Corvus Gold's JV Partner Reports Positive Drill Results at West Pogo Project, Alaska
VANCOUVER, Sept. 18, 2012 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) reports the completion of the 2012 summer exploration program at the West Pogo Project in Alaska as provided by its joint venture partner Alix Resources (TSX-V:AIX). Alix Resources who are fully funding the West Pogo exploration program completed two diamond core drill holes totalling 610 metres. Both holes encountered favorable host rocks with extensive alteration. Corvus' JV partner believes the results (Table 1) suggest they are on the edge of a significant gold system and will continue to explore the prospective targets in 2013.
|West Pogo Project Drill Results|
|HoleID||From (m)||To (m)||Interval (m)||Gold (g/t)|
*Intercepts calculated with 0.45 g/t cutoff - Absence of structural and geological contacts
precludes an estimate of true thickness.
About the West Pogo Gold Project
Alix Resources optioned the 24km2 West Pogo claim block in February 2012 and, under the terms of the option agreement, can earn a 60% interest in the property by incurring expenditures of USD 5M over five years. Corvus has reserved a 2-3% NSR royalty on the project, with Alix having the right to purchase 1% for USD 1M (NR Mar. 5, 2012).
The West Pogo project is located approximately 3.5 km's to the west of Sumitomo Metals Corp's Pogo Gold Mine. The Pogo Mine road and power line pass through the West Pogo Property providing easy access to the property. At West Pogo there is the potential to discover high-grade gold mineralization in both steeply and shallowly dipping structural zones. Surface mapping and sampling in 2011 has identified two more than 1 kilometre long East-West trending zones of alteration and mineralization on the property. Mineralization is associated with zones of sericite-dolomite alteration in the host quartz monzonite and with silica-flooded breccias which have produced grab samples with up to 118.5g/t gold. One N-S oriented shallow hole drilled in 2003 encountered broad zones of gold mineralization in altered quartz monzonites but missed breccia-style mineralization. In 2011, a 3D induced polarization survey covering 5km2 over the main alteration zones highlighted a series of NW-trending cross structures, which may be the control on the high-grade mineralization, thus explaining why the original drill hole missed the high-grade zone.
Qualified Person and Quality Control/Quality Assurance
Corvus Gold has been given the above information from its joint venture partner Alix Resources who is responsible for its accuracy. Alix Resources representative, Dr. Tom E. McCandless, P.Geo., is a qualified Person as defined by NI 43-101, has reviewed and approved the technical information provided to Corvus Gold. Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has reviewed and approved the information provided by Alix for this news release. Mr. Pontius is not independent of Corvus, as he is the CEO and holds common shares and incentive stock options.
At the West Pogo project core is being sawed in half and sampled at roughly one meter intervals, then delivered by truck to ALS-Chemex (Fairbanks, Alaska) for sample preparation, after which sample pulps are shipped to the ALS Minerals facility in North Vancouver, B.C. for assay. Gold is determined by fire assay with AAS finish (ALS protocol Au-AA24), and trace elements by ICP-AES after nitric aqua regia digestion (ALS protocol ME-ICP41). The samples are submitted with in-house and/or certified gold standards inserted into the sample stream.
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 North Bullfrog, Nevada project towards a production decision while continuing to explore for major new gold discoveries. Corvus is committed to building shareholder value through advancing new gold discoveries to production while leveraging noncore assets via partner funded exploration work into a portfolio of royalty and carried interests in its projects.
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, 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. In addition, information with respect to Alix Resources on the West Pogo property had been provided by Alix Resources (the operator of the West Pogo joint venture) and, as such activities are not within the control of the Company, the Company takes no responsibility for the accuracy of such statements. 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 or any of its joint venture partners 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 or its joint venture partners may produce or plan to produce, the inability of the Company or any of its joint venture partners to obtain any necessary permits, consents or authorizations required for its or their activities, the inability of the Company or any of its joint venture partners to produce minerals from their properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement their respective 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.
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.