Corvus Gold Inc. (“Corvus” or the “Company”) - (TSX: KOR, OTCQX:
CORVF) announces that it has initiated geophysical surveys
throughout the Mother Lode trend to integrate district scale data
into its belt-wide exploration models (Figure 1). The greatly
expanded survey as well as other ongoing regional studies and data
compilations are designed to effectively and efficiently unlock the
significant potential for new discoveries across the belt and
throughout the greater Bullfrog Gold District.
In addition, Corvus has expanded its land
position east of AngloGold Ashanti’s new Silicon discovery and
north of a new large claim block recently staked by Kinross Gold
(Figure 1). Activity in the belt and the Bullfrog District in
general is rapidly expanding with new claim staking and new Plan of
Operations permits filed for large drilling programs by Corvus,
AngloGold Ashanti and Coeur Mining.
Figure 1. New Mother Lode belt AMT
geophysical survey and new Corvus and District-wide land
ownership new targets
https://www.globenewswire.com/NewsRoom/AttachmentNg/627f57c9-8d1a-4103-a760-0be56cf70455
Potential for New Intrusion Related,
Sediment Hosted and Epithermal Gold Discoveries Throughout the
Bullfrog Gold District
Over the past two years, Corvus has successfully
defined a new, large and potentially expanding gold deposit at its
Mother Lode property. This new discovery has recently shown a
strong intrusion/structural relationship at depth which is directly
related to the overlying sediment hosted gold deposit. As a result,
Corvus believes that the Mother Lode belt may host other related
distal higher level epithermal, vein/stockwork
mineralization. The large new Central Intrusive Zone (CIZ)
discovery below the Mother Lode deposit is in a unique and
underexplored geologic setting within a major, past producing gold
mining district. Recent other new discoveries in the district by
AngloGold Ashanti to the north and Coeur Mining to the west of
Mother Lode may provide further evidence of the potential within
this new gold exploration target. Corvus has projected favorable
alteration and host rocks across the Mother Lode belt with
potential for other intrusion/hydrothermal related sediment hosted
and vein/stockwork gold deposits in areas controlled by the
Company.
Corvus Gold’s planned AMT (Audio-frequency
Magnetotellurics) geophysical survey is designed to identify
critical rock packages and structural features that are favorable
for Mother Lode and Bullfrog type gold mineralization as well as
highlighting disruptive intrusive activity that could be the
thermal driver of the systems. In addition, surface
exploration on Corvus claims staked east and south of AngloGold’s
Silicon discovery has defined new target areas for follow-up
exploration and possible future drill testing.
Jeffrey Pontius, President and CEO of Corvus,
said, “The ongoing exploration work by Corvus in the Mother Lode
Belt is providing the Company the ability to define and test new
Mother Lode and Bullfrog type gold occurrences in one of the key
gold belts of the Bullfrog Mining District. New exploration
results from deeper in the Mother Lode system continue to show
potential for expanding the deposit as well as providing critical
data for potentially defining new occurrences. As Mother Lode
grows and new discoveries are made across the belt and the
District, we expect continued strong interest in this region from a
number of producers looking for open-pit gold projects in a safe
and well-established mining jurisdiction. Corvus’ aggressive
exploration programs and currently defined deposits at both the
North Bullfrog and Mother Lode have been leading the effort to
re-establish the Bullfrog Mining District as a potential new, major
gold production center in Nevada. As multi-company,
District-wide exploration activity continues its rapid acceleration
this goal is being achieved as we speak.”
Qualified Person and Quality
Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified
person as defined by National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 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
NI 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 Mother Lode was designed and
supervised by Mark Reischman, Corvus’ 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 mineral resource sample shipments are
sealed and shipped to American Assay Laboratories (AAL) in Reno,
Nevada, for preparation and assaying. AAL is independent of
the Company. AAL’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 AAL and an ISO compliant third-party laboratory for
additional quality control. Mr. Pontius, a qualified person,
has verified the data underlying the information disclosed herein,
including sampling, analytical and test data underlying the
information by reviewing the reports of AAL, methodologies, results
and all procedures undertaken for quality assurance and quality
control in a manner consistent with industry practice, and all
matters were consistent and accurate according to his professional
judgement. There were no limitations on the verification
process.Mr. Scott E. Wilson, CPG (10965), Registered Member of SME
(4025107) and President of Resource Development Associates Inc., is
an independent consulting geologist specializing in Mineral Reserve
and Mineral Resource calculation reporting, mining project analysis
and due diligence evaluations. He is acting as the Qualified
Person, as defined in NI 43-101, and is the primary author of the
Technical Report for the Mineral Resource estimate and has reviewed
and approved the Mineral Resource estimate summarized in this news
release. Mr. Wilson has over 29 years of experience in
surface mining, mineral resource estimation and strategic mine
planning. Mr. Wilson is President of Resource Development
Associates Inc. and is independent of the Company under NI
43-101.Mr. Wilson, a qualified person, has verified the data
underlying the information disclosed herein, including sampling,
analytical and test data underlying the information by reviewing
the reports of AAL, methodologies, results and all procedures
undertaken for quality assurance and quality control in a manner
consistent with industry practice, and all matters were consistent
and accurate according to his professional judgement. There
were no limitations on the verification process.
Metallurgical testing on North Bullfrog and
Mother Lode samples has been performed by McClelland Analytical
Services Laboratories Inc. of Sparks Nevada (“McClelland”),
McClelland is an ISO 17025 accredited facility that supplies
quantitative chemical analysis in support of metallurgical,
exploration and environmental testing using classic methods and
modern analytical instrumentation. McClelland has met the
requirements of the IAS Accreditations Criteria for Testing
Laboratories (AC89), has demonstrated compliance with ANS/ISO/IEC
Standard 17025:2005, General requirements for the competence of
testing and calibration laboratories, and has been accredited,
since November 12, 2012. Hazen Research Inc. (“Hazen”), an
independent laboratory, has performed flotation, AAO testing and
cyanide leach testing on samples of sulphide mineralization from
the YellowJacket zone and Swale area of Sierra Blanca, and roasting
tests on Mother Lode flotation concentrate. Hazen holds analytical
certificates from state regulatory agencies and the US
Environmental Protection Agency (the “EPA”). Hazen
participates in performance evaluation studies to demonstrate
competence and maintains a large stock of standard reference
materials from the National Institute of Standards and Technology
(NIST), the Canadian Centre for Mineral and Energy Technology
(CANMET), the EPA and other sources. Hazen’s QA program has
been developed for conformance to the applicable requirements and
standards referenced in 10 CFR 830.120 subpart A, quality assurance
requirements, January 1, 2002. Pressure oxidation test work on
Mother Lode concentrate samples was performed by Resource
Development Inc. of Wheatridge, CO.
For additional details, see technical report
entitled “Technical Report and Preliminary Economic Assessment for
the Integrated Mother Lode and North Bullfrog Projects, Bullfrog
Mining District, Nye County, Nevada”, dated November 1, 2018 and
amended on November 8, 2018, with an effective date of September
18, 2018 on the Company’s profile at www.sedar.com.
About the North Bullfrog & Mother
Lode Projects, Nevada
Corvus controls 100% of its North Bullfrog Project,
which covers approximately 90.5 km2 in southern Nevada. The
property package is made up of a number of private mineral leases
of patented federal mining claims and 1,134 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 Company also controls 445 federal unpatented
mining claims on the Mother Lode project which totals approximately
36.5 km2 which it owns 100%. The total Corvus 100% land
ownership now covers over 127 km2, hosting two major new Nevada
gold discoveries.
Effective as of September 18, 2018, the combined
Mother Lode and North Bullfrog Projects contains a Measured Mineral
Resource for the mill of 9.3 Mt at an average grade of 1.59 g/t
gold, containing 475 k ounces of gold and Indicated Mineral
Resources for the mill of 18.2 Mt at an average grade of 1.68 g/t
gold containing 988 k ounces of gold and an Inferred Mineral
Resource for the mill of 2.3 Mt at an average grade of 1.61 g/t
gold containing 118 k ounces of gold. In addition, effective
as of September 18, 2018, the project contains a Measured Mineral
Resource for oxide, run of mine, heap leach of 34.6 Mt at an
average grade of 0.27 g/t gold containing 305 k ounces of gold and
an Indicated Mineral Resource for, oxide, run of mine, heap leach
of 149.4 Mt at an average grade of 0.24 g/t gold containing 1,150 k
ounces of gold and an Inferred, oxide, run of mine, heap leach
Mineral Resource of 78.7 Mt at an average grade of 0.26 g/t gold
containing 549 k ounces of gold.
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 the North Bullfrog and Mother Lode
Districts in Nevada. Corvus is committed to building
shareholder value through new discoveries and the expansion of its
projects to maximize share price leverage in an advancing gold and
silver market.
On behalf ofCorvus Gold
Inc.
(signed) Jeffrey A. PontiusJeffrey A.
Pontius,President & Chief Executive Officer
Contact Information: |
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Ryan Ko |
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Investor Relations |
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Email: info@corvusgold.com |
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Phone: 1-844-638-3246 (toll free) or (604) 638-3246 |
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 advancement and
development of our Mother Lode project and the expansion of our
drill program; plans for drilling; expectations of and potential
for additional resources or mineralization; expectations regarding
the potential for future open-pit and underground mining;
expectations for types of mineralization; updates on the
development progress at the Mother Lode project; the potential for
new deposits and discoveries and expected increases in a system’s
potential; expectations regarding the potential expansion of the
Bullfrog mining district; anticipated content, commencement and
cost of exploration programs, anticipated exploration program
results, 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 Annual Report on Form 10-K
for the fiscal year ended May 31, 2019 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.
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