Corvus Gold’s JV Partner Reports Positive Drill Results at West Pogo Project, Alaska
Vancouver, B.C……Corvus Gold Inc. (“Corvus” or the “Company”) – (TSX: KOR, OTCQX: CORVF) reports the completion of the 2012 summer exploration program at the West Pogo Project in Alaska as provided by its joint venture partner Alix Resources (TSX-V:AIX). Alix Resources who are fully funding the West Pogo exploration program completed two diamond core drill holes totalling 610 metres. Both holes encountered favorable host rocks with extensive alteration. Corvus’ JV partner believes the results (Table 1) suggest they are on the edge of a significant gold system and will continue to explore the prospective targets in 2013.
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West Pogo Project Drill Results
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HoleID
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From (m)
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To (m)
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Interval (m)
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Gold (g/t)
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WP-12-01
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243.7
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249.3
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5.6
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0.67
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including
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2.4
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1.74
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WP-12-02
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74.5
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77.7
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3.2
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1.10
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*Intercepts calculated with 0.45 g/t cutoff – Absence of structural and geological contacts
precludes an estimate of true thickness.
About the West Pogo Gold Project
Alix Resources optioned the 24km2 West Pogo claim block in February 2012 and, under the terms of the option agreement, can earn a 60% interest in the property by incurring expenditures of USD 5M over five years. Corvus has reserved a 2-3% NSR royalty on the project, with Alix having the right to purchase 1% for USD 1M (NR Mar. 5, 2012).
The West Pogo project is located approximately 3.5 km’s to the west of Sumitomo Metals Corp’s Pogo Gold Mine. The Pogo Mine road and power line pass through the West Pogo Property providing easy access to the property. At West Pogo there is the potential to discover high-grade gold mineralization in both steeply and shallowly dipping structural zones. Surface mapping and sampling in 2011 has identified two more than 1 kilometre long East-West trending zones of alteration and mineralization on the property. Mineralization is associated with zones of sericite-dolomite alteration in the host quartz monzonite and with silica-flooded breccias which have produced grab samples with up to 118.5g/t gold. One N-S oriented shallow hole drilled in 2003 encountered broad zones of gold mineralization in altered quartz monzonites but missed breccia-style mineralization. In 2011, a 3D induced polarization survey covering 5km2 over the main alteration zones highlighted a series of NW-trending cross structures, which may be the control on the high-grade mineralization, thus explaining why the original drill hole missed the high-grade zone.
Qualified Person and Quality Control/Quality Assurance
Corvus Gold has been given the above information from its joint venture partner Alix Resources who is responsible for its accuracy. Alix Resources representative, Dr. Tom E. McCandless, P.Geo., is a qualified Person as defined by NI 43-101, has reviewed and approved the technical information provided to Corvus Gold. Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has reviewed and approved the information provided by Alix for this news release. Mr. Pontius is not independent of Corvus, as he is the CEO and holds common shares and incentive stock options.
At the West Pogo project core is being sawed in half and sampled at roughly one meter intervals, then delivered by truck to ALS-Chemex (Fairbanks, Alaska) for sample preparation, after which sample pulps are shipped to the ALS Minerals facility in North Vancouver, B.C. for assay. Gold is determined by fire assay with AAS finish (ALS protocol Au-AA24), and trace elements by ICP-AES after nitric aqua regia digestion (ALS protocol ME-ICP41). The samples are submitted with in-house and/or certified gold standards inserted into the sample stream.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in Nevada, Alaska and Quebec, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects. Corvus is focused on advancing its 100% owned North Bullfrog, Nevada project towards a production decision while continuing to explore for major new gold discoveries. Corvus is committed to building shareholder value through advancing new gold discoveries to production while leveraging noncore assets via partner funded exploration work into a portfolio of royalty and carried interests in its projects.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chairman and Chief Executive Officer
Contact Information:
Ryan Ko
Investor Relations
Email: info@corvusgold.com
Phone: 1-888-770-7488 (toll free) or (604) 638-3246 / Fax: (604) 408-7499
