Corvus Gold Significantly Expands High-Grade Yellow Jacket Discovery with 120 metre Step-Out Hole at North Bullfrog Project, Nevada
NB-13-344 - 8.3 metres @ 10.7g/t Gold (120 metre step-out)
Including 1.2 metres @ 50.0 g/t Gold & 36.0 g/t Silver
NB-13-341 - 116.2 metres @ 0.59 g/t Gold (70 metre step-out)
Including 46.1 metres of 0.85 g/t Gold
TSX: KOR OTCQX: CORVF
VANCOUVER, July 9, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the first drill results from the Company's 2013 phase 1 drill program on its new Yellow Jacket high-grade gold-silver discovery at the North Bullfrog Project, Nevada. Hole NB-13-344 represents a 120 metre step out to the north of the previously defined 2012 high-grade discovery (NR12-14, May 23, 2012). A select prioritized section of hole NB-13-344 which intersected vein material with visible gold averaged 10.7g/t gold and 10.4g/t silver over 8.3 metres, including 1.2 metres averaging 50 g/t gold and 36 g/t silver (the remainder of the drill hole assays are pending).
In addition, hole NB-13-341 which represents a 70 metre step out to the north of the 2012 discovery returned 0.85g/t gold over 46 metres within an overall interval of 116 metres of 0.6g/t gold (Figure 1). These results show the continuity and geometry of the Yellow Jacket zone and along with ongoing drilling that has intersected broad zones (+50m) of stockwork and multi-stage veining as far north as has been drilled, highlight the zones expansion potential.
To date 9 core holes on the Yellow Jacket "High-Grade" target and 7 reverse circulation (RC) drill holes on the North Sierra Blanca "Starter Pit" target have been completed as part of the initial 20,000 metre phase of the North Bullfrog 2013 drill program (~80 hole program). At Yellow Jacket, the alteration signature of the broad, ~1 g/t gold, vein system discovered in 2012 has been intersected in all of the holes drilled to date which represents a +200 metre extension to the north. At the North Sierra Blanca target, broad zones (+50m) of strong mineralization related alteration have been intersected in all of the drill holes drilled to date which are on 100 metre centers and represent approximately a 500 meter step-out from the previously defined Sierra Blanca resource. The 2013 drilling program results to date are providing strong encouragement for a possible resource expansion which will be completed at year end following this phase of drilling.
Jeff Pontius, Chief Executive Officer, states: "These early results show that the Yellow Jacket system has potential to expand into a major new high-grade gold-silver vein system with potential to add significant open pit tonnage of +1 g/t gold mineralization to the North Bullfrog mine plan. The similarity of our recent Yellow Jacket discovery to the historic 2.6 million ounce, Bullfrog Mine which is 8 kilometres south is very encouraging and highlights the exceptional potential of this emerging new gold District."
Hole NB-13-341, which encountered 116 metres of 0.6 g/t gold, and drill hole NB-13-342 were drilled to determine the geometry of the stockwork mineralization previously identified in NB-12-127 (Figure 2). The results show that a broad zone of stockwork mineralization is focussed in the Middle Sierra Blanca Tuff unit where multiple faults interact to form a horst like structure.
Holes NB-13-343 (pending) and NB-13-344 define a section similar to that shown in Figure 2. In NB-13-344 visible gold was recognized (Figure 3) in the core and as a result a 24 metre interval was rushed for assaying. This confirmed the high grade veins in the zone with two intervals running greater than one ounce per tonne gold (Table 1). In this hole, visible gold is frequently associated with silver sulphide similar to drill hole NB-12-138 drilled 120 metres to the south within the some structural zone.
Table 1: Significant intercepts* from 2012 & 2013 core holes.
*Intercepts calculated with 0.1g/t cutoff and up to 1.7m internal waste.
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 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/. 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 Mayflower and North Mine Areas at the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada" dated December 6, 2012 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. McClelland Laboratories Inc. prepared composites from duplicated RC sample splits collected during drilling. Bulk samples were sealed on site and delivered to McClelland Laboratories Inc. by ALS Chemex or Corvus personnel. All metallurgical testing reported here was conducted or managed by McClelland Laboratories Inc.
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, the discovery and delineation of mineral deposits/resources/reserves, the potential for any mining or production at North Bullfrog, the potential for the identification of multiple deposits at North Bullfrog, the potential for a low-cost run-of-mine heap leach 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 proposed completion of a PEA for the North Bullfrog project, the potential for additional resources to be located between certain of the existing deposits, 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 latest interim Management Discussion and Analysis and 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 2013 Yellow Jacket diamond drill holes. Red traces indicate 2013 holes completed to date. Section A-B is shown in Figure 2. For a more general location of Yellow Jacket see Figure 3. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20130709_C6175_PHOTO_EN_28874.jpg
Image with caption: "Figure 2: Section through drill holes NB-13-341 & NB-13-342 illustrating distribution of stockwork veining in this area. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20130709_C6175_PHOTO_EN_28875.jpg
Image with caption: "Figure 3: NB-13-344 @ 124.75m: visible gold. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20130709_C6175_PHOTO_EN_28870.jpg
Image with caption: "Figure 4: Generalized location of Yellow Jacket in the North Bullfrog project area. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20130709_C6175_PHOTO_EN_28876.jpg