Mr. Jeff Pontius reports
CORVUS GOLD SIGNIFICANTLY EXPANDS HIGH-GRADE YELLOW JACKET DISCOVERY WITH 120 METRE STEP-OUT HOLE AT NORTH BULLFROG PROJECT, NEVADA
Corvus Gold Inc. has released the first drill results
from the company's 2013 phase one drill program on its new Yellow Jacket
high-grade gold-silver discovery at the North Bullfrog project, Nevada.
Hole NB-13-344 represents a 120-metre step-out to the north of the
previously defined 2012 high-grade discovery (see news release dated May 23, 2012).
A select prioritized section of hole NB-13-344, which intersected vein
material with visible gold, averaged 10.7 grams per tonne gold and 10.4 g/t silver
over 8.3 metres, including 1.2 metres averaging 50 g/t gold and 36 g/t silver (the remainder of the drill hole assays are pending).
In addition, hole NB-13-341, which represents a 70-metre step-out to the
north of the 2012 discovery, returned 0.85 g/t gold over 46 metres within
an overall interval of 116 metres of 0.6 g/t gold. These
results show the continuity and geometry of the Yellow Jacket zone, and
along with continuing drilling that has intersected broad zones (plus 50 m) of
stockwork and multistage veining as far north as has been drilled,
highlight the zone's expansion potential.
To date, nine core holes on the Yellow Jacket high-grade target and seven reverse circulation (RC) drill holes on the North Sierra Blanca
starter pit target have been completed as part of the initial 20,000-metre phase of the North Bullfrog 2013 drill program (80-hole
program). At Yellow Jacket, the alteration signature of the broad, approximately one
g/t gold vein system discovered in 2012 has been intersected in all of
the holes drilled to date which represents a plus-200-metre extension to
the north. At the North Sierra Blanca target, broad zones (plus-50 m) of
strong mineralization-related alteration have been intersected in all
of the drill holes drilled to date which are on 100-metre centres and
represent approximately a 500 m step-out from the previously
defined Sierra Blanca resource. The 2013 drilling program results to
date are providing strong encouragement for a possible resource
expansion which will be completed at year-end following this phase of
drilling.
Jeff Pontius, chief executive officer, stated: "These early results show
that the Yellow Jacket system has potential to expand into a major new
high-grade gold-silver vein system with potential to add significant
open-pit tonnage of plus-one g/t gold mineralization to the North Bullfrog
mine plan. The similarity of our recent Yellow Jacket discovery to the
historic 2.6-million-ounce Bullfrog mine, which is eight kilometres south,
is very encouraging and highlights the exceptional potential of this
emerging new gold district."
Hole NB-13-341, which encountered 116 metres of 0.6 g/t gold, and drill
hole NB-13-342 were drilled to determine the geometry of the stockwork
mineralization previously identified in NB-12-127. The
results show that a broad zone of stockwork mineralization is focused
in the Middle Sierra Blanca tuff unit, where multiple faults interact to
form a horst-like structure.
Holes NB-13-343 (pending) and NB-13-344 define a section. In NB-13-344, visible gold was recognized in the core and as a result a 24-metre interval was rushed for
assaying. This confirmed the high-grade veins in the zone with two
intervals running greater than one ounce per tonne gold. In
this hole, visible gold is frequently associated with silver sulphide
similar to drill hole NB-12-138 drilled 120 metres to the south within
the same structural zone.
SIGNIFICANT INTERCEPTS FROM 2012 AND 2013 CORE HOLES
Hole From To Interval Gold Silver
(m) (m) (m) (g/t) (g/t)
NB-12-127 105.3 182.1 76.8 0.80 2.76
Including 129.0 147.5 18.6 1.67 6.50
NB-13-341 86.5 202.7 116.2 0.59 1.50
Including 112.3 158.4 46.1 0.85 2.30
NB-13-342 98.7 193.1 94.4 0.20 1.01
Including 133.3 160.0 26.7 0.34 1.00
NB-13-344 118.2 126.6 8.34 10.72 10.45
Including 118.2 119.1 0.90 32.31 41.36
Including 123.7 124.9 1.17 50.05 36.07
* Intercepts calculated with 0.1 g/t cut-off and up to
1.7 m internal waste.
About the North Bullfrog project, Nevada
Corvus controls 100 per cent of its North Bullfrog project, which covers
approximately 70 square kilometres in southern Nevada, just north of the historic
Bullfrog gold mine formerly operated by Barrick Gold Corp. The
property package is made up of a number of leased patented federal
mining claims and 758 federal unpatented mining claims. The project
has excellent infrastructure, being adjacent to a major highway and
power corridor. The company's independent consultants completed a
robust positive preliminary economic assessment on the existing
resource in December, 2012.
The project currently includes numerous prospective gold targets with
four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing
an estimated indicated resource of 15 million tonnes at an average grade of 0.37
g/t gold for 182,577 ounces of gold and an inferred resource of 156 million tonnes at 0.28 g/t gold for 1,410,096 ounces of gold (both at a 0.2 g/t
cut-off), with appreciable silver credits. Mineralization occurs in two
primary forms: broad stratabound bulk-tonnage gold zones, such as
the Sierra Blanca and Jolly Jane systems; and moderately thick
zones of high-grade gold and silver mineralization hosted in structural
feeder zones with breccias and quartz-sulphide vein stockworks, such as
the Mayflower and Yellowjacket targets. The company is actively
pursuing both types of mineralization.
A video of the North Bullfrog project showing location, infrastructure
access and 2010 winter drilling is available on the company's website. For details with respect to the assumptions underlying the current
resource estimate and preliminary economic analysis, see the technical
report entitled "Technical Report and Preliminary Economic Assessment
for the Mayflower and North Mine Areas at the North Bullfrog Project,
Bullfrog Mining District, Nye County, Nevada," dated Dec. 6, 2012,
and available under the company's profile at SEDAR.
Qualified person and quality assurance/quality control
Jeffrey Pontius (CPG 11044), a qualified person as defined by
National Instrument 43-101, has supervised the preparation of the
scientific and technical information (other than the resource estimate)
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.
Gary Giroux, MSc, PEng (British Columbia), a consulting geological engineer
employed by Giroux Consultants Ltd., has acted as the qualified person
as defined in NI 43-101 for the Giroux Consultants mineral
resource estimate. He has over 30 years of experience in all stages of
mineral exploration, development and production. Mr. Giroux
specializes in computer applications in ore reserve estimation, and has
consulted both nationally and internationally in this field. He has
authored many papers on geostatistics and ore reserve estimation, has practised as a geological engineer since 1970, and has provided
geostatistical services to the industry since 1976. Both Mr. Giroux
and Giroux Consultants are independent of the company under NI
43-101.
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 assurance/quality control 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, Nev., for preparation and then on to ALS
Chemex in Reno, Nev., 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. McClelland Laboratories Inc.
prepared composites from duplicated RC sample splits collected during
drilling. Bulk samples were sealed on-site and delivered to McClelland
Laboratories by ALS Chemex or Corvus personnel. All metallurgical
testing reported here was conducted or managed by McClelland
Laboratories.
We seek Safe Harbor.
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