Intersects New Vein System to East of Yellowjacket Zone
TSX: KOR OTCQX: CORVF
VANCOUVER, Oct. 10, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR) (OTCQX: CORVF) announces initial assay results from an additional three core holes along the northern extension of the Yellowjacket Zone at the North Bullfrog Project, Nevada. The high-grade intercept NB-13-359 returned 34.4 metres @ 5.4 g/t gold and is 50 metres along strike from the previously reported intersection NB-13-356 (19.2 metres @ 10.97 g/t gold, NR-13-24, Oct 3, 2013). These new intercepts, like others released over the past few weeks, come only from holes in the core vein zones. Results for the reverse circulation holes in the surrounding stockwork zones, which zones are typically lower grade but can extend for 30 to 50 metres around the high grade vein zones, are still pending.
Assay results from NB-13-360, located 50 metres along strike to the north of NB-13-359, returned 61 metres @ 1.5 g/t gold (including 5.2 metres @ 9.3 g/t gold) (Figure 1, Table 1). Gold and silver continue to occur in these intersections as very fine grains of electrum, native gold and acanthite, a leachable silver sulfide.
Corvus has now reported results from within the high-grade Yellowjacket zone at 50 metre spaced drill fences over a current strike length of 450 metres, within a structural zone ranging from 100-150 metres in width and to a depth of about 150 metres. The system remains open in all directions and indications from RC grid drilling to the west and northeast suggest additional vein zones may be present in those areas.
New Vein System Discovery to East & New Mineralization Style Found at Depth
Drill hole NB-13-350 was drilled approximately 100 metres east of the known Yellowjacket Zone and angled towards Yellowjacket and North Sierra Blanca. The hole intercepted a completely new quartz vein stockwork structure which returned 7.1 metres @ 0.98 g/t gold (Figure 1, Table 1). This new structure has the same style of quartz-sulphide veining as the other Yellowjacket veins and currently appears to have a similar north-south trend, which strengthens the Company's belief that more covered high-grade structures should exist on the project. In addition, the hole encountered a different, thick zone of possible replacement style of mineralization at depth (42.7 metres @ 0.8 g/t gold) extending to the bottom of the hole. This new style of massive, moderate grade, mineralization correlates with a similar zone in previously reported hole NB-13-230 (26 metres @ 1.2 g/t gold, NR-13-20 Sept 5, 2013) and could represent a large new target at depth in the greater Sierra Blanca deposit area. Follow up core drilling is being planned to further define this new zone and assess its depth extent.
Jeff Pontius, Chief Executive Officer, stated: "Identifying yet another fault strand with the potential to host significant high-grade vein related mineralization emphasizes once again the high-grade potential of the North Bullfrog area. The possible expansion of this new high-grade potential starter pit zone is emerging as a major component of a possible new mine plan. In addition, the discovery of a new, potentially large, body at depth at the bottom of holes NB-13-350 and 230 could significantly increase the scale of the project. This information, linked with the numerous similar high-grade targets indicated by the geophysics, illustrates the potential for the district to emerge as a major new large Nevada gold system."
Table 1: Significant intercepts* from recent core holes at Yellowjacket.
(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.)
|NB-13-350||119.30||126.40||7.10||0.98||3.35||Azimuth 267 Incl -50|
|NB-13-359||68.9||103.3||34.4||5.41||Pending||Azimuth 090 Incl -82|
|NB-13-360||48.3||109.4||61.1||1.48||Pending||Azimuth 005 Incl -70|
*Intercepts calculated with 0.1g/t gold cutoff and up to 1 metre of internal waste. ** Silver assays are pending
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 70 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corporation. The property package is made up of a number of leased 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 Company's independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in June 2013.
The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an estimated oxidized Indicated Resource of 36.7 Mt at an average grade of 0.26 g/t gold for 308,000 ounces of gold and an oxidized Inferred Resource of 220.4 Mt at 0.18 g/t gold for 1,289,000 ounces of gold (both at a 0.1 g/t gold cutoff), with appreciable silver credits. Unoxidized Inferred mineral resources are 221.6 Mt at 0.19 g/t for 1,361,000 ounces of gold (at a 0.1 g/t gold cutoff).
Mineralization occurs in two primary forms: (1) broad stratabound bulk-tonnage gold zones such as the Sierra Blanca and Jolly Jane systems; and (2) moderately thick zones of high-grade gold and silver mineralization hosted by structural zones with breccias and quartz-sulphide vein stockworks such as the Mayflower and Yellowjacket targets. The Company is actively pursuing both types of mineralization.
A video of the North Bullfrog project showing location, infrastructure access and 2010 winter drilling is available on the Company's website at http://www.corvusgold.com/investors/video/. For details with respect to the assumptions underlying the current resource estimate and preliminary economic analysis, see the technical report entitled "Technical Report and Preliminary Economic Assessment for the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada" dated June 4, 2013 and available under the Company's profile at www.sedar.com.
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 (other than the resource estimate) 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.
Mr. Gary Giroux, M.Sc., P. Eng (B.C.), a consulting geological engineer employed by Giroux Consultants Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the Giroux Consultants Ltd. mineral resource estimate. He has over 30 years of experience in all stages of mineral exploration, development and production. Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field. He has authored many papers on geostatistics and ore reserve estimation and has practiced as a Geological Engineer since 1970 and provided geostatistical services to the industry since 1976. Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.
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 resource exploration company, focused in Nevada and Alaska, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects. Corvus is focused on advancing its 100% controlled Nevada, North Bullfrog project towards a potential development decision and continuing to explore for new major gold discoveries. Corvus is committed to building shareholder value through new discoveries and leveraging noncore assets 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.
(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 potential for there to be one or more additional vein zone(s) to the west and northeast of the current Yellowjacket high grade zone; the potential for any additional high-grade mineralization to be discovered, thereby potentially significantly enhancing and expanding the possible "starter pit" area of the deposit; the possible impact of additional high grade mineralization in a starter pit to affect the economics of the project; the discovery and delineation of mineral deposits/resources/reserves and any expansion thereof beyond the current estimate, the potential for there to be additional high-grade mineralization within and below the current oxide deposit; the potential for there to be a potentially large body at depth at the bottom of holes NB-13-350 and 230 and for any such body to significantly increase the scale of the project; there to be the potential for any mining or production at North Bullfrog, the potential for the existence or location of additional high-grade veins and/or mineralization, whether at Yellowjacket or elsewhere, the potential for the North Bullfrog district to emerge as a major new large Nevada gold system; 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 and the preliminary economic analysis thereof also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, 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 and adversely 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 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.
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 shareholders 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.
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 Yellowjacket drill holes. Red collars and traces indicate holes reported in this press release. Blue indicates holes for which assays are pending. Black indicates previously released results. Significant mineralized faults are shown in dark red. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20131010_C8830_PHOTO_EN_31924.jpg