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Corvus Gold Inc
Symbol KOR
Shares Issued 111,962,845
Close 2019-06-10 C$ 2.16
Recent Sedar Documents

Corvus Gold drills 48.8 m of 1.15 g/t Au at Mother Lode

2019-06-11 08:06 ET - News Release

Mr. Jeffrey Pontius reports

CORVUS GOLD EXPANDS MOTHER LODE DEPOSIT TO THE NORTH, INTERSECTING 48.8M @ 1.15 G/T GOLD & 36.6M @ 1.59 G/T GOLD, DEFINES NEW STYLE OF GOLD-SILVER MINERALIZATION

Corvus Gold Inc. has received assay results from the final five holes of the Mother Lode phase 3 resource expansion program, targeting the northern and eastern extension of the deposit. Corvus believes that the results continue to demonstrate the expansion potential of the deposit to the north and at depth where mineralization remains open. Significantly, the most recent assay results also suggest that mineralization extends the full length of the property package, from the southern end of the historic pit along the Fluorspar Canyon fault (FCF) north toward AngloGold's Silicon property.

Results from hole ML19-114 (48.8 metres at 1.15 grams per tonne gold) and ML19-118 (36.6 m at 1.59 g/t Au) are among the northern most holes drilled on the Mother Lode property to date. Unfortunately both drill holes were lost in the upper zone of the deposit although they do indicate mineralization continues to the north. Both holes bracket drill hole ML19-104 (March 19, 2019, 126.5 m at 1.85 g/t Au including 18.3 m at 4.20 g/t), which successfully intersected the main zone as well as the upper part of the newly discovered Deep zone below where the drill hole was lost.

New style of gold-silver mineralization discovered in Deep zone

Trace element results returned from drill hole ML19-104 which tested the upper part of the new Deep zone have now confirmed a new style of gold-silver mineralization at Mother Lode, with many characteristics of a deeper, hotter system with an intrusive/Carlin-style signature.

Key observations are:

  • Higher gold grades and an increase in the silver to gold ratio from 1:1 to 10:1 which may indicate a deeper part of the system;
  • High mercury (averaging over 100 parts per million) and thallium (over four ppm), similar to the high mercury system at the Silicon project and thallium values common to Carlin-type deposits;
  • High tellurium values averaging over 100 ppm, suggesting a strong magmatic connection to the gold-silver mineralization.

This newly identified deeper mineralization is very intriguing as it is analogous to a true Carlin-type system which typically is hotter and has a stronger intrusive connection than the upper main Mother Lode deposit. Corvus is collecting more data from these and other deep intercepts and will be modelling this information to develop an exploration program that could outline a larger gold system below the current Mother Lode deposit.

Jeff Pontius, president and chief executive officer of Corvus, said: "The results from the northern extension of the Mother Lode system are encouraging. In addition, we believe that our increased understanding of the new deep mineralization at the Mother Lode deposit could represent the potential for expansion of the system at depth. This new style of gold mineralization along with AngloGold's recent Silicon discovery a few kilometres to the north, could have the potential to rewrite the exploration models for the greater Bullfrog district and increase the potential for large, high-grade, Carlin-style gold systems in the area. Corvus Gold is leading this new district exploration renaissance and is uniquely positioned to make new discoveries on its large 100-per-cent-owned land package with multiple new, untested, sediment-hosted and epithermal targets."

                   PHASE 3 -- MOTHER LODE DRILLING RESULTS
 
Drill             From         To         Interval         Gold     Silver
hole No.           (m)        (m)              (m)        (g/t)      (g/t)

ML19-110        441.96     449.58             7.62         0.75        n/a

ML19-113        413.00     432.82            19.82         0.57        n/a
                417.58     420.62             3.05         1.36        n/a

ML19-114        451.10     454.15             3.05         0.54        n/a
                470.92     484.63            13.71         0.67        n/a
                516.64     565.40            48.76         1.15        n/a
                534.92     565.40            30.48         1.56        n/a

ML19-117        329.18     332.23             3.05         0.68        n/a

ML19-118        359.66     396.24            36.58         1.59        n/a
                408.43     422.15            13.72         0.45        n/a

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

           DEEP HIGH-GRADE SULPHIDE ZONE IN DIKE AND LOWER PLATE BASEMENT ROCKS
 
Hole ID        From       To       S      Au      Ag     As     Sb      Hg     Tl       Te
                (m)      (m)     (%)     ppm     ppm    ppm    ppm     ppm    ppm      ppm

ML19-104     522.73   524.26    2.78    8.82   12.24  950.8  36.76    9.61   7.44    16.66
             524.26   525.78    2.71    8.59   12.92  999.7  32.40    9.43   6.55    16.25
             525.78   527.30    2.97    5.59   31.15  744.6  29.79   89.81   6.31   107.96
              527.3   528.83    2.66    4.19   91.09  511.0  19.51  238.43   2.88   225.35
             528.83   530.35    1.99    6.06  142.60  467.8  22.51  259.61   2.30   225.35
             530.35   531.88    1.31    7.06  131.60  509.6  20.98   92.06   2.14   153.16
Core
sulphide zone        (9.15m)    2.40    6.72   70.27 697.25  26.99  116.49   4.60   133.77

East-northeast results

Holes ML19-110 and 117 were scout holes targeting the eastern extension of mineralization along the upper-lower plate contact. Results from these holes have shown only limited extension of gold mineralisation to the property line in the northeast section of the deposit.

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 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 COO 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 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 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. Pontius, 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.

Scott E. Wilson, CPG (10965), registered member of SME (4025107), 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 and the preliminary economic assessment summarized in this news release. 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 QA 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 testwork 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 at 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 which totals approximately 36.5 square km which it owns 100 per cent. The total Corvus Gold 100-per-cent land ownership now covers over 123.1 square km, hosting two major new 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 g/t 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 g/t 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 g/t gold containing 118,000 ounces of gold. In addition, the project contains a measured mineral resource for oxide, run of mine and heap leach of 34.6 million tonnes at an average grade of 0.27 g/t gold containing 305,000 ounces of gold and an indicated mineral resource for oxide, run of mine and heap leach of 149.4 million tonnes at an average grade of 0.24 g/t gold containing 1.15 million ounces of gold, and an inferred oxide, run of mine and heap leach mineral resource of 78.7 million tonnes at an average grade of 0.26 g/t gold containing 549,000 ounces of gold.

About Corvus Gold Inc.

Corvus Gold is a North American gold exploration and development company, 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.

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