Corvus Gold announces the results of its phase I resource expansion drilling program at the Company’s 100% controlled North Bullfrog Project near Beatty, Nevada. Seven of the nine holes drilled to assess the resource expansion potential of the currently defined Sierra Blanca and Jolly Jane deposits have returned encouraging results (Figure 1). In the Sierra Blanca area, hole NB-12-118 intercepted 46 metres of 0.56 g/t gold, 250 metres north with a similar intercept 400 metres north in hole NB-12-119 (Table 1). These holes, in conjunction with hole NB-12-117 (NR12-06, February 13, 2012) drilled 400 metres to the west of Sierra Blanca, suggest significant resource expansion potential exists to the north and west of the current Sierra Blanca deposit with markedly higher grades. Additionally, significant intercepts were returned from holes NB-12-124 and 125 which targeted the north-eastern extension of mineralization toward the Jolly Jane deposit. The results from the 2012 phase I exploration step-out drill program have not been incorporated in the just announced initial preliminary economic assessment of the North Bullfrog Project (NR12-07, February 28, 2012).
At the Jolly Jane target, two holes were drilled: one hole 200 metres and another 400 meters to the north returned broad intercepts including hole NB-12-123, a 400 metre step out, which returned 138.7 meters of 0.27 g/t gold including 32 metres of 0.50 g/t gold. The intensity of the alteration and mineralization in this northern-most hole suggests the system is expanding in size and grade in this direction.
Jeff Pontius, Corvus CEO, stated: “The thick and higher grade intersections returned in this initial step-out drilling are encouraging for Corvus and strongly support our goal of doubling the existing estimated resource by year end. On the heels of our PEA released yesterday these results bode well for an enhanced project size and potentially improved financial performance in the future. It is exciting that some of our best holes have been drilled to the north and west of the existing deposits, under large expanses of shallow cover which could contain significant new deposit potential. We are also looking forward to results from our diamond core drilling program into the high-grade Yellowjacket feeder system that could hold significant potential. The Company is focused on rapidly advancing the project down the path to a potential production decision.”