Corvus Gold Inc. ("Corvus" or the "Company") (TSX: KOR) is pleased
to announce assay results for the upper sections of two of six
holes from the diamond drilling at the Grubstake target on the
Chisna copper-gold project, Alaska (Figure 1:
http://media3.marketwire.com/docs/kor1.pdf). Both holes are
extensively altered and veined, thus confirming copper-gold
mineralization is associated with a large porphyry style mineral
system. The results also demonstrate that mineralization is linked
to the younger, probably Cretaceous, intrusive suite at Grubstake
which may be of similar age to the Pebble deposit 600 kilometres to
the west and Orange Hill deposit 100 kilometres to the southeast.
Hole GS-10-03 encountered 130 metres averaging 0.2% copper and
0.15 g/t gold beginning at 191 metres down hole depth. In addition
to the copper-gold mineralization (which was the principal target
of holes GS-10-01 and GS-10-03) high-grade (+10 g/t) gold
mineralization has been found in many surface structures. In hole
GS-10-01, several of these gold mineralized structures were
encountered below the post mineral fault (Figure 2:
http://media3.marketwire.com/docs/kor2.pdf, Table 1). These
structures may become targets in their own right as exploration
proceeds at Grubstake.
Table 1: Summary intercepts from holes GS-10-01 and GS-10-03
(At this time it appears that the mineralized zone intersected in these
holes is flat lying to shallowly dipping to the north so the true thickness
of these intercepts is somewhat less than that in the downhole interval
shown)
Interval
Hole # From (metres) To (metres) (metres) Copper (%) Gold (g/t)
-------------------------------------------------------------------------
GS-10-01 14.8 214.0 199.3 0.08 0.06
including 17.7 29.0 11.3 0.12 0.06
including 33.0 54.3 21.3 0.11 0.07
including 94.3 104.6 10.2 0.11 0.19
including 123.1 132.0 8.9 0.13 0.10
226.4 231.2 4.8 0.04 1.32
including 228.0 231.2 3.2 0.04 1.87
-------------------------------------------------------------------------
GS-10-03 23.4 61.9 38.5 0.14 0.09
137.8 172.6 34.8 0.16 0.10
191.4 321.3 129.9 0.19 0.15
including 191.4 296.5 105.1 0.20 0.16
including 195.8 227.8 32.0 0.26 0.19
Russell Myers, President of Corvus, stated, "These results
provide "proof of concept" for the Grubstake porphyry target and,
given the extensive area of the IP chargeability anomalies, bodes
well for the exploration potential of this target which is only one
of many in the Chisna belt. The complex history of alteration and
intrusion reflected in the core point to multiple mineralizing
events in the Grubstake area which is encouraging for the discovery
of a major deposit. With over 12 square kilometres of anomalous
surface gold and copper and subsurface geophysical targets, this
initial drill program has only just begun to evaluate the system.
Given the early success of the first two holes we are very
encouraged with the discovery potential of the Grubstake target
area."
Analysis of Results
Hole GS-10-01 targeted a highly anomalous area of soils and
encountered over 200 metres of copper mineralization hosted in
volcanic rocks and intrusive breccias with extensive zoned porphyry
type alteration before a fault terminated the zone (Figure 2:
http://media3.marketwire.com/docs/kor2.pdf). The IP data linked
this mineralized zone to a moderate IP response that also mapped
the terminating fault. Hole GS-10-03 was then drilled back to
evaluate the extension of the IP anomaly to the north and
encountered extensive alteration and mineralization throughout the
hole. In the top of GS-10-03 breaks in these extensive mineralized
zones are caused by post mineral monzonite porphyry dikes typical
in porphyry deposits.
The success of defining significant zones of copper and gold
mineralization associated with surface and subsurface anomalies
will form the basis for taking the Grubstake exploration program
forward. The next phase of work following the return of the
remaining drill hole results will be to conduct a 3D analysis of
the data to expand the understanding of the overall system and
target follow-up drill holes for this large and relatively
un-tested new porphyry discovery.
About the Chisna Project
The Chisna Project is focussed on a new and emerging Alaskan
copper-gold porphyry belt of deposits with copper and gold
mineralization associated with mid-Cretaceous intrusions of similar
age and style to the Pebble deposit to the west and Orange Hill
deposit to the east. At present, the Corvus/Ocean Park Ventures
Corp. joint venture controls over 232,000 acres of either State of
Alaska Mining Claims or land leased from Ahtna Corporation. The
2010 exploration program represents the first modern exploration
and drilling to take place on this large and highly mineralized new
Alaskan porphyry belt.
Corvus and its predecessor-in-title, International Tower Hill
Mines Ltd., began exploration on the project in 2006 and discovered
the Grubstake porphyry copper system in 2007. Beginning in 2010,
the Chisna project is being operated as a joint venture between
Raven Gold Alaska Inc. (a subsidiary of Corvus) and Ocean Park
Alaska Corp. (a subsidiary of Ocean Park Ventures Corp.), with
Ocean Park earning 51% by contributing USD 20 million in
exploration expenditures over a 5 year period, thereby providing
Corvus with a no cost assessment of this belt (see International
Tower Hill Mines Ltd. news release NR09-29 for details on the terms
of the joint venture). Raven is the operator of the joint venture
during the first two years.
In 2010, the Chisna project advanced dramatically with the
completion of a large airborne geophysics (6700 line kilometres of
ZTEM (Z Axis Tipper Electromagnetic system), an innovative airborne
EM system credited with correctly delineating the Pebble deposit)
and extensive ground geophysics (100 line kilometres of 3D induced
polarization) together with surface prospecting and drilling. This
work has defined over a dozen priority targets of which only two,
POW and Grubstake, have been initially tested with drilling, both
returning anomalous copper and gold values.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by
National Instrument 43-101, has supervised the preparation of the
scientific and technical information that forms the basis for this
news release and has approved the disclosure herein. Mr. Pontius is
not independent of Corvus, as he is the CEO and holds common shares
and incentive stock options.
The work program at Chisna was designed and supervised by
Russell Myers, the Vice-President, Exploration of ITH and the
President of Corvus. On-site personnel at the project photograph
the core from each individual borehole prior to preparing the split
core. On-site personnel at the project log and track all samples
prior to sealing and shipping. All sample shipments are sealed and
shipped to ALS Chemex in Fairbanks, Alaska, for preparation and
then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for
assay. ALS Chemex's quality system complies with the requirements
for the International Standards ISO 9001:2000 and ISO 17025:1999.
Analytical accuracy and precision are monitored by the analysis of
reagent blanks, reference material and replicate samples. Quality
control is further assured by the use of international and in-house
standards. Finally, representative blind duplicate samples are
forwarded to ALS Chemex and an ISO compliant third party laboratory
for additional quality control.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in
Alaska and Nevada, which controls a number of exploration projects
representing a spectrum from early stage to the advanced gold
projects. Corvus is committed to building shareholder value through
new discoveries and leveraging those discoveries via partner
funding into carried and or royalty interests that provide its
shareholders significant exposure to produced gold to maximize the
value for their investment.
On behalf of Corvus Gold Inc.
Jeffrey A. Pontius, Chairman and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost
of exploration programs, anticipated exploration program results,
the discovery and delineation of mineral
deposits/resources/reserves, business and financing plans and
business trends, are forward-looking statements. Although the
Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, variations in the market price of any mineral products the
Company may produce or plan to produce, the Company's inability to
obtain any necessary permits, consents or authorizations required
for its activities, the Company's inability to produce minerals
from its properties successfully or profitably, to continue its
projected growth, to raise the necessary capital or to be fully
able to implement its business strategies, and other risks and
uncertainties disclosed in the Information Circular of
International Tower Hill Mines Ltd. dated July 9, 2010 in respect
of the ITH Special Meeting held on August 12, 2010. All of the
Company's Canadian public disclosure filings may be accessed via
www.sedar.com.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent
or similar mineral properties in respect of which the Company has
no interest or rights to explore or mine. The Company advises US
investors that the mining guidelines of the US Securities and
Exchange Commission (the "SEC") set forth in the SEC's Industry
Guide 7 ("SEC Industry Guide 7") strictly prohibit information of
this type in documents filed with the SEC. Readers are cautioned
that the Company has no interest in or right to acquire any
interest in any such properties, and that mineral deposits on
adjacent or similar properties are not indicative of mineral
deposits on the Company's properties.
This press release is not, and is not to be construed in any way
as, an offer to buy or sell securities in the United States.
Contacts: Corvus Gold Inc. Quentin Mai Manager - Corporate
Communications 1-888-770-7488 (toll free) or (604) 683-3246 (604)
408-7499 (FAX) qmai@corvusgold.com www.corvusgold.com
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