Highlights Include:
- Savage Target: 3.1m @ 2.1 g/t Gold & 178 g/t
Silver
- Rhyolite Zone: 6.1m @ 1.9 g/t Gold & 10 g/t
Silver
- North YellowJacket Zone: 3.1 @ 1.25 g/t Gold & 2 g/t
Silver
VANCOUVER, Jan. 26, 2016 /CNW/ - Corvus Gold Inc. ("Corvus"
or the "Company") - (TSX: KOR, OTCQX: CORVF) announces additional
exploration results from its 10,260 metre 2015 exploration program
which tested both new and resource expansion targets across the
North Bullfrog property. These most recent results targeted
the peripheral boundaries of the existing Sierra
Blanca/YellowJacket deposit at Savage, along the northern extension
of the YellowJacket vein system, as well as follow up drilling at
the new Rhyolite zone (Table 1 and Figure 1). These results
highlight the expected expansion potential in a number of areas
around the main deposit and will be utilized to guide the next
phase of exploration planned for this spring.
Savage Target: Three holes were drilled in the main
Savage target immediately adjacent to the southern portion of the
Sierra Blanca deposit. Thick oxide zones of mineralization were
identified and at a depth of ~350 metres in hole NB-15-273 a higher
grade (3.1m @ 2.05 g/t gold and 178 g/t silver), copper rich zone
was intersected with textures indicative of a higher temperature
mineral system.
In addition to copper grades up to 0.2%, the intercepts had high
antimony, tellurium and arsenic numbers, suggesting a possible
porphyry/intrusive association. A review of the drill chips from
NB-15-274 and NB-11-95 has confirmed the presence of multiple
aphanitic-fine porphyritic dacite dikes, suggesting the presence of
an intrusive center at depth beneath northern Savage Valley. All
three holes at Savage also returned broad zones of low grade oxide
mineralization.
Rhyolite Zone: Two drill holes were completed on
the Rhyolite Zone. NB-15-266 drilled near hole NB-15-267 had
recovery problems through the zone and was not completed to planned
depth. Although the hole experienced recovery problems it still
returned encouraging grades, although not to the level of hole
NB-15-267 (10.7m @ 3.47 g/t Au & 3.6 g/t Ag).
NB-15-276 was a ~30 metres step out drill hole to the
northeast. This step-out hole indicates the system is
narrowing to the NE with gold grade dropping off and silver grade
increasing in that direction (best hit 4.6m @ 10.6 g/t
silver). These results are now vectoring future exploration
to the SW along the main Rhyolite trend.
North YellowJacket Zone: Four holes drilled in the
North YellowJacket extension target 75 and 150 metres north of the
currently defined deposit along a projected north-south splay of
the vein system. Results indicate the splay is mineralized in
the first fence of holes (best hit NB15-272 - 1.5m @ 1.1 g/t gold
and 75 g/t silver). However the grade drops off in the last fence
to the north. Results suggest the northern extension of the
YellowJacket system could be displaced to the west towards
Northwest Sierra Blanca, which is planned for testing in the next
phase of exploration drilling this spring.
Jeffrey Pontius, CEO of Corvus
states… "These initial results with new areas of significant gold
mineralization around our existing deposit are very encouraging for
the expansion of the deposit. As we have seen from earlier
results the potential of our currently defined resource appears to
be unconstrained. In particular the new higher grade Savage
Valley zone and its relationship to a hotter and potentially much
larger system at depth are very intriguing and bode well for the
district as a whole. As we have continued to see with the
2015 exploration program the North Bullfrog District is a large
Nevada gold system that we believe
has tremendous potential."
Table 1
Drill
Results from Savage, Rhyolite and North YellowJacket
Targets
(Reported drill intercepts are not
true widths. At this time, there is insufficient data with
respect to the shape of the mineralization to calculate its true
orientation in space.)
Savage
Target
|
|
|
|
|
|
|
|
|
|
|
|
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-15-273
|
128.02
|
135.64
|
7.62
|
0.42
|
0.43
|
AZ 085 dip
-60
|
144.78
|
175.26
|
30.48
|
0.39
|
0.83
|
|
205.74
|
217.93
|
12.19
|
0.12
|
1.00
|
|
236.22
|
281.94
|
45.72
|
0.19
|
1.54
|
|
286.51
|
368.81
|
82.3
|
0.40
|
10.68
|
including
|
358.14
|
361.19
|
3.05
|
2.05
|
178
|
|
377.95
|
384.05
|
6.1
|
0.13
|
0.80
|
|
hole ended in
mineralization
|
|
|
|
|
|
|
|
|
|
|
|
|
NB-15-274
|
181.36
|
268.22
|
86.86
|
0.36
|
0.70
|
AZ 085 dip
-50
|
339.85
|
377.95
|
38.1
|
0.26
|
0.57
|
|
hole ended in
mineralization
|
|
|
|
|
|
|
|
|
|
|
|
|
NB-15-275
|
42.67
|
153.92
|
111.25
|
0.19
|
0.53
|
AZ 085
dip-50
|
175.26
|
202.69
|
27.43
|
0.21
|
0.86
|
|
265.18
|
289.56
|
24.38
|
0.17
|
0.49
|
|
298.7
|
307.85
|
9.15
|
0.15
|
0.33
|
|
312.42
|
327.66
|
15.24
|
0.15
|
0.36
|
|
350.52
|
379.48
|
28.96
|
0.13
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhyolite
Zone
|
|
|
|
|
|
|
|
|
|
|
|
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-15-266
|
80.77
|
204.22
|
123.45
|
0.34
|
3.68
|
including
|
100.58
|
102.1
|
1.52
|
1.06
|
11.0
|
including
|
169.16
|
175.26
|
6.1
|
1.87
|
9.62
|
AZ 090 dip
-50
|
Hole ended in
mineralization
|
|
|
|
|
|
|
|
|
|
|
|
|
NB-15-276
|
149.35
|
158.5
|
9.15
|
0.15
|
2.79
|
AZ 320 dip
-55
|
208.79
|
216.41
|
7.62
|
0.19
|
1.69
|
|
236.22
|
242.32
|
6.1
|
0.19
|
0.87
|
|
|
|
North YellowJacket
Extension
|
|
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-15-271
|
243.84
|
249.94
|
6.1
|
0.49
|
0.99
|
Azi 090 Incl
-55
|
291.08
|
359.66
|
68.58
|
0.37
|
0.8
|
including
|
306.32
|
307.85
|
1.52
|
1.00
|
1.59
|
including
|
310.9
|
312.42
|
1.52
|
1.23
|
1.70
|
including
|
321.56
|
324.61
|
3.05
|
1.25
|
1.88
|
|
|
|
|
|
|
|
|
|
|
|
|
NB-15-272
|
121.92
|
123.44
|
1.52
|
0.24
|
13.0
|
AZ 085 dip
-55
|
245.36
|
262.13
|
16.77
|
0.39
|
2.05
|
|
269.75
|
281.94
|
12.19
|
0.27
|
10.67
|
including
|
280.42
|
281.94
|
1.52
|
1.11
|
75.0
|
|
298.7
|
306.32
|
7.62
|
0.21
|
0.54
|
|
312.42
|
370.33
|
57.91
|
0.27
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
NB-15-277
|
No significant
results
|
AZ 085 dip
-55
|
|
|
|
|
|
NB-15-278
|
298.7
|
300.23
|
1.52
|
0.37
|
1.21
|
AZ 085 dip
-55
|
316.99
|
320.04
|
3.05
|
0.22
|
0.80
|
|
329.18
|
335.28
|
6.1
|
0.15
|
0.34
|
* Mineralized
thickness calculated @ 0.10 g/t Au cutoff with internal
vein/stockwork intervals calculated @ 1.0 g/t Au
cutoff
|
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers
approximately 72 km² in southern Nevada. The property package is made up
of a number of private mineral leases of patented federal mining
claims and 865 federal unpatented mining claims. The project
has excellent infrastructure, being adjacent to a major highway and
power corridor as well as a large water right.
The North Bullfrog project includes numerous prospective gold
targets at various stages of exploration with four having NI 43-101
mineral resources (Sierra Blanca, Jolly Jane, Mayflower and
YellowJacket). The project contains a measured mineral
resource of 3.86 Mt at an average grade of 2.55 g/t gold and 19.70
g/t silver, containing 316.5k ounces of gold and 2,445k ounces of
silver, an indicated mineral resource of 1.81 Mt at an average
grade of 1.53 g/t gold, and 10.20 g/t silver, containing 89.1k
ounces of gold and 593.6k ounces of silver and an inferred resource
of 1.48 Mt at an average grade of 0.83 g/t gold and 4.26 g/t
silver, containing 39.5k ounces of gold and 202.7k ounces of silver
for oxide mill processing. The mineral resource for the mill
process was defined by WhittleTM optimization using all
cost and recovery data and a breakeven cut-off grade of 0.52 g/t
gold. In addition, the project contains a measured mineral resource
of 0.3 Mt at an average grade of 0.25 g/t gold and 2.76 g/t
silver, containing 2.4k ounces of gold and 26.6k ounces of silver,
an indicated mineral resource of 22.86 Mt at an average grade of
0.30 g/t gold and 0.43 g/t silver, containing 220.5k ounces of gold
and 316.1k ounces of silver and an inferred mineral resource of
176.3 Mt at an average grade of 0.19 g/t gold and 0.67 g/t silver,
containing 1,077.4k ounces of gold and 3,799.2k ounces of silver
for oxide, heap leach processing. The mineral resource for heap
leach processing was defined by WhittleTM optimization
using all cost and recovery data and a breakeven cut-off grade of
0.15 g/t.
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 & President and holds
common shares and incentive stock options.
Carl E. Brechtel, (Nevada PE
008744 and Registered Member 353000 of SME), a qualified person as
defined by National Instrument 43-101, has coordinated execution of
the work outlined in this news release and has approved the
disclosure herein. Mr. Brechtel is not independent of Corvus, as he
is the COO and holds common shares and incentive stock options.
The work program at North Bullfrog was designed and supervised
by Mark Reischman, Corvus Gold's
Nevada Exploration Manager, who is responsible for all aspects of
the work, including the quality control/quality assurance
program. On-site personnel at the project log and track all
samples prior to sealing and shipping. Quality control is
monitored by the insertion of blind certified standard reference
materials and blanks into each sample shipment. All resource
sample shipments are sealed and shipped to ALS Chemex in
Reno, Nevada, for preparation and
then on to ALS Chemex in Reno,
Nevada, or Vancouver, B.C.,
for assaying. ALS Chemex's quality system complies with the
requirements for the International Standards ISO 9001:2000 and ISO
17025:1999. Analytical accuracy and precision are monitored
by the analysis of reagent blanks, reference material and replicate
samples. Finally, representative blind duplicate samples are
forwarded to ALS Chemex and an ISO compliant third party laboratory
for additional quality control.
For additional information on the North Bullfrog project,
including information relating to exploration, data verification
and the mineral resource estimates, see "Technical Report and
Preliminary Economic Assessment for Combined Mill and Heap Leach
Processing at the North Bullfrog Project, Bullfrog Mining District,
NYE County, Nevada" dated
June 16, 2015, which is available
under Corvus Gold's SEDAR profile at www.sedar.com.
About Corvus Gold Inc.
Corvus Gold Inc. is a North American gold exploration and
development company, focused on its near-term gold-silver mining
project at North Bullfrog, Nevada. In addition the Company
controls a number of other North American exploration properties
representing a spectrum of gold, silver and copper projects.
Corvus is committed to building shareholder value through new
discoveries and the expansion of those discoveries to maximize
share price leverage in a recovering gold and silver market.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A.
Pontius
Jeffrey A.
Pontius,
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 expected expansion potential, anticipated
content, commencement and cost of exploration programs, anticipated
exploration program results, the discovery and delineation of
mineral deposits/resources/reserves, the potential to develop
multiple YellowJacket style high-grade zones, the Company's belief
that the parameters used in the WhittleTM pit
optimization process are realistic and reasonable, the potential to
discover additional high grade veins or additional deposits, the
potential to expand the existing estimated resource at the North
Bullfrog project, the potential for any mining or production at
North Bullfrog, the potential for the Company to secure or receive
any royalties in the future, business and financing plans and
business trends, are forward-looking statements. Information
concerning mineral resource estimates may be deemed to be
forward-looking statements in that it reflects a prediction of the
mineralization that would be encountered if a mineral deposit were
developed and mined. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe,
expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, variations in the market price of any mineral
products the Company may produce or plan to produce, the Company's
inability to obtain any necessary permits, consents or
authorizations required for its activities, the Company's inability
to produce minerals from its properties successfully or profitably,
to continue its projected growth, to raise the necessary capital or
to be fully able to implement its business strategies, and other
risks and uncertainties disclosed in the Company's 2013 Annual
Information Form and latest interim Management Discussion and
Analysis filed with certain securities commissions in Canada and the Company's most recent filings
with the United States Securities and Exchange Commission (the
"SEC"). All of the Company's Canadian public disclosure
filings in Canada may be accessed
via www.sedar.com and filings with the SEC may be
accessed via www.sec.gov and readers are urged to
review these materials, including the technical reports filed with
respect to the Company's mineral properties.
Cautionary Note Regarding References to Resources and
Reserves
National Instrument 43 101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource estimates contained in or incorporated by
reference in this press release have been prepared in accordance
with NI 43-101 and the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (the "CIM") Standards on
Mineral Resource and Mineral Reserves, adopted by the CIM Council
on November 14, 2004 (the "CIM
Standards") as they may be amended from time to time by the
CIM.
United States investors are
cautioned that the requirements and terminology of NI 43-101 and
the CIM Standards differ significantly from the requirements and
terminology of the SEC set forth in the SEC's Industry Guide 7
("SEC Industry Guide 7"). Accordingly, the Company's
disclosures regarding mineralization may not be comparable to
similar information disclosed by companies subject to SEC Industry
Guide 7. Without limiting the foregoing, while the terms
"mineral resources", "inferred mineral resources", "indicated
mineral resources" and "measured mineral resources" are recognized
and required by NI 43-101 and the CIM Standards, they are not
recognized by the SEC and are not permitted to be used in documents
filed with the SEC by companies subject to SEC Industry Guide
7. Mineral resources which are not mineral reserves do not
have demonstrated economic viability, and US investors are
cautioned not to assume that all or any part of a mineral resource
will ever be converted into reserves. Further, inferred
resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically.
It cannot be assumed that all or any part of the inferred resources
will ever be upgraded to a higher resource category. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of a feasibility study or prefeasibility study,
except in rare cases. The SEC normally only permits issuers
to report mineralization that does not constitute SEC Industry
Guide 7 compliant "reserves" as in-place tonnage and grade without
reference to unit amounts. The term "contained ounces" is not
permitted under the rules of SEC Industry Guide 7. In
addition, the NI 43-101 and CIM Standards definition of a "reserve"
differs from the definition in SEC Industry Guide 7. In SEC
Industry Guide 7, a mineral reserve is defined as a part of a
mineral deposit which could be economically and legally extracted
or produced at the time the mineral reserve determination is made,
and a "final" or "bankable" feasibility study is required to report
reserves, the three-year historical price is used in any reserve or
cash flow analysis of designated reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority. U.S. investors are urged to consider
closely the disclosure in our latest reports and registration
statements filed with the SEC. You can review and obtain copies of
these filings at http://www.sec.gov/edgar.shtml. U.S. Investors are
cautioned not to assume that any defined resource will ever be
converted into SEC Industry Guide 7 compliant reserves.
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.
SOURCE Corvus Gold Inc.