Corvus Gold (KOR-T) Oct 28, '14 drills 35.9 metres @ 17 g/t Gold and 20 g/t Silver Including 6.7 metres @ 73 g/t Gold (2.1 ounces per ton) and 38 g/t Silver in Shoot Target of the Yellowjacket Deposit, North Bullfrog Project, Nevada
NB-14-400
| Josh Vein: 6 metres @ 14 g/t Gold and 60 g/t Silver
|
| Footwall Stockwork: 16.3 metres @ 33 g/t Gold and 20 g/t Silver
|
| Including 6.7 metres @ 73 g/t Gold and 38 g/t Silver
| NB-14-401
| Hangingwall Stockwork: 21 metres @ 7 g/t Gold and 8 g/t Silver
|
Corvus Gold announces results from holes NB-14-400 and NB-14-401 which have respectively returned broad intercepts of 36 metres @ 17 g/t gold and 32 metres of 5 g/t gold (Table 1). These new results continue to fill a gap in the previous drilling in an area targeted for high-grade mineralization related to shoot development (Figure 1). This release represents the first three of 18 completed holes with another 10-12 planned holes in the phase two 2014 drill program.
Mineralization in this target area occurs in the form of native gold in quartz veins primarily within the stockwork zone around the main Josh Vein. This new high-grade zone, originally hit in hole NB-14-399, is expanding at depth with grades that are 5 to 15 times the average of the system overall and higher than the main Josh Vein. These results indicate that the most productive part of the system is not exclusively the main Josh Vein and opens up the possibility of further broad above Josh Vein grade zones within Yellowjacket's stockwork.
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.)
Hole ID
| From
(m)
| To
(m)
| Interval
(m)
| Gold
(g/t)
| Silver
(g/t)
| Comments
|
| 112.2
| 115.4
| 3.2
| 0.7
| 4.9
| Hangingwall Stockwork
| NB-14-399
| 115.4
| 116.9
| 1.6
| 10.6
| 59.1
| Josh Vein
|
| 116.9
| 121.6
| 4.7
| 1.0
| 4.3
| Footwall Stockwork
| Azi 90, incl -45
|
|
| 9.4
| 2.5
| 13.7
| Vein + Stockwork
|
| 119.7
| 133.7
| 14.0
| 0.4
| 2.2
| Hangingwall Stockwork
| NB-14-400
| 133.7
| 139.3
| 5.6
| 13.9
| 60.1
| Josh Vein
|
| 139.3
| 155.6
| 16.3
| 32.6
| 20.3
| Footwall Stockwork
| including
| 145.0
| 151.7
| 6.7
| 73.4
| 38.4
|
| Azi 90, incl -63
|
|
| 35.9
| 17.1
| 19.5
| Vein + Stockwork
|
| 145.7
| 166.8
| 21.1
| 6.9
| 8.0
| Hangingwall Stockwork
| NB-14-401
| 166.8
| 167.7
| 0.9
| 0.7
| 5.5
| Josh Vein
|
| 167.7
| 177.7
| 10.0
| 1.0
| 2.4
| Footwall Stockwork
| Azi 90, incl -73
|
|
| 32.0
| 4.9
| 6.2
| 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 0.3g/t gold equivalent has been used assuming a 59:1 price ratio of gold to silver.
Jeff Pontius, CEO of Corvus, stated "These new results from what appears to be a key shoot in the Yellowjacket vein system have significantly expanded the potential of the deposit. Hole NB-14-400 is the best high-grade broad intercept drilled to date on the North Bullfrog Project and has now clearly outlined our large Gap Area "Shoot Target". With only 3 of 18 completed holes reported in the ongoing Phase 2 drill program, the initial results are encouraging and continue to showcase the expansion potential as we unlock the high-grade shoot zones of the Yellowjacket Deposit."
Geology of Holes NB-14-400 and NB-14-401
Holes NB-14-400 and NB-14-401 confirm the down dip continuity of the Josh vein system and suggest that the interaction of two faults may be responsible for the broad zones of stockwork and bonanza grades found in these holes (Figure 2). The consistency of the mineralization in NB-14-400 is remarkable, with 40% of the samples having more than 10 g/t gold (Table 2). Within the stockwork, native gold occurs in millimeter wide veinlets where they interact with pre-existing veins forming spectacular dendritic textures (Figure 3). The style of mineralization is similar to that observed in hole NB-13-347 (14m @ 7 g/t gold and 21 g/t silver, NR13-20, September 5, 2013) and NB-14-399 (9.4 m @ 2.5g/t gold and 14g/t silver; NR14-18, October 1, 2014) which are approximately 50 metres up plunge from NB-14-400. Work is currently underway to determine the specific controls on this bonanza grade mineralization. The gap target zone is currently about 200 metres long and has been tested to a depth of about 175 metres down dip.
Exploration Program
Corvus is currently utilizing two core drills focusing on expanding the Yellowjacket resource along strike, internally and at depth. Phase II drilling will include approximately 30 core holes designed to expand the Yellowjacket deposit, define bonanza grade shoots within the deposit and provide material for continuing advanced metallurgical testing. The Phase II program will continue through November and, following the return of all results, the Company plans on calculating a new estimated resource in the first quarter of 2015. This resource will form the basis of an initial Preliminary Economic Assessment (PEA) that will incorporate the Yellowjacket discovery. 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.
Table 2: Individual assays from vein and footwall stockwork in NB-14-400 illustrating the grade distribution.
Sample
| From
(m)
| To
(m)
| Interval
(m)
| Gold
(g/t)
| Silver
(g/t)
| Geology
| P490404
| 133.67
| 134.11
| 0.44
| 6.6
| 33
|
| P490405
| 134.11
| 134.65
| 0.54
| 1.8
| 17
|
| P490406
| 134.65
| 135.21
| 0.56
| 2.7
| 24
|
| P490407
| 135.21
| 135.70
| 0.49
| 24.6
| 111
|
| P490408
| 135.70
| 136.11
| 0.41
| 8.3
| 59
| Massive
| P490409
| 136.11
| 136.68
| 0.57
| 11.6
| 45
| Quartz
| P490410
| 136.68
| 137.16
| 0.48
| 17.2
| 56
| Vein
| P490411
| 137.16
| 137.63
| 0.47
| 8.0
| 40
|
| P490412
| 137.63
| 138.07
| 0.44
| 20.6
| 79
|
| P490414
| 138.07
| 138.47
| 0.40
| 8.4
| 32
|
| P490415
| 138.47
| 138.92
| 0.45
| 34.2
| 125
|
| P490416
| 138.92
| 139.31
| 0.39
| 29.2
| 123
|
| P490417
| 139.31
| 139.86
| 0.55
| 2.3
| 11
|
| P490418
| 139.86
| 140.40
| 0.54
| 1.0
| 6
|
| P490419
| 140.40
| 140.97
| 0.57
| 1.7
| 4.5
|
| P490420
| 140.97
| 141.49
| 0.52
| 3.4
| 5.0
|
| P490421
| 141.49
| 142.05
| 0.56
| 0.6
| 3.0
|
| P490422
| 142.05
| 142.54
| 0.49
| 0.6
| 4.4
|
| P490424
| 142.54
| 143.10
| 0.56
| 1.5
| 4.5
|
| P490425
| 143.10
| 143.54
| 0.44
| 2.5
| 6
|
| P490426
| 143.54
| 143.99
| 0.45
| 4.6
| 12
| Stockwork
| P490427
| 143.99
| 144.48
| 0.49
| 0.6
| 7
| with >5% vein
| P490428
| 144.48
| 145.04
| 0.56
| 10.5
| 16
|
| P490429
| 145.04
| 145.49
| 0.45
| 268.0
| 109
|
| P490430
| 145.49
| 145.96
| 0.47
| 69.7
| 51
|
| P490431
| 145.96
| 146.40
| 0.44
| 17.5
| 11
|
| P490432
| 146.40
| 146.92
| 0.52
| 11.4
| 9
|
| P490434
| 146.92
| 147.46
| 0.54
| 1.5
| 6
|
| P490435
| 147.46
| 148.04
| 0.58
| 2.5
| 3.9
|
| P490436
| 148.04
| 148.57
| 0.53
| 6.3
| 24
|
| P490437
| 148.57
| 149.01
| 0.44
| 30.6
| 25
|
| P490438
| 149.01
| 149.60
| 0.59
| 431.0
| 206
|
| P490439
| 149.60
| 150.09
| 0.49
| 39.1
| 18
|
| P490440
| 150.09
| 150.68
| 0.59
| 4.9
| 1.7
|
| P490441
| 150.68
| 151.20
| 0.52
| 24.3
| 12
|
| P490442
| 151.20
| 151.72
| 0.52
| 29.9
| 14
|
| P490444
| 151.72
| 152.14
| 0.42
| 0.4
| 1.8
|
| P490445
| 152.14
| 152.50
| 0.36
| 1.0
| 3.5
|
| P490446
| 152.50
| 153.09
| 0.59
| 1.0
| 16
|
| P490447
| 153.09
| 153.67
| 0.58
| 0.4
| 2.2
|
| P490448
| 153.67
| 154.29
| 0.62
| 0.5
| 1.7
|
| P490449
| 154.29
| 154.81
| 0.52
| 1.1
| 3.1
|
| P490450
| 154.81
| 155.17
| 0.36
| 49.8
| 22
|
| P490451
| 155.17
| 155.61
| 0.44
| 12.1
| 22
|
| Total
| Intercept
| 21.94
| 27.8
| 30.5
|
|
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.
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 |
