Corvus Gold Inc. JV Partner Intersects 21.2 metres of 5.8 g/t Gold at the LMS Project, Alaska
June 09 2011 - 5:01PM
Marketwired
Corvus Gold Inc. ("Corvus" or the "Company") (TSX: KOR)(OTCQX:
CORVF) announces results from the 2011 Winter drilling program at
the LMS project near Delta Junction, Alaska. The Company's joint
venture partner, First Star Resources Inc. (TSX VENTURE: FS)
("First Star") today advised that it completed 640 metres of
drilling at the project and that the results include drill hole
LM-11-40 which intercepted 21.2 metres grading 5.8 g/t gold and
12.6 g/t silver in the gold-bearing graphitic quartzite breccia,
including 5.2 m grading 21.4 g/t gold and 33.5 g/t silver.
In March and April 2011, First Star drilled two NC core holes
totaling 640 metres within the Camp Zone area of LMS. While drill
hole LM-11-40 was successfully completed, LM-11-41 had to be
abandoned due to technical difficulties. First Star is now
continuing its LMS exploration program and has announced the
commencement of a 5,000-metre Phase II diamond drilling program.
Under a joint venture agreement with Raven Gold Alaska Inc., a
subsidiary of Corvus, First Star has the right to earn an initial
55% interest in the LMS project by incurring US$3.5 million in
exploration expenditures by December 31, 2013.
Jeff Pontius, Chairman and CEO of Corvus, stated: "We are very
pleased with these results released by First Star today for their
2011 winter drilling program at LMS. These are clearly high-grade
gold and silver grades over significant intercepts within the
graphitic quartzite breccia and demonstrate the excellent potential
of the Camp Zone area. We look forward to seeing the results of
their further work on the project this summer."
Table 1: Significant drilling results of drill hole LM-11-40,
Camp Zone, LMS Gold Project, Alaska.
---------------------------------------------------------------
Interval Interval Gold Silver
From (ft) To (ft) (ft) (m) (g/t)(1) (g/t)(1)
---------------------------------------------------------------
638 707.5 69.5 21.2(2) 5.8 12.6
---------------------------------------------------------------
Including
---------------------------------------------------------------
690.6 707.5 16.9 5.2(3) 21.4 33.5
---------------------------------------------------------------
1. A 0.2 g/t cut off for gold was used for composite calculations.
2. Based upon the geometry of the graphitic quartzite breccia zone, this
intercept represents a true width of approximately 14 metres.
3. Based upon the geometry of the graphitic quartzite breccia zone, this
intercept represents a true width of approximately 3.4 metres.
First Star has advised that, during the next few months, it
intends to drill 5,000 metres of oriented diamond core at the LMS
project to assess the existing Camp Zone in an effort to expand the
gold-bearing graphitic quartzite breccias and to drill a
northeast-striking structural corridor within the lower gneiss zone
that is known to contain high-grade gold mineralization. It is
their stated intention to test the continuity of the breccias
mineralization for distances of between 500 and 1000 metres downdip
from the existing drilling. Further, First Star has indicated that
it intends to have a new resource estimate completed by the end of
2011 which will also include silver.
First Star has advised that all exploration work on the LMS
property is conducted by exploration contractor Pacific Rim
Geological Consulting Inc. of Fairbanks, Alaska, under the
supervision of Dr. Karsten Eden, Vice President - Exploration of
First Star. All sample shipments are sent 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 requirements for the International Standards
ISO 9001:2000 and ISO 17025:1999. First Star has its own quality
assurance/quality control programs in place. First Star has advised
that the technical information provided by First Star and contained
in this news release was reviewed by Dr. Karsten Eden, a Qualified
Person as defined in NI 43-101.
All of the foregoing information has been provided by First
Star, which is the operator of the joint venture on LMS. Jeffrey A.
Pontius (CPG 11044), a qualified person as defined by National
Instrument 43-101, has reviewed, but not independently verified,
the First Star information that forms the basis for this news
release and has approved the disclosure herein. Mr. Pontius is not
independent of the Company, as he is the CEO and holds common
shares and incentive stock options in Corvus.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in
Alaska and Nevada, which controls a number of exploration projects
representing a spectrum of early-stage to advanced gold projects.
Corvus is committed to building shareholder value through new
discoveries and leveraging those discoveries via partner funded
exploration work into carried and or royalty interests that provide
shareholders with exposure to gold production.
On behalf of Corvus Gold Inc.
Jeffrey A. Pontius, Chairman and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost
of exploration programs, anticipated exploration program results,
the discovery and delineation of mineral
deposits/resources/reserves, the potential for any extension of the
mineralization at LMS down-dip, the completion of a new resource
estimate at LMS, 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. In addition, information
with respect to the proposed activities of First Star on the LMS
property has been provided by First Star (the operator of the LMS
joint venture) and, as such activities are not within the control
of the Company, the Company takes no responsibility for the
accuracy of such statements. 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 or any of its joint venture partners 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 or its joint venture partners may produce or plan to
produce, the inability of the Company or any of its joint venture
partners to obtain any necessary permits, consents or
authorizations required for its or their activities, the inability
of the Company or any of its joint venture partners to produce
minerals from their properties successfully or profitably, to
continue its projected growth, to raise the necessary capital or to
be fully able to implement their respective business strategies,
and other risks and uncertainties disclosed in the Company's latest
interim Management Discussion and Analysis and filed with certain
securities commissions in Canada. All of the Company's Canadian
public disclosure filings may be accessed via www.sedar.com and
readers are urged to review these materials, including the
technical reports filed with respect to the Company's mineral
properties.
This press release is not, and is not to be construed in any way
as, an offer to buy or sell securities in the United States.
Contacts: Corvus Gold Inc. Shirley Zhou Manager - Corporate
Communications 1-888-770-7488 (toll free) or (604) 638-3247 (604)
408-7499 (FAX) szhou@corvusgold.com www.corvusgold.com
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