Corvus Gold Announces Latest Drill Results From Bulk Tonnage Oxide Deposit, North Bullfrog Project, Nevada
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Highlights Include:
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58 metres @ 0.6 g/t Gold |
| 60 metres @ 0.48 g/t Gold | |
| 90 metres @ 0.35 g/t Gold |
Vancouver, B.C…. Corvus Gold Inc. (“Corvus” or the “Company”) – (TSX: KOR, OTCQX: CORVF) is pleased to announce results from a series of large diameter diamond drill holes within the current resource designed to provide materials for advanced metallurgical testing for its North Bullfrog Project in Nevada (Figure 1).
The initial Preliminary Economic Assessment (NR 12-07, Feb 28, 2012) outlined indicated resources of 19.5M tonnes at 0.32 g/t gold and inferred resources of 123.3M tonnes of 0.23 g/t gold.
Materials from these metallurgical holes will be used for a program of column testing to model the heap leach performance and gold recovery at the project. Large diameter column tests reported earlier this year showed an average gold recovery of 70% at the Sierra Blanca area and 64% at the Jolly Jane area (NR 12-02, Jan 17, 2012). Results are pending from additional holes on the Yellow Jacket high-grade gold and silver zone and a series of large diameter core holes at the Mayflower deposit.
Jeff Pontius, Corvus Gold CEO states: “The core drilling displays the quality of the resource at North Bullfrog and the column testing will allow us to develop a more precise processing flow sheet to optimize this large oxide heap leach resource as we move this project toward mine development”.
Table 1
Significant intercepts* from metallurgical drilling
(reported widths are approximate true widths)
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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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Au (g/t)
|
Ag (g/t)
|
Area
|
|
|
||||||
| NB-12-130 |
2.2
|
92.5
|
90.3
|
0.35
|
0.62
|
|
| including |
5.4
|
70.3
|
64.9
|
0.42
|
0.77
|
Jolly Jane |
|
|
||||||
| NB-12-131 |
56.7
|
123.9
|
67.3
|
0.39
|
0.52
|
|
|
|
||||||
| NB-12-132 |
28.4
|
106.4
|
78.1
|
0.35
|
0.43
|
|
| including |
37.8
|
87.9
|
50.1
|
0.43
|
0.46
|
Mayflower |
|
|
||||||
| NB-12-133 |
12.8
|
74.1
|
61.3
|
0.48
|
5.12
|
|
| including |
12.8
|
33.5
|
20.7
|
0.86
|
0.76
|
|
|
|
||||||
| NB-12-129 |
40.5
|
98.0
|
57.5
|
0.60
|
1.01
|
|
| including |
46.6
|
89.5
|
42.9
|
0.70
|
1.12
|
|
|
|
||||||
| NB-12-129 |
115.2
|
142.6
|
27.4
|
0.17
|
0.22
|
Savage Valley |
|
|
||||||
| NB-12-134 |
51.9
|
133.8
|
81.9
|
0.23
|
0.36
|
|
| including |
51.9
|
67.8
|
15.9
|
0.40
|
0.41
|
|
|
|
||||||
| NB-12-135 |
54.3
|
83.9
|
29.7
|
0.18
|
1.08
|
|
|
|
||||||
| NB-12-135 |
147.2
|
197.5
|
50.3
|
0.20
|
0.41
|
|
| including |
153.3
|
170.6
|
17.3
|
0.31
|
0.37
|
Sierra Blanca |
|
|
||||||
| NB-12-136 |
47.5
|
117.7
|
70.1
|
0.37
|
0.85
|
|
|
|
||||||
| NB-12-136 |
60.3
|
107.6
|
47.2
|
0.46
|
0.91
|
|
*Intercepts calculated with 0.1 g/t cutoff and up to 3.7 m of internal waste.
Figure 1: North Bullfrog Project area showing the location of metallurgical holes reported in this release. For reference, the locations of the current resource as outlined in the Preliminary Economic Assessment (NR 12-07, Feb. 28, 2012) are shown.
The current North Bullfrog program drilling is focussing on infill and step out drilling, advanced metallurgical work and environmental baseline characterization studies in conjunction with a completion of a feasibility study by early 2013 on the Mayflower deposit. The recently completed financing has now provided the Company with the financial resources needed to rapidly advance the mine development assessment of the North Bullfrog area as well as continued exploration of this major new high-grade Nevada gold discovery.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 43 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold. The property package is made up of a number of leased patented federal mining claims and 461 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor. The Company and its independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in February 2012.
The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an NI 43-101 compliant estimated Indicated Resource of 15 Mt at an average grade of 0.37 g/t gold for 182,577 ounces of gold and an Inferred Resource of 156 Mt at 0.28 g/t gold for 1,410,096 ounces of gold (both at a 0.2 g/t cutoff), 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 in structural feeder zones with breccias and quartz-sulphide vein stockworks such as the Mayflower and Yellowjacket targets. The Company is actively pursuing both types of mineralization.
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/.
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 (other than the resource estimate) that form 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 holds common shares and incentive stock options.
Mr. Gary Giroux, M.Sc., P. Eng (B.C.), a consulting geological engineer employed by Giroux Consultants Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the Giroux Consultants Ltd. mineral resource estimate. He has over 30 years of experience in all stages of mineral exploration, development and production. Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field. He has authored many papers on geostatistics and ore reserve estimation and has practiced as a Geological Engineer since 1970 and provided geostatistical services to the industry since 1976. Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.
The work program at North Bullfrog was designed and supervised by Russell Myers (CPG 11433), President of Corvus, and Mark Reischman, Corvus 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 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 ALS Chemex in Reno, Nevada, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assaying. 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. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control. McClelland Laboratories Inc. prepared composites from duplicated RC sample splits collected during drilling. Bulk samples were sealed on site and delivered to McClelland Laboratories Inc. by ALS Chemex or Corvus personnel. All metallurgical testing reported here was conducted or managed by McClelland Laboratories Inc.
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 Nevada, North Bullfrog project towards a potential development decision and continuing to explore for new major gold discoveries. Corvus is committed to building shareholder value through new discoveries and leveraging noncore assets via partner funded exploration work into carried and or royalty interests that provide shareholders with exposure to gold production.
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
