KOR-T
Corvus Gold Extends Strike Length of West Vein Zone of the Yellowjacket Deposit at North Bullfrog Project, Nevada
NB-14-384 14 metres @ 6 g/t Gold and 72 g/t Silver
NB-14-380 Lower Vein: 13 metres @ 5.6 g/t Gold and 94 g/t Silver & Upper Vein 17 metres @ 1.2 g/t Gold and 38 g/t Silver
TSX: KOR OTCQX: CORVF
VANCOUVER, May 1, 2014 /CNW/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces new results from its ongoing 2014 Phase One drill campaign at the North Bullfrog Project in Nevada. Assay results include the full intercept of the previously reported hole NB-14-380 as well as four recently completed holes from the new West Vein zone (Figure 1, Table 1). Hole NB-14-384 intersected 4.5 metres of 17 g/t gold and 140 g/t silver in the West Vein structure, 50 metres along strike from NB-14-380 (5 metres at 14 g/t gold) while NB-14-382 encountered 4.7 metres of 4.6 g/t gold and 0.5 metres of 181 g/t gold, 25 metres down dip from NB-14-380.
Full assay results have now been received from hole NB-14-380 (initially reported in NR-14-09, March 13, 2014). Results from the stockwork vein zone around the Upper Vein returned an overall intercept of 17 metres @ 1.2 g/t gold and 38 g/t silver (Table 1, Figure 2). The stockwork around the lower main West Vein in this hole has returned an intercept of 13 metres of 5.6 g/t gold and 94 g/t silver (Table 1). Mineralization in the Josh Vein structure in this hole is confined to the hangingwall zone (Table 1, Figure 2). NB-14-381 was drilled above NB-14-380 and intersected the West Vein at a shallow depth above the productive mineralized zone and drilled on into the hangingwall of the Josh Vein at depth (Table 1, Figure 2). NB-14-382 was drilled below NB-14-380 on the same section and encountered 4.7 metres of 4.6 g/t gold and 34 g/t silver in the main vein and several mineralized veins in the footwall, including a 0.5 metre interval with 181g/t gold and 94 g/t silver (Table 1, Figure 2).
Stepping 50 metres to the south of the previous three holes, hole NB-14-383 encountered 4.7 metres of quartz vein that was modestly mineralized, however, the total stockwork zone gave an intercept of 42 metres with 0.5 g/t gold and 3 g/t silver (Figure 1, Table 1). Hole NB-14-384 (drilled 50 metres up-dip from NB-14-383) encountered 14 metres of quartz veining with an average grade of 6 g/t gold and 72 g/t silver which includes a high-grade interval with 4.5 metres of 17 g/t gold and 140 g/t silver. The assays for the remainder of NB-14-384 are pending.
An additional five holes have now been completed in the West Vein target with results pending. The West Vein zone has now been tracked for 125 metres along strike and to a down dip depth of nearly 150 metres. The West Vein system appears to merge with the Josh Vein to the south near drill hole NB-12-184 (Figure 1). The drill has now been moved to the north to continue delineating the northern extent of the Yellowjacket Deposit's main Josh Vein system and will eventually return to the West & Josh Vein area to continue exploring the system to the south and at depth.
Table 1: Significant Intercepts* from 2014 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 | | | 46.3 | 51.4 | 5.1 | 0.43 | 4.9 | UV HW Stockwork | | | 51.4 | 54.9 | 3.6 | 4.19 | 150 | Upper Vein | | | 54.9 | 63.0 | 8.0 | 0.31 | 10.0 | UV FW Stockwork | | | | | 16.7 | 1.18 | 38 | Upper Vein + Stockwork | | | 80.0 | 85.3 | 5.3 | 0.41 | 2.8 | WV HW Stockwork | | NB-14-380 | 85.3 | 90.0 | 4.8 | 13.81 | 243 | West Vein | | Az 90; Incl -70 | 90.0 | 92.7 | 2.7 | 1.04 | 4.8 | WV FW Stockwork | | | | | 12.7 | 5.57 | 94 | West Vein + Stockwork | | | 113.2 | 114.9 | 1.7 | 0.88 | 1.9 | | | | 120.2 | 157.4 | 37.2 | 0.34 | 1.0 | JV HW Periph | | | 157.4 | 165.6 | 8.2 | 0.70 | 1.1 | JV HW Stockwork | | NB-14-381 | 108.1 | 113.9 | 5.9 | 0.29 | 4.4 | Josh HW Periph | | Az 90; Incl -45 | 119.1 | 122.8 | 3.7 | 0.51 | 10.0 | Josh HW Stockwork | | | 97.5 | 104.0 | 6.5 | 0.25 | 1.4 | West Vein HW Stockwork | | | 104.0 | 108.7 | 4.7 | 4.62 | 34 | West Vein | | | 108.7 | 116.1 | 7.4 | 1.05 | 1.5 | WV FWStockwork | | NB-14-382 | | | 18.6 | 1.67 | 9.6 | West Vein + Stockwork | | Az 90; Incl -80 | 116.1 | 159.1 | 43.0 | 2.56 | 2.3 | WV FW Periph | | Including | 127.2 | 127.7 | 0.5 | 181.50 | 94 | Single vein | | | 167.7 | 170.5 | 2.7 | 0.11 | 142 | High Silver Fault Gouge | | | 172.5 | 199.1 | 26.6 | 0.50 | 1.1 | Josh HW Stockwork | | | 138.1 | 150.3 | 12.2 | 0.52 | 1.6 | WV HW Periph | | NB-14-383 | 150.3 | 160.1 | 9.9 | 0.86 | 8.0 | WV HW Stockwork | | Az 90; Incl -80 | 160.1 | 164.9 | 4.7 | 0.40 | 4.0 | West Vein | | | 164.9 | 192.5 | 27.6 | 0.40 | 1.6 | WV FW Stockwork | | | | | 42.2 | 0.52 | 3.4 | West Vein + Stockwork | | NB-14-384 | 114.4 | 128.4 | 14.0 | 6.04 | 72 | West Vein | | Including | 114.4 | 118.9 | 4.5 | 16.96 | 140 | | | Az 90; Incl -55 | | | | | | |
| | | *The veining and stockwork veining have been defined by geological observation of the percentage of veining in the interval, e.g. significant concentrations of veining in the immediate hangingwall and footwall of a significant vein. Outside of the immediate hangingwall and footwall zones a cutoff of 0.3 g/t gold equivalent has been used assuming a 1:55 price ratio of gold to silver. Up to 3 metres of internal waste has been carried locally. |
Yellowjacket Vein Zone Exploration
The Yellowjacket Vein Zone at North Bullfrog is currently defined by the Josh-West Vein structural zone on the west and the Liberator Fault to the east (Figure 1). The interaction of these two faults has created a large broken zone which contains several quartz veined structures, such as the Josh Vein, and broad zones of stockwork mineralization. The West Vein strand delineated by 2014 drilling represents a new hangingwall splay off the main Josh Vein Fault that contains gold and silver mineralization to the main Josh Vein.
Drilling now indicates that large northeast faults such as the NE30 and NE50 faults (Figure 1) do not cut off the Josh Vein Fault system but enhance it as a host for vein development and have emerged as new exploration targets (Figure 2).
The 5,000 metre Phase One drilling program at North Bullfrog will continue to focus on delineating the Yellowjacket system. In the planned 15,000 metre Phase Two program, additional core rigs will be added to conduct resource definition drilling and continue with the District-wide exploration for other vein systems.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 km² in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 758 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 a 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 milling 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.
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