Highlights:
|
18.3m of 1.76 g/t
gold & 2.4 g/t silver at Swale
|
|
22.9m of 1.69 g/t
gold & 2.64 g/t silver at NW Sierra Blanca
|
VANCOUVER, June 7, 2016 /PRNewswire/ - Corvus Gold Inc.
("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces
the initial drill results from the 2016 North Bullfrog exploration
program. Results have demonstrated the continuity of gold
mineralization directly adjacent to the current pit design at the
NW Sierra Blanca target along with a significant new discovery at
the Swale target immediately north of the YellowJacket/Sierra
Blanca deposits (Figure 1).
The initial hole at the new Swale target (NB-16-300)
intersected 18.3m of 1.76 g/t gold & 2.4 g/t silver (Table
1). The new Swale discovery is characterized by extensive
quartz stockwork mineralization that is directly associated with a
large rhyolite intrusive (Figure 2).
Drilling at the NW Sierra Blanca target has extended gold
mineralization to the northeast toward the current north end of the
YellowJacket deposit, with alteration and grades increasing in this
direction (NB-16-298 intersecting 22.9m of 1.69 g/t gold &
2.64 g/t silver).
Jeff Pontius, President and CEO
of Corvus Gold Inc. said "We believe these initial positive results
from follow-up drilling at NW Sierra Blanca and our new discovery
at Swale are encouraging. NW Sierra Blanca's proximity to the
current pit design continues to add potential for both mill and
heap leach resources. This new discovery at Swale linked with
our ongoing drilling of other new targets such as Lower Savage,
Black Vein and Cloud 9 provides support for continuing the 2016
exploration program."
Table
1
|
Drill Results
from NW Sierra Blanca and Swale Targets
|
(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.)
|
|
|
|
|
|
|
NW Sierra Blanca
Target
|
|
|
|
|
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-16-293
|
97.54
|
103.63
|
6.09
|
0.19
|
0.42
|
AZ 130 dip
-50
|
|
143.26
|
208.79
|
65.53
|
0.21
|
0.79
|
|
|
|
|
hole ended in
mineralization
|
|
|
|
|
|
NB-16-294
|
64.01
|
68.58
|
4.57
|
0.20
|
1.20
|
AZ 130 dip
-60
|
|
102.11
|
213.36
|
111.25
|
0.23
|
1.31
|
|
inc
|
121.92
|
132.59
|
10.67
|
0.63
|
3.13
|
|
|
|
|
|
|
NB-16-295
|
74.68
|
161.54
|
86.86
|
0.53
|
1.21
|
AZ 090
dip-50
|
inc
|
74.68
|
99.06
|
24.38
|
0.80
|
1.50
|
|
inc
|
103.63
|
106.68
|
3.05
|
0.58
|
0.97
|
|
inc
|
121.92
|
146.3
|
24.38
|
0.60
|
1.31
|
|
166.12
|
169.16
|
3.04
|
0.17
|
0.33
|
|
201.17
|
204.22
|
3.05
|
0.42
|
0.42
|
|
|
|
|
|
|
NB-16-296
|
65.53
|
150.88
|
85.35
|
0.55
|
1.36
|
AZ 125 dip
-50
|
inc
|
73.15
|
106.68
|
33.53
|
0.82
|
2.08
|
|
inc
|
120.4
|
124.97
|
4.57
|
0.71
|
1.09
|
|
inc
|
131.06
|
132.59
|
1.53
|
0.58
|
1.69
|
|
inc
|
141.73
|
143.26
|
1.53
|
0.50
|
0.60
|
|
156.97
|
163.07
|
6.1
|
0.13
|
0.31
|
|
205.74
|
208.79
|
3.05
|
0.22
|
0.45
|
|
|
|
|
|
|
NB-16-297
|
99.06
|
208.79
|
109.73
|
0.35
|
1.62
|
AZ 085 dip
-60
|
inc
|
108.2
|
124.97
|
16.77
|
0.65
|
1.92
|
|
inc
|
129.54
|
131.06
|
1.52
|
0.58
|
0.82
|
|
inc
|
137.16
|
141.73
|
4.57
|
1.37
|
14.69
|
|
inc
|
193.55
|
195.07
|
1.52
|
0.57
|
1.11
|
|
|
|
|
|
|
|
NB-16-298
|
92.96
|
155.45
|
62.49
|
0.76
|
1.49
|
AZ 085 dip
-60
|
inc
|
121.92
|
144.78
|
22.86
|
1.69
|
2.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swale
Target
|
|
|
|
|
|
|
|
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-16-299
|
102.11
|
164.59
|
62.48
|
0.39
|
1.02
|
AZ 085 dip
-60
|
inc
|
109.73
|
121.92
|
12.19
|
0.55
|
0.99
|
|
inc
|
155.45
|
161.54
|
6.09
|
0.58
|
0.97
|
|
|
175.26
|
184.4
|
9.14
|
0.17
|
1.41
|
|
|
224.03
|
230.12
|
6.09
|
0.15
|
0.58
|
|
|
237.74
|
257.56
|
19.82
|
0.19
|
1.24
|
|
|
|
|
|
hole ended in
mineralization
|
|
|
|
|
|
|
|
NB-16-300
|
153.92
|
254.51
|
100.59
|
0.78
|
2.03
|
AZ 085 dip
-60
|
inc
|
158.5
|
188.98
|
30.48
|
0.68
|
2.82
|
|
inc
|
205.74
|
208.79
|
3.05
|
0.65
|
2.41
|
|
inc
|
213.36
|
220.98
|
7.62
|
0.79
|
2.04
|
|
inc
|
225.55
|
231.65
|
6.10
|
0.88
|
2.05
|
|
inc
|
236.22
|
254.51
|
18.29
|
1.76
|
2.37
|
|
|
|
|
|
hole ended in
mineralization
|
|
|
|
|
|
|
|
* Mineralized
thickness calculated @ 0.10 g/t Au cutoff with internal
vein/stockwork intervals calculated @ 0.5 g/t Au
cutoff
|
|
New Swale Discovery
The discovery at the Swale target represents a new style of gold
mineralization with both quartz vein and replacement type, which
are uniquely hosted by an extensive rhyolite intrusive body that is
located at the north end of the YellowJacket trend. Results
from two holes have been returned from the Swale target to date
with hole NB-16-300 intersecting the new zone at the bottom of the
hole (18.3m @ 1.76 g/t Au). The Swale mineralization
is directly associated with an intensely fractured and altered
rhyolite body. Hole NB-16-299 intersected the edge of this
new zone at the bottom of the hole where alteration intensity was
increasing, follow up drilling is ongoing.
This newly discovered mineralized zone appears to be associated
with the intersections from two broad NW and NE structural zones at
the north end of the current defined YellowJacket deposit.
This major intersection appears to of controlled the emplacement of
the extensive rhyolite body and the associated gold
mineralization. The rhyolite intrusive body is highly
fractured and forms a favourable host and may have a genetic
association with the gold systems in the area. Two additional
holes drilled to the west of NB-16-300 (NB-16-304 & 305)
intersected thick intervals of highly altered and quartz veined
rhyolite which suggests the favourable host unit extends to the
west (assays pending). In addition the rhyolite body extends
to the north and east of the YellowJacket deposit including the
NE-trending, Rhyolite Vein discovered in 2015 (10.7m @ 3.5 g/t
Au).
NW Sierra Blanca Target
A total of six holes from the 2016 exploration program have been
returned from the NW Sierra Blanca target covering about 400 metres
of the north end of the system. These results continue to
show good continuity of the new mineralized zone which lies just
west of the current resource/pit boundary. The current data
has shown that grades are increasing to the northeast toward the
north end of the YellowJacket Deposit with the farthest hole to the
northeast, NB-16-298 returning 22.9 meters of 1.69 g/t gold and
2.6 g/t silver from a broad zone of stockwork quartz
veining. This new vein system discovery is about 100 metres
west and trends parallel to the YellowJacket deposit. When
linked with prior intercepts like hole NB-15-282 which returned
3.1m @ 5 g/t gold and 42 g/t silver within 19.8m of 1.7 g/t
Au and 12 g/t Ag the area has emerged as a significant new zone of
high grade mineralization which could expand the current mill
resource, follow up drilling is ongoing.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers
approximately 72 kmĀ² in southern Nevada. The property package is made up
of a number of private mineral leases of patented federal mining
claims and 865 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.
The North Bullfrog project includes numerous prospective gold
targets at various stages of exploration with four having NI 43-101
mineral resources (Sierra Blanca, Jolly Jane, Mayflower and
YellowJacket). The project contains a measured mineral
resource of 3.86 Mt at an average grade of 2.55 g/t gold and 19.70
g/t silver, containing 316.5k ounces of gold and 2,445k ounces of
silver, an indicated mineral resource of 1.81 Mt at an average
grade of 1.53 g/t gold, and 10.20 g/t silver, containing 89.1k
ounces of gold and 593.6k ounces of silver and an inferred resource
of 1.48 Mt at an average grade of 0.83 g/t gold and 4.26 g/t
silver, containing 39.5k ounces of gold and 202.7k ounces of silver
for oxide mill processing. The mineral resource for the mill
process was defined by WhittleTM optimization using all
cost and recovery data and a breakeven cut-off grade of 0.52 g/t
gold. In addition, the project contains a measured mineral resource
of 0.3 Mt at an average grade of 0.25 g/t gold and 2.76 g/t
silver, containing 2.4k ounces of gold and 26.6k ounces of silver,
an indicated mineral resource of 22.86 Mt at an average grade of
0.30 g/t gold and 0.43 g/t silver, containing 220.5k ounces of gold
and 316.1k ounces of silver and an inferred mineral resource of
176.3 Mt at an average grade of 0.19 g/t gold and 0.67 g/t silver,
containing 1,077.4k ounces of gold and 3,799.2k ounces of silver
for oxide, heap leach processing. The mineral resource for heap
leach processing was defined by WhittleTM optimization
using all cost and recovery data and a breakeven cut-off grade of
0.15 g/t.
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 & President 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 coordinated 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 Mark Reischman, Corvus Gold's
Nevada Exploration Manager, who is 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.
For additional information on the North Bullfrog project,
including information relating to exploration, data verification
and the mineral resource estimates, see "Technical Report and
Preliminary Economic Assessment for Combined Mill and Heap Leach
Processing at the North Bullfrog Project, Bullfrog Mining District,
NYE County, Nevada" dated
June 16, 2015, which is available
under Corvus Gold's SEDAR profile at www.sedar.com.
About Corvus Gold Inc.
Corvus Gold Inc. is a North American gold exploration and
development company, focused on its near-term gold-silver mining
project at North Bullfrog, Nevada. In addition the Company
controls a number of royalties on other North American exploration
properties representing a spectrum of gold, silver and copper
projects. Corvus is committed to building shareholder value
through new discoveries and the expansion of those discoveries to
maximize share price leverage in a recovering gold and silver
market.
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 potential for new deposits and expected
increases in a systems potential; 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 2015 annual
report on Form 10-K 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.