Corvus Gold (KOR-T) Begins 2016 Phase I Drill Program, North Bullfrog Project, Nevada
April 12, '16 - NR
Corvus Gold announces the start of its Phase I 2016 drill program at the North Bullfrog Project, Nevada on April 11th. The 5,000 metre reverse circulation (RC) drill program will focus on two main areas 1) Expanding the new high-grade NW Sierra Blanca target in the large unexplored area just west of the current Sierra Blanca deposit and; 2) Follow-up drilling to the new Lower Savage target and the West Jolly Jane fault approximately 500m directly south of the YellowJacket deposit (Figure 1). The program will be the first stage of follow-up on new geologic, structural and mineralization results from the 2015 exploration program.
Jeff Pontius, President and CEO of Corvus said "The positive results from Corvus' 2015 exploration program have outlined a number of high priority targets for 2016. The phase I drill program will begin by testing a new high-grade structural zone discovered last year at the NW Sierra Blanca target which has potential to host another YellowJacket type deposit. In addition we will be testing the new detachment style structural zones at the lower Savage target which we believe has potential to host a new style of high-grade mineralization. This targeted phase I drill program will address new areas for deposit expansion and what might be an entirely new deposit just below the existing resource area. The more exploration we do at North Bullfrog the greater the potential we unlock from this evolving new Nevada Gold district."
NW Sierra Blanca Target
The new NW Sierra Blanca Zone is currently defined by about a dozen drill holes over a kilometre of strike length (Figure 2). The gold system is over 100 metres wide and extends to at least 150 metres in depth of low-grade gold and silver with narrower 2-20 metre wide zones of 1-5 g/t stockwork related gold-silver mineralization. The system trends to the northeast and includes the new Rhyolite zone as seen in hole NB-15-267 (NR15-14, October 15, 2015), with 10.7m @ 3.47 g/t Au & 3.6 g/t Ag within 210m at 0.47 g/t Au & 1.4 g/t Ag, and hole NB-15-282 (NR16-02, January 19, 2016) that is 600 metres to the SW which returned 3.1m @ 5 g/t Au and 42 g/t Ag within 99.1m of 0.64 g/t Au and 4.08 g/t Ag.
Drilling this year will focus on outlining the shape and extent of the higher grade stockwork zones and assessing their potential impact on the overall mine plan and project economics. The initial drill program at NW Sierra Blanca and the northern extension of the YellowJacket deposit into the Swale target area, will involve about 15 drill holes.
Lower Savage and West Jolly Jane Fault Targets
The Lower Savage target is a unique new discovery that could have an impact on the gold and silver potential of the North Bullfrog District (Figure 3). Mineralization intersected near the bottom of Savage hole NB-15-273 (NR16-03, January 26, 2016) with 3.1m @ 2.05 g/t Au and 178 g/t Ag, the deepest drilled at North Bullfrog, is characteristic of a hotter and more intrusion related gold-silver system which could be the source of mineralization for the overlying Sierra Blanca–YellowJacket deposit. This mineralization which lies about 100 metres below the current deposit is high in silver with significant copper (up to 0.2%). The mineralized zone appears to be a splay off of the West Jolly Jane listric fault, a structural system that is related to large scale movement at low angles and is similar to the structural environment that hosts the historic Bullfrog deposit located 10 kilometres to the south. The initial follow-up drilling on this new discovery will test the north and south extension of the zone and if positive will be followed with oriented core drilling of the zone.
The West Jolly Jane structural zone intersected in the Lower Savage target come to surface in the North Jolly Jane area and recent exploration along this zone has identified outcropping banded quartz-carbonate veins up to a kilometre to the north of the northern most drilling (over 1.5 km to the north of the Jolly Jane Deposit). This structural zone remains essentially untested. Two or three scout holes will be drilled on this structural zone in the first phase to assess its potential to host YellowJacket/Bullfrog type vein systems.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 72 km² 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 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
SOURCE Corvus Gold Inc.
Image with caption: "Figure 1. North Bullfrog 2016 Phase I Exploration Areas (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20160412_C2696_PHOTO_EN_663074.jpg
Image with caption: "Figure 2: Geologic map of the NW Sierra Blanca Target. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20160412_C2696_PHOTO_EN_663076.jpg
Image with caption: "Figure 3: Lower Savage Target area. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20160412_C2696_PHOTO_EN_663094.jpg
Ryan Ko, Investor Relations,
Email: info@corvusgold.com ,
Phone: 1-844-638-3246 (toll free) or (604) 638-3246,
Fax: (604) 408-7499 |
