- Intersects two separate near surface high-grade gold-silver veins within hole
Establishes lateral and vertical continuity of new West Vein high-grade
TSX: KOR OTCQX: CORVF
VANCOUVER, March 13, 2014 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces additional drill results from its 2014 exploration program at the North Bullfrog Project, Nevada. Two separate veins were intersected within hole NB-14-380. Results of the two veins were prioritized, yielding intercepts of 4.2 g/t gold and 150 g/t silver over 3.6 metres in the upper vein and 13.8 g/t gold and 243 g/t silver over 4.8 metres in the main vein (Table 1, Figures 1 & 2). This hole is situated 50 metres south of NB-14-378 (NR-14-08, March 3, 2014) and demonstrates the continuity of the newly identified West Vein located 50 metres to the west of the high-grade gold-silver Yellowjacket Deposit.
Assays are pending for the remainder of NB-14-380, which includes mineralized surrounding stockwork veining similar to the Josh Vein to the east. This represents an important addition to the vein system at Yellowjacket and illustrates the new discovery potential for additional high-grade veins even in the immediate Yellowjacket Deposit area.
Jeff Pontius Corvus Gold CEO states… "This new vein system which is similar to the Josh Vein immediately to the east, offers great potential to significantly expand the Yellowjacket Mineralized Zone. The location of this new high-grade mineralization within the overall larger low-grade Sierra Blanca deposit bodes well for other internal high-grade targets to be tested this year. The southern extent of this new system is completely open and could add dramatically to the overall value of the North Bullfrog project and Corvus as a whole."
Assays from NB-14-380 Quartz Vein Intercepts
(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.)
|*Intercepts calculated at a 0.1 g/t gold cutoff and with up to 1 metre of internal waste.|
The Yellowjacket Zone has been defined by the Liberator Fault on the east and the Josh Vein Fault on the west (Figure 2). Geological evaluation of Yellowjacket Zone after the close of the 2013 drill program indicated that the fault displacement mapped along the central part of the Josh Vein structure was not enough to account for the full stratigraphic offset indicated by other drilling to the west. On this basis it was postulated that another strand of the fault should exist west of the known Josh Vein structure. Holes NB-14-377 (assays pending) and NB-14-378 (9.2m @ 17.9 g/t gold and 260 g/t silver) and NB-13-279 confirmed the existence of the missing structure and now hole NB-14-380 has demonstrated the continuity for 100 metres along strike. As shown in Figure 2 there is also clear evidence for a third fault to the west of the West vein structure. This fault, known as the NE50 Fault from surface geology, has a north-easterly strike which is one of the important mineralized vein orientations (Figure 1). The fact that a second vein is developed between these two faults in NB-14-380 could indicate that the NE-trending fault will also be mineralized if the structure is developed in the correct host rock. The silver to gold ratio of the West Vein system is much higher than normal for the Josh Vein farther north and is more similar to the discovery hole NB-12-138 (4.3m @ 20.0 g/t gold & 1,519 g/t silver).
As discussed previously (NR-14-08, March 3, 2014) the vein structure consistently pinches out as it approaches the surface and this is the case with NB-14-381 (Figure 2). However, the vein does continue to depth and was encountered in NB-14-382 (assays pending). This means that all potentially mineralized structures have to be tested at depth because the lack of mineralization near the surface is not a conclusive test of their potential.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corp. The property package is made up of a number of private mineral leases of patented federal mining claims and 758 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor.
The project currently includes numerous prospective gold targets with the newly discovered Yellowjacket vein related deposit being the highest grade with an indicated resource at a 0.3 g/t gold cut-off of 4 Mt at an average grade of 0.97 g/t gold and 5.15 g/t silver for 125,000 ounces of gold and 662,000 ounces of silver and an inferred resource of 35.6 Mt with an average grade of 0.7 g/t gold and 3.86 g/t silver for 800,000 ounces of gold and 4.4M ounces of silver. At a cutoff grade of 1 g/t gold the Yellowjacket deposit contains an indicated resource of 0.9 Mt at 2.8 g/t gold and 16.5 g/t silver for 79,000 ounces of gold and 468,000 ounces of silver and an inferred resource of 4.5 Mt of 2.44 g/t gold and 17.5 g/t silver for 355,000 ounces of gold and 2.5M ounces of silver.
In addition to the Yellowjacket deposit the District has a large low-grade oxide resource contained in five at surface deposits (Sierra Blanca, Air Track West, Jolly Jane, Mayflower and Connection) containing an estimated Oxidized Indicated Resource of 36.7 Mt at an average grade of 0.26 g/t gold for 307,860 ounces of gold and an Oxidized Inferred Resource of 242 Mt at 0.18 g/t gold for 1,366,000 ounces of gold (both at a 0.1 g/t gold cutoff), with appreciable silver credits. Unoxidized Inferred mineral resources are 213 Mt at 0.16 g/t for 1,117,000 ounces of gold (at a 0.1 g/t gold cutoff).
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 form 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 North Bullfrog was designed and supervised by Russell Myers (CPG 11433), President of Corvus, and Mark Reischman, Corvus Nevada Exploration Manager, who are 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.
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 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 anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential to extend the depth of the Yellowjacket deposit into what appears to be a higher grade portion of the system; the potential for there to be high-grade veins outboard of the main Yellowjacket vein system, the potential to develop multiple Yellowjacket style high-grade zones and to expand the Yellowjacket deposit at depth, the potential for the Company to be able to establish the continuity of the deposit, the potential to discover additional high grade veins or additional deposits, including the potential for a large target to exist beneath the currently defined oxide deposit, the potential for the Yellowjacket system, in general, to get larger, with higher grades, at depth, the potential for the North Bullfrog system to continue to grow and/or to develop into a major new higher-grade, District scale, Nevada gold discovery, the potential for any mining at or production from North Bullfrog, the potential for the identification of multiple deposits 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. 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, potential 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. 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.
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, and any production therefrom or economics with respect thereto, are not indicative of mineral deposits on the Company's properties or the potential production from, or cost or economics of, any future mining of any of 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.
SOURCE Corvus Gold Inc.
Image with caption: "Figure 1: Location of 2014 drilling at Yellowjacket. Red collar and trace indicate NB-14-380. Blue collars and traces are holes with assays pending. Blue dashed line is surface projection of Josh vein drilled in 2013. Red dashed line is projection of the new West Vein results from NB-14-380. A-B marks the location of Figure 2. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20140313_C4924_PHOTO_EN_37886.jpg
Image with caption: "Figure 2: Cross section through NB-14-380 showing location of West Vein relative to the vein drilled in 2013. The fault to the west of the West Vein represents a potential target for future exploration. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20140313_C4924_PHOTO_EN_37887.jpg