Corvus Gold Gains 100% Control of Chisna Project, Alaska Identifies New Copper Porphyry Discovery at West Green Target
TSX: KOR OTCQX: CORVF
VANCOUVER, Nov. 7, 2012 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR; OTCQX: CORVF) announces that follow up mapping and sampling at the Chisna Project during the summer of 2012 identified a new porphyry copper system at the West Green target. This new discovery is the second major porphyry system to be identified in the southern part of the 965 km2 Chisna Project area, underscoring the potential of this underexplored area of Alaska. Corvus' Chisna Project joint venture partner, Ocean Park Ventures Corp. ("OCP"), has withdrawn from the joint venture and thereby returned 100% of the project to Corvus. Corvus understands that OCP has expended approximately $11M in exploration on the Chisna Project over the past 3 years.
Jeffrey Pontius, Corvus CEO, stated, "The new exploration results on the Chisna Project have confirmed our belief in the potential of this area of Alaska to host world class copper-gold porphyry systems. The scale and grade of the systems that has been discovered to date is very encouraging and we look forward to the next phase of exploration."
West Green - Jolly Green Targets
Ridge and spur soil sampling conducted in 2011 revealed significant copper, gold, molybdenum and tungsten anomalies in an area immediately north of a major regional shear zone in the Golden Range target area (Figure 1). Follow-up exploration during 2011 revealed an area of extensive copper staining, high-grade gold, silver, copper and molybdenum mineralization with up to 126 g/t gold, 198 g/t silver, 17% copper and 0.13% molybdenum at the Jolly Green target on the north side of the prominent ridge that runs through the area (Figure 2).
In 2012, the West Green and Jolly Green soil anomalies were followed up with prospecting and mapping. This work indicates that the mineralization in both areas is related to NNW trending structures that terminate in a regional shear to the south. The high-grade structurally controlled copper mineralization at Jolly Green has now been shown to continue for over 700 metres of strike and is related to the West Green target. The mineralization at West Green is typical porphyry copper style mineralization with sheeted veins and vein stockworks as well as chalcopyrite veinlets and disseminations in a strongly potassic altered quartz diorite porphyry surrounded by broad propylitic alteration zone. This newly discovered potassic altered porphyry core zone is associated with weak magnetite mineralization, which has now highlighted a magnetic anomaly 500 metres west of the currently mapped potassic zone, thus significantly enlarging the target.
About the Chisna Project
The Chisna Project is focused on a new and emerging Alaskan gold and 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. At present, the Chisna Project consists of approximately 232,000 acres of State of Alaska mining claims and fee land leased from Ahtna Corporation. The Chisna property has good infrastructure, as it sits between two major highways and has access to grid power as well as an extensive winter road network, making this a unique potential development setting in Alaska.
Corvus and its predecessor-in-title, International Tower Hill Mines Ltd., began exploration on the Chisna Project in 2006 and discovered the Grubstake porphyry copper system in 2007. From early 2010 until the beginning of November, 2012, the Chisna Project was operated as a joint venture between Raven Gold Alaska Inc. (a subsidiary of Corvus) and Ocean Park Alaska Corp. (a subsidiary of OCP) ("OCP Alaska"), with OCP Alaska having the right to earn a 51% interest by contributing US$20 million in exploration expenditures over a 5 year period, thereby providing Corvus with a no-cost assessment of this belt. OCP Alaska withdrew from the joint venture at the beginning of November, 2012 and no longer has any interest in the Chisna Project.
Qualified Person and Quality Control/Quality Assurance
The 2012 exploration program was designed by Chris Brown, Corvus' Alaska Exploration Manager, with oversight by Dr. Russell Myers (CPG 11433), President of Corvus. Russell Myers, a qualified person as defined by National Instrument 43-101, has reviewed and independently verified the information that forms the basis for this news release and has approved the disclosure herein. Mr. Myers is not independent of the Company, as he is the President and holds common shares and incentive stock options.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in Nevada, Alaska and Quebec, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects. Corvus is focused on advancing its 100% owned 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 for any expansion of the mineralization at the West Green/Jolly Green targets, 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 inability of the Company to obtain any necessary permits, consents or authorizations required for its activities, the inability of the Company 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 latest Annual Information Form and 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 are not indicative of mineral deposits on the Company's 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 2: Chip channel sample line locations at the Jolly Green high grade shear-vein zone. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20121107_C5695_PHOTO_EN_20265.jpg