Corvus Gold Extends High-Grade Yellowjacket Zone Strike Length to 650 metres with 125 metre North Stepout, Extending New Eastern Vein, North Bullfrog Project, Nevada
Highlights: Hole NB-13-352 - 2.4 metres @ 7.57 g/t Gold (270 metres of Continuous Mineralization)
TSX: KOR OTCQX: CORVF
VANCOUVER, Oct. 29, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces initial assay results from new core hole NB-13-352 and additional assays from hole NB-13-353 which was partially released previously (NR13-22, September 18, 2013). Hole NB-13-352 encountered 270 metres of continuous mineralization, which included four separate zones of quartz veining. One zone of quartz veining returned 1.2 metres @ 3.07 g/t gold and 8.00 g/t silver and another returned 2.4 metres @ 7.57 g/t gold and 6.90 g/t silver. Hole NB-13-352 has now intercepted high-grade vein mineralization for a distance of nearly 650 metres, which mineralization remains open on all directions (Figure 1).
Complete assays from NB-13-353 show that, in addition to the main vein (7.9 metres @ 10.36 g/t gold and 105.61 g/t silver), there are multiple zones of veining that extend the entire length of the hole (Table 1). These veined intervals occur in a variety of lithologies and, together with NB-13-350 (1.8 metres @ 2.35 g/t gold and 6.62 g/t silver), indicate that the corridor between the main Yellowjacket structures has the potential to host multiple new high-grade vein zones (Figure 1).
Jeff Pontius, Chief Executive Officer, stated: "The extension of the Yellowjacket system several hundred metres to the north, as shown by holes NB-13-350 & 352, dramatically expands this high-grade portion of the North Bullfrog deposit. In addition, the multiple new vein zones identified in hole 352 and the recently announced new vein zone discoveries in RC holes to the west are outlining the potential for continued expansion of high-grade vein system to the west and north.
When put in the context of the greater North Bullfrog District potential and the fact that Sierra Blanca is only the first of several high priority targets to be explored, the overall potential of the Company's North Bullfrog property is demonstrably significant.
This multimillion ounce potential, linked with the excellent project infrastructure, secure mining friendly jurisdiction, projected simple oxide gold recovery and currently estimated low development cost, highlights the exceptional asset controlled by the Company."
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||119.3||126.4||7.1||0.98||3.35||Az 270 Incl -50|
|NB-13-352||101.5||372.9||271.3||0.38||1.51||Az 270 Incl -57|
|Including||151.2||153.7||2.4||7.57||6.90||Qtz Vein Breccia|
|NB-13-353||98.3||115.7||17.3||0.26||2.41||Az 108 Incl -45|
*Intercepts calculated with 0.1 g/t gold cutoff and up to 3 metres of internal waste.
Additional Vein Zone and Expansion of Deep Mineralized Zone
Drill hole NB-13-352 was drilled approximately 150 metres north of NB-13-350, where the first eastern quartz veins were discovered. The silver to gold ratio in both holes suggests that the high-grade veins are part of the overall Yellowjacket system. The upper intercept in NB-13-352 is in the same structural position as the veining in NB-13-350, indicating a likely continuity of veining. The second high-grade intercept in NB-13-352 is in a new position and may represent yet another new vein zone.
In addition to the quartz veining, mineralization in the bottom of NB-13-352 (23 metres @ 0.79 g/t gold) is associated with broad pyrite veining/replacement style of mineralization similar to that observed in the bottom of NB-13-350 (42.7 metres @ 0.76 g/t gold), as well as holes NB-13-230 (26 metres @ 1.2 g/t gold, NR-13-20 Sept 5, 2013), NB-13-232 (12.2 metres @ 0.97 g/t gold, NR-13-22 Sept 18, 2013) and NB-13-222 (53.3 metres @ 0.86 g/t gold, NR-13-18 August 7, 2013). This shows that this mineralization style occurs over a strike length of at least 250 metres, is over 100 metres wide and is open in all directions, particularly at depth. This new style of mineralization could represent a large new zone of gold mineralization that still remains within potentially open pit mining depths.
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 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.
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 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 discovery and delineation of mineral deposits/resources/reserves, the potential to develop multiple Yellowjacket style high-grade zones, 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 the North Bullfrog system to continue to grow and/or to develop into a major new Nevada gold system, the potential for any mining or production at North Bullfrog, the potential for the identification of multiple deposits at North Bullfrog, the potential for the existence or location of additional high-grade veins, 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 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 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/20131029_C7950_PHOTO_EN_32674.jpg