16:42:37 EDT Thu 28 Mar 2024
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Corvus Gold Inc
Symbol KOR
Shares Issued 110,847,845
Close 2019-02-21 C$ 2.08
Market Cap C$ 230,563,518
Recent Sedar Documents

Corvus Gold drills 38.1 m of 2.58 g/t Au at Mother Lode

2019-02-21 09:54 ET - News Release

Mr. Jeffrey Pontius reports

CORVUS GOLD EXPANDS MOTHER LODE DEPOSIT TO THE EAST, WEST AND AT DEPTH BELOW PIT BOTTOM WITH THICK OXIDE MINERALIZATION TO DEPTH

Corvus Gold Inc. has received results from eight holes targeting the eastern, western and below-pit-bottom resource expansion potential at the Mother Lode deposit in Nevada (please see attached table). Results continue to show high potential for expanding the deposit, both to the west and to the east, as well as at depth. In addition, many of the holes have ended in mineralization and have thickening oxide zones at depth. Resource expansion drilling at Mother Lode is continuing, with 15,000 metres planned during the current phase.

Below pit bottom

Gold mineralization in hole ML18-090 (38.1 metres of 2.58 grams per tonne gold) is immediately below and to the east of the old pit bottom, extending mineralization to the east of the initial resource (east of ML17-024 with 15.2 metres of 2.76 grams per tonne gold). Hole ML18-091 also intercepted two zones of oxide mineralization (9.14 metres of 1.08 grams per tonne gold as well as 6.1 metres of 1.13 grams per tonne gold) below and to the east of the pit (east of ML17-023 with 7.6 metres of 2.69 grams per tonne gold). Hole ML18-099 returned an encouraging intercept (41.2 metres of 1.02 grams per tonne gold) approximately 150 metres east of the old pit, confirming the extension of thick, good-grade mineralization and the favourable host rock horizon. These new holes support continued exploration to the east of the main Mother Lode deposit, where additional grid drilling will take place this spring.

Western extension

The western extension of the deposit has been tested with two additional holes, which have returned positive results from the Fluorspar Canyon Fault (FCF) zone (ML18-102 with 32 metres of 2.1 grams per tonne gold and ML18-103 with 22.9 metres of 2.24 grams per tonne gold). These results show increasing grade with depth and continue to support the deep target along the FCF feeder structure as well as the potential for the down-dropped western half of the Mother Lode deposit. This deep target is now over 500 metres in length and remains open along strike and at depth. Corvus is planning core drilling in the near future to test the deep potential of the Western zone.

Eastern extension

Gold mineralization in hole ML18-089 (30.5 metres of 1.3 grams per tonne gold), ML18-100 (7.6 metres of 3.61 grams per tonne gold) and ML18-101 shows eastern expansion potential in the main part of the deposit and south toward the old pit. Historical drilling in this area was vertical, shallow and not deep enough to reach the projected gold deposit. In addition, follow-up drilling is planned to the north of hole ML18-101 in the northeast target area, which had a past hole ML18-049 (news release dated March 22, 2018) that intersected a northeast-trending, high-grade zone with 7.6 metres of 21.77 grams per tonne gold.

Jeff Pontius, president and chief executive officer of Corvus, commented: "The eastern expansion of the pit and main zone is further confirmed with these latest results that open up a large new area to expand our existing deposit. Additionally, intercepts testing the down-dip expansion of mineralization along the FCF continues to support the deposit growing at depth. Mother Lode is the key new cornerstone discovery in the Bullfrog gold district, which is seeing expanding exploration activity from our neighbours, AngloGold and Coeur, around our commanding core land package. As we begin our expanded 'new discovery' exploration program at several priority targets on our large land package, we expect to continue to unlock the potential for this re-emerging Nevada gold district."

                                PHASE III -- MOTHER LODE DRILLING RESULTS
 
Drill hole       From (m)    To (m)    Interval (m)    Gold (g/t)    Silver (g/t)                   Comment    
                 
ML18-089          179.83    210.31           30.48          1.30             N/A           East of ML18-080
Including         179.83    198.12           18.29          1.66             N/A               Eastern zone
                  252.98    274.32           21.34          1.69             N/A                  1 g/t cut
Including         252.98    263.65           10.67          2.94             N/A                           
AZ 090 dip-70     318.52    323.09            4.57          0.53             N/A                  1 g/t cut
ML18-090               0     38.10           38.10          2.58             N/A           East of ML17-024
Including              0     19.80           19.80          4.51             N/A              East pit area
                   44.20     53.34            9.14          0.51             N/A                  1 g/t cut
AZ 090 dip-60      60.96     68.58            7.62          0.55             N/A                           
                  172.21    175.26            3.05          0.47             N/A    
ML18-091           65.53     70.10            4.57          0.98             N/A           West of ML17-023  
                   74.68     83.82            9.14          1.08             N/A              East pit area  
Including          80.77     83.82            3.05          2.25             N/A                  1 g/t cut  
AZ 090 dip-70      96.01    102.11            6.10          1.13             N/A                             
ML18-099          271.27    312.42           41.15          1.02             N/A           East of ML18-090 
                                                                                         Eastern zone -- ox
Including         272.80    280.42            7.62          1.25             N/A         1 g/t cut -- oxide
Including         288.04    300.23           12.19          1.72             N/A         1 g/t cut -- oxide
AZ 090 dip-50     320.04    323.09            3.05          0.50             N/A                      Oxide
ML18-100          269.75    277.37            7.62          3.61             N/A           East of ML18-084
                                                                                               Eastern zone
                  301.75    304.80            3.05          0.61             N/A                  1 g/t cut
AZ 090 dip-65     338.33    344.42            6.09          0.63             N/A                           
                  350.52    353.57            3.05          0.33             N/A                  1 g/t cut
ML18-101          281.94    298.70           16.76          0.61             N/A           East of ML17-003
AZ 090 dip-70     359.66    368.81            9.15          0.43             N/A               Eastern zone
ML18-102          176.78    190.50           13.72          0.61             N/A           West of ML17-012
                  220.98    228.60            7.62          0.71             N/A               Western zone
Including         222.50    225.55            3.05          1.16             N/A                  1 g/t cut
AZ 090 dip-80     243.84    275.84           32.00          2.10             N/A                           
Including         245.36    274.32           28.96          2.26             N/A                  1 g/t cut
ML18-103          345.95    368.81           22.86          2.24             N/A           West of ML18-086
                                                                                               Western zone


Note: Reported intercepts are not true widths, as there is currently insufficient data to 
calculate true orientation in space. Mineralized intervals are calculated using a 0.3 g/t 
cut-off, unless otherwise indicated.

Qualified person and quality control/quality assurance

Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, 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 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 NI 43-101, has co-ordinated 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 Mother Lode 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 American Assay Laboratories (AAL) in Reno, Nev., for preparation and assaying. AAL is independent of the company. AAL'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 AAL and an ISO-compliant third party laboratory for additional quality control. Mr. Reischman, a qualified person, has verified the data underlying the information disclosed herein, including sampling, analytical and test data underlying the information by reviewing the reports of AAL, methodologies, results and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.

Scott E. Wilson, CPG (10965), registered member of SME (4025107) and president of Resource Development Associates Inc., is an independent consulting geologist specializing in mineral reserve and resource calculation reporting, mining project analysis and due diligence evaluations. He is acting as the qualified person, as defined in NI 43-101, and is the primary author of the technical report for the mineral resource estimate and has reviewed and approved the mineral resource estimate. Mr. Wilson has over 29 years of experience in surface mining, resource estimation and strategic mine planning. Mr. Wilson is president of Resource Development Associates Inc. and is independent of the company under NI 43-101.

Mr. Wilson, a qualified person, has verified the data underlying the information disclosed herein, including sampling, analytical and test data underlying the information by reviewing the reports of AAL, methodologies, results and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgment. There were no limitations on the verification process.

Metallurgical testing on North Bullfrog and Mother Lode samples has been performed by McClelland Analytical Services Laboratories Inc. of Sparks, Nev. McClelland is an ISO 17025 accredited facility that supplies quantitative chemical analysis in support of metallurgical, exploration and environmental testing using classic methods and modern analytical instrumentation. McClelland has met the requirements of the IAS Accreditations Criteria for Testing Laboratories (AC89), has demonstrated compliance with ANS/ISO/IEC Standard 17025:2005, General requirements for the competence of testing and calibration laboratories, and has been accredited since Nov. 12, 2012. Hazen Research Inc., an independent laboratory, has performed flotation, AAO testing and cyanide leach testing on samples of sulphide mineralization from the YellowJacket zone and Swale area of Sierra Blanca, and roasting tests on Mother Lode flotation concentrate. Hazen holds analytical certificates from state regulatory agencies and the U.S. Environmental Protection Agency. Hazen participates in performance evaluation studies to demonstrate competence and maintains a large stock of standard reference materials from the National Institute of Standards and Technology (NIST), the Canadian Centre for Mineral and Energy Technology (CANMET), the EPA and other sources. Hazen's quality assurance program has been developed for conformance to the applicable requirements and standards referenced in 10 CFR 830.120 subpart A quality assurance requirements, Jan. 1, 2002. Pressure oxidation test work on Mother Lode concentrate samples was performed by Resource Development Inc. of Wheatridge, Colo.

For additional details, see technical report entitled, "Technical Report and Preliminary Economic Assessment for the Integrated Mother Lode and North Bullfrog Projects, Bullfrog Mining District, Nye County, Nevada," dated Nov. 1, 2018, and amended on Nov. 8, 2018, with an effective date of Sept. 18, 2018, on the company's profile on SEDAR.

About the North Bullfrog and Mother Lode projects, Nevada

Corvus controls 100 per cent of its North Bullfrog project, which covers approximately 86.6 square kilometres in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 1,057 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 company also controls 445 federal unpatented mining claims on the Mother Lode project that total approximately 36.5 square kilometres, which it owns 100 per cent. The total Corvus Gold 100-per-cent land ownership now covers over 123.1 square kilometres, hosting two new major Nevada gold discoveries.

The combined Mother Lode and North Bullfrog projects contain a measured mineral resource for the mill of 9.3 million tonnes at an average grade of 1.59 grams per tonne gold, containing 475,000 ounces of gold and indicated mineral resources for the mill of 18.2 million tonnes at an average grade of 1.68 grams per tonne gold containing 988,000 ounces of gold and an inferred mineral resource for the mill of 2.3 million tonnes at an average grade of 1.61 grams per tonne gold containing 118,000 ounces of gold. In addition, the project contains a measured mineral resource for oxide, run of mine, heap leach of 34.6 million tonnes at an average grade of 0.27 gram per tonne gold containing 305,000 ounces of gold and an indicated mineral resource for, oxide, run of mine, heap leach of 149.4 million tonnes at an average grade of 0.24 gram per tonne gold containing 1.15 million ounces of gold and an inferred, oxide, run of mine, heap leach mineral resource of 78.7 million tonnes at an average grade of 0.26 gram per tonne gold containing 549,000 ounces of gold.

About Corvus Gold Inc.

Corvus Gold is a North American gold exploration and development company that is focused on its near-term gold-silver mining project at the North Bullfrog and Mother Lode districts in 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 its projects to maximize share price leverage in an advancing gold and silver market.

We seek Safe Harbor.

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