YellowJacket Zone Extended 250 metres North of
Existing Resource
VANCOUVER, Aug. 2,
2016 /CNW/ - Corvus Gold Inc. ("Corvus" or the
"Company") - (TSX: KOR, OTCQX: CORVF) announces further drill
results from the 2016 North Bullfrog exploration program (Figure
1). The extension of the YellowJacket structural zone was
again intersected in hole NB-16-308 at the Swale target with 3.1m @
2.24 g/t gold & 3.5 g/t silver within 9.15m @ 1.02 g/t gold
& 1.93 silver, approximately 50 metres north of hole NB-16-300
(NR16-09, June 7, 2016, 18.3m @ 1.76
g/t gold). This zone of stockwork mineralization is
surrounded by broad zones of low grade gold mineralization
indicating the YellowJacket gold system remains strong and
continuous in the northern most hole drilled to date (Table
1). Drilling has now extended the YellowJacket Zone an
additional 250 metres to the north of the existing resource and
additional assays for recently completed holes at the Swale target
are pending.
Initial drill results from the Black Vein target
has now highlighted the importance of the re-emerging Liberator
structural zone, a parallel structural zone just east of the
YellowJacket deposit with potential to host high-grade
mineralization. Significantly, drill hole NB-16-303 into the Black
Vein target returned 153.92m @ 0.55 g/t gold & 0.92 g/t silver.
Follow up drilling is being planned to test for significant tonnage
of higher grade mineralization.
Table
1
Drill Results Swale,
Lower Savage and Black Vein
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-16-304
|
211.84
|
274.32
|
62.48
|
0.30
|
1.09
|
AZ 085
dip-50
|
inc
|
213.36
|
219.46
|
6.1
|
0.68
|
2.37
|
inc
|
259.08
|
260.6
|
1.52
|
0.62
|
1.46
|
|
|
|
|
hole ended in
mineralization
|
NB-16-305
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
AZ 085 dip
-50
|
153.92
|
190.5
|
36.58
|
0.17
|
0.85
|
|
202.69
|
288.04
|
85.35
|
0.22
|
0.77
|
|
hole ended in
mineralization
|
NB-16-308
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
AZ 060 dip
-65
|
152.4
|
207.26
|
54.86
|
0.31
|
0.93
|
|
211.84
|
237.74
|
25.9
|
0.12
|
0.39
|
|
316.99
|
326.14
|
9.15
|
1.02
|
1.93
|
inc
|
320.04
|
323.09
|
3.05
|
2.24
|
3.47
|
Black
Vein
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-16-303
|
94.49
|
102.11
|
7.62
|
0.54
|
1.30
|
AZ 130 dip
-50
|
193.55
|
347.47
|
153.92
|
0.54
|
0.92
|
inc
|
199.64
|
249.94
|
50.3
|
0.58
|
1.03
|
inc
|
266.7
|
271.27
|
4.57
|
0.53
|
1.01
|
inc
|
275.84
|
301.75
|
25.91
|
0.68
|
0.83
|
inc
|
310.9
|
333.76
|
22.86
|
0.66
|
0.97
|
|
|
|
|
hole ended in
mineralization
|
NB-16-306
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
AZ 265 dip
-80
|
475.49
|
495.3
|
19.81
|
0.24
|
0.47
|
|
|
|
|
NB-16-307
|
No significant
results
|
AZ 070 dip
-45
|
Lower
Savage
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
NB-16-301
|
124.97
|
135.64
|
10.67
|
0.25
|
0.46
|
AZ 085 dip
-50
|
140.21
|
179.83
|
39.62
|
0.31
|
0.89
|
inc
|
146.3
|
147.83
|
1.52
|
0.61
|
0.88
|
inc
|
161.54
|
169.16
|
7.62
|
0.52
|
1.23
|
|
207.26
|
286.51
|
79.25
|
0.21
|
1.13
|
|
295.66
|
361.19
|
65.53
|
0.21
|
1.07
|
|
367.28
|
408.43
|
41.15
|
0.33
|
9.22
|
inc
|
379.48
|
381
|
1.52
|
0.60
|
20.00
|
|
|
|
|
|
NB-16-302
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
AZ 083 dip
-55
|
121.92
|
137.16
|
15.24
|
0.16
|
0.51
|
|
141.73
|
237.74
|
96.01
|
0.23
|
0.80
|
|
252.98
|
324.61
|
71.63
|
0.16
|
0.87
|
|
336.8
|
373.38
|
36.58
|
0.18
|
0.42
|
|
379.48
|
388.62
|
9.14
|
0.18
|
0.43
|
|
* Mineralized thickness
calculated @ 0.10 g/t Au cutoff with internal vein/stockwork
intervals calculated @ 0.5 g/t Au
cutoff
|
Jeff Pontius,
President and CEO of Corvus said "The new results from our ongoing
exploration program have been encouraging. The confirmation
of the Swale discovery now outlines an extension of the
YellowJacket high-grade gold system. A key focus of the next phase
of exploration drilling will be the projected intersection of the
Swale and NWSB zones where pending holes have encountered broad
zones of stockwork quartz veining. In addition, the
encouraging mineralization found north and south along the
Liberator structural zone has potential to develop into another
YellowJacket type system which could host significant tonnage of
mill grade mineralization. We believe that these early results are
rapidly expanding the potential for new resources within the
immediate proximity of the current pit design. With the closing of
our recent financing Corvus is in a position to rapidly delineate
these new discoveries."
Swale Target
The new results from holes NB-16-304, 305 and 308
at the Swale target have now focused our exploration on the
potential in this area and confirmed the northern extension of the
YellowJacket structural system. Hole NB-16-308 intersected
3.1 metres @ 2.2 g/t gold & 3.5 g/t silver within 9.15m
@ 1.02 g/t gold & 1.93 silver which is the northern extension
of the structural zone previously encountered in hole NB-16-300
(18.3m @ 1.76 g/t gold). Mineralization in hole
NB-16-308 continues to trend NW and is hosted in a dacite unit as
opposed to the more favorable rhyolite unit in hole
NB-16-300. This new drilling has extended the YellowJacket
system approximately 250 metres northwest of the current
YellowJacket resource.
In addition, the large rhyolite body intersected
in holes NB-16-304 & 305 has retuned thick intervals of
low-grade gold and silver and a number of zones with high levels of
uranium and molybdenum. This highly altered and broadly
mineralized rhyolite body has emerged as an important host rock for
structurally controlled, YellowJacket type vein and stockwork
zones. A number of the remaining exploration holes with
pending assays in the Swale target area have intersected parallel
broad structural zones to the southwest and south of the zones hit
in holes 300 and 308. This area is about 500 metres by 200
metres at the north and west end of the current YellowJacket
resource. With the earlier results from the NE trending NWSB zone
in hole NB-16-298 (NR16-09, June 7,
2016, 23m @ 1.7 g/t gold) we are now projecting a major
structural intersection of the two systems at the north end of the
current pit design. This complexly faulted area forms an
excellent mineralizing environment for multiple high-grade zones
and will be a primary target of resource development drilling in
the second phase of the 2016 program.
Black Vein - Liberator Target
Drill holes NB-16-303 was drilled to test the
deep potential below earlier high-grade intersection returned from
the Liberator structural zone in the Black Vein target area
NB-10-63 (NR11-03, February 1, 2011)
with 13.7m @ 5.9 g/t gold & 5.2 g/t silver and NB-12-126
(NR12-10, March 22, 2012) with
5.7m @ 6.6 g/t gold & 9.9 g/t silver). Results
from hole 303 intersected a very broad zone of gold mineralization
within the target (154m @ 0.54 g/t gold). This very
thick zone of gold mineralization and the shallower high-grade
intersections appears to be associated with the large Liberator
fault system which lies just east of the YellowJacket deposit but
dips in the opposite direction. The Liberator structural zone
has not been effectively explored in the past and is now emerging
as an important target area immediately east of the current pit
design. It's also possible that the previously discovered
Rhyolite zone (10.7m @ 3.5 g/t gold) and the 350 zone (6m
@ 2.4 g/t gold) are also related to the Liberator system which
has a known strike length of over a kilometre. This emerging
new YellowJacket type target will also be tested in the next phase
of drilling.
Scout drilling was completed to test the depth
potential of the Liberator zone to the east and to test a wildcat
vein target in the Cloud 9 area. Hole NB-16-306 was drilled
about 100 metres east of the Black Vein target and intersected a
broad low-grade interval of gold mineralization deep along the
Liberator fault (~400m below surface). This mineralization
indicates the Liberator gold system is extensive. Hole
NB-16-307 tested the Cloud 9 target, a banded quartz vein
outcropping along the West Jolly Jane fault about 800 metres east
of Black Vein and about 2 kilometres north of the Jolly Jane
deposit, although altered the hole failed to return any significant
gold or silver values.
Lower Savage Target
Two holes were drilled to follow-up high-grade
silver mineralization found at depth below a large new zone of
low-grade mineralization east of the current pit design.
These two holes drilled 100 metres north and south of the original
discovery hole NB-15-273 (NR16-03, January
26, 2016, 3.1m @ 2.1 g/t gold & 178 g/t silver)
and intersected thick zones of low-grade mineralization confirming
the systems extension to the east. In hole 301 a thicker zone
of silver mineralization (15.2m @ 0.4 g/t gold and 23 g/t
silver) was intersected in the same horizon as the earlier
intercept in hole 273. The hole to the north, NB-16-302 also
hit this horizon but only returned low-grade silver (38m @ ~0.4 g/t
silver). The mineralization appears to be related to a
replacement style within a specific horizon in the volcanics
package near the basement contact. Although intriguing, this
deeper replacement style of mineralization will not be followed up
in the next phase of drilling.
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 as
amended and restated on 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
Cautionary Note
Regarding Forward-Looking Statements
|
|
This press release
contains forward-looking statements and forward-looking information
(collectively, "forward-looking statements") within the meaning of
applicable Canadian and US securities legislation. All
statements, other than statements of historical fact, included
herein including, without limitation, statements regarding the
potential for new deposits and expected increases in a systems
potential; anticipated content, commencement and cost of
exploration programs, anticipated exploration program results, the
discovery and delineation of mineral deposits/resources/reserves,
the potential to develop multiple YellowJacket style high-grade
zones, the Company's belief that the parameters used in the
WhittleTM pit optimization process are realistic and
reasonable, the potential to discover additional high grade veins
or additional deposits, the potential to expand the existing
estimated resource at the North Bullfrog project, the potential for
any mining or production at North Bullfrog, the potential for the
Company to secure or receive any royalties in the future, business
and financing plans and business trends, are forward-looking
statements. Information concerning mineral resource estimates
may be deemed to be forward-looking statements in that it reflects
a prediction of the mineralization that would be encountered if a
mineral deposit were developed and mined. Although the
Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, variations in the market price of any mineral
products the Company may produce or plan to produce, the Company's
inability to obtain any necessary permits, consents or
authorizations required for its activities, the Company's inability
to produce minerals from its properties successfully or profitably,
to continue its projected growth, to raise the necessary capital or
to be fully able to implement its business strategies, and other
risks and uncertainties disclosed in the Company's 2013 Annual
Information Form and latest interim Management Discussion and
Analysis filed with certain securities commissions in Canada and
the Company's most recent filings with the United States Securities
and Exchange Commission (the "SEC"). All of the Company's
Canadian public disclosure filings in Canada may be accessed
via www.sedar.com and filings with the SEC may be
accessed via www.sec.gov and readers are urged to
review these materials, including the technical reports filed with
respect to the Company's mineral properties.
|
|
Cautionary Note
Regarding References to Resources and Reserves
|
|
National
Instrument 43 101 - Standards of Disclosure for Mineral Projects
("NI 43-101") is a rule developed by the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Unless otherwise indicated, all
resource estimates contained in or incorporated by reference in
this press release have been prepared in accordance with NI 43-101
and the guidelines set out in the Canadian Institute of Mining,
Metallurgy and Petroleum (the "CIM") Standards on Mineral Resource
and Mineral Reserves, adopted by the CIM Council on November 14,
2004 (the "CIM Standards") as they may be amended from time to time
by the CIM.
|
|
United States
investors are cautioned that the requirements and terminology of NI
43-101 and the CIM Standards differ significantly from the
requirements and terminology of the SEC set forth in the SEC's
Industry Guide 7 ("SEC Industry Guide 7"). Accordingly, the
Company's disclosures regarding mineralization may not be
comparable to similar information disclosed by companies subject to
SEC Industry Guide 7. Without limiting the foregoing, while
the terms "mineral resources", "inferred mineral resources",
"indicated mineral resources" and "measured mineral resources" are
recognized and required by NI 43-101 and the CIM Standards, they
are not recognized by the SEC and are not permitted to be used in
documents filed with the SEC by companies subject to SEC Industry
Guide 7. Mineral resources which are not mineral reserves do
not have demonstrated economic viability, and US investors are
cautioned not to assume that all or any part of a mineral resource
will ever be converted into reserves. Further, inferred
resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically.
It cannot be assumed that all or any part of the inferred resources
will ever be upgraded to a higher resource category. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of a feasibility study or prefeasibility study,
except in rare cases. The SEC normally only permits issuers
to report mineralization that does not constitute SEC Industry
Guide 7 compliant "reserves" as in-place tonnage and grade without
reference to unit amounts. The term "contained ounces" is not
permitted under the rules of SEC Industry Guide 7. In
addition, the NI 43-101 and CIM Standards definition of a "reserve"
differs from the definition in SEC Industry Guide 7. In SEC
Industry Guide 7, a mineral reserve is defined as a part of a
mineral deposit which could be economically and legally extracted
or produced at the time the mineral reserve determination is made,
and a "final" or "bankable" feasibility study is required to report
reserves, the three-year historical price is used in any reserve or
cash flow analysis of designated reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority. U.S. investors are urged to consider
closely the disclosure in our latest reports and registration
statements filed with the SEC. You can review and obtain copies of
these filings at http://www.sec.gov/edgar.shtml. U.S. Investors are
cautioned not to assume that any defined resource will ever be
converted into SEC Industry Guide 7 compliant
reserves.
|
|
This press release
is not, and is not to be construed in any way as, an offer to buy
or sell securities in the United States.
|
SOURCE Corvus Gold Inc.