Corvus Outlines Aggressive 2013 Exploration, Resource Conversion and Project Development Program at the Nevada, North Bullfrog Project
|North Bullfrog Program Planned Highlights include:|
1. Expansion of high grade gold and silver at Yellow Jacket target
|2. Expansion of higher grade bulk tonnage at Sierra Blanca target|
3. North Area infill and resource conversion
TSX: KOR OTCQX: CORVF
VANCOUVER, April 9, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) is pleased to announce the beginning of its aggressive 2013 North Area (Figure 1) exploration program at the North Bullfrog Project in Nevada. Exploration will focus on three main initiatives: 1) Expansion of recently discovered high-grade gold and silver vein type mineralization within the Yellow Jacket zone and other associate structural zones; 2) Expansion of a recently discovered higher grade, bulk tonnage zone north of the Sierra Blanca deposit which has potential for an early higher grade starter pit; and 3) The overall North Area infill and step out resource expansion program which, together with the results from the 2012 exploration program, will be used in an updated resource estimate scheduled for later this year.
In addition to the exploration drill program, ten water monitoring wells will be drilled in the North Area to begin groundwater characterisation studies.
The 2013 drill program is scheduled to complete approximately 20,000 metres and utilize three drill rigs.
Yellow Jacket High-grade Exploration Program
Following the discovery of the Yellow Jacket high-grade gold and silver mineralization in 2012, which included an intercept of 2.1m @ 33 g/t gold and 2,870 g/t silver contained within 72.4m of 1.7 g/t gold and 98.7 g/t silver (Table 1), a program of surface mapping and 3D geophysics was carried out to arrive at a better understanding of the structural controls on the mineralization. The result of that work has defined at least two steeply dipping structural zones that host high-grade vein type gold and silver mineralization (Figure 1). At the Yellow Jacket target, a broad structural zone has developed that appears favourable for both vein type and disseminated mineralization and has now been intersected in drilling over a strike length of 700 metres. As a result, Yellow Jacket has emerged as a priority target with potential to host a significant deposit over some two plus kilometres of potential extent.
At East Jolly Jane, a target was developed through new surface mapping and drilling earlier this year which defined intense silica-adularia alteration between several faults in the area (Figure 1). This unique and distinctive alteration is analogous to areas in the Yellow Jacket target where the zones between faults are mineralized rather than the faults themselves. At Yellow Jacket these broader zones provide vectors toward areas with high-grade vein potential. The CNS target is another similar Yellow Jacket type structural target which has never been tested and will be addressed in the 2013 program (Figure 1). It is anticipated that other targets will be developed as drilling continues to improve the geological understanding of high-grade vein mineralization in the overall North Area gold-silver system. The high grade silver component of these target zones is an added bonus as previous economic assessments did not include any silver component.
Sierra Blanca Higher Grade Starter Pit Target, Step-out and Infill Drilling
Drilling during early 2012 indicated an open ended zone of distinctly higher grade disseminated gold mineralization, starting at or near the surface, located outside of the current Sierra Blanca and North Sierra Blanca deposits. Previously returned drill results include a step out hole 400 metres west of the current boundary of the Sierra Blanca resource (Hole NB-12-117) that intercepted 52 metres of 0.8 g/t gold, including 15.3 metres of 2.36 g/t gold, and a step out hole 250 metres north of the Sierra Blanca resource that intercepted 46 metres of 0.56 g/t gold (Hole NB-12-118). These results and additional step-out holes completed in 2012 were not incorporated into the Preliminary Economic Assessment published in late 2012. The extent of the mineralization boundaries is unknown and will be addressed in 2013, together with infill drilling to address large areas of unestimated resource blocks and to upgrade the confidence of the existing resource estimate.
The delineation of this higher grade mineralization has potential to not only add substantial ounces to the resource base but also to significantly enhance the current North Area mine plan, and will therefore be a priority of the 2013 RC drill program.
Table 1: Significant Intercepts* from Yellow Jacket South Quartz Vein
|including||89.4||93.7||4.3||20.0||1518.8||Vein 1 complete|
|including||91.7||93.7||2.1||33.0||2870.3||Vein 1 internal|
|including||91.9||100.8||8.9||5.4||129.2||Vein 1 complete|
|including||86.2||96.0||9.8||2.0||71.8||Vein 1 complete|
|including||90.4||94.2||3.8||4.1||151.2||Vein 1 internal|
|including||108.1||137.5||29.3||1.8||34.0||Vein 2 complete|
|including||133.1||137.5||4.4||6.9||50.4||Vein 2 internal|
*Intercepts are approximate true width and calculated with 0.2 g/t cut-off and up to 0.7 m of internal waste.
Water Monitoring Wells
Ten water monitoring wells will be drilled around the North Area resource area to begin acquiring baseline data for future permitting. This will expand the current water quality monitoring program and aid in future permitting efforts.
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/. 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.
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, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential to increase the current estimated resources, the potential for any mining or production at North Bullfrog, the potential to expand the high grade gold and silver at the Yellow Jacket target; the potential to expand the higher grade bulk tonnage at the Sierra Blanca target, the potential for any delineation of higher grade mineralization and any consequent potential of such mineralization to not only add substantial ounces to the resource base but also to significantly enhance the current North Area mine plan, the potential for any higher grade portions of the deposit to be a potential starter pit, the potential to add to existing resources or to increase the confidence in the existing resource estimate, 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 or higher grade mineralization, the potential for taking any silver resource into consideration to improve the economics as outlined in the December 2012 PEA, 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: Geological map of the North Area of the North Bullfrog Project indicating initial high-grade targets to be tested with the 2013 exploration program. Blue faults are the west-dipping normal faults and red faults are a set of newly recognized steeply east dipping structures that appear to be intimately related to the development of both fault hosted and disseminated mineralization. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20130409_C3636_PHOTO_EN_25322.jpg