|NB-14-391||Josh Vein: 17.5 metres @ 12.8 g/t Gold and 62 g/t Silver|
|NB-14-389||West Vein: 9 metres @ 5.7 g/t Gold and 33 g/t Silver|
Vancouver, B.C… Corvus Gold Inc. (“Corvus” or the “Company”) – (TSX: KOR, OTCQX: CORVF) announces the latest results from its ongoing 2014 Phase One drill campaign at the North Bullfrog Project in Nevada. Assays include the complete results of the previously reported hole NB-14-384 as well as three recently completed holes from the newly discovered West Vein zone. In addition, hole NB-14-391, which is the first hole drilled in 2014 on the Northern extension of the main Josh Vein, intersected 17.5 metres of 12.77 g/t gold and 62 g/t silver (Figure 1, Table 1). This hole is a 30 metre step out to the North from the farthest northern holes drilled in 2013 and returned the best intersection drilled to date. It is important to note that results from Hole NB-391 represent only the main vein interval, and assays from the surrounding stockwork and disseminated zones are still pending.
In the West Vein structure, hole NB-14-384 intersected 4.5 metres of 17 g/t gold and 150 g/t silver, 50 metres south of NB-14-380 (5 metres at 14 g/t gold), while hole NB-14-389, 30 metres south of NB-13-384, encountered 9.1 metres of 5.7 g/t gold and 33 g/t silver. The stockwork around the West Vein continues to return broad zones of gold and silver mineralization extending as far south as drilling has progressed to date (Table 1).
Drilling has now shown that, south of NB-14-389, the fault strands merge into a zone of intense faulting resulting in widespread vein related mineralization (Figure 2). Of particular interest is the structure near the top of NB-14-386 which contained 3.2 metres with 9.2 g/t gold and 87 g/t silver and represents a newly discovered vein structure (Figure 2). In NB-14-386, results indicate almost 100 metres of stockwork developed in this large fault zone (Table 1, Figure 2). Assays are pending for two holes drilled down dip of the structure in NB-12-184, which is currently the furthest drilling to the south on the Yellowjacket system (Figure 1).
Exploration on the northern extension of the Josh Vein began in late April and the first four holes, including NB-14-391 (17.5 metres @ 12.77 g/t gold and 62 g/t silver), have established the continuity of the zone to the north with the presence of native gold and silver sulphide (acanthite) in thick quartz veins and surrounding stockwork veining. The north extension drill program is ongoing, and is initially assessing a 200 metre expansion of the system. Following the initial north program, drilling will move south to assess the southern extension potential below hole NB-12-184.
Yellowjacket Vein Zone Exploration
The Yellowjacket Vein Zone at North Bullfrog is currently defined by the Josh-West Vein structural zone on the west and the Liberator Fault to the east (Figure 1). The interaction of these two faults has created a large broken zone which contains several quartz veined structures, such as the Josh Vein, and broad zones of stockwork mineralization (Figure 2). The West Vein strand delineated by 2014 drilling represents a new hangingwall splay off the main Josh Vein Fault, as well as the new vein structure intercepts in NB-14-386 reported in this news release. Ongoing drilling is continuing to intersect new vein structures within and around the overall Yellowjacket deposit.
Drilling now indicates that large northeast faults such as the NE30 and NE50 faults (Figure 1) do not cut off the Josh Vein Fault system but enhance it as a host for vein development and have emerged as new exploration targets. The stratigraphic reconstruction in Figure 2 indicates that Yellowjacket has undergone a complex fault history resulting in multiple zones.
The 5,000 metre Phase One drilling program at North Bullfrog will continue to focus on delineating the Yellowjacket system. In the planned 15,000 metre Phase Two program, additional core rigs will be added to conduct resource definition drilling and continue with the District-wide exploration for other vein systems.
Table 1: Significant Intercepts* from 2014 Drilling at Yellowjacket
(Reported drill intercepts are not true widths. At this time, there is insufficient data with respect to the shape of the mineralization to calculate its true orientation in space.)
|Hole ID||From (m)||To (m)||Interval (m)||Gold (g/t)||Silver (g/t)||Comments|
|138.1||150.3||12.2||0.52||1.55||WV HW Periph|
|150.3||160.1||9.9||0.86||7.97||WV HW Stockwork|
|164.9||192.5||27.6||0.43||1.61||WV FW Stockwork|
|Az 90; Incl -80||42.2||0.52||3.36||West Vein + Stockwork|
|103.5||114.4||10.9||0.58||5.57||WV HW Stockwork|
|128.0||134.8||6.8||0.37||1.26||WV FW Stockwork|
|31.3||2.95||0.85||West Vein + Stockwork|
|Az 90 Incl -55||152.3||165.5||13.2||0.58||1.12||FW Veining|
|224.8||234.1||9.3||0.46||0.76||Ended in Min|
|133.5||162.3||28.8||0.59||2.62||WV upper Stkwk|
|175.7||177.7||2.0||0.61||2.27||WV HW Stkwk|
|183.4||195.6||12.2||0.35||4.28||WV FW Stkwk|
|Az 90 Incl -78||19.9||0.88||3.68||West Vein + Stockwork|
|33.8||1.51||6.64||West Vein + Stockwork|
|Az 90 Incl -45||130.9||173.1||42.3||0.65||3.04||Lib FW Stockwork|
|176.7||220.6||44.0||0.48||1.47||Lib FW Stockwork|
|237.7||246.0||8.3||0.74||2.38||Lib FW Stockwork|
|142.0||152.6||10.6||1.08||2.84||WV HW Stockwork|
|161.7||166.6||4.9||1.04||1.79||WV FW Stockwork|
|Az 58 Incl -57||24.6||2.75||13.72||West Vein + Stockwork|
|Az 90 Incl -67|
*The veining and stockwork veining have been defined by geological observation of the percentage of veining in the interval, e.g. significant concentrations of veining in the immediate hangingwall and footwall of a significant vein. Outside of the immediate hangingwall and footwall zones a cutoff of 0.3g/t gold equivalent has been used assuming a 59:1 price ratio of gold to silver. Up to 3 metres of internal waste has been carried locally.
Figure 1: Location of 2014 drill holes at Yellowjacket. Assays from the holes indicated in fuscia are reported in this release. Green traces are from holes with pending assays. The location of the section in Figure 2 is indicated.
Preliminary Economic Assessment Update
In addition to its ongoing Yellowjacket deposit resource expansion drill program, Corvus continues to advance its mine development studies, including mining, metallurgy, capital estimates and environmental characterization. This ongoing work will be used for a planned updated resource estimate and new Preliminary Economic Assessment following the completion of the 2014 drill program.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 km² in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 758 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.
Based upon a USD 1300 gold price and a silver to gold price ratio of 59:1, the North Bullfrog Project currently has estimated mineral resources defined in six deposits: the structurally controlled Yellowjacket milling deposit and the oxidized disseminated heap leach Sierra Blanca, Jolly Jane, Air Track West, Connection and Mayflower deposits. The Yellowjacket vein-style deposit has an Indicated Mineral Resource of 3.69 Mt at an average grade of 1.03 g/t gold and 5.52 g/t silver for 122,000 contained ounces of gold and 654,000 ounces of silver and an Inferred Mineral Resource of 18.40 Mt with an average grade of 0.94 g/t gold and 6.16 g/t silver for 555,000 contained ounces of gold and 3.64M ounces of silver, both at a 0.29 g/t gold cutoff.
The five oxidized disseminated heap leach deposits contain an Indicated Mineral Resource of 25.72 Mt at an average grade of 0.29 g/t gold for 240,000 contained ounces of gold and an Inferred Mineral Resource of 185.99 Mt at 0.19 g/t gold for 1,136,000 contained ounces of gold (both at a 0.13 g/t gold cut-off), with appreciable silver credits.
For full details with respect to the assumptions underlying the current resource estimate detailed herein, please review the Company’s latest NI 43-101 technical report entitled “Technical Report – The North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada” dated April 1, 2014 and available on SEDAR or at the Company’s website www.corvusgold.com.
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 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 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 National Instrument 43-101, has supervised 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 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 Minerals in Reno, Nevada, for preparation and then on to ALS Minerals in Reno, Nevada, or Vancouver, B.C., for assaying. ALS Minerals’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.
About Corvus Gold Inc.
Corvus Gold Inc. is a North American gold exploration company, which is focused on advancing its 100% controlled Nevada, North Bullfrog Project towards a potential development decision. In addition, the Company controls a number of other North American exploration properties representing a spectrum of gold, silver and copper projects.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chief Executive Officer
Contact Information: Ryan Ko
Phone: 1-888-770-7488 (toll free) or (604) 638-3246 /Fax: (604) 408-7499