Corvus Gold Intersects 15 metres of 2.4 g/t Gold at the
North Bullfrog
Project, Nevada
Vancouver, B.C��..Corvus
Gold Inc. (�Corvus� or the �Company�) - (TSX: KOR) announces the latest results from its
ongoing drill program at the North Bullfrog Project near Beatty, Nevada.
Highlights from drilling include 15.2 metres of 2.4
g/t gold at the new Connection target; 62.5 metres
of 0.5 g/t gold at the Yellow Jacket target; 64.0 metres
of 0.5 g/t gold at the Savage Valley target; and 19.8 metres
of 0.6 g/t gold at the Jolly Jane target (see Figure 1). The continued
success of drilling in all target areas has led to a further expansion of the
initial 2011 drilling program to 15,000 metres, and
the program will therefore now continue through to the end of May.
Connection Target
Three of four initial holes drilled at
the new Connection target have returned results, including 21 metres of 1.1 g/t gold in hole
NB-11-78 at a depth of 11 metres and 41 metres of 1.3 g/t gold in hole NB-11-79 at a depth of 6 metres (Table 1). These results have begun to outline an
area of near-surface, higher grade mineralization which may have a
significant impact on potential mining plans. Drill hole NB-11-77, a 400 metre step out hole to the west, encountered only weak
mineralization in the targeted structure.
Yellow Jacket Target
Drill hole NB-11-68 was drilled to the
west and below the previously reported (see NR11-03) intersections at Yellow
Jacket and returned a broad zone of mineralization (105 metres
at 0.4 g/t gold) within the favourable
stratigraphic host unit with higher grade internal intervals. An additional
five holes are pending or in progress at the target area.
Savage Valley Target
Assays have been received from the
first four holes, with three holes returning broad, moderate grade
intercepts. These include hole NB-11-65 which
returned 64 metres of 0.5 g/t gold, connecting
intervals previously announced in NR11-03, and forming a new large, open zone
of gold mineralization. An additional five holes have pending assays from
this zone. Hole NB-11-66, which represented a 500 metre
step out the south, did not return significant values.
Jolly Jane Target
Results from eight additional holes
have expanded the previously defined mineralization (Figure 1). These holes
continue to delineate broad intervals of shallow oxide mineralization, such
as that found in hole NB-11-72 which intercepted 56 metres of 0.4 g/t gold starting at 8 metres
below the surface.
Jeff Pontius, Chief Executive Officer
of Corvus, stated: �The Savage Valley target
represents a completely blind discovery which appears to have a strike length
in excess of 400 metres. This confirms our belief
that with continued systematic, district-wide exploration, the North Bullfrog
Project has the potential to grow into a major multi-million-ounce,
bulk-tonnage gold deposit.�
A video of the North Bullfrog project
showing location, infrastructure access and 2010 winter drilling is available
on the Company�s website at http://www.corvusgold.com/investors/video/.
Figure 1: Locations of
holes drilled in the current 2010-2011 program.
Table 1: Significant intercepts* from
recent drilling at North Bullfrog
* Intercepts calculated using 0.1 g/t
gold cutoff with maximum of 3 metres of internal
dilution. These intercepts are not true
widths. At this time, there is insufficient data with respect to the shape of
the mineralization to calculate its true orientation in space.
Hole ID
|
From
(metres)
|
To
(metres)
|
Interval
(metres)
|
Gold
(g/t)
|
Silver
(g/t)
|
Area
|
NB-11-65
|
67.1
|
166.1
|
99.1
|
0.37
|
0.80
|
Savage Valley
|
Including
|
73.2
|
137.2
|
64.0
|
0.47
|
0.84
|
|
Including
|
79.3
|
112.8
|
33.5
|
0.54
|
0.94
|
|
NB-11-66
|
No Significant Intercepts
|
|
Savage Valley
|
NB-11-67
|
202.7
|
257.6
|
54.9
|
0.30
|
0.36
|
Savage Valley
|
Including
|
217.9
|
239.3
|
21.3
|
0.41
|
0.46
|
|
Including
|
234.7
|
239.3
|
4.6
|
0.78
|
0.56
|
|
NB-11-68
|
248.4
|
353.6
|
105.2
|
0.41
|
1.02
|
Yellow Jacket
|
Including
|
266.7
|
329.2
|
62.5
|
0.52
|
1.26
|
|
Including
|
269.8
|
288.0
|
18.3
|
0.81
|
0.57
|
|
NB-11-68
|
400.8
|
423.7
|
22.9
|
0.22
|
0.46
|
|
NB-11-68
|
428.2
|
464.8
|
36.6
|
0.15
|
0.29
|
|
NB-11-69
|
39.6
|
61.0
|
21.3
|
0.20
|
0.33
|
Jolly Jane
|
NB-11-70
|
6.1
|
68.6
|
62.5
|
0.32
|
0.66
|
Jolly Jane
|
Including
|
32.0
|
62.5
|
30.5
|
0.39
|
0.56
|
|
NB-11-71
|
18.3
|
27.4
|
9.1
|
0.29
|
0.43
|
Jolly
Jane
|
NB-11-72
|
7.6
|
64.0
|
56.4
|
0.41
|
0.72
|
Jolly Jane
|
Including
|
41.2
|
61.0
|
19.8
|
0.59
|
0.91
|
|
NB-11-73
|
0.0
|
6.1
|
6.1
|
0.22
|
0.34
|
Jolly
Jane
|
NB-11-73
|
57.9
|
114.3
|
56.4
|
0.26
|
0.50
|
|
Including
|
99.1
|
106.7
|
7.6
|
0.48
|
0.59
|
|
NB-11-74
|
82.3
|
129.5
|
47.2
|
0.29
|
0.54
|
Jolly
Jane
|
Including
|
99.1
|
112.8
|
13.7
|
0.39
|
0.62
|
|
NB-11-75
|
74.7
|
132.6
|
57.9
|
0.25
|
0.48
|
Jolly
Jane
|
Including
|
111.3
|
121.9
|
10.7
|
0.47
|
0.84
|
|
NB-11-76
|
36.6
|
57.9
|
21.3
|
0.20
|
|
Jolly
Jane
|
NB-11-76
|
62.5
|
118.9
|
56.4
|
0.24
|
|
|
NB-11-77
|
No
Significant Intercepts
|
|
Connection
|
NB-11-78
|
10.7
|
32.0
|
21.3
|
1.14
|
|
Connection
|
Including
|
12.2
|
18.3
|
6.1
|
2.69
|
|
|
NB-11-79
|
6.1
|
47.2
|
41.1
|
1.27
|
1.96
|
Connection
|
Including
|
16.8
|
32.0
|
15.2
|
2.44
|
2.83
|
|
NB-11-79
|
50.3
|
61.0
|
10.7
|
0.57
|
0.88
|
Connection
|
About the North Bullfrog Project,
Nevada
The North Bullfrog Project covers over
24 square kilometres in southern Nevada just north
of the historic Bullfrog gold mine formerly operated by Barrick.
The project has excellent infrastructure, being adjacent to a major highway
and power corridor, and is 100% controlled by the Company.
The project currently includes eight
prospective gold targets with one prospect � the Mayflower target �
containing an NI 43-101 compliant initial Indicated Resource of 2.6 million tonnes at an average grade of 0.67 g/t gold (at a 0.3 g/t
cutoff) for 76,300 ounces of gold and an Inferred Resource of 2.2 million tonnes at 0.56 g/t gold for 39,000 ounces of gold with
appreciable silver credits. Mineralization occurs in two primary forms: (1)
broad stratabound bulk-tonnage gold zones such as
the Sierra Blanca and Jolly Jane systems; and (2) moderately thick zones of
high-grade gold and silver mineralization hosted by structural zones with breccias and quartz-sulfide vein stockworks
such as the Mayflower and Yellowjacket targets. The
Company is pursuing both types of mineralization with an expanded 15,000 metre Phase 1 drill program.
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 the Company, as he is the CEO and holds common shares and
incentive stock options.
The work program at North Bullfrog was
designed and supervised by Russell Myers, President of the Company, and Mark Reischman, Nevada Exploration Manager, who are
responsible for all aspects of the work, including the quality control/quality
assurance program. On-site personnel at the project photograph the core from
each individual borehole prior to preparing the split core and log and track
all samples prior to sealing and shipping. All sample shipments are sealed
and shipped to ALS Chemex in Reno, Nevada, or
Vancouver, B.C., for assay. 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.
Quality control is further assured by the use of international and in-house
standards. Finally, representative blind duplicate samples are forwarded to
ALS Chemex and an ISO compliant third party
laboratory for additional quality control.
About Corvus
Gold Inc.
Corvus Gold Inc. is a resource exploration
company, focused in Alaska and Nevada, which controls a number of exploration
projects representing a spectrum from early-stage to advanced gold projects. Corvus is committed to building shareholder value through
new discoveries and leveraging those discoveries via partner funded
exploration work into carried and/or royalty interests that provide
shareholders with exposure to gold production to maximize the value for their
investment.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chairman and Chief Executive Officer
Contact Information:
|
Shirley Zhou, Manager - Corporate Communications
|
|
Email: szhou@corvusgold.com
|
|
Phone: 1-888-770-7488 (toll free) or (604) 638-3247 / Fax: (604)
408-7499
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Cautionary Note Regarding
Forward-Looking Statements
This press release contains
forward-looking statements and forward-looking information (collectively,
�forward-looking statements�) within the meaning of applicable Canadian and
US securities legislation. All statements, other than statements of historical
fact, included herein including, without limitation, statements regarding the
anticipated content, commencement and cost of exploration programs,
anticipated exploration program results, the discovery and delineation of
mineral deposits/resources/reserves, the potential for higher grade zones of
mineralization to exist at North Bullfrog, the potential for the
identification of multiple deposits at North Bullfrog and the operation of a
central processing facility to treat North Bullfrog mineralization, business
and financing plans and business trends, are forward-looking statements.
Although the Company believes that such statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such as:
believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future events.
The Company cautions investors that any forward-looking statements by the Company
are not guarantees of future results or performance, and that actual results
may differ materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the nature,
quality and quantity of any mineral deposits that may be located, variations
in the market price of any mineral products the Company may produce or plan
to produce, the Company's inability to obtain any necessary permits, consents
or authorizations required for its activities, the Company's inability to
produce minerals from its properties successfully or profitably, to continue
its projected growth, to raise the necessary capital or to be fully able to
implement its business strategies, and other risks and uncertainties disclosed
in the Company�s latest interim Management Discussion and Analysis and filed
with certain securities commissions in Canada. All of the Company�s Canadian
public disclosure filings may be accessed via www.sedar.com and
readers are urged to review these materials, including the technical reports
filed with respect to the Company�s mineral properties.
Cautionary Note Regarding References
to Resources and Reserves
National Instrument 43 101 - Standards
of Disclosure for Mineral Projects (�NI 43-101�) is a rule developed by the
Canadian Securities Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information concerning
mineral projects. Unless otherwise indicated, all resource estimates
contained in or incorporated by reference in this press release have been
prepared in accordance with NI 43-101 and the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the �CIM�) Standards
on Mineral Resource and Mineral Reserves, adopted by the CIM Council on
November 14, 2004 (the �CIM Standards�) as they may be amended from time to
time by the CIM.
United States shareholders are
cautioned that the requirements and terminology of NI 43-101 and the CIM
Standards differ significantly from the requirements and terminology of the
SEC set forth in the SEC�s Industry Guide 7 (�SEC Industry Guide 7�).
Accordingly, the Company�s disclosures regarding mineralization may not be
comparable to similar information disclosed by companies subject to SEC
Industry Guide 7. Without limiting the foregoing, while the terms �mineral
resources�, �inferred mineral resources�, �indicated mineral resources� and
�measured mineral resources� are recognized and required by NI 43-101 and the
CIM Standards, they are not recognized by the SEC and are not permitted to be
used in documents filed with the SEC by companies subject to SEC Industry
Guide 7. Mineral resources which are not mineral reserves do not have demonstrated
economic viability, and US investors are cautioned not to assume that all or
any part of a mineral resource will ever be converted into reserves. Further,
inferred resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred resources will ever be upgraded
to a higher resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of a feasibility study or
prefeasibility study, except in rare cases. The SEC normally only permits
issuers to report mineralization that does not constitute SEC Industry Guide
7 compliant �reserves� as in-place tonnage and grade without reference to
unit amounts. The term �contained ounces� is not permitted under the rules of
SEC Industry Guide 7. In addition, the NI 43-101 and CIM Standards definition
of a �reserve� differs from the definition in SEC Industry Guide 7. In SEC
Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit
which could be economically and legally extracted or produced at the time the
mineral reserve determination is made, and a �final� or �bankable�
feasibility study is required to report reserves, the three-year historical
price is used in any reserve or cash flow analysis of designated reserves and
the primary environmental analysis or report must be filed with the
appropriate governmental authority.
Caution Regarding Adjacent or Similar
Mineral Properties
This news release contains
information with respect to adjacent or similar mineral properties in respect
of which the Company has no interest or rights to explore or mine. The
Company advises US investors that the mining guidelines of the US Securities
and Exchange Commission (the �SEC�) set forth in the SEC�s Industry Guide 7
(�SEC Industry Guide 7�) strictly prohibit information of this type in
documents filed with the SEC. Readers are cautioned that the Company has no
interest in or right to acquire any interest in any such properties, and that
mineral deposits on adjacent or similar properties are not indicative of
mineral deposits on the Company�s properties.
This press release is not, and is not
to be construed in any way as, an offer to buy or sell securities in the
United States.
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