Corvus Gold Announces Commencement of 2011 Exploration Program at the Chisna Project, Alaska
June 16 2011 - 9:32AM
Marketwired
Corvus Gold Inc. ("Corvus" or the "Company") (TSX: KOR)(OTCQX:
CORVF) announces the commencement of a 2011 exploration work
program at its Chisna Gold Project in south-central Alaska. The
Company has been informed by its joint venture partner, Ocean Park
Ventures Corp. ("Ocean Park"), that a program of drill target
definition is now underway at the Golden Range and Southwest
Grubstake targets discovered during the 2010 exploration program.
The drill target definition program includes detailed soil
sampling, geological mapping and structural analysis on anomalous
areas focused on delineating specific drill targets for a further
drilling program in 2011.
As previously reported in news on January 18, 2011 (NR11-01),
the Golden Range target is defined by over 300 rock and soil
samples taken across a 9 kilometre by 2 kilometre area and shows
largely continuous elevated gold values, with a high value of 50.4
g/t gold. All rock samples taken over the target area average 0.60
g/t gold, with 29 of 151 samples returning over 100 ppb (0.10 g/t)
gold. Samples returning over 100 ppb gold are present across the
entire 9 km strike length of the Golden Range target. Out of 176
soil samples taken across the same area, 71 samples returned
greater than 100 ppb (0.10 g/t) gold with an average of 0.23 g/t
gold and a high value of 6.53 g/t gold. Of the balance, 42 samples
returned results between 0.05 g/t and 0.1 g/t gold and the
remaining 63 samples returned results between 0.003 g/t to 0.48 g/t
gold.
The Southwest Grubstake target is defined by a mineralized trend
with a mapped strike in excess of 600 metres. A total of 19 rock
samples taken from in-place boulder trains and outcrop returned an
average of 7.38 g/t gold, 8.82 g/t silver, 0.91% lead and 0.16%
zinc, with highs of 46.5 g/t gold, 29.8 g/t silver, 4.22% lead and
1.22% zinc across separate samples. Low samples had values below
detection.
About the Chisna Project
The Chisna Project is focused 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 to the Pebble deposit to the west and Orange Hill deposit to
the east.
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 US$20 million in exploration
expenditures over a 5 year period, thereby providing Corvus with a
no-cost assessment of this belt. Ocean Park may earn an additional
19% by producing a bankable feasibility that delineates a mining
project on the Chisna property that produces at least 300,000 gold
equivalent ounces per year.
At present, the Corvus/Ocean Park joint venture controls over
232,000 acres of either State of Alaska Mining Claims or land
leased from Ahtna Corporation.
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, 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
Ocean Park on the Chisna property has been provided by Ocean Park
(the operator of the Chisna 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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