NB-14-39 Josh Vein: 17.5 metres @ 12.8 g/t Gold and 62 g/t Silver
NB-14-38 West Vein: 9 metres @ 5.7 g/t Gold and 33 g/t Silver
TSX: KOR OTCQX: CORVF
VANCOUVER, May 22, 2014 /PRNewswire/ – Corvus Gold Inc. (“Corvus” or the
“Company”) – (TSX: KOR, OTCQX: CORVF) announces the latest results from
its ongoing 2014 Phase One drill campaign at the North Bullfrog Project
in Nevada. Assays include the complete results of the previously
reported hole NB-14-384 as well as three recently completed holes from
the newly discovered West Vein zone. In addition, hole NB-14-391, which
is the first hole drilled in 2014 on the Northern extension of the main
Josh Vein, intersected 17.5 metres of 12.77 g/t gold and 62 g/t silver
(Figure 1, Table 1). This hole is a 30 metre step out to the North
from the farthest northern holes drilled in 2013 and returned the best
intersection drilled to date. It is important to note that results from
Hole NB-391 represent only the main vein interval, and assays from the
surrounding stockwork and disseminated zones are still pending.
In the West Vein structure, hole NB-14-384 intersected 4.5 metres of 17
g/t gold and 150 g/t silver, 50 metres south of NB-14-380 (5 metres at
14 g/t gold), while hole NB-14-389, 30 metres south of NB-13-384,
encountered 9.1 metres of 5.7 g/t gold and 33 g/t silver. The stockwork
around the West Vein continues to return broad zones of gold and silver
mineralization extending as far south as drilling has progressed to
date (Table 1).
Drilling has now shown that, south of NB-14-389, the fault strands merge
into a zone of intense faulting resulting in widespread vein related
mineralization (Figure 2). Of particular interest is the structure near
the top of NB-14-386 which contained 3.2 metres with 9.2 g/t gold and
87 g/t silver and represents a newly discovered vein structure (Figure 2). In
NB-14-386, results indicate almost 100 metres of stockwork developed in
this large fault zone (Table 1, Figure 2). Assays are pending for two
holes drilled down dip of the structure in NB-12-184, which is
currently the furthest drilling to the south on the Yellowjacket system
(Figure 1).
Exploration on the northern extension of the Josh Vein began in late
April and the first four holes, including NB-14-391 (17.5 metres @
12.77 g/t gold and 62 g/t silver), have established the continuity of
the zone to the north with the presence of native gold and silver
sulphide (acanthite) in thick quartz veins and surrounding stockwork
veining. The north extension drill program is ongoing, and is initially
assessing a 200 metre expansion of the system. Following the initial
north program, drilling will move south to assess the southern
extension potential below hole NB-12-184.
Yellowjacket Vein Zone Exploration
The Yellowjacket Vein Zone at North Bullfrog is currently defined by the
Josh-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 broken zone which contains several quartz veined structures, such
as the Josh Vein, and broad zones of stockwork mineralization (Figure
2). The West Vein strand delineated by 2014 drilling represents a new
hangingwall splay off the main Josh Vein Fault, as well as the new vein
structure intercepts in NB-14-386 reported in this news release.
Ongoing drilling is continuing to intersect new vein structures within
and around the overall Yellowjacket deposit.
Drilling now indicates that large northeast faults such as the NE30 and
NE50 faults (Figure 1) do not cut off the Josh Vein Fault system but
enhance it as a host for vein development and have emerged as new
exploration targets. The stratigraphic reconstruction in Figure 2
indicates that Yellowjacket has undergone a complex fault history
resulting in multiple zones.
The 5,000 metre Phase One drilling program at North Bullfrog will
continue to focus on delineating the Yellowjacket system. In the
planned 15,000 metre Phase Two program, additional core rigs will be
added to conduct resource definition drilling and continue with the
District-wide exploration for other vein systems.
*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 3 metres of
internal waste has been carried locally.
Preliminary Economic Assessment Update
In addition to its ongoing Yellowjacket deposit resource expansion drill
program, Corvus continues to advance its mine development studies,
including mining, metallurgy, capital estimates and environmental
characterization. This ongoing work will be used for a planned updated
resource estimate and new Preliminary Economic Assessment following the
completion of the 2014 drill program.
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
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 anticipated content, commencement and cost of
exploration programs, including completing the Phase One drilling
program and commencement of the Phase Two drilling program, anticipated
exploration program results, including timing and results of future
assays, the discovery and delineation of mineral
deposits/resources/reserves, the potential to develop multiple
Yellowjacket style high-grade zones, the potential to discover
additional high grade veins or additional deposits, the potential to
expand the existing estimated resource at the North Bullfrog project,
including the timing and completion of the proposed resource update and
new PEA, the potential for any mining or production at North Bullfrog,
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. All of the Company’s Canadian public disclosure
filings may be accessed via www.sedar.com 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 shareholders 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.
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.
Image with caption: “Figure 1: Location of 2014 drill holes at Yellowjacket. Assays from the holes indicated in fuscia are reported in this release. Green traces are from holes with pending assays. The location of the section in Figure 2 is indicated. (CNW Group/Corvus Gold Inc.)”. Image available at: http://photos.newswire.ca/images/download/20140522_C9409_PHOTO_EN_40620.jpg
Image with caption: “Figure 2: Geological Cross Section through holes NB-14-383, 384, 385 and 386 reported here. Stratigraphic markers used in the interpretation are indicated by thin black lines (CNW Group/Corvus Gold Inc.)”. Image available at: http://photos.newswire.ca/images/download/20140522_C9409_PHOTO_EN_40621.jpg
