at a shallower depth and at lower temperature than typical Carlin-type deposits. Mineralization exhibits geochemical associations between Au and As-Sb-Hg-Tl-Te-Bi-F, with very low Ag and base metals.

The Mother Lode deposit model consists of structurally and stratigraphically-controlled disseminated gold mineralization hosted primarily in rhyolite porphyry dikes (Tip) and the Sedimentary Rocks of Joshua Hollow (“SRJH”). Lesser volume hosts include Paleozoic sedimentary rocks (Psd and Psq), Tertiary volcanic rocks (Tlr), and debris flow breccias (Tox). Mineralization in Tip, SRJH and Tlr is mostly sulphide, but may be oxidized depending on depth. Mineralization in Psd, Psq and Tox is mostly oxide. The current interpretation is that oxide mineralization in Tox is detrital, with mineralized rock having been mass-wasted as scarp breccias into the hanging-wall of the FCF. Paleozoic rocks are most commonly mineralized in proximity to dike margins, but are also mineralized along subtle non-dike-filled structures and as pseudo-stratiform jasperoid bodies.

The primary structural control feeding mineralization at MLP is a series of north-trending, 50-70 degree west-dipping rhyolite dike-filled structures. Mineralization is both semi-tabular and highly irregular as fluids ascended along dike-filled structures in the underlying Paleozoic rocks, through the Tertiary unconformity, and expanded upward into the Tertiary section. Mineralizing fluids appear to have bled out laterally away from mineralized dikes into favorable permeable lithologies and secondary structures, including the FCF. Deeper drilling has extended the deposit to the west, where it appears that the FCF plays a significant role as a high-grade structural feeder. The potential for additional mineralized dikes in the vicinity of the FCF at depth to the west below current drilling is a highly attractive target.

Rhyolite dikes along the entire Bare Mountain swarm were subjected to high-temperature, sanidine- and biotite-stable alteration shortly after emplacement. At MLP, biotite-stable alteration was followed by a lower temperature pervasive illite-smectite-pyrite event that affected both the dikes and surrounding wall rocks. The illite-smectite-pyrite event penetrates well up into the Lithic Ridge Tuff, forming a large sulphidation halo around the gold mineralization. Illite-smectite-pyrite alteration typically exhibits strongly elevated As, Sb and Tl, and may be well-mineralized or only anomalous in gold. The evidence suggests an early relatively barren illite-pyrite event is followed by an overprinting main stage Au-Te sulphidation event.

Trace element geochemistry associated with gold mineralization in drill hole samples includes: As (max 9262 parts per million (“ppm”)), Sb (max 1429 ppm), Te (max 16 ppm), Tl (max 17 ppm), Hg (max 30 ppm) and Bi (max 25 ppm). The elements with the strongest correlation to gold are tellurium and arsenic. Base metals are very low at MLP. Elevated base metal values are largely associated with basement rocks. The presence of fluorite veining and a strong association between gold and fluorine at MLP is reported. Fluorine is not included in the multi-element analysis used by Corvus, but fluorite has been identified in the Mother Lode pit. Petrographic studies on sulphide concentrates from drill holes at MLP identified growth zones in pyrite grains exhibiting concentrations of arsenic. It has been concluded that the Mother Lode deposit formed at a depth of 500-1000 m or less, from gold-bearing fluids with temperatures between 200-240^oC. High-grade gold appears to be associated with remobilized carbon, particularly in Tjs and Tjvs in the upper portion of the deposit. Remobilized carbon appears to have accumulated in a blanket-like zone above the upper reaches of the rhyolite dikes.

Jasperoid in Paleozoic rocks appears to have both structural and stratigraphic control. Jasperoid intervals in drill holes commonly contain significant Ag values up to 100 ppm. The average Ag/Au ratio from jasperoid samples is 15:1. The average Ag/Au ratio in non-jasperoid Tertiary rock-hosted samples is less than 0.5:1. Jasperoid mineralization in Paleozoic rocks may be a separate mineralizing event that predates the main Mother Lode gold system. Jasperoid is typically oxidized and yields high cyanide shake leach recoveries.

NBP Geology and Mineralization

Many of the major units at the NBP are separated by significant erosional unconformities, which together with pervasive alteration and structural juxtaposition have confounded local and regional stratigraphic correlations. For this reason a series of samples were submitted by Corvus for geochronological studies. Laser ablation inductively coupled plasma analysis on zircons was used to determine the eruptive ages of the different volcanic units, and Ar-Ar dating on adularia was used to date the vein mineralization.

The geochronological studies have significantly refined the stratigraphy of the NBP. Prior to obtaining the zircon age dates, the Sierra Blanca Tuff was correlated with the Bullfrog Tuff of the Crater Flat Group. The zircon dates confirm the age difference between rocks of the North Bullfrog Hills Volcanic Complex (“NBHVC”) and the Bullfrog Tuff, and indicate that volcanism of the NBHVC extended from around approximately 15 Ma to 14 Ma. With age range of 15-14 Ma, the NBHVC correlates with some of the oldest volcanic rocks in the SWNVF, as well as the Tr1 time-stratigraphic position. Zircon dating also appears to confirm the proposed correlation between the Sierra Blanca Tuff and the Upper Tuff of Sawtooth Mountain.

Corvus and previous operators exploring in the northern Bullfrog Hills have defined targets in areas of historic mines or prospects, as well as targets associated with high level epithermal alteration. Mineral resources have been identified in several areas including: Jolly Jane, Sierra Blanca, YellowJacket, Air Track Hill, Air Track West, and Mayflower. In 2007-2008, ITH/RGC drilled several holes at Air Track Hill and Mayflower, with two holes each at Sierra Blanca, Pioneer and Savage Valley. Between 2010 and 2017, Corvus drilled numerous holes at Sierra Blanca, YellowJacket, Jolly Jane, Mayflower and Connection, which provided the basis for the mineral resource estimates in the Technical Report.

Sierra Blanca-YellowJacket Mineralization

Mineralization at Sierra Blanca can be classified into the following styles:

Early, large-volume, pervasive low-grade disseminated gold mineralization associated with quartz-adularia-pyrite alteration.

Middle, structurally-controlled disseminated gold mineralization associated with overprinting illite-adularia-pyrite alteration and gold enrichment (NW10, NE30, NE50, NE60, Liberator Faults).

Late, high-grade gold associated with quartz veins and quartz stockwork veining (YellowJacket Vein Zone).

The metallurgical characteristics of these styles of mineralization have resulted in the differentiation of three metallurgical classes for the estimate of the Sierra Blanca-YellowJacket mineral resource: 1) disseminated oxide; 2) disseminated sulphide; and 3) quartz vein and stockwork mineralization.

Pervasive Disseminated Mineralization

The Sierra Blanca Tuff and Pioneer Formation exhibit alteration-style disseminated mineralization over virtually the entire Sierra Blanca area. The Sierra Blanca Tuff is ubiquitously altered to a fine-grained mixture of quartz and adularia with disseminated pyrite. Quartz-adularia alteration is not as widespread or as well developed in the underlying Pioneer Formation, which is more typically altered to a light green smectite-illite+adularia-chlorite assemblage. The tuffs are progressively altered to smectite-illite, illite-adularia and finally to quartz-adularia as the alteration intensity and gold grade increases. The specific controls on alteration development are difficult to constrain with wide-spaced drilling. However, it appears that alteration is controlled by a combination of high-angle structures feeding fluids into permeable stratigraphic intervals.

Disseminated mineralization in the un-oxidized portions of the deposit is directly related to the pyrite content, which in turn reflects the original iron content of the rock. Pyrite morphologies in disseminated mineralization include fine to coarse disseminated, biotite-replacement, lithic clast-replacement and veinlet infill; indicating a complex history with multiple generations of pyrite growth. Some pyrite grains show zoned gold and arsenic, but no consistent pattern was observed in the grains studied a gold deportment study carried out on the disseminated mineralization revealed that most of the gold is held in the lattice of the disseminated pyrite. When the pyrite is oxidized, the gold is readily recoverable with simple cyanide.

Structurally Controlled Disseminated Mineralization

Structurally-controlled alteration-style mineralization is characterized by the development of disseminated pyrite within faults and in proximal wallrock directly adjacent to faults. These zones may be over 10 m wide locally. Many faults host this style of mineralization including the NE20, NE30, NE40, NE50, NE60, NW10, Air Track Hill, and the Liberator Faults. Structurally-controlled alteration-style mineralization overprints the earlier pervasive quartz-adularia disseminated mineralization, and results in consistently higher grades (1-17 g/t gold). In the Sierra Blanca Tuff, the illite overprint results in a bleached white illite-adularia-pyrite assemblage. Where developed in the Savage Valley Dacite, the alteration is a brown illite-pyrite to illite-adularia-pyrite assemblage, which commonly contains higher grades. This is particularly notable along the Liberator Fault, where gold grades of up to 17 g/t have been encountered in the dacite. This mineralization has a consistently higher Ag/Au ratio than earlier disseminated mineralization.

Disseminated mineralization has been modeled as oxide disseminated and sulphide disseminated. Oxide disseminated is amenable to heap leaching. Sulphide disseminated is amenable to flotation concentration and either ambient air oxidation or pressure oxidation recovery of gold from a sulphide concentrate.

Quartz Vein Mineralization

The YellowJacket Vein Zone occurs in the northeast portion of the Sierra Blanca resource area (Figure 4). The YellowJacket Vein Zone consists of the massive YellowJacket Vein surrounded by hanging wall and footwall stockwork vein zones. The YellowJacket Vein Zone was discovered with drill hole NB-12-138, and was systematically drilled-out with core in 2013-14. The YellowJacket Vein Zone strikes north-northwest and dips between 65-75 degrees west. The zone varies between 15-35 m wide, and persists over a strike length of approximately 850 m. The main YellowJacket Vein is continuous in drill holes along approximately 700 m of strike length. The vein zone is entirely blind and not recognizable at the surface. The surface projection of the YellowJacket Vein Zone is shown on Figure 4. The continuity of the vein and stockwork zone along strike is remarkably consistent. Quartz vein and stockwork mineralization appears to overprint all earlier alteration-style mineralization.

High-grade quartz veins often exhibit crustiform banding and bladed quartz pseudomorphs after calcite typical of low-sulphidation epithermal veins. The quartz vein mineralogy is very simple and consists of native gold and electrum with varying amounts of acanthite and accessory silver sulphosalts. The high grades of the quartz stockwork zones are typically carried by less than 1-2 centimeter (“cm”) grey translucent quartz veinlets containing visible gold and trace amounts of pyrite. Metallurgical testing has shown that the massive quartz vein and quartz stockwork mineralization is free milling. Other YellowJacket-style veins and stockwork zones have been penetrated by drilling in the North Sierra Blanca area outside of the YellowJacket Vein Zone. These are generally small-volume veins or stockwork zones that locally carry high-grades. Most of these subsidiary vein zones appear to be controlled by NE-trending cross faults (i.e. NE50 and the Rhyolite Vein in the vicinity of the NE20). The northeast faults are kinematically linked to the YellowJacket Vein structure and served as vein fluid conduits. Potential exists to expand northeast-trending or other subsidiary vein zones with additional drilling. The better grade-thickness intercepts are likely associated with intersections between the YellowJacket Fault and northeast-trending cross faults.

Jolly Jane

The pseudo-stratabound nature of disseminated mineralization within the Sierra Blanca Tuff at Jolly Jane was recognized by Barrick in 1995, but was not of sufficient grade to be pursued at that time. This style of mineralization was the main focus of Corvus’ drilling program in 2010-11, when twenty-seven reverse circulation (“RC”) holes totaling 4,128.5 m (13,545 ft.) were drilled at Jolly Jane. In 2012 and 2013, 34 additional holes were drilled at Jolly Jane totaling 4,234 m (13,891 ft.). These included three PQ3 core holes for metallurgical samples, 29 infill RC holes on the ZuZu patented claim, and two step-out RC holes to the north of the mineral resource area (Figure 6). Eight surface rock chip/channel lines totaling 384 m (1,260 ft.) have been sampled at 5-foot intervals to resemble drill holes. The results of the 2010-13 work, along with data from the Barrick drilling, are the basis for the mineral resources presented in this document.

The mineral resources at Jolly Jane consist of the older alteration-style quartz-adularia-pyrite disseminated mineralization. The primary host rock is the Sierra Blanca Tuff, and secondary host rocks include the Savage Valley Dacite, Pioneer Formation, Savage Formation and rhyolite of the North Bullfrog Suite. Mineralization is controlled by a combination of small-displacement, high-angle feeder structures and the highly brecciated Sierra Blanca Tuff. The deposit is largely pseudostratabound within the Sierra Blanca Tuff. Minor quartz stockwork veining occurs throughout the Jolly Jane area, but no YellowJacket-style gold-silver enrichment event has been identified to date. All of the current mineral resources at Jolly Jane are oxide.

Wide spaced drilling at North Jolly Jane, including five additional holes drilled in 2015-2017, has encountered thick intervals of low-grade quartz-adularia-altered Sierra Blanca Tuff. Both low-grade oxide and sulphide mineralization is present in the Sierra Blanca Tuff and Savage Valley Dacite at North Jolly Jane. Low-grade mineralization has been extended approximately 750 m north of the Jolly Jane mineral resource, but there is insufficient drill density to necessitate an update of the Jolly Jane mineral resource in this document.

Figure 4 – Geologic map of the Sierra Blanca – YellowJacket Resource area showing the outline of the Sierra Blanca open pit and surface projection of the YellowJacket vein.

Figure 5 - Cross section looking north through Sierra Blanca-YellowJacket

Figure 6 – Geologic Map of the Jolly Jane Resource area.

Figure 7 Cross sections through the Jolly Jane Resource area along lines JJ Long_04, JJ Sect_K,

JJ Sect_G and JJ Sect_B in Figure 6

Mayflower Mineralization

The historic Mayflower mine was developed on en echelon quartz-calcite veins and stockwork zones along the northwest-striking, steeply SW-dipping Mayflower Fault Zone (“MFZ”). The MFZ consists of multiple southwest-dipping fault splays with a complex network of fractures linking the main strands together. Based on the displacement of the base of Trt₂ (defined below), the total apparent vertical displacement across the MFZ is approximately 60 m. There appear to be three main fault splays within the MFZ in the southeastern part of the deposit. Two of these splays merge in the vicinity of the David Adit and only two splays remain in the northwestern end of the deposit. High-grade mineralization appears to be best developed in the fracture zones along and adjacent to the main fault splays. Dilation caused by differential movement between the fault splays appears to be the main control on disseminated mineralization. The entire Mayflower deposit is oxidized.

The mineralized zone is traceable for approximately 900 m along strike. The bulk of the mineralization occurs in debris flow sediments of the Rainbow Mountain Sequence, but locally extends upward into the overlying Rainbow Mountain Tuff (“Trt2”). Alteration-style quartz-adularia disseminated mineralization surrounds a steeply dipping zone of veinfilled breccias. Quartz-adularia alteration extends out into the debris flow sediments for several tens of metres around the main fault zone. Certain horizons appear more permeable than others and therefore are altered and mineralized for greater distances. Alteration pinches to only a few metres wide along faults in Trt2.

Vein and stockwork mineralization is proximal to individual fault splays. Late stage black manganiferous calcite occurs as veins and breccia fillings along the mineralized structures. This calcite is mineralized and is thought to be a late vein stage of the waning hydrothermal system. Narrow high-grade gold zones (shoots) are known from the historic workings and from Corvus drilling. Overall, the mineralized zone appears to narrow with depth, and has a steeper more planar hanging-wall than footwall. There is a clear correlation between higher gold grades and arsenic, both of which are associated with adularization of the host rocks.

The Mayflower inclined shaft was initially developed in the early 20th century on the main Mayflower splay of the MFZ. Historical records indicate the shaft developed four levels, with mining occurring on the 200, 300 and 400 levels. The bulk of the production came from the 300 level. It appears that approximately 17,000 t of material had been extracted by that time. The David Adit and Starlight workings were developed on the David Adit splay, which is the footwall to the Mayflower splay. The David Adit was driven to explore the northwest extension of the system.

The Mayflower prospect was the focus of modern exploration and drilling by numerous companies starting in 1982. Drilling results have been collected for most of the drill holes. Original assay certificates are available for the Barrick drilling. In 2008, ITH drilled 24 RC holes totaling 5,953 m (19,531 ft) in the Mayflower area. In 2012, Corvus drilled 52 additional holes totaling 7,503 m (24,615 ft) including: 1) 14 PQ3 core holes totaling 1,922 m (6,306 ft); 2) 26 in-fill/definition RC holes totaling 3,077 m (10,095 ft); 3) seven condemnation RC holes totaling 1,218 m (3,500 ft); 4) four water monitor wells (RC) totaling 981 m (3,220 ft); and 5) one water pilot RC hole totaling 305 m (1,000 ft). The PQ3 core holes have been used for additional metallurgical testing including bottle roll and column leach tests. Data for both the Corvus drilling and historic Barrick drilling are used in the mineral resource estimate in the Technical Report.

Deposit Type

Gold mineralization in the Bare Mountain subdistrict includes a variety of types: 1) sediment- and intrusive-hosted disseminated Carlin-like (Sterling, Mother Lode, SNA); 2) sediment-hosted Carlin-like (Daisy West and South); 3) volcanichosted low sulfidation disseminated epithermal (Secret Pass); and 4) sediment-hosted quartz vein stockwork (Reward). Types 1, 2, and 3 are associated with late fluorite vein mineralization, high As-Sb-Hg, and very low base metals. Type 4 has no fluorite association, very low As-Sb-Hg, and elevated base metals. Most of the gold deposits in the greater Bullfrog district range in age from approximately 13 Ma to 9.5 Ma. However, quartz stockwork veins associated with the Reward deposit are cut by unmineralized andesitic dikes dated at 26 Ma. The Reward deposit is older and apparently unrelated to the other deposits in the district.

Mineralization at MLP most closely resembles Carlin-type sediment-hosted gold systems of northern Nevada. The Mother Lode deposit model includes structurally and stratigraphically-controlled disseminated sulfide and oxide mineralization hosted in primarily in Tertiary sedimentary rocks and rhyolite porphyry dikes. Paleozoic sedimentary rocks comprise a smaller volume host in proximity to dikes and the basal Tertiary unconformity. Tertiary volcanic rocks and debris flow breccias are also mineralized at MLP. Alteration types associated with gold mineralization include passive decalcification and illite-pyrite alteration. Unique features of MLP-style mineralization compared to typical Carlin-type deposits include: the association with fluorine, the significant volume of mineralization that is rhyolite porphyry dikehosted, elevated tellurium and bismuth, and the generally passive, innocuous, very low-silica nature of the mineralization. Carlin-type gold deposits are generally known to form at depths of greater than 2 km, at temperatures between 180-240^o C. Mineralization at MLP may have formed at depths of 500-1000 m or less, and at temperatures less than 240^o C.

Gold mineralization in the Main Bullfrog and North Bullfrog subdistricts is characterized as volcanic-hosted low-sulfidation epithermal type. Two styles of epithermal precious metal mineralization are present: 1) disseminated mineralization associated with sulfidation of iron in the volcanic host rocks; and 2) open-space filling quartz and/or carbonate veins, which are controlled by boiling. Pervasive quartz-adularia alteration of volcanic rocks is intimately associated with the disseminated mineralization and is an important ground preparation process for later vein forming events. Epithermal deposits form at shallow depth, from the surface to generally less than 2 km. Temperatures of formation range between 150 to 300°C. Mineralization at NBP is typical of other low-sulfidation type gold systems in and around the Walker Lane trend such as: Bullfrog, Round Mountain, Rawhide, Aurora, Bodie and Comstock. These deposits commonly contain higher grade gold in vein and stockwork zones surrounded by zones of lower grade disseminated mineralization. This is the accepted exploration model at NBP.

Exploration

Exploration is on-going at both the MLP and NBP. Exploration at the Project has been conducted through drilling, surface mapping and rock sampling.

MLP Exploration

The exploration potential of the MLP: The focus of 2017 Phase 1 and 2018 Phase 2 drilling programs has been to delineate open pit resources at the Mother Lode deposit area. The deposit remains open at depth to the west, north and east of the current limit of drilling. There is still excellent potential for additional open pit and underground mineable resources. The primary focus of Phase 3 drilling in the fall of 2018 will be extending the mineralization at Mother Lode West. Exploration target areas for MLP include Flatiron, Willy’s, Sawtooth, Coronet, Twisted Canyon, and Baileys Gap.

Exploration work, other than drilling, conducted on the MLP exploration targets is described briefly below:

Willy’s – The first pass of surface rock sampling yielded no significant gold values. Recessive exposures of altered and iron-stained SRJH (“Tjs”) and Lithic Ridge Tuff (“Tlr”) have yielded arsenic values up to 439 ppm. The alteration and trace element geochemistry exhibited in the Tlr unit at Willy’s is similar to what is exposed on the north wall of the pit above the MLP orebody. The Willy’s area has excellent potential for discovery of new blind Mother Lode-style gold mineralization hosted in Tjs and Tip dikes below Tlr. The dikes at Willy’s lie along strike of a major north-northeast-trending dike swarm that is well-exposed just one kilometre to the south. Four to six RC holes are planned at the Willy’s target area in the fall of 2018.

Sawtooth - The Sawtooth target is located 7 km west of MLP on the western portion of the MN claim block in lower Fluorspar Canyon. Geologic mapping has identified the Sawtooth fault: a large-displacement, north-northeast- trending, down-to-the-west normal fault. The Sawtooth fault juxtaposes Ammonia Tanks Tuff (“Tma”) in the hanging wall against pre-Rainier Mesa Tuff (“Tprt”) in the footwall. The structural and stratigraphic setting is similar to the MP Fault at the Bullfrog mine. The Sawtooth fault is expected to sole into the Fluorspar Canyon Fault just 400 m south of the MN claim block.

Coronet - The Coronet target area is located 1.5 km west of MLP on the eastern portion of the MN claim block. Initially, the target was identified as having a west-dipping, down-to-the-west fault that projects to the north-northeast from Secret Pass pit area. Subsequent mapping has resulted in some ambiguity about the nature of the structure and stratigraphy in the area. However, first pass rock sampling has yielded Au values up to 104 parts per billion (“ppb”) and As up to 247 ppm.

Figure 8 – Map of Mother Lode claim blocks showing the main Mother Lode deposit and surrounding exploration targets.

Twisted Canyon - The Twisted Canyon target area is located 1.5 km north of Coronet, and 2.5 km northwest of MLP (Figure 8). The area lies along the eastern margin of what was describes as the Twisted Canyon Topographic Wall. First pass mapping and sampling has yielded a sample with 65 ppb Au and 2.37 ppm Hg associated with high level argillic alteration. The alteration is hosted in pre-Rainier Mesa rhyolite and tuff, indicating a younger age of alteration and mineralization than Mother Lode.

NBP Exploration

Despite the substantial amount of work that has already been done, the exploration potential of the NBP is still significant and the Project remains under-explored. The blind discovery of the YellowJacket high-grade vein/stockwork deposit in 2012 and the identification of the extensive, largely untested Eastern Steam-heated Zone in 2014 indicate significant exploration potential for the discovery of new blind high-grade deposits. Opportunities for expanding the NBP resources include: 1) possible continued expansion of the YellowJacket vein deposit at depth; 2) new discoveries of blind, high-grade YellowJacket-style vein systems adjacent to or within current disseminated resources in the Western Resource Area; 3) expanding or identifying new disseminated mineralization at target areas outside of the existing mineral resource boundaries; and 4) new discoveries of either high-grade vein or disseminated mineralization under the Bullfrog-age Eastern Steam-heated Zone.

Exploration work, other than drilling, conducted on the NBP exploration targets is described briefly below:

Eastern Steam-Heated Zone - Geologic mapping, rock and soil sampling, age dating and a gravity survey was conducted by Corvus over the Eastern Steam-heated Zone (“ESHZ”) in 2014 and 2015. In early 2015, a gravity survey was completed in order to define possible structures beneath the extensive alteration zone which covers approximately 142 square km. Also in 2015, an extensive soil grid consisting of 3,672 samples was completed. The ESHZ is a broad area characterized by resistive low-temperature opal-chalcedonic silica accumulations (ribs and mounds) surrounded by recessive kaolinite-alunite alteration. Low-temperature residual silica accumulation is interpreted to define a paleo-groundwater table at the ESHZ. Residual silica forms erosional remnants of a flat tabular zone at similar elevations across much of the ESHZ. The steam heated alteration and residual silica are largely barren of metals, as would be expected at this level of erosion over a productive vein system. The target concept at the ESHZ is to test for high-grade veins in a hypothetical boiling zone below the steam-heated alteration and the paleo-groundwater table. The work that has developed this concept has defined a series of exploration targets within and around the ESHZ called Spicerite, Alunite Hill, Vinegaroon, Haul Road, Burro, Sinter, Yellow Rose, and Baileys.

Alunite Hill - Alunite Hill is located on the western side of the Eastern Steam-heated Zone, in an area of transition from steam-heated alteration to illite and adularia alteration. Alunite Hill is named for the abundant hypogene alunite veining in strongly silicified Paintbrush Tuff. The primary structural feature is the NW-trending, moderate to steeply SW-dipping Alunite Hill Fault. The Alunite Hill Fault juxtaposes the Paintbrush and Bullfrog Tuffs in the hanging wall against a dacite porphyry intrusive body. The wall rocks of the Alunite Hill Fault exhibit both steam-heated and non-steam-heated alteration. The fault hosts a discontinuous Au-Ag-bearing quartz vein that locally exhibits spectacular bladed quartz pseudomorphs after calcite. Rock sampling has yielded up to 0.746 ppm Au and 13 ppm Ag. The Alunite Hill and Spicerite No. 1 Faults may be the same structure propagating under the cover of the altered debris flow breccia sequence.

Baileys - Limited mapping and rock sampling has been done at the Baileys target area east of US Highway 95. Steam-heated alteration hosted in the Ammonia Tanks Tuff includes resistive residual silica ribs and mounds surrounded by recessive kaolinite-alunite alteration. As expected, there is no significant surface geochemistry found in the current rock sampling. Additional mapping is necessary before targeting deep drilling at Baileys. Additional claims were staked in 2018 which connect the NBP with the MLP, extending the Baileys target area into the Baileys Gap area to the southeast.

Drilling

The MLP was acquired in May 2017, and Corvus reprioritized exploration for the higher grade mineralization indicated to exist at MLP. Corvus initiated the MLP drilling program in 2017 with fall Phase 1 drilling and Phase 2 drilling in the spring of 2018.

MLP Drilling

The current Mother Lode claim group at MLP was once a part of a much larger claim block. The purchase of the Mother Lode group included the data for 520 drill holes totaling 66,932 m (219,592 ft.). The data included exploration holes and water wells from within and surrounding the current claim block. The first known drilling at the MLP was conducted by GEXA. In 1985, GEXA drilled 54 shallow holes totaling 4,371 m (14,340 ft.) along the Flatiron target southwest of Mother Lode. Between 1987 and 1991, GEXA and the USNGSJV drilled 318 holes totaling 40,842 m (133,964 ft.) in conjunction with discovery, delineation and development of the Mother Lode and SNA deposits. The GEXA-USNGSJV drilling included four PQ core holes at Mother Lode and four PQ core holes at SNA. The GEXA-USNGSJV drilling also included six water wells drilled in 1988. Between 1987 and 1997, Cordex/Rayrock drilled 132 holes totaling 19,502 m (63,984 ft.) on the ground surrounding the original Mother Lode property. A significant portion of this drilling was at Mother Lode proper in 1997 after the property was acquired by Rayrock in 1995. The 1997 Rayrock drilling included two PQ core holes at Mother Lode. Rayrock also drilled two shallow water wells near the Daisy leach pad. The existing drilling data from the earlier exploration and production operations has been compared to the results of the Corvus 2017-2018 drilling as part of the data verification program. No exploration drilling had occurred in the Mother Lode area for a period of nearly 20 years between 1998 and the fall of 2017.

Starting in September 2017 through July 2018, Corvus has drilled 78 holes totaling 25,823 m (84,721 ft.), including three core holes and 75 RC holes. All three core holes (ML17-001, 002 and 003) were drilled HQ diameter from the surface. ML17-003 was reduced to NQ lower in the hole when the HQ rods were stuck. The three core holes were drilled early in the program and have been essential to recognizing and understanding the stratigraphy at Mother Lode. Most aspects of drilling and sampling procedures at the MLP are done with the same methodology and quality control developed and used at the NBP since 2010.

RC drilling uses 5½ inch downhole hammer bits. Most holes were completed with a hammer bit to depths of up to 440 m (1445 ft.). Tricone rotary drill bits are used to complete those holes that had significant groundwater inflow. Perched water was been encountered in a number of holes. Corvus measures static water level daily as a hole is drilled. Historic drilling at Mother Lode indicated localized, perched water zones, and the Corvus exploration drilling has produced similar information. The data have not demonstrated a predictable static water table. A few of the deeper holes past 400 m have encountered significant fracture-controlled groundwater up to 30 ga per minute. When significant groundwater is encountered, it is measured by a timed 5 gallon bucket test taken from the discharge at the splitter.

Drilling work conducted on the MLP exploration targets is described briefly below:

Flatiron - Three holes were drilled by Corvus in early 2018 to test the down-dip extension of the known mineralization along the FCF. All three holes (ML18-056, -057 and -058) cut gold mineralization similar to the historic drilling the style of mineralization at Flatiron is identical to Mother Lode. The Flatiron mineralization is interpreted to be a distal extension of the Mother Lode deposit, and ultimately may connect with Mother Lode mineralized zone at depth and along strike.

NBP Drilling

In 2007-2008, ITH and RGC (under the NBPJV) drilled several holes at Air Track Hill and Mayflower, with two holes each at Sierra Blanca, Pioneer and Savage Valley. In 2008, Corvus (ITH under the NBPJV) drilled 24 RC holes totaling 5,953 m (19,531 ft) in the Mayflower area.

Between 2010 and 2017, Corvus drilled numerous holes at Sierra Blanca, YellowJacket, Jolly Jane, Mayflower and Connection, leading to the mineral resource estimates presented in the Technical Report.

In 2010-11, Corvus drilled 44 RC holes totaling 12,785 m (41,945 ft) in the Sierra Blanca area and twenty-seven RC holes totaling 4,128.5 m (13,545 ft) were drilled at Jolly Jane.

In 2012, Corvus drilled 16 additional holes at Sierra Blanca totaling 3,548 m (11,640 ft) including: 4 PQ3 holes for metallurgical samples, 6 HQ3 exploration holes and 6 step-out/infill RC holes.

In 2012, Corvus drilled 52 additional holes at Mayflower totaling 7,503 m (24,615 ft) including: 1) 14 PQ3 core holes totaling 1,922 m (6,306 ft); 2) 26 in-fill/definition RC holes totaling 3,077 m (10,095 ft); 3) seven condemnation RC holes totaling 1,218 m (3,500 ft); 4) four water monitor wells (RC) totaling 981 m (3,220 ft); and 5) one water pilot RC hole totaling 305 m (1,000 ft).

In 2012 and 2013, 34 additional holes were drilled at Jolly Jane totaling 4,234 m (13,891 ft). These included three PQ3 core holes for metallurgical samples, 29 infill RC holes on the ZuZu patented claim, and two step-out RC holes to the north of the mineral resource area.

In 2013, Corvus drilled 87 additional holes at Sierra Blanca totaling 19,000 m (62,340 ft) including: 35 HQ3 core holes, 12 PQ3 core holes, and 40 RC holes. Fifteen channel sample lines totaling 1,070 m (3,510 ft) were completed along new road cuts in 2013-14. In 2014, Corvus drilled 48 additional core holes at Sierra Blanca totaling 11,000 m (36,100 ft) including: 36 HQ3 core holes and 12 PQ3 holes.

Between 2015 and 2017, Corvus drilled 67 additional holes (4 core and 63 RC) totaling 19,192 m (62,965 ft) in the greater Sierra Blanca area. The Sierra Blanca mineral resource is based on this drilling.

Drilling work conducted on the NBP exploration targets is described briefly below:

YellowJacket Vein Zone - The YellowJacket Vein Zone has largely been closed off by drilling along strike, but remains open at depth on some sections. Much of the early resource definition drilling of the disseminated mineralization was vertical and was not effective at defining through-going, steeply dipping vein targets.

Swale - The Swale target lies along strike of the north-northwest projection of the YellowJacket Vein Zone. Several east-directed angle holes were drilled in the Swale area looking for the northern extension of the YellowJacket Vein. Most of the holes drilled at Swale encountered 1+ g/t Au sulfide mineralization, some of which is associated with quartz stockwork veining. Much of this sulfide mineralization appears to be too deep to support open pit mining. The current drilling has not confirmed a northern extension of the YellowJacket Vein Zone. Additional deep drilling (400-600 + m below surface) will be required to continue to test the underground vein and disseminated sulfide potential along strike of the YellowJacket Vein Zone.

Cat Hill - Five east-directed angle holes were drilled at Cat Hill between 2015 and 2017. Hole NB-15-284 encountered multiple 10-40 m intercepts at greater than 0.15 g/t Au, including two individual samples at greater than 1 g/t Au. Two other holes also have significant low-grade oxide intercepts. Most of the mineralization encountered in the drilling at Cat Hill is oxidized. The Corvus drilling suggests that a small oxide resource can be developed at Cat Hill with additional drilling.

Liberty Vein - The Liberty Vein structure exposed at the surface does not appear to be rooted by any significant gold mineralization. However, existing drill holes failed to target the structure at a deep enough elevation to test for a vein zone in the Sierra Blanca Tuff.

Cloud 9 - One east-directed angle hole (NB-16-307) was drilled to test the fault for veining at shallow depth below the vein occurrence. No significant gold was encountered on the fault, but the footwall rocks at depth were found to be relatively unaltered, in situ Wood Canyon Formation basement. The drill hole is significant in that it shows that pre-Tertiary basement stratigraphy has returned to near surface in the footwall block of the West Jolly Jane Fault. This implies that the Sierra Blanca Tuff may also return to near surface between North Jolly Jane and Cloud 9. The evidence suggests the existence of a new shallow oxide target in Sierra Blanca Tuff between North Jolly Jane and Cloud 9. Additional drilling is warranted in this area.

Jasperoid -The target is an occurrence of mineralized bedding-parallel jasperoid in limey beds of the Wood Canyon Formation, Barrick drill hole RDH-767 intersected 21 m at 0.35 g/t oxide in this area (including 1.52 m at 1.1 g/t). This intercept has never been followed up. The Wood Canyon Formation is the host unit at the Reward deposit south of Beatty. Little attention has been given to the Wood Canyon Formation as an ore host at NBP. Additional drilling has been recommended in this area.

West Connection -Corvus drilled one hole at West Connection in 2011 (NB-11-77). The hole did not encounter significant quartz veining, but it intersected a zone of anomalous gold (greater than 0.1 ppm) gold between 94 to 107 m, and several zones with anomalous arsenic and antimony. Well crystallized hydrothermal kaolinite was found in a number of intervals in this hole, possibly linking this structure to the opalite alteration along the Road Fault. There has been no follow-up drilling in this area since 2011.

Spicerite - Corvus drilled one angled core hole (NB-15-429) and three angled RC holes (NB-15-263, 264 and 265) on an east-west fence across the Spicerite target area. No significant gold or other metal values were encountered at the elevations reached by these holes (approximately 300 m below surface). All holes bottomed in low-temperature opal-kaolinite-alunite alteration. The stratigraphy encountered in the drill holes demonstrates that the Spicerite No. 1 Fault has approximately 700 m of down-to-the-west displacement. This fault is likely the deep structural conduit feeding the hydrothermal fluids at Spicerite. The Spicerite No. 1 Fault is an analog of the MP fault that hosts the Bullfrog vein deposit, and should be the primary target for future drilling. The Spicerite No. 1 Fault requires deep drilling down-dip below existing holes. This represents one of the best targets for a new Bullfrog-age vein system at depth under the ESHZ.

Alunite Hill - Corvus drilled three holes (NB-15-260, 261 and 262) on the Alunite Hill Fault. Holes 260 and 261 comprise a fence of two angle holes under the best developed portion of the vein at the surface. Both holes intercepted quartz stockwork veining on the fault, each having with 4-6 m intervals of low-grade Au-Ag mineralization. The drilling indicates a much flatter southwest-dip of approximately 35 degrees in contrasts to the 50-75 degree dips measured at surface. The initial test of the Alunite Hill Fault was not successful in identifying high-grade gold. The fault still has potential for high-grade mineralization at depth and along strike. Additional drilling is recommended at depth and along strike to fully test the Alunite Hill Fault.

Yellow Rose - The Yellow Rose target area lies partially on patented claims near the northernmost exposure of the ESHZ. Shallow drilling in the surrounding area by GEXA failed to encounter significant gold mineralization. The area is underlain by steam-heated alteration hosted in heterolithic and monolithic debris flow breccias. There is a series of north-south to north-northwest-trending high angle structures that cut the host rocks. There is anomalous gold in rock samples at the Yellow Rose adit in steam-heated alteration. Gold values up to 0.230 ppm area associated with illite-adularia-alteration approximately 200 m west of the adit. The Yellow Rose area exhibits both steam-heated and non-steam heated alteration assemblages at similar elevations, suggesting a fluctuating paleo-groundwater table and the potential for buried gold mineralization.

Sampling, Data Analysis and Data Verification

Corvus uses two types of drilling systems for exploration and resource drill programs at both NBP and MLP:

Reverse Circulation Rotary Drilling

Corvus drilling at MLP between September 2017 and June 2018 included 3 core holds and 67 RC holes totaling 22,551 m. Corvus drilling at NBP between 2015 and 2017 included 97 RC holes with a total length of 26,345 m. Standard procedures, put in place during the 2010-2011 North Bullfrog RC sampling program, have been used in all Corvus drill programs. RC samples are collected at continuous 5-ft (1.52 m) intervals starting from the top of each hole. Two duplicate samples for each interval are captured by a rotary splitter and kept in large sample bags placed in 5 gallon buckets. The custom-made, heavy duty, sample bags have a white barcode tag for the samples going to the assay lab, and a red barcode tag for the duplicate samples being kept for other purposes (field duplicates, metallurgical testing, etc.). The sample hose and rotary splitter are cleaned thoroughly with a high pressure water sprayer prior to drilling of each 20-ft rod (6.1 m). In order to minimize contamination between 5-foot intervals, the splitter is also quickly sprayed out after each interval is drilled, but before the sample bags are pulled, without stopping drill penetration. Individual samples bags are tied-off without pouring off the contained water, and placed in orderly rows at the drill site for natural decanting of the excess water. The sampling associated with RC drilling is supervised by an on-site Corvus rig geologist.

Within 3-5 days the samples are sufficiently dry to allow transport. The samples are loaded into super sacks (bulk bags) and transported to a staging area at Corvus’ core shack/field office. Pre-selected blanks and reference standards are placed inside the super sack, and it is sealed with a large, numbered plastic zip-tie. The super sacks are stored in a secure area until they are loaded onto the assay lab truck. The assay lab truck comes to the project for sample pick-ups on an as-needed basis. Chain of custody is transferred to the assay lab personnel at pick-up time.

The drill chips are cursorily logged at the drill site, and later logged in greater detail in an office setting using a binocular microscope. Magnetic susceptibility and an HCl acid “fizz-test” are also measured on the chips for each five-foot interval. The geologic characteristics that are determined routinely on drill chips include: color, lithology and stratigraphic unit assignment, alteration style and intensity, vein type and percentage, sulfide type and percentage, and oxide type and relative intensity. The following five oxide classes are used to quantify the oxidation state of each sample:

Oxide classes 5, 4 and 3 have consistently yielded favorable gold recoveries in bottle roll tests. Model blocks assigned to classes 5, 4 and 3 comprise the oxide mineralization category. Oxide classes 2 and 1 have consistently yielded un-favorable gold recoveries in bottle roll tests. Model blocks assigned to oxide classes 2 and 1 comprise the sulphide mineralization category.

Core Drilling

Three (3) core holes were drilled at MLP in 2017, totaling 911.53 m. HQ3 core was drilled and extracted using triple-tube tooling to ensure the best recovery through highly fractured intervals. Triple tube tooling minimizes core separation and rotation within the extraction tube. In conjunction with the logging, sample intervals were marked in the core box and assigned unique sample numbers in a sequence that included pre-selected quality assurance (“QA”) and quality control (“QC”) samples every tenth sample. Each hole starts with a blank QA/QC sample, and alternates between blanks and reference standards. Once a hole is logged and tagged for sampling, each box is photographed within a fabricated lighting and reference frame. The reference frame allows rectification of the image so that in future applications true lengths can be measured on the core using the photos. Once a hole, or a group of boxes in a hole, are photographed, the photos are reviewed for adequacy and the photo files renamed using hole number and box number.

All sample intervals of core are cut in half with a core saw, with one half of the core being placed in a sample bag to be assayed, and the other half returned to the original core box for archive. Selected lengths of each hole were sampled with continuous intervals based on careful logging of geological characteristics.

Sample Security and Quality Assurance

Prior to shipment, all MLP core samples were photographed, cut, weighed and then placed in bulk bags that are sealed with a security tag. RC samples from the Project are not weighed until they reach the lab, but are also shipped in bulk bags which are sealed with a security tag prior to shipment. Samples from each MLP drill hole (September 2017 -to present) were sent to American Assay Labs (“AAL”) in Sparks, Nevada as a separate shipment with a chain of custody document to certify that the seals were intact when the shipment was received. Samples from each NBP drill hole (2010-2017) were sent to ALS Minerals in Reno, Nevada as separate shipments with a chain of custody document to certify that the seals were intact when the shipment was received.

Accredited Laboratories

Assaying for the MLP holes has been performed by AAL in Sparks, Nevada. Corvus has no business relationship with AAL beyond being a customer for analytical services. The Sparks laboratory is Standards Council of Canada, Ottawa, Ontario Accredited Laboratory No. 536 and conforms with requirements of CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005).

Check assaying on MLP samples has been performed by Bureau Veritas (Metals & Mining) North America (“BVM”, formerly Inspectorate America Corporation), in Sparks, Nevada and Vancouver, Canada, and ALS Minerals Laboratories (“ALS Minerals”), in Sparks, Nevada. Corvus has no business relationship with BVM or ALS Minerals beyond being a customer for analytical services. The BVM laboratory is Accredited Laboratory No. 720 and conforms to requirements of CAN-P-1579, CAN-P-4E (ISO 9001:2008) and ALS is Accredited Laboratory No. 660 and conforms to requirements of CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005).

Assaying for the NBP was performed by ALS Minerals primarily in Reno, Nevada, with some work performed in Vancouver, British Columbia. Corvus has no business relationship with ALS Minerals beyond being a customer for analytical services. The Reno laboratory is Standards Council of Canada, Ottawa, Ontario Accredited Laboratory No. 660 and conforms with requirements of CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005). The North Vancouver, British Columbia laboratory is Standards Council of Canada, Accredited Laboratory No. 579 and conforms with requirements of CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005).

Check assaying on NBP samples was performed by Inspectorate America Corporation, Sparks, Nevada. Corvus has no business relationship with Inspectorate America Corporation beyond being a customer for analytical services. The Laboratory is Accredited Laboratory No. 720 and conforms to requirements of CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005).

Quality Control

Corvus utilizes several QC processes to assure high quality of the produced resource characterization data:

Identical QC approaches have been used in both the MLP and NBP resource drilling programs. The MLP QC data are presented here because they represent Corvus work in the recent period of 2017-2018. The same levels of quality have been maintained in all Corvus drilling programs.

Duplicate Samples

Duplicate Samples were used to monitor the precision of the assays that were incorporated into the mineral resource estimate. Duplicates monitor three sources of variation: sampling method, preparation and assaying. Preparation duplicates are used to monitor the sample preparation process, field duplicates are used to document the precision associated with sampling at the drill site, and pulp duplicates are used to monitor the assaying process. Corvus uses all three types of duplicates to monitor the precision of the gold and silver analyses. However, field duplicates are only collected for RC holes.

Preparation Duplicates

Sample preparation duplicates (“Prep Duplicates”) were created by crushing the sample and then splitting it in half. The two halves were then processed as separate samples. Five Prep Duplicates were created for each drill hole. The selection of preparation duplicates was made by geologists logging the hole, based on their interpretation of lithologies and degree of mineralization.

Field Duplicates

Field duplicates were selected by the Project Manager after the gold assay results for an RC hole had been received. At the drill site, two samples were taken for every 1.52 m (5-ft) interval, with a primary sample being labeled with a white tag. The secondary sample was labeled with a red tag with an “M” suffix added to the original sample number. The secondary (red tag bags) were used for the field duplicates. The selected field duplicates would have a gold value of 0.1 ppm or higher, based on the results of the primary sample. Field duplicates have undergone the same transport and security procedure as all other RC and rock samples. The field duplicates were used to check the accuracy and precision of the sample splitting at the drill site.

Pulp Duplicates

Pulp duplicates were used to indicate the homogeneity of the pulp material that is subjected to the fire assay and variations generally reflect the nugget effect in gold samples. For the MLP samples, AAL routinely ran pulp duplicates as part of their internal QA/QC program and these assays are analyzed as part of assay QA/QC. For the NBP samples, ALS Minerals routinely ran pulp duplicates as part of their internal QA/QC program and these assays are analyzed as part of assay QA/QC.

Check Assays

For the MLP, Four hundred and two (402) check samples were analyzed for gold and multi-elements in 3 separate check assay jobs at BVM and ALS Minerals to check the results of AAL. The samples submitted included both drill produced materials from MLP drilling and standard samples supplied by Rocklabs Ltd. of Auckland, New Zealand and Geostats Pty Ltd. of O’Connor, Western Australia. The standard samples include both Certified Reference Materials (“CRMs” or “standards”) and Blank Material (“Blank”). The first job, ML180215CA, had 135 samples, the second, ML180410CA, had 128 samples, and the third, ML180524CA, had 139 samples. Of the standards submitted for the three jobs, 33 were standard material and 6 were blank material. ML180215CA contained 12 with standard material, ML180410CA contained 7 with standard material and 6 with blank material, and ML180524CA contained 14 with standard material.

Overall, the comparison of the test results indicates good agreement between the different labs.

For the NBP, one hundred and ninety four (194) samples were sent to Inspectorate America Corporation to check results from ALS Minerals

Blanks

Blank samples were inserted into the sample sequence at a ratio of 1:20 to monitor for carryover contamination and to ensure that there was not a high bias in the assay. Carryover is a process where a small portion of the previous sample contaminates the next sample. AAL and ALS Minerals allows a total of 1% carryover from preparation and analytical processes combined. Each blank that assays higher than three times the detection limit was evaluated to see if the value reflected carryover or some other problem. For example, for the MLP samples, if a blank assayed 0.009 ppm Au for the FA-PB30-ICP analytical method and the previous sample ran 1ppm Au then the blank was not investigated because acceptable carryover could explain up to 0.01 ppm. However, if the blank had assayed 0.015 ppm Au it would be more than can be explained by carryover from a 1 ppm previous sample and an investigation would be initiated. In respect of the MLP samples, the investigation included a rerun of the blank and surrounding samples as well as any documentation that was associated with the work order at AAL. There were cases where the investigation does not resolve the reason for the higher than expected value.

Certified Reference Materials

CRMs were used to monitor the accuracy of the assay results reported by AAL for the MLP samples, and ALS Minerals for the NBP samples. CRMs were inserted into the sample sequence at a ratio of 1:20 and served to monitor both accuracy and sample sequence errors. A number of different CRMs covering a range of grades and mineral compositions were used for Mother Lode assay quality control. The reported assay value was controlled by the 10% analytical precision specified by AAL for the MLP samples and ALS Minerals for the NBP samples, and therefore, in the following discussion the performance of the CRM’s was discussed relative to the specified AAL or ALS Minerals precision, as applicable.

CRM’s used in the 2017-2018 MLP drilling campaign were analyzed using the FA-PB30-ICP analytical method. All the CRM values fall within the theoretical analytical precision quoted by AAL.

CRM’s used in the 2015-2017 NBP drilling campaign were analyzed using the Au-ICP22 and AU-ICP21 analytical method. All the CRM values fall within the theoretical analytical precision quoted by ALS Minerals.

Data Verification

One of the authors of the Technical Report, Mr. Wilson, verified the data used in the Technical Report by:

Mr. Wilson concluded that:

Therefore, in the opinion of the Mr. Wilson, such data is adequate and can be relied upon to estimate mineral resources for the Project and for the purposes of the preliminary economic assessment as described in the Technical Report

Mineral Processing and Metallurgical Testing

The samples tested as part of the MLP and NBP metallurgical programs and presented in the Technical Report are representative of the various types and styles of mineralization found at the Mother Lode and NBP. The testing data are representative and the Technical Report author knows of no known processing factors or deleterious elements that could have a significant effect on potential economic extraction.

MLP metallurgical test work has been performed on samples from core and RC drill cuttings generated during the 2017-2018 exploration programs at MLP and on a “grab” sample from the MLP pit in 2017. The data consist of the results of cyanidation bottle roll tests, gravity concentration with cyanidation leaching of tails, flotation, comminution, diagnostic leaching, mineralogy, concentrate pressure oxidation and concentrate roasting followed by cyanidation, and gravity/flotation/cyanidation tests. The metallurgical test work addresses both the oxidized portion of the mineralization, suitable for heap leach processing and sulphide portion, which is amenable to cyanidation after concentration by flotation and pressure oxidation of sulphides.

NBP metallurgical test work has been performed on samples from core and RC drill cuttings generated during the exploration programs at NBP and on bulk sample materials collected from surface outcrops and from dumps resulting from previous underground mining at the NBP. The data consist of the results of cyanidation bottle roll tests at different particle sizes, cyanidation column leach tests at 80% passing (P80) -6.3mm, -12.5 mm (½ inch), -19 mm (3/4 inch) and -51 mm (2 inch) and gravity concentration with cyanidation leaching of tails tests. The metallurgical test work addresses both the disseminated, oxidized portion of the mineralization, suitable for heap leach processing and the higher-grade, vein and stockwork mineralization from the YellowJacket zone which will require milling with gravity concentration and cyanide leaching of tails. These results demonstrate high cyanide solubility of the contained gold and silver in YellowJacket mineralization at 100-200 mesh. The data indicate that simple process systems based on cyanide leaching are suitable for both the disseminated, oxidized low-grade mineralization and for the higher-grade vein and vein stockwork mineralization at YellowJacket. The data indicate North Bullfrog Sierra Blanca tuff, Pioneer Formation tuff, Dacite, and Rhyolite refractory sulphide materials are cyanide amenable after sulphide and gold concentration by flotation and alkaline sulphide oxidation.

Metallurgical testing related in the Technical Report was 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. Hazen performed a roasting test 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.

Other scoping tests have been performed by lab organizations and are presented for completeness, including:

Hazen – roasting tests of MLP material and analysis of cyanide bottle roll tests performed at RDi (defined below). NBP bottle roll testing of six samples collected from drilling in the Mayflower area, and refractory material treatment by sulphide and gold flotation, flotation concentrate, sulphide oxidation by AAO and cyanidation of oxidized material.

Kappes, Cassidy and Associates, Reno, Nevada (“KCA”) – bottle roll testing on materials from the Connection area, core material from the Sierra Blanca area and on RC sample materials from the Sierra Blanca and Jolly Jane areas; Advanced Mineral Technology Laboratory Limited (“AMTEL”), London, Ontario, Canada - gold deportment studies of two samples of leached tail fractions of un-oxidized samples from the Savage Valley area.

Bureau Veritas Commodities Canada Ltd. – Quemscan analysis of gravity concentrate samples YellowJacket vein and stockwork materials and MLP sulphide composites.

Resource Development Inc. (“RDi”) completed pressure oxidation and cyanidation test on MLP sulphide concentrates.

Blue Coast Group Research, Parksville, B.C., conducted scoping test work on a grab sample from the MLP pit that included standard cyanidation, flotation, minerology, and whole ore atmospheric alkaline oxidation.

Mother Lode Metallurgical Testing

During 2018, fresh materials from core assaying and field duplicates from the RC drilling were obtained and composites developed for oxide material, two sulphide materials, and comminution tests. The sulfide materials are predominantly associated with two different geologic units; Tip1 – a porphyritic rhyolite intrusive, and Tjvs – sediments of Joshua Hollow.

The 2018 test program took place at McClelland, Hazen, and RDi.

Three metallurgical composites were prepared from drill hole reject samples to represent oxide material, sulfide material, type Tip1, and sulfide material type Tjvs. The samples comprising these composites were RC drill duplicate samples and were nominally minus 6.3 mm (1/4 inch) size.

Two additional composites were prepared for comminution testing. The samples were broken core, nominally 25.4 mm (1 inch) diameter in size.

A separate set of 52 oxide samples were investigated for preg-rob assaying, as well as a series of bottle roll tests.

McClelland completed:

Additionally,

North Bullfrog Metallurgical Testing

Mining activities at NBP took place in the period 1909 – 1926, however, there are no metallurgical data available for that period. Data from subsequent exploration drilling at NBP between 1972 and 1996 by the various organizations listed in Table 5 do not contain any records of metallurgical test work. All of the known metallurgical test work on NBP mineralization have been produced by Corvus beginning in 2010.

This section presents a summary the metallurgical testing performed from 2008-2017 and available for inclusion in this Technical Report.

The majority of the metallurgical program has been completed by McClelland. McClelland has performed bottle roll testing on RC cuttings and core sample materials from the Sierra Blanca, the Jolly Jane, the Savage Valley and the Mayflower areas and column leach tests at P₈₀ of -12.5 mm (1/2 inch), -19 mm (3/4 inch) and -51 mm (2 inch) for the Sierra Blanca, Savage Valley, Jolly Jane and Mayflower areas, bottle roll testing on these column leach composites at nominal P₈₀ -75 µm (-200 mesh) and 1.7 mm (-10 mesh), 6.3 mm (-1/4 inch) and 19 mm (-3/4 inch), bottle roll test results for vein and stockwork materials representative of the YellowJacket mineralization at various feed sizes and gravity concentration with cyanide leaching of tail materials on YellowJacket vein and vein stockwork mineralization.

The NBP metallurgical testing is organized in three sections. The first section summarizes bottle roll and column tests by deposit for the Connection, Jolly Jane (JJ), Mayflower (MF), Savage Valley, (SV), Sierra Blanca (SB), and preliminary bottle roll tests on Yellow Jacket. The test programs were completed 2008-2013 primarily at the McClelland laboratories. The second section details metallurgical testing of the higher-grade Yellow Jacket oxide material. The third section details testing of the Yellow Jacket sulphide material which was performed by Hazen.

The gold mineralization at the NBP contains various amounts of silver. Silver ratios in the Sierra Blanca mineralization average 3.5 silver to 1.0 gold, the Jolly Jane mineralization averages 1.6 silver to 1.0 gold and the Mayflower mineralization averages 0.64 silver to 1.0 gold. YellowJacket mineralization averages approximately 5 silver to 1 gold. Bottle roll and column leach recoveries of silver are also reported in the data. Column Silver recoveries ranged from 3% to 16%. Discussion of the silver data contained in the Technical Report is limited to column leach testing of the disseminated low-grade mineralization and to the YellowJacket data, where relatively high silver grades and recovery is indicated by the data. Silver recoveries from the sulphide mineralization testing were not measured.

The testing programs for NBP mineralization included:

Metallurgical Processing

The NBP and MLP samples tested are representative of the various types and styles of mineralization and the mineral deposit as a whole, and have been used to identify processing and characteristics. The core and bulk samples were augmented by samples from RC holes to project spatial and depth related variability. The Author knows of no known processing factors or deleterious elements that could have a significant effect on economic extraction.

The testing on higher grade vein and stockwork mineralization in the YellowJacket zone indicates it should be processed in a milling system using gravity concentration, intensive CN leaching of the gravity concentrate followed by CN leaching of the combined gravity tail and leached gravity concentrate. A conventional paste tailing management facility would be constructed for the limited volume of milled material. NBP sulphide material is amenable to sulphide and gold concentration by flotation, oxidative pretreatment by AAO followed by cyanidation. Pressure oxidation tests have not been performed on NBP sulphide material. It is assumed gold recovery will remain the same or increase with pressure oxidation. MLP sulphide material is amenable to sulphide gold concentration by flotation, oxidative pretreatment by pressure oxidation followed by cyanidation.

The grades and recoveries of the NBP disseminated mineralized material are suitable for heap leach processing. Historical data for heap leaching of oxide mineralization at MLP indicate it is suitable for heap leach processing with similar recoveries to NBP mineralization.

Oxide Milling Process Characteristics and Recovery

The parameters, listed in Table 6, are assumed for the mill process assumed for YellowJacket/Sierra Blanca vein and in the process analysis are based on metallurgical testing results for the gravity concentration, intense cyanide leaching of gravity concentrate and cyanide leaching of the combined gravity tail.

Metal recoveries indicated by the gravity concentration/CN leaching test work on YellowJacket vein and vein stockwork samples were high (+90%) across a grade range 1.5 – 9 g/t, then dropped at lower grade (0.5 g/t) for composite samples from above the oxidation surface. The recoveries for composite samples from below the oxidation surface were approximately 5% lower. Mineralization in YellowJacket, associated with the structural zones were subdivided by structure type, grade and location with respect to the oxidation surface to estimate gold and silver recovery. Minor amounts of pyrite (1-2%) were present in the mineralization below the oxidation surface and contained a small fraction of the gold, which probably impacted recovery. Table 7 lists the portions of metal projected to occur in each structural zone and the estimated metal recovery used to estimate a weighted average for the YellowJacket mineralization.