NB-14-418
|
37 metres @ 4 g/t
Gold and 75 g/t Silver
|
including
|
Josh Vein: 15
metres @ 9 g/t Gold and 180 g/t Silver
|
plus
|
New Hangingwall
Vein: 0.9 metres @ 30 g/t Gold and 255 g/t Silver
|
NB-14-415
|
55 metres with 2
g/t gold and 6 g/t silver
|
including
|
New Hangingwall
Vein: 0.9 metres @ 79 g/t Gold and 32 g/t Silver
|
TSX: KOR OTCQX: CORVF
VANCOUVER, Jan. 20, 2015 /CNW/ - Corvus Gold Inc.
("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces
the latest results from its 2014 drilling program at the North
Bullfrog Project in Nevada (Table
1, Figure 1). The 2014 drill program successfully extended the
Yellowjacket deposit to the north and at depth as well as expanding
the new high-grade, Gap Shoot Zone to 350 metres along strike.
In addition new detailed Yellowjacket information is being
integrated into a new and aggressive, District wide, exploration
drill program for 2015 to further delineate high grade gold
mineralization and identify new deposits in highly prospective
areas of the property.
Highlights include:
- Hole NB-14-418, a broad high-grade intercept (37.7 metres of
4.1 g/t gold and 75.4 g/t silver) with significant silver that
extends the previously discovered Gap Shoot Zone to the north.
- Hole NB-14-415 (54.6 metres with 2 g/t gold and 6.2 g/t
silver) tested the zone about 200 metres down dip from the
surface.
- Hole NB-14-411 (3.7 metres with 5.7 g/t gold and 19.2 g/t
silver) extends the known mineralization of the Josh Vein
system 50 metres north and 50 metres up dip from any previous
drilling to date.
- Holes NB-14-408 (15.9 metres with 1.3 g/t gold and 4.6 g/t
silver) and NB-14-409 (29.6 metres with 1.4 g/t gold and 2.7
g/t silver) tested the main Yellowjacket system approximately
225 metres down dip from the surface confirming its open at
depth.
Jeff Pontius, CEO
of Corvus Gold Inc. said "The continuity of mineralization in the
main Gap Shoot Zone demonstrates the high-grade potential of the
project and could have a positive impact on the upcoming resource
update. The high-grade gold intercepts in the Yellowjacket target
area will form the foundation for a new mine plan of
our PEA analysis scheduled for Q2, 2015. Our comprehensive work on
the Yellowjacket system and our extensive surface exploration
program in 2014 has now delineated several high priority
exploration targets within the District with potential for other
YellowJacket type discoveries. Initial testing of these
exploration targets will begin this spring and carry on through the
year which will continue to add to the potential on this exciting
new Nevada high-grade gold-silver
discovery."
Table 1: Significant
Intercepts* from Recent Drilling at
Yellowjacket
(Reported drill intercepts are not true
widths. At this time, there is insufficient data with respect
to the shape of the mineralization to calculate its true
orientation in space.)
HoleID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Comments
|
|
141.9
|
147.4
|
5.5
|
0.65
|
2.4
|
NE30 HW
Stockwork
|
|
147.4
|
151.4
|
4.0
|
1.87
|
12.1
|
NE30 Fault
|
|
151.4
|
155.0
|
3.6
|
0.42
|
4.3
|
NE30 FW
Stockwork
|
|
|
|
13.1
|
0.96
|
5.9
|
Fault +
Stockwork
|
NB-14-408
|
186.8
|
204.4
|
17.6
|
0.89
|
2.95
|
JV HW
Stockwork
|
|
189.7
|
193.9
|
4.1
|
2.11
|
6.51
|
Including
|
|
204.4
|
208.4
|
4.0
|
0.39
|
2.51
|
JV
|
|
208.4
|
216.2
|
7.8
|
0.41
|
1.48
|
JV FW
Stockwork
|
|
|
|
15.9
|
1.3
|
4.6
|
Vein +
Stockwork
|
azi 90 incl
-74
|
216.2
|
237.1
|
20.9
|
0.81
|
2.3
|
Sulphide
Stockwork
|
|
102.1
|
106.1
|
4.0
|
0.37
|
6.0
|
NE30 HW
Stockwork
|
|
106.1
|
114.0
|
7.8
|
1.39
|
6.7
|
NE30 Fault
|
|
114.0
|
126.0
|
12.0
|
0.77
|
5.2
|
NE30 FW
Stockwork
|
|
|
|
23.9
|
0.91
|
5.8
|
Fault +
Stockwork
|
NB-14-409
|
210.3
|
227.0
|
16.7
|
1.74
|
3.17
|
JV HW
Stockwork
|
|
227.0
|
228.0
|
1.0
|
4.22
|
8.05
|
JV
|
|
228.0
|
239.9
|
11.8
|
0.69
|
1.70
|
JV FW
Stockwork
|
azi 118 incl
-57
|
|
|
29.6
|
1.4
|
2.7
|
Vein +
Stockwork
|
NB-14-411
|
96.9
|
100.6
|
3.7
|
5.7
|
19.2
|
JV
Fault
|
azi 125 incl
-79
|
|
0.0
|
11.6
|
11.6
|
0.21
|
2.5
|
Disseminated
Oxide
|
|
11.6
|
21.4
|
9.8
|
0.50
|
2.9
|
NE30 HW
Stockwork
|
NB-14-413
|
21.4
|
26.4
|
5.0
|
0.21
|
5.9
|
NE30 Fault
|
|
|
|
14.8
|
0.40
|
3.9
|
Fault +
Stockwork
|
|
29.2
|
77.6
|
48.4
|
0.31
|
1.1
|
Disseminated
Oxide
|
|
77.6
|
78.4
|
0.8
|
0.54
|
2.42
|
JV
Fault
|
|
78.4
|
82.7
|
4.2
|
6.99
|
4.23
|
JV FW
Stockwork
|
azi 163 incl
-61
|
|
|
5.0
|
5.9
|
3.9
|
Vein +
Stockwork
|
|
142.6
|
194.1
|
51.6
|
2.09
|
5.50
|
JV HW
Stockwork
|
|
191.4
|
192.3
|
0.9
|
78.90
|
32.00
|
Including
|
NB-14-415
|
194.1
|
195.9
|
1.8
|
1.18
|
24.80
|
JV
|
|
195.9
|
197.2
|
1.3
|
0.22
|
6.73
|
JV FW
Stockwork
|
azi 90 incl
-53
|
|
|
54.6
|
2.0
|
6.2
|
Vein +
Stockwork
|
|
64.2
|
65.1
|
0.9
|
30.50
|
255.0
|
HW
Vein
|
|
95.4
|
113.6
|
18.2
|
0.95
|
4.30
|
JV HW
Stockwork
|
NB-14-418
|
113.6
|
128.4
|
14.8
|
9.21
|
179.89
|
JV
|
|
113.6
|
118.4
|
4.8
|
21.18
|
197.06
|
Including
|
|
128.4
|
133.1
|
4.8
|
0.34
|
23.18
|
JV FW
Stockwork
|
azi 17 incl
-68
|
|
|
37.7
|
4.1
|
75.4
|
Vein +
Stockwork
|
*The vein intervals are defined as having
>50% quartz infill and stockwork is defined as the interval in
the immediate hangingwall and footwall of the vein where overall
vein density exceeds 5%. Within the stockwork zones a cutoff of 0.3
g/t gold equivalent has been used assuming a 59:1 price ratio of
gold to silver. For disseminated oxide zones a cutoff of 0.1
g/t gold has been applied.
Geological Significance
The drill results reported here have extended
both the up dip and down dip continuation of the Yellowjacket
deposit as well as potentially enhancing the overall grade. With
NB-14-418 drilling in the Gap Shoot Zone which was originally
discovered in hole NB-14-399 to 401 near the intersection of the
main Josh Vein and NE50 fault zone (NR14-22, reported on
October 28, 2014) NB-14-400, 35.9
m @ 17.1 g/t gold and 19.5 g/t silver) has now been drilled on
50 metre spacing over a strike length of 350 metres in which every
hole has had grade thickness intercepts in excess of 100 gram
metres (equivalent to or better than 10 metres of 10 g/t
gold). This has now defined a large area of very high-grade
mineralization that would be an immediate target for open pit
mining of the Yellowjacket deposit.
In holes NB-14-411 and NB-14-413 the up-dip
extension of the Josh Vein main structure is filled with fault
breccia and crushed vein material rather than forming a classic
vein but the grade and widths are above average for the high-grade
zone (Figure 1). This change in style may explain, at least
in part, why the vein structure is blind at the surface.
Holes NB-14-408, 409 and 415 all tested the structure 50 metres
down dip from any previous drilling on these sections (Figure 1).
All of these holes encountered substantial widths of higher grade
mineralization indicating the system is potentially open at depth
for further expansion.
In addition holes NB-14-408, 409 and 413 also
tested the mineralization along the NE30 fault zone (Figure 1).
This structure is emerging as a new well mineralized vein
system. These early shallow intercepts in the NE30 system are
characteristic of upper lever mineralization that was first
encountered in the Yellowjacket system and has outlined significant
high-grade discovery potential at depth.
Exploration Program
Final geological modeling of the Yellowjacket
Zone is currently underway and it is anticipated that a new
resource will be calculated in the first quarter of 2015.
This resource will form the basis of an initial Preliminary
Economic Assessment (PEA) that will incorporate the Yellowjacket
Deposit. The PEA is scheduled to be completed in Q2 of
2015. In addition, Corvus is engaged in detailed
metallurgical studies of the new high-grade mineralization which
have provided very encouraging initial results. The North
Bullfrog project is also being advanced on a number of development
fronts as well as project characterization work ahead of
permitting.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog
Project, which covers approximately 75 km² in southern
Nevada. The property package is made up of a number of
private mineral leases of patented federal mining claims and 814
federal unpatented mining claims. The project has excellent
infrastructure, being adjacent to a major highway and power
corridor as well as a large water right.
Based upon a USD
1300 gold price and silver to gold price ratio of 59:1, the
North Bullfrog project currently has estimated mineral resources
defined in six deposits: the structurally controlled Yellowjacket
milling deposit and the oxidized disseminated heap leach
Sierra Blanca, Jolly Jane, Air Track
West, Connection and Mayflower deposits. The Yellowjacket
vein-style deposit has an Indicated Mineral Resource of 3.69 Mt at
an average grade of 1.03 g/t gold and 5.52 g/t silver for 122,000
contained ounces of gold and 654,000 ounces of silver and an
Inferred Mineral Resource of 18.40 Mt with an average grade of 0.94
g/t gold and 6.16 g/t silver for 555,000 contained ounces of gold
and 3.64M ounces of silver, both at a 0.29 g/t gold cutoff.
The five oxidized disseminated heap leach
deposits contain an Indicated Mineral Resource of 25.72 Mt at an
average grade of 0.29 g/t gold for 240,000 contained ounces of gold
and an Inferred Mineral Resource of 185.99 Mt at 0.19 g/t gold for
1,136,000 contained ounces of gold (both at a 0.13 g/t gold
cut-off), with appreciable silver credits.
For full details with respect to the assumptions
underlying the current resource estimate detailed herein, please
review the Company's latest NI 43-101 technical report entitled
"Technical Report - The North Bullfrog Project, Bullfrog Mining
District, Nye County, Nevada"
dated April 1, 2014 and available on
SEDAR or at the Company's website www.corvusgold.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 that forms 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.
Carl E. Brechtel,
(Nevada PE 008744 and Registered Member 353000 of SME), a qualified
person as defined by National Instrument 43-101, has supervised
execution of the work outlined in this news release and has
approved the disclosure herein. Mr. Brechtel is not
independent of Corvus, as he is the COO and holds common shares and
incentive stock options.
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 Minerals in Reno,
Nevada, for preparation and then on to ALS Minerals in
Reno, Nevada, or Vancouver, B.C., for assaying. ALS
Minerals'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 North American gold
exploration company, which is focused on advancing its 100%
controlled Nevada, North Bullfrog
project towards a potential development decision. In
addition, the Company controls a number of other North American
exploration properties representing a spectrum of gold, silver and
copper projects.
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 to develop
multiple Yellowjacket style high-grade zones, the Company's belief
that the parameters used in the WhittleTM pit
optimization process are realistic and reasonable, the potential to
discover additional high grade veins or additional deposits, the
potential to expand the existing estimated resource at the North
Bullfrog project, the potential for any mining or production at
North Bullfrog, 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 may be deemed to be
forward-looking statements in that it reflects a prediction of the
mineralization that would be encountered 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, 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 2013 Annual
Information Form and latest interim Management Discussion and
Analysis filed with certain securities commissions in Canada and the Company's most recent filings
with the United States Securities and Exchange Commission (the
"SEC"). All of the Company's Canadian public disclosure
filings in Canada may be accessed
via www.sedar.com and filings with the SEC may be
accessed via www.sec.gov 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
investors 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. U.S. investors are urged to consider
closely the disclosure in our latest reports and registration
statements filed with the SEC. You can review and obtain copies of
these filings at http://www.sec.gov/edgar.shtml. U.S. Investors are
cautioned not to assume that any defined resource will ever be
converted into SEC Industry Guide 7 compliant reserves.
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.