Corvus Gold (KOR-T) Sept 4th 2014 Discovers New High-grade Gold & Silver Zone and Extends Yellowjacket Mineralization to the North and South, North Bullfrog Project, Nevada
Highlights Include:
NB-14-391
| Josh Vein North: 18 metres @ 8.5 g/t Gold and 34 g/t Silver
| NB-14-392
| Josh Vein North: 9.3 metres @ 1.9 g/t Gold and 12 g/t Silver
| &
| New Rhyolite Zone: 11.3 metres @ 3.3 g/t Gold and 4 g/t Silver
|
Corvus Gold announces the latest results from six holes of the 2014 Phase One drill campaign at the North Bullfrog Project in Nevada. Results include complete assays for hole NB-14-391, two additional holes from the northern extension of the Yellowjacket, and three holes from the southern portion of the West and Josh Vein (main vein). Significantly, a new zone of high-grade gold and silver was intersected to the east of the main Josh Vein, representing the potential for another parallel system. The Yellowjacket system is currently nearly a kilometre in strike length, 200 metres down dip and open in all directions.
The Phase Two 2014 drill campaign commenced September 3rd with an addition of a second core rig. The focus of drilling will continue to be at Yellowjacket, and will target:
The down dip extension of the main Josh Vein system The northern and southern extensions along strike Parallel high-grade veins like the West Vein and new Rhyolite Zone, as well as other untested parallel vein targets within the greater Yellowjacket systemFollowing the completion of the 2014 drill program, the Company anticipates issuing a resource update in Q1 2015 and a new Preliminary Economic Assessment (PEA) in Q2 2015.
New High-Grade Zone
Drill hole NB-14-392 intersected the Josh Vein and its surrounding stockwork and continued to test a parallel target to the east of the main vein zone called the Rhyolite Zone (referring to its host rock). The hole was successful in intersecting 11.3 metres @ 3.3 g/t gold and 4 g/t silver in this new zone. This intersection is a follow-up to the original discovery hole drilled last year (NB-13-352 with 2.4 metres @ 7.6 g/t gold and 6.9 g/t silver, see NR13-29, October 29, 2013) and confirms its strike and dip. The Rhyolite Zone dips to the east similar to the Liberator Zone (50 metres east) and potentially represents a new high-grade vein system similar to the West Vein discovery made earlier this year.
West Vein/Josh Vein Target Area (South)
Holes NB-14-387, 388 and 389 were drilled to test the southern limits of the West Vein/Josh Vein system (Table 1, Figure 1). Hole NB-14-387, returned 28 metres of 1 g/t gold and 6 g/t silver and expands the continuity of the Josh Vein 60 metres down dip from NB-12-184 (58 metres @ 1.7 g/t gold and 33 g/t silver, see NR13-03, January 22, 2013) and 50 metres south along strike from hole NB-14-389 (24.6 metres of 2.8 g/t gold and 13.7 g/t silver, see NR14-14, May 22, 2014). Between NB-14-389 and NB-14-387, the West Vein merges with the Josh Vein (Figure 1).
Josh Vein (North)
Holes NB-14-390, 391 and 392 have been drilled on the northern extension of the Josh Vein (Figure 1). The final complete vein plus stockwork intercept for NB-14-391 returned 18 metres of 8.5 g/t gold and 34 g/t silver. Hole NB-14-392, which represents a 40 metre step out to the north from NB-14-391 encountered 9.3 metres of 1.9 g/t gold and 12 g/t silver in the Josh Vein. In hole NB-14-390 the Josh Vein zone is present as thin silver-rich quartz veining within highly altered host rock which limited main vein development and thus resulted in less mineralization due to a lack of vein density (Table 1).
Jeff Pontius, Corvus CEO, stated "These new results continue to illustrate the potential of the Yellowjacket system and its ability to grow. An important example of this growth potential is the high-grade mineralization within the new Rhyolite Zone and its similarity to initial holes in the West Vein discovery made earlier this year. The continued expansion of the Yellowjacket zone along strike and at depth highlights the so far unconstrained potential of this new Nevada high-grade discovery. Corvus's ongoing exploration work is expanding the scope and size of the Yellowjacket Deposit, thereby potentially increasing the overall value of Corvus in the future."
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
|
| 153.3
| 170.2
| 17.0
| 0.8
| 4.4
| JV HW Stockwork
| NB-14-387
| 170.2
| 173.6
| 3.3
| 1.9
| 13.8
| Josh Vein
|
| 173.6
| 181.1
| 7.5
| 1.0
| 6.4
| JV FW Stockwork
| Az 90 incl -63
|
|
| 27.8
| 1.0
| 6.1
| Vein + Stockwork
| NB-14-388
Az 90 incl -75
| No Significant Intercepts
| Late fault cuts off vein
|
| 142.0
| 153.2
| 11.2
| 1.1
| 4.8
| WV HW Stockwork
| NB-14-389
| 153.2
| 161.7
| 8.5
| 6.1
| 33.6
| West Vein
|
| 161.7
| 166.6
| 4.9
| 1.0
| 1.8
| WV FW Stockwork
| Az 58 incl -57
|
|
| 24.6
| 2.8
| 14.1
| Vein + Stockwork
|
| 130.8
| 147.0
| 16.2
| 0.58
| 1.72
| Disseminated
|
| 173.4
| 194.4
| 21.0
| 0.3
| 8.6
| JV HW Stockwork
| NB-14-390
| 194.4
| 198.4
| 4.0
| 0.2
| 7.8
| Josh Vein
|
| 198.4
| 216.5
| 18.1
| 0.2
| 12.9
| JV FW Stockwork
|
|
|
| 43.1
| 0.3
| 10.4
| Vein + Stockwork
| Az 90 incl -80
| 223.6
| 229.6
| 6.0
| 0.69
| 2.00
| Disseminated
| NB-14-391
| 117.4
| 142.6
| 25.2
| 3.8
| 22.4
| JV HW Stockwork
| Including
| 135.4
| 139.3
| 3.8
| 19.93
| 107.86
| Vein in hangingwall
|
| 142.6
| 151.0
| 8.4
| 17.3
| 66.3
| Josh Vein
|
| 151.0
| 156.3
| 5.3
| 0.7
| 5.8
| JV FW Stockwork
|
|
|
| 17.6
| 8.5
| 33.5
| Vein + Stockwork
| Az 90 incl -67
| 204.5
| 228.0
| 23.5
| 0.67
| 0.85
| Disseminated
|
| 211.8
| 218.1
| 6.2
| 0.8
| 7.9
| JV HW Stockwork
| NB-14-392
| 218.1
| 219.0
| 0.9
| 12.7
| 58.3
| Josh Vein
|
| 219.0
| 221.1
| 2.1
| 0.4
| 1.3
| JV FW Stockwork
|
|
|
| 9.3
| 1.9
| 11.5
| Vein + Stockwork
| Az 90 incl -45
| 251.1
| 262.4
| 11.3
| 3.32
| 4.14
| Rhyolite Stockwork
|
*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 0.3g/t gold equivalent has been used assuming a 59:1 price ratio of gold to silver. Up to 2 metres of internal waste has been carried locally.
Yellowjacket Vein Exploration
The vein zone within the Yellowjacket at North Bullfrog is currently defined by the Josh Vein/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, highly broken, zone which contains several quartz veined structures, such as the Josh Vein, which is surrounded by broad zones of stockwork mineralization. The West Vein Zone discovered and delineated in the early 2014 drill program represents a new hanging wall zone west of the main Josh Vein Zone. Ongoing drilling is continuing to intersect new vein structures, such as the footwall Rhyolite Zone in NB-14-392, within and around the overall Yellowjacket Deposit. Drilling now indicates that previously defined northeast faults do not cut off the Josh Vein Zone going north or south, but actually appear to enhance it as a host for vein development and have therefore emerged as new exploration targets.
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 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. |
