VANCOUVER, British Columbia, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Corvus Gold Inc. (“Corvus” or the “Company”) - (TSX: KOR, OTCQX: CORVF) announces it has received assay results from two holes from the Phase-4 Mother Lode resource expansion drill program (Table 1). Both holes returned positive results from the central part of the deposit where the Main Zone mineralization has infilled parts of the deposit not yet estimated (Figure 1):
- ML19-121; 36.6m @ 1.79 g/t Au
- ML19-122; 36.6m @ 2.43 g/t Au & 27.4m @ 2.42 g/t Au
In addition, results continue to be returned from the newly discovered Central Intrusive Zone (“CIZ”, previously called the deep intrusive zone with the first hole reported NR19-19, Dec. 5, 2019; ML19-119; 50.3m @ 1.50 g/t Au, including 33.5m @ 1.94 g/t Au). This new and expanding, higher-grade, oxide zone is below the main Mother Lode deposit and remains unconstrained.
- ML19-121; 41.2m @ 1.60 g/t Au, including 15.2m @ 3.6 g/t Au & 6.1m @ 5.3 g/t Au
All intercepts to date from the Mother Lode Phase-4 drilling are within open pit depths and have ended in mineralization. A diamond core drill rig has begun drilling at the North Deep target and will then move to follow-up test the expanding intrusive CIZ target (Figure 2).
Newly Identified Central Intrusive Zone Discovery
The initial Phase-4 holes in the CIZ target continue to outline a significant area that Corvus believes has potential for high-grade oxide mineralization (+1 g/t gold) immediately below the known Mother Lode deposit. These recent intercepts combined with the previous results continue to show an intimate association with a widening intrusive dike system, which projects down into the geophysical target announced late last year (NR19-18 Nov. 7, 2019). Previous drilling in the CIZ target has only penetrated the upper portion of the dike system returning broad intercepts of higher grade oxide gold mineralization (ML17-020 with 54m @ 0.77 g/t Au including 10.7m @ 2.8 g/t Au; NR18-01 Jan.10, 2018, & ML19-119 with 50.3m @ 1.50 g/t including 33.5m @ 1.94 g/t Au; NR19-19 Dec. 5, 2019). This new high-grade oxide zone is being targeted with follow-up drilling laterally and at depth to follow it down dip into the geophysical anomaly. Corvus believes the CIZ could represent a major new oxide expansion of the Mother Lode system with grades that could have the potential to support both open pit and eventually underground development as the deposit extends at depth.
Jeffrey Pontius, President and CEO of Corvus, said, “The latest intercepts from the new CIZ are encouraging and we believe they could represent the tip of the iceberg for a new high-value part of this growing deposit. As with other sediment hosted gold systems, there is a close relationship between intrusive activity as well as potential to grow at depth. The Phase-4 Mother Lode exploration program is designed to unlock what Corvus anticipates may be the deep potential for both high-grade oxide and deeper sulfide mineralization in this promising new sediment hosted deposit. Corvus has a commanding land position and we believe we are well-situated to expand the Bullfrog Mining District that is anchored with our large North Bullfrog and Mother Lode deposits that highlight the potential for new discoveries in the area.”
Mother Lode – Mineral Resource Expansion Phase-4 Results
(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 below)
|Drill Hole #||from (m)||to (m)||Interval (m)||Gold (g/t)||Silver (g/t)||Comment|
Upper OX zone
|AZ 085 dip-73||150.88||153.92||3.05||0.50||n/a||Upper OX zone|
| ||166.12||202.69||36.57||1.79||n/a||Main zone|
| ||213.36||219.46||6.10||0.66||n/a||Lower Oxide|
| ||330.71||371.86||41.15||1.60||n/a||New CIZ Oxide Zone|
0.1 g/t cut
|inc ||338.33||347.47||9.14||0.98||n/a||Oxide Sediments|
|inc ||352.04||367.28||15.24||3.60||n/a||Oxide Intrusive|
| ||358.1||364.2||6.10||5.30||n/a||2 g/t cut|
Upper OX zone
|AZ 087 dip-73||112.78||124.97||12.19||0.80||n/a||Upper OX zone|
|inc ||118.87||123.44||4.57||1.20||n/a||1 g/t cut|
| ||153.92||190.50||36.58||2.43||n/a||Main Zone|
|inc ||153.92||181.36||27.44||3.09||n/a||1 g/t cut|
| ||201.17||228.60||27.43||2.42||n/a||Main Zone|
| ||268.22||281.94||13.72||0.66||n/a||Lower OX zone|
| ||310.90||321.56||10.66||1.09||n/a||Lower OX zone|
|inc ||310.90||313.94||3.04||2.08||n/a||1 g/t cut|
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 (“NI 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 & 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 coordinated 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’ 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 mineral resource sample shipments are sealed and shipped to American Assay Laboratories (AAL) in Reno, Nevada, 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 judgement. There were no limitations on the verification process.
Mr. 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 Mineral 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, mineral 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 judgement. 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 Nevada (“McClelland”), 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 November 12, 2012. Hazen Research Inc. (“Hazen”), 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 US Environmental Protection Agency (the “EPA”). 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, January 1, 2002. Pressure oxidation test work on Mother Lode concentrate samples was performed by Resource Development Inc. of Wheatridge, CO.
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 November 1, 2018 and amended on November 8, 2018, with an effective date of September 18, 2018 on the Company’s profile at www.sedar.com.
About the North Bullfrog & Mother Lode Projects, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 90.5 km2 in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 1,134 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 km2 which it owns 100%. The total Corvus 100% land ownership now covers over 127 km2, hosting two major new Nevada gold discoveries.
The combined Mother Lode and North Bullfrog Projects contains a Measured Mineral Resource for the mill of 9.3 Mt at an average grade of 1.59 g/t gold, containing 475 k ounces of gold and Indicated Mineral Resources for the mill of 18.2 Mt at an average grade of 1.68 g/t gold containing 988 k ounces of gold and an Inferred Mineral Resource for the mill of 2.3 Mt at an average grade of 1.61 g/t gold containing 118 k ounces of gold. In addition, the project contains a Measured Mineral Resource for oxide, run of mine, heap leach of 34.6 Mt at an average grade of 0.27 g/t gold containing 305 k ounces of gold and an Indicated Mineral Resource for, oxide, run of mine, heap leach of 149.4 Mt at an average grade of 0.24 g/t gold containing 1,150 k ounces of gold and an Inferred, oxide, run of mine, heap leach Mineral Resource of 78.7 Mt at an average grade of 0.26 g/t gold containing 549 k ounces of gold.
About Corvus Gold Inc.
Corvus Gold Inc. 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. 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.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
President & Chief Executive Officer
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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 advancement and development of our Mother Lode project and the expansion of our drill program; plans for drilling; expectations of and potential for additional resources or mineralization; expectations regarding the potential for future open-pit and underground mining; expectations for types of mineralization; updates on the development progress at the Mother Lode project; the potential for new deposits and discoveries and expected increases in a system’s potential; expectations regarding the potential expansion of the Bullfrog mining district; anticipated content, commencement and cost of exploration programs, anticipated exploration program results, 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 Annual Report on Form 10-K for the fiscal year ended May 31, 2019 filed with certain securities commissions in Canada and the Company’s most recent filings with the United States Securities and Exchange Commission (the “SEC”). All of the Company’s Canadian public disclosure filings in Canada may be accessed via www.sedar.com and filings with the SEC may be accessed via www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.
Two photos accompanying this announcement are available at