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Corvus Gold Inc
Symbol KOR
Shares Issued 70,415,028
Close 2014-01-08 C$ 1.28
Market Cap C$ 90,131,236
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Corvus drills 33 m of 4.14 g/t Au at North Bullfrog

2014-01-09 08:07 ET - News Release

Mr. Jeff Pontius reports

CORVUS GOLD DRILLS 33 METRES @ 4.14 G/T GOLD AT YELLOWJACKET HIGH-GRADE DEPOSIT, NORTH BULLFROG PROJECT, NEVADA; INTERSECTS NEW HIGH-GRADE GOLD SYSTEM AT AIR TRACK HILL 1,000 METRES SW OF YELLOWJACKET

Corvus Gold Inc. has released initial assay results from three core holes along the northern extension of the Yellowjacket deposit, and two core holes from the western extension of the Sierra Blanca deposit, at the North Bullfrog project, Nevada. Drill hole NB-13-368 at the Yellowjacket deposit returned 33.3 metres at 4.14 grams per tonne gold and is 140 metres along strike from the previously reported intersection (NB-13-360, 9.6 metres at 6.34 grams per tonne gold -- see news release on Dec. 5, 2013). Corvus has now reported results from within the high-grade Yellowjacket deposit at approximately 50-metre spaced drill fences over a current strike length of approximately 600 metres, within a structural zone ranging from 100 to 150 metres in width and to a nominal depth of about 150 metres. The system remains open in all directions and indications from RC grid drilling to the west and northeast suggest additional vein zones may be present in those areas.

Corvus is awaiting assays from another 26 drill holes which are a mix of core and RC drilling testing the strike extension of the Yellowjacket deposit and two newly discovered vein systems between Yellowjacket and Air Track Hill. Significantly, gold-tellurium mineralization, typically associated with bonanza-grade gold systems, has now been discovered at Air Track Hill, located over a kilometre to the southwest of the Yellowjacket deposit and at the southwestern edge of the limit of the existing Sierra Blanca drilling. This newly discovered mineralization will be one of the focuses of the pending 2014 drilling program scheduled to begin at the end of January, 2014.

Yellowjacket drilling

In drill hole NB-13-361, located 50 metres up dip from NB-13-360, the main vein thinned as it approached the surface. However, the stockwork around the vein returned 22.3 metres at 0.82 gram per tonne gold. The vein interval in drill hole NB-13-367, located 70 metres along strike from NB-13-361, is hosted by dacite which is generally a poor vein host and has limited vein width development. However, the vein and stockwork combined returned an intercept of 17.2 metres at 1.15 grams per tonne gold at relatively shallow depths. NB-13-368 encountered a two-metre-wide vein with 27 grams per tonne gold and good stockwork. The intercept in NB-13-368 is 600 metres along strike from the original discovery hole NB-12-138.

A number of holes which have cut the veins still have assays pending, including NB-13-369, 370 and 372. Gold and silver continue to occur in these intersections as very fine grains of electrum, native gold and acanthite, a leachable silver sulphide.

Jeff Pontius, chief executive officer, stated: "The remarkable consistency and expansion potential of the mineralization in the Yellowjacket deposit is encouraging for outlining a major new high-grade gold discovery here in Nevada. In addition, the discovery of a new broad higher-grade oxide gold-tellurium zone at Air Track Hill represents a completely new style of gold mineralization that bodes well for developing other new Yellowjacket-type high-grade zones. With the results of each new hole returned from North Bullfrog, our assessment of the potential of this new Nevada gold district grows."

              SIGNIFICANT INTERCEPTS* FROM RECENT CORE HOLES AT YELLOWJACKET

                      From    To Interval      Gold    Silver
Hole ID                 (m)   (m)      (m)     (g/t)     (g/t)   Comments
        
                      25.3  30.5      5.2      0.15      0.65    Disseminated           
                      30.5  47.8     17.4      0.92      3.65    HW stockwork           
NB-13-361             47.8  49.2      1.4      0.78     Pending  Main vein              
                      49.2  52.8      3.5      0.34      0.96    FW stockwork           
Incl                                 22.3      0.82     Pending  Vein and main stockwork  
                      52.8  90.8     38.1      0.16      0.70    FW peripheral stockwork
                      97.3  105.4     8.1      1.28      3.16    HW stockwork in dacite 
NB-13-367             105.4 107.9     2.5      1.06     13.19    Main vein              
                      107.9 114.5     6.6      1.02      2.48    FW stockwork in dacite 
Incl                                 17.2      1.15      4.37    Vein and main stockwork  
                      114.5 144.4    29.9      0.15      1.2     Disseminated           
                      144.4 185.9    41.5      0.40      1.53    Illite-pyrite stockwork
                      109.3 122.1    12.7      5.99     Pending  HW stockwork           
NB-13-368             122.1 124.1     2.0      26.97    Pending  Main vein              
                      124.1 142.6    18.5      0.35     Pending  FW stockwork           
Incl                                 33.3      4.14     Pending  Vein and main stockwork  
                      142.6 194.1    51.5      0.30      1.45    FW peripheral stockwork
                      194.1 245.4    51.3      0.15      0.6     Disseminated           

* Intercepts calculated using a 0.1-gram-per-tonne-gold cut-off and up to one metre of
internal waste. Reported drill intercepts are not true widths. At this time, there are 
insufficient data with respect to the shape of the mineralization to calculate its true 
orientation in space.

New mineralization style found at Air Track Hill and new structure found at Sierra Blanca West

At Air Track Hill, located on the southwestern edge of the Sierra Blanca deposit, a new type of higher-grade gold-tellurium mineralization has been discovered in hole NB-13-364. This type of mineralization is frequently associated with high-grade gold systems around the world, with the most famous being the Cripple Creek district in Colorado. Hole NB-13-364 revealed a shallow mineralized zone with 23 metres at one gram per tonne gold from 17 metres depth, including four metres of 2.2 grams per tonne gold. The silver to gold ratio of the mineralization is 1:10, which is exactly the opposite of the 10:1 ratio in the Yellowjacket quartz veins and much lower than the normal 1:1 ratio in the disseminated mineralization. The mineralization is hosted in a strongly altered pyroclastic unit with associated iron-oxide breccia veinlets. The average tellurium content of the zone is five parts per million, with a high value of 36 parts per million. Initial structural data suggest that the mineralization has a northeasterly strike similar to the newly discovered vein-type mineralization within the main Sierra Blanca deposit. Hole NB-13-365 was drilled to confirm the orientation of the mineralized zone (assays pending).

Core drilling on the northwestern edge of the Sierra Blanca deposit has also revealed a potentially new high-grade structural zone, thereby opening up potential mineralization to the west under an extensive area of shallow pediment cover. This new zone is hosted in a dacite unit, which typically has been barren but this intersection and the one in hole NB-13-361 in the Yellowjacket deposit 700 metres to the east are changing that assumption. Core hole NB-13-366 returned an intercept of 47 metres at 0.9 gram per tonne gold and one gram per tonne silver from 41 metres depth.

          SIGNIFICANT INTERCEPTS* FROM RECENT CORE HOLES AT AIR TRACK
                         HILL AND WEST SIERRA BLANCA

            From   To   Interval     Gold    Silver
Hole ID       (m)  (m)        (m)    (g/t)     (g/t)   Comments
      
NB-13-364   17.1 40.0       22.9     1.04        0.1 
Including   28.3 32.6        4.3     2.21        0.2   Tellurium and mercury related 
Including   35.9 37.7        1.8     2.64        0.2                              
NB-13-366   10.4 13.9        3.5     0.94        0.4 
            41.5 88.8       47.4     0.93        1.3   Disseminated in altered dacite
Including   46.7 66.9       20.2     1.03        1.4                              
Including   71.4 88.8       17.5     1.26        1.8                              

About the North Bullfrog project, Nevada

Corvus controls 100 per cent of its North Bullfrog project, which covers approximately 68 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold. 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.

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 form the basis for this news release and has approved the disclosure herein. Mr. Pontius is not independent of Corvus, as he is the chief executive officer, 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 employees 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 or Vancouver 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.

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