Two new Gold Zones located at Corvette

ASX ANNOUNCEMENT                                                                                                                            

31 August 2009

HIGHLIGHTS

?          RC Drilling identifies 2 new high grade zones on the Corvette Prospect

?         Gold mineralisation open at depth and along strike at Mustang and Camaro

?           3 metres at 4.6 g/t Au from 125 metres (including 2 metres at 6.7 g/t Au) at Mustang zone

?       3m at 3.0 g/t Au from 66 metres (including 2 metres at 4.3 g/t Au) at Camaro zone

?        Further high grade screen fire assays at Stingray Zone

?           3 metres at 5.7 g/t Au from 80 metres in CVRC 62

?           1 metre at 6.5 g/t Au from 87 metres in CVRC 62

?           1 metre at 11.1 g/t Au from 145 metres in CVRC 61

SUMMARY

Two additional mineralised zones identified, both with high grade gold, 5.5 km north of Stingray.  Multiple targets exist for further drilling in last quarter of 2009.

INTRODUCTION

Corvette Resources Ltd (ASX: COV) (The Company) announces further encouraging assay results from the first phase of a 6,000 metre RC drilling program at the Company?s flagship Corvette Prospect.

Corvette is located 60km south of Tropicana in the Albany Fraser Foreland Belt. (Figure 1) It is part of the Company?s 100% owned Plumridge Project (2,302 sq km). The recent announcement by the AngloGold Ashanti Australia/Independence Group JV of a positive pre-feasibility study on the 5Moz Tropicana-Havana project is a positive endorsement of the prospectivity of this region.

NEW RESULTS

Two New Zones (Mustang and Camaro) at Corvette

Two new significant zones of gold mineralisation have been located 5.5 kilometres north of Stingray, at the Mustang and Camaro Zones (Figure 2). The two new zones were located by focused drilling on targets developed by analysis of gold and pathfinders elements results from RC and aircore programmes at Corvette in late 2008 and 2009.

Significant results include:

Mustang:

?          Hole CVRC 78, 3 metres at 4.6 g/t Au from 122 metres, including 2 metres at 6.7 g/t Au from 122 metres.

Camaro:

?         Hole CVRC 73, 2 metres at 1.5 g/t Au from 34 metres, 3 metres at 3.0 g/t Au from 66 metres, including 2 metres at 4.3 g/t Au from 66 metres;

?         Hole CVRC 74, 3 metres at 2.8 g/t Au from 37 metres, including 1 metre at 8.2 g/t Au from 38 metres, 2 metres at 5.6 g/t Au from 54 metres, including 1 metre at 9.7 g/t Au from 55 metres, 5 metres at 0.6 g/t Au from 76 metres and 1 metre at 5.7 g/t Au from 86 metres.

Gold has been intersected in wide spaced AC and RC drillholes along two parallel structures between Stingray and Camaro, indicating the entire 5.5 km length is prospective for gold and requires systematic infill drilling.

These intersections are similar to those reported from the Tropicana deposit in the early phase of exploration.  Both new zones are open at depth and along strike, and warrant follow-up drilling.  Figure 3 shows a plan view of the 2 new zones in detail.

Stingray Zone Update

Screen fire gold assays have now been received from the remaining holes at Stingray drilled during the June RC program; results include:

?         CVRC 61, 1 metre at 3.0 g/t Au from 70 metres, 1 metre at 1.3 g/t Au from 114 metres, 1 metre at 1.9 g/t Au from 121 metres, and 1 metre at 11.1 g/t Au from 145 metres.

?         CVRC 62, 2 metres at 2.1 g/t Au from 42 metres, 3 metres at 5.7 g/t Au from 80 metres, and I metre at 6.5 g/t Au from 87 metres.

Earlier results from the high grade Stingray Zone were released to the ASX on 25 June and 28 July, and included significant gold mineralisation in hole CVRC58 (10m at 8..3 g/t Au (including 8m at 10.0 g/t Au)), and hole CVRC56 (2 metres at 2.1 g/t Au from 104 metres, 3 metres at 5.5 g/t Au from 110 metres, and 2 metres at 3.5 g/t Au from 115 metres. Figure 4 shows a detailed plan view of Stingray.

3D compilation and analysis of gold and multi-element data, from both RC and aircore drilling, suggests that the high grade intersections at Stingray are part of a high grade, plunging shoot and open at depth. 

These results are particularly significant in demonstrating there are high grade gold zones at Corvette similar to the high grade gold shoots at Tropicana.

COMMENT

Managing Director, Patrick McManus said the results continue to strengthen the geological model for Corvette and have generated further targets for an increased exploration programme.  ?These results show that gold mineralisation is widespread along the 12 km strike of two parallel structures, confirming its potential to host several significant gold deposits?.

PLANNED WORK

Follow-up RC drilling at the Stingray, Mustang and Camaro zones is in progress and further RC and diamond drilling is planned in October 2009.  Drilling at Stingray will be close-spaced, with holes drilled with west and east dips. It will confirm the orientation of the mineralisation, and target extensions to it.

Yours faithfully:

Patrick McManus

Managing Director

Please follow the link below to view the full media release:

http://www..purplecom.com.au/_content/documents/1326.pdf

For Further information please contact:

Corvette Resources Limited

Level 4, 14-16 Victoria Avenue Perth WA 6000

Telephone:             +61 8 9421 1912

Fax:                        +61 8 9221 7866

Email:                    pmcmanus@corvetteresources.com.au

Web site:                www.corvetteresources.com.au

Investor Relations:

                Warrick Hazeldine/Ryan McKinlay

                Purple Communications

                Tel:                         +61 8 6314 6300

The information in this report that relates to Exploration Results is based on information compiled by Mr Mark Teakle, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Teakle is an employee of Corvette Resources Ltd and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral resources and Ore Reserves. Mr Teakle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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