NB-12-195: 47 metres of 0.6 g/t gold from surface
NB-12-196: 65 metres of 0.3 g/t gold from surface
NB-12-197: 96 metres of 0.3 g/t gold from 16 metres
TSX: KOR OTCQX: CORVF
Vancouver, Jan. 15, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR) (OTCQX: CORVF) announces the latest assay results from the first 10 drill holes of a 33 hole program on private (patented mining claims) land within the Jolly Jane deposit known as the ZuZu Zone. Initial results have shown the outcropping at the ZuZu zone to be thicker and overall higher grade than the previously defined estimated resource in this part of the deposit, as illustrated by hole NB-12-195 returning 47 metres of 0.60 g/t gold starting at surface. Drilling at Jolly Jane was designed to upgrade and expand the existing inferred gold resource to measured and indicated for inclusion in the Mayflower project feasibility study, presently underway and scheduled for release in Q1 of 2013.
This additional zone of mineralization on private land could significantly enhance the economics of the Mayflower project by adding additional early stage gold ounces where production is anticipated for late 2014.
Significant New Intercepts* from Infill Drilling at ZuZu
|Hole ID||From (m)||To (m)||Interval||Au (g/t)||Ag (g/t)|
|NB-12-190||NW of resource - no significant intercepts|
|NB-12-191||NW of resource - no significant intercepts|
|NB-12-192||NW of resource - no significant intercepts|
|*Intercepts are approximate true width and calculated with 0.1 g/t gold cut-off and up to 3.0 metres of internal waste.|
|**Calculated using a 0.06 cut-off to illustrate that the system is weak but present|
Jeff Pontius, Corvus Gold CEO, stated: "The ZuZu Zone offers a great opportunity to add to our proposed early production at the Mayflower project with its very low strip ratio and deep oxidation. We look forward to the rapid completion of this strategic drilling program as well as the return of the remainder of the Yellow Jacket high-grade zone drill results which should be available in the next few weeks. As our work progresses at North Bullfrog, we continue to be encouraged as this exciting mining opportunity moves closer toward becoming Nevada's next operating gold mine".
ZuZu Zone Drilling
The Company's recent updated Preliminary Economic Assessment for the North Bullfrog project (see NR12-37, December 6, 2012) highlighted the opportunity for additional leach pad capacity for the Mayflower project. The ZuZu zone at the Jolly Jane deposit (Figure 1) has emerged as a possible source for low strip ratio oxide mineralization also situated on private land to take advantage of this added capacity. A drill program was initiated in November 2012 and initial results have shown that good continuity exists in the zone and it is thicker than originally projected. Following return of all assay results a new estimated resource will be calculated and utilized in the ongoing Mayflower feasibility study which will form the basis for the mining permit submission scheduled for Q2 2013. The ZuZu program will consist of 33 holes totalling 4000 metres, and is scheduled for completion in January, 2013.
The first drilling has defined the northern limits of the mineralization bounded by a fault down dropping the preferred host unit below volcanic cover and has also confirmed the structural and host rock continuity of the mineralized zone to the south. It appears that mineralization is closely related to a set of NE-trending structures that may have acted fluid pathways.
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. The Company's independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in December 2012.
The project currently includes numerous prospective gold targets, with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an estimated Indicated Resource of 15 Mt at an average grade of 0.37 g/t gold for 182,577 ounces of gold and an Inferred Resource of 156 Mt at 0.28 g/t gold for 1,410,096 ounces of gold (both at a 0.2 g/t cutoff), with appreciable silver credits. 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 in structural feeder 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/.
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, 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,
Chairman and 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 and the timing thereof, the discovery and delineation of mineral deposits/resources/reserves, the potential for the identification of multiple deposits at North Bullfrog, the potential for a low capex and/or opex heap leach mine operation at North Bullfrog, the potential for there to be a low strip ratio in connection with any mine at North Bullfrog, the potential for the existence or location of additional high-grade veins, the potential for any mining at ZuZu to enhance the economics of the overall project, the proposed completion of a feasibility study for either Phase 1 (Mayflower) or Phase 2 (North Project) or both of the North Bullfrog project, the potential for a production decision to be made for either Phase 1 or Phase 2, the potential commencement of any development of a mine at North Bullfrog following a production decision, the potential for any mining or production at North Bullfrog, whether by 2014 or at all, the potential for additional resources to be located between certain of the existing deposits, the potential for mineralization from the ZuZu area to be mined and processed in connection with any heap leach at Mayflower, or at all, 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 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, significant increases in the cost of labour, materials, equipment and supplies required to develop and operate any mine at North Bullfrog, 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 latest interim 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.
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 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 1: Location of the ZuZu Claim and drill holes reported in this release. Topographic contour interval is 10 metres. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20130115_C5898_PHOTO_EN_22572.jpg