Mr. Jeffrey Pontius reports
CORVUS GOLD EXTENDS YELLOWJACKET MINERALIZATION 200 METRES TO THE SOUTH AND IDENTIFIES NEW VEIN TARGETS, NORTH BULLFROG PROJECT, NEVADA
Corvus Gold Inc. has released further results from its 2014 exploration program to test the southern expansion potential of the Yellowjacket deposit. The results also include a series of holes that expand the previously discovered West vein zone at depth which include NB-14-414 (11 metres at 8.1 grams per tonne gold and 30 g/t silver) and NB-14-410 (9.9 metres at 3.2 g/t gold and 124.3 g/t silver). Holes NB-14-417 (7.8 metres at 1.1 g/t gold and one g/t silver) and NB-14-422 (3.5 metres at 2.6 g/t gold and 3.3 g/t silver) illustrate the continuation of Yellowjacket-type vein mineralization well to the south of the 2013 resource area. Although drilling conditions to the south were difficult and several holes were lost due to poor ground, these new results indicate that the Yellowjacket system now continues at least 200 metres to the south of the deposits original discovery hole NB-12-138 (4.3 metres at 20 g/t gold and 1,519 g/t silver) with broad oxide, heap-leach mineralization extending at least another 100 metres beyond that.
The current interpretation of the southern Yellowjacket expansion zone is the typical Josh-type higher-grade vein system is further at depth which will be an immediate target for future exploration. In addition new high-grade vein targets are developing in this area, such as the NE60 and NE70 fault zones, with characteristic upper level Josh vein-type mineralization like that in hole NB-14-424 (7.3 metres of quartz vein with 0.6 g/t gold and four g/t silver). The southern exploration program has now outlined a significant new Yellowjacket resource expansion area for future exploration.
Jeff Pontius, chief executive officer of Corvus Gold, said: "The 2014 drill campaign has significantly expanded the size, grade and quality of the Yellowjacket resource. The discovery of several new high-grade veins during the 2014 program and the currently unconstrained nature of the deposit suggest that Yellowjacket, as well as other similar and untested zones in the North Bullfrog district, have potential to develop into a large new Nevada, high-grade gold-silver district. The knowledge gained in 2014 has formed the foundation for a new district-wide exploration program in 2015 to determine the potential of this new multimillion-ounce Nevada discovery. In addition over the next few months the results from the 2014 work will be integrated into a new resource statement and our first preliminary economic assessment looking at the high-grade system and its impact on the overall project."
Geological results
The Josh vein intercepts in holes NB-14-410 (2.2 metres of 8.9 g/t gold and 450 g/t silver), NB-14-412 (4.5 metres of one g/t gold and 20 g/t silver), NB-14-414 (11 metres with 8.1 g/t gold and 30 g/t silver) and NB-14-416 (6.6 metres with 0.9 g/t gold and 17 g/t silver) tested the downdip extensions of the West vein to a depth of approximately 200 metres.
All of the holes in the southern exploration reported here have encountered significant intervals of disseminated oxide mineralization, some of it with grades substantially higher than the average resource. New drill roads on the top of Sierra Blanca have produced chip-channel sampling (SBRC-15) which shows continuous mineralization with quartz vein stockwork zones carrying grades that are much higher than the average heap-leach resource. This mineralization should substantially impact early mine production from the heap-leach material.
High-grade shoots within Josh vein
The interaction between the Josh vein and the NE50, NE60 and NE70 fault zones may be an important control on the development of high-grade shoots within the Josh vein system, and defining the locations and character of these faults represents a big step forward for future targeting of high-grade zones like those defined in hole NB-14-400 (35.9 metres at 17 g/t gold and 20 g/t silver).
A new target, NE60, that is now emerging as a potential new high-grade discovery, was first intersected in early exploration in holes NB-07-02 (4.5 metres of 1.6 g/t gold and 1.1 g/t silver) and RDH-768 (1.5 metres of 1.2 g/t gold and 0.4 g/t silver). Hole NB-14-407 also encountered the mineralized NE60 fault (5.4 metres of 0.83 g/t gold and 2.5 g/t silver), as well as in holes NB-14-419, NB-14-423 and NB-14-420. This new broad zone of structurally (fault zone) hosted gold is similar to the mineralization above the Josh vein to the north and has developed a potential high-grade target at depth.
The NE70 fault zone target was a conceptual target from geologic modelling and was initially tested in 2014 returning very encouraging results in holes NB-14-417 (7.8 metres of 1.1 g/t gold and 1 g/t silver) and NB-14- 422 (32 metres of 0.61 g/t gold and 1.2 g/t silver). As with the NE60 target, these intercepts are from the upper parts of the system with the main high-grade zone projected to be deeper in the system.
SIGNIFICANT INTERCEPTS* FROM RECENT DRILLING AT YELLOWJACKET
HoleID From To Interval Gold Silver
(m) (m) (m) (g/t) (g/t)
NB-14-407 69.6 95.4 25.8 0.36 1.47
Including 73.3 78.7 5.4 0.82 2.49
128.3 132.2 4.0 1.15 53.90
NB-14-410 132.2 134.4 2.2 8.87 450.09
134.4 138.2 3.8 2.00 8.60
9.9 3.18 124.34
149.2 150.8 1.6 13.57 3.92
131.5 141.7 10.2 0.50 7.83
NB-14-412 141.7 146.3 4.5 0.95 19.74
146.3 159.9 13.7 1.32 6.11
28.4 0.97 8.90
159.9 169.5 9.6 0.76 4.07
193.6 203.6 10.0 0.52 1.48
153.3 154.1 0.8 0.53 7.27
NB-14-414 154.1 165.0 11.0 8.13 30.53
165.0 175.9 10.8 0.54 2.40
22.6 4.22 16.20
175.9 191.1 15.2 0.49 1.27
144.6 154.5 10.0 0.48 2.92
NB-14-416 154.5 161.1 6.6 0.88 17.01
161.1 170.8 9.7 0.52 6.33
26.3 0.59 7.71
170.8 188.1 17.2 0.52 1.68
NB-14-417 66.4 84.6 18.1 0.21 0.13
103.3 153.3 50.1 0.35 0.98
110.5 118.3 7.8 1.12 1.01
64.9 75.2 10.3 0.25 0.90
NB-14-419 75.2 81.5 6.3 0.37 1.19
81.5 90.8 9.3 0.43 2.54
90.8 107.6 16.8 0.25 1.99
104.2 143.5 39.3 0.28 1.53
174.4 181.3 6.9 0.86 5.05
NB-14-420 181.3 182.9 1.6 0.32 7.06
182.9 185.8 2.9 0.83 6.46
11.5 0.78 5.69
NB-14-421 90.8 136.2 45.3 0.26 0.87
Including 111.3 124.9 13.6 0.33 0.70
NB-14-422 77.5 118.6 41.2 0.40 1.59
180.8 212.8 32.0 0.61 1.19
Including 183.8 187.3 3.5 2.61 3.28
100.0 101.5 1.5 0.34 1.63
NB-14-423 101.5 104.6 3.1 0.87 1.72
104.6 107.6 3.0 0.37 1.87
NB-14-424 114.6 161.6 47.0 0.24 1.63
192.8 200.2 7.3 0.56 3.99
SBRC-15 0.0 74.7 74.7 0.36 0.68
Including 6.1 13.7 7.6 0.53 0.54
Including 35.0 41.2 6.1 0.79 1.42
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.
* The vein intervals are defined as having greater than 50 per cent
quartz infill, and stockwork is defined as the interval in the
immediate hangingwall and footwall of the vein where overall vein
density exceeds 5 per cent. Within the stockwork zones a cut-off of
0.3 g/t gold-equivalent has been used assuming a 59-to-1 price
ratio of gold to silver. For disseminated oxide zones a cut-off of
0.1 g/t gold has been applied.
Exploration program
Final geological modelling of the Yellowjacket zone is currently under way and it is anticipated that a new resource will be calculated in the first quarter of 2015. This resource will form the basis of an initial preliminary economic assessment that will incorporate the Yellowjacket discovery. The PEA is scheduled to be completed in second quarter 2015. In addition, Corvus is engaged in detailed metallurgical studies of the new high-grade mineralization which have provided encouraging initial results. The North Bullfrog project is also being advanced on a number of development fronts as well as project characterization work ahead of mine permitting.
About the North Bullfrog project, Nevada
Corvus controls 100 per cent of its North Bullfrog project, which covers approximately 75 square kilometres in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 814 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 $1,300-(U.S.)-per-ounce gold price and a silver-to-gold price ratio of 59 to 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 million tonnes 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 18.4 million tonnes with an average grade of 0.94 g/t gold and 6.16 g/t silver for 555,000 contained ounces of gold and 3.64 million ounces of silver, both at a 0.29 g/t gold cut-off.
The five oxidized disseminated heap-leach deposits contain an indicated mineral resource of 25.72 million tonnes 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 million tonnes 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 National Instrument 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.
Qualified person and quality assurance/quality control
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 chief executive officer, 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 chief operating 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 QA/QC 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, Nev., for preparation and then on to ALS Minerals in Reno, Nev., or Vancouver, B.C., for assaying. ALS Minerals' quality system complies with the requirements for 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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