Corvus Gold (KOR-T) Sept 7, '16 announces the last four holes of the 2016 phase I drill program and the start of its phase II drill program (Figure 1). A total of 6,250 metres of Reverse Circulation (RC) drilling was completed during Phase I. Drilling was concentrated around the Swale target located at a major intersection of the northwest trending YellowJacket zone and the northeast trending NWSB zone. Results have returned a number of higher grade (+1 g/t gold) structural zones within a 500 by 200 metre target area.
Latest results from the phase I drill program include NB-16-310 with 13.7m @ 1.18 g/t Au and NB-16-312 with 4.6m @ 1.08 g/t Au & 6.1m @ 1.2 g/t Au. All four holes were within the Swale target and included two holes which intersected broad zones of +1 g/t gold that were surrounded by thick low-grade zones along north-south trending structures (Table 1). This large area of low-grade mineralization is prospective for additional mill grade mineralization and lies immediately north of the current pit boundary design. This target area will be an area of focus during the Phase II, resource development drilling scheduled to start this month.
Figure 1. Drill hole locations map for 2016 phase I, North Bullfrog project: http://media3.marketwire.com/docs/KOR-090716-fig1.pdf
| | Table 1
Drill Results Swale Targets
(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.) | | | | | | | | |
Swale Target | | From (m) | To (m) | Length (m)* | Gold (g/t) | Silver (g/t) | | NB-16-309 | | 239.27 | 259.08 | 19.81 | 0.19 | 0.61 | | AZ 087 dip-60 | | 263.65 | 329.18 | 65.53 | 0.40 | 0.67 | | | | inc | | 280.42 | 281.94 | 1.52 | 0.58 | 0.34 | | | | inc | | 294.13 | 304.8 | 10.67 | 0.69 | 0.96 | | | | inc | | 309.37 | 313.94 | 4.57 | 0.65 | 1.60 | | | | 339.85 | 352.04 | 12.19 | 0.14 | 0.55 | | | | 356.62 | 365.76 | 9.14 | 0.13 | 0.44 | | | | hole ended in mineralization | | | | | | | | | | NB-16-310 | | From (m) | To (m) | Length (m)* | Gold (g/t) | Silver (g/t) | | AZ 085 dip -55 | | 100.58 | 164.59 | 64.01 | 0.49 | 1.48 | | | | inc | | 108.2 | 109.73 | 1.52 | 0.67 | 2.75 | | | | inc | | 132.59 | 140.21 | 7.62 | 0.61 | 1.05 | | | | inc | | 149.35 | 163.07 | 13.72 | 1.18 | 2.22 | | | | | | 214.88 | 220.98 | 6.1 | 0.20 | 0.39 | | | | | | 227.08 | 294.13 | 67.05 | 0.24 | 0.96 | | | | inc | | 275.84 | 277.37 | 1.52 | 0.82 | 0.75 | | | | inc | | 289.56 | 292.61 | 3.05 | 0.61 | 1.09 | | | | hole ended in mineralization | | | | | | NB-16-311 | | No significant results | | AZ 080 dip-50 | | | | | | | | | | | | NB-16-312 | | From (m) | To (m) | Length (m)* | Gold (g/t) | Silver (g/t) | | AZ 055 dip-45 | | 137.16 | 240.79 | 103.63 | 0.24 | 0.68 | | | | inc | | 138.68 | 143.26 | 4.58 | 1.08 | 1.87 | | | | inc | | 152.4 | 153.92 | 1.52 | 0.53 | 1.03 | | | | inc | | 227.08 | 228.6 | 1.52 | 0.58 | 1.21 | | | | | | 266.7 | 335.28 | 68.58 | 0.31 | 0.71 | | | | inc | | 272.8 | 278.89 | 6.09 | 1.20 | 1.28 | | | | inc | | 323.09 | 324.61 | 1.52 | 0.55 | 1.22 | | | | 339.85 | 358.14 | 18.29 | 0.16 | 0.41 | | | | 364.24 | 371.86 | 7.62 | 0.17 | 0.36 | | | | hole ended in mineralization |
Swale Target
Two of the final four holes drilled in the phase 1 program targeted the northern extension of mineralization intersected in hole NB-16-298 (23m @ 1.69 g/t Au, NR16-09, June 7, 2016) and returned encouraging intercepts such as NB-16-310 with 13.7m @ 1.18 g/t Au and NB-16-312 with 4.6m @ 1.08 g/t Au & 6.1m @ 1.2 g/t Au. These intervals are surrounded by over 100 metres of low-grade mineralization indicating the system remains very strong to the north of the currently defined Sierra Blanca/YellowJacket deposit. The current interpretation of the higher grade mineralization in this area indicates it is controlled by a series of north and northeast trending structures and structural intersections with the major northeast structural zone hosting the mineralization in hole NB-16-298.
Hole NB-16-309 tested the Swale system 200 metres to the southwest of hole NB-16-300 (18m @ 1.8 g/t Au, NR16-09, June 7, 2016) and returned several broad intercepts of low-grade mineralization including 65.5m of 0.40 g/t Au. This broad zone of gold mineralization from the currently farthest west hole drilled in this area, indicates the system remains open and suggests that potential exists in this direction for other feeder zones.
Holes NB-16-311 was drilled north of prior hole NB-16-308 (3.1m @ 2.24 g/t Au, NR16-11, August 2, 2016) but failed to hit the favorable host rock package or any significant mineralization.
Jeff Pontius, President and CEO of Corvus Gold Inc. said, "The final results from our phase I drilling in the new Swale target area has outlined a prospective area to add additional ounces into the North Bullfrog mine plan. This new area of extensive gold mineralization immediately north and west of our designed pit has the initial signs of a gold system that will require considerable exploration in the future. Our next phase of drilling which begins in about a week will look to define the potential for addition gold mineralization to be added to our resource model. Work to date indicates the North Bullfrog gold system is expanding with potential for a bigger project in the future."
Phase II Drill Program
Corvus Gold will begin its 2016 Phase II drill program later this month. The program will involve approximately 6,000 metres of reverse circulation drilling designed to address resource expansion potential for the Sierra Blanca/YellowJacket deposit to the north and west in the Swale Zone and to the east in the Liberator Zone. In addition, two new exploration/new discovery targets will be tested at North Jolly Jane and Cat Hill. The program is planned to conclude by mid-December. All of the planned exploration and development programs for 2016 and 2017 as well as corporate costs are fully funded.
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 Whittle™ 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 Whittle™ 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 as amended and restated May 18, 2016, 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 royalties on 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
Corvus Gold Inc.
Ryan Ko
Investor Relations
1-844-638-3246 (toll free) or (604) 638-3246
info@corvusgold.com
corvusgold.com |
