Stockwork Vein Mineralization Identified 400
Metres West of YellowJacket Deposit
TSX: KOR OTCQX: CORVF
VANCOUVER, July 9, 2015 /CNW/ - Corvus Gold Inc.
("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces
initial results from the first of multiple outlined priority
targets (NR15-05, April 14, 2015)
from its phase one 2015 drill program. The initial two core
drill holes intersected the targeted Sierra Blanca NE trending
structural zone that hosts productive stockwork veining.
Assays returned gold mineralization exceeding +1 g/t over multiple
metres that is typical for this style of YellowJacket type
stockwork (Table 1). Results suggest that a YellowJacket type
high grade vein/stockwork gold system with potential could
exist over several hundred metres and will be followed up in the
phase two 2015 drill program (Figure 1).
Jeff Pontius Corvus Gold CEO states… "The results from these
initial drill holes are highly encouraging as they point to
potential to expand the high-grade mill resource already within the
greater Sierra Blanca/YellowJacket WhittleTH pit.
This also highlights the potential of the overall Sierra Blanca
disseminated deposit to host several more of these steeply dipping
feeder vein systems when effectively drilled with angle holes to
augment the prior vertical drilling. As Corvus continues to
explore the North Bullfrog property more and more, potential
continues to emerge for this under explored, emerging new
Nevada gold-silver
district."
Table 1: Stockwork Vein
Intercepts* from North Sierra Blanca Target
(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)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Comment
|
NB-15-425
|
47.54
|
51.65
|
4.11
|
1.30
|
2.74
|
NE30
Target
|
NB-15-426
|
154.84
|
158.53
|
3.69
|
1.31
|
1.52
|
NE30
Target
|
* stockwork
veining is defined as the intervals vein density of >5% and a
cutoff grade of 1.0 g/t gold
|
Drill Results Summary
NB-15-425 was targeted on a series of NE-trending, moderate to
steeply west-dipping structures that control alteration and quartz
stockwork veining on the northwest side of the Sierra Blanca
deposit and possibly the western counterpart for the YellowJacket
Vein system. The Sierra Blanca deposit was originally drilled
out with vertical holes. Identifying steeply dipping feeder veins
similar to the YellowJacket discovered on the east side or others
that could be internal or west of the deposit will be the target in
the subsequent drill program. Follow-up logging after the
YellowJacket discovery revealed that several of these vertical RC
holes in the northern part of the Sierra Blanca deposit encountered
broad intervals of low grade mineralization and northeast trending
quartz stockwork veining. Hole NB-15-425 targeted a broad
quartz-adularia alteration zone between the NE30 and NE40 faults at
elevations equivalent to the high-grade zone in the adjacent
YellowJacket Vein deposit. The upper part of hole NB-15-425
encountered 4.1 metres at 1.3 g/t Au oxide mineralization in the
Savage Valley dacite on a splay of the NE30 fault zone. These
grades in upper level stockwork veining hosted in dacite are
consistent with those returned from the upper parts for a
YellowJacket type system and follow up drilling will target this
structural zone deeper to assess if the system broadens at
depth. This hole continued down through broad intervals of
low grade mineralization in the Pioneer Formation. Strong
quartz-adularia-illite alteration and quartz stockwork veining is
abundant in the Pioneer Formation throughout the hole, but no other
zones of significant grade were encountered (Table 2).
NB-15-426 also targeted a series of NE-trending, moderate to
steeply west-dipping structures associated with the NE30 fault zone
approximately 400 metres NE of hole 425. This area of the
Sierra Blanca deposit has returned a number of vertical RC drill
intercepts of higher gold and silver values as well as anomalous
copper indicative of the more productive parts of the YellowJacket
system. The target concept, like that for hole 425, is the
NE30 fault zone bounding the west side of the Sierra Blanca deposit
which could be an analog to the YellowJacket high-grade zone on the
east side. Hole NB-15-426 intersected 3.7 metres at 1.31 g/t
Au, within a broader interval of 63.53 metres at 0.52 g/t, all
within the Sierra Blanca Tuff. This mineralized stockwork interval
exhibits a similar vein paragenesis to the YellowJacket Vein,
suggesting the interval is in close proximity to a productive
high-grade vein. NB-15-426 was lost in a mineralized fault zone
before reaching completion depth and will be followed up.
Table 2: All Intercepts* from North Sierra
Blanca Target
(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)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
NB-15-425
|
|
47.54
|
57.3
|
9.76
|
0.79
|
1.96
|
Including
|
47.54
|
51.65
|
4.11
|
1.30
|
2.74
|
|
63.91
|
67.42
|
3.51
|
0.51
|
1.48
|
|
121.31
|
127.41
|
6.1
|
0.13
|
0.40
|
|
130.45
|
215.4
|
84.95
|
0.21
|
0.51
|
|
221.68
|
253.9
|
32.22
|
0.21
|
0.47
|
|
295.55
|
306.02
|
10.47
|
0.15
|
0.53
|
azi 123 incl
-45
|
|
319.43
|
334.99
|
15.56
|
0.25
|
0.37
|
NB-15-426
|
|
103.02
|
168.55
|
65.53
|
0.52
|
1.36
|
Including
|
154.84
|
158.53
|
3.69
|
1.31
|
1.52
|
|
192.31
|
203.48
|
11.17
|
0.18
|
0.74
|
|
207.36
|
231.58
|
24.22
|
0.28
|
1.61
|
|
234.94
|
253.9
|
18.96
|
0.15
|
0.48
|
azi 145 incl
-60
|
|
234.94
|
253.9
|
18.96
|
0.15
|
0.48
|
*all intercepts
utilize a cutoff of 0.1g/t gold with the exception of the stockwork
zones which use a 1.0 g/t gold cutoff.
|
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers
approximately 72 km² in southern Nevada. The property package
is made up of a number of private mineral leases of patented
federal mining claims and 865 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 North Bullfrog project includes numerous prospective gold
targets at various stages of exploration with four having the
following modeled resources (Sierra Blanca, Jolly Jane, Mayflower
and YellowJacket). The project contains a measured and
indicated oxide mill resource of 5.67 Mt at an average grade of
2.22 g/t gold, and 16.67 g/t silver, containing 405.6K ounces of
gold and 3,038.5K ounces of silver and an inferred resource of 1.48
Mt at an average grade of 0.83 g/t gold and 4.26 g/t silver,
containing 39.4K ounces of gold and 203.4K ounces of silver.
In addition the project contains a measured and indicated, oxide,
run of mine, heap leach resource of 23.15 Mt at an average grade of
0.30 g/t gold and 0.46 g/t silver, containing 221.1K ounces of gold
and 344.1K ounces of silver and an inferred resource of 176.3 Mt at
an average grade of 0.19 g/t gold and 0.67 g/t silver, containing
1,092.8K ounces of gold and 3,801.7K ounces of silver.
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 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.
Carl E. Brechtel, (Nevada PE
008744 and Registered Member 353000 of SME), a qualified person as
defined by National Instrument 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 North Bullfrog was designed and supervised
by Mark Reischman, Corvus Gold's
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 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.
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 North Bullfrog, Nevada. In addition the Company
controls a number of other North American exploration properties
representing a spectrum of gold, silver and copper projects.
Corvus is committed to building shareholder value through new
discoveries and the expansion of those discoveries to maximize
share price leverage in a recovering gold and silver market.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A.
Pontius
Jeffrey A.
Pontius,
Chief Executive Officer
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 potential to expand the high-grade mill
resource, the potential of the overall Sierra Blanca disseminated
deposit to host several more of these steeply dipping feeder vein
systems, estimates of resources, the anticipated content,
commencement and cost of exploration programs, anticipated
exploration program results, the discovery and delineation of
mineral deposits/resources/reserves, the potential to expand the
existing estimated resource at the North Bullfrog project, the
potential for the North Bullfrog system to continue to grow and/or
to develop into a major new higher-grade, bulk tonnage,
Nevada gold discovery, the
potential for any mining or production at North Bullfrog, the
potential for the identification of multiple deposits at North
Bullfrog, the potential for the existence or location of additional
high-grade veins, the potential for the Company to secure or
receive any royalties in the future, business and financing plans
and business trends, 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 2014 Annual Information Form and latest interim
Management Discussion and Analysis filed with certain securities
commissions in Canada. All of the Company's Canadian public
disclosure filings may be accessed via www.sedar.com
and the Company's United States
public disclosure filings may be access via
www.sec.govand readers are urged to review these
materials, including the technical reports filed with respect to
the Company's mineral properties.
Cautionary Note to US Investors
National Instrument 43 101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource estimates contained in or incorporated by
reference in this press release have been prepared in accordance
with NI 43-101 and the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (the "CIM") Standards on
Mineral Resource and Mineral Reserves, adopted by the CIM Council
on November 14, 2004 (the "CIM
Standards") as they may be amended from time to time by the
CIM.
United States investors are
cautioned that the requirements and terminology of NI 43-101 and
the CIM Standards differ significantly from the requirements and
terminology of the SEC set forth in the SEC's Industry Guide 7
("SEC Industry Guide 7"). Accordingly, the Company's
disclosures regarding mineralization may not be comparable to
similar information disclosed by companies subject to SEC Industry
Guide 7. Without limiting the foregoing, while the terms
"mineral resources", "inferred mineral resources", "indicated
mineral resources" and "measured mineral resources" are recognized
and required by NI 43-101 and the CIM Standards, they are not
recognized by the SEC and are not permitted to be used in documents
filed with the SEC by companies subject to SEC Industry Guide
7. Mineral resources which are not mineral reserves do not
have demonstrated economic viability, and US investors are
cautioned not to assume that all or any part of a mineral resource
will ever be converted into reserves. Further, inferred
resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically.
It cannot be assumed that all or any part of the inferred resources
will ever be upgraded to a higher resource category. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of a feasibility study or prefeasibility study,
except in rare cases. The SEC normally only permits issuers
to report mineralization that does not constitute SEC Industry
Guide 7 compliant "reserves" as in-place tonnage and grade without
reference to unit amounts. The term "contained ounces" is not
permitted under the rules of SEC Industry Guide 7. In
addition, the NI 43-101 and CIM Standards definition of a "reserve"
differs from the definition in SEC Industry Guide 7. In SEC
Industry Guide 7, a mineral reserve is defined as a part of a
mineral deposit which could be economically and legally extracted
or produced at the time the mineral reserve determination is made,
and a "final" or "bankable" feasibility study is required to report
reserves, the three-year historical price is used in any reserve or
cash flow analysis of designated reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority. The mine economics presented herein and
derived from the PEA are preliminary in nature and may not be
realized. The PEA is not a feasibility study. U.S. investors are
urged to consider closely the disclosure in our latest reports and
registration statements filed with the SEC. You can review and
obtain copies of these filings at http://www.sec.gov/edgar.shtml.
U.S. Investors are cautioned not to assume that any defined
resource will ever be converted into SEC Industry Guide 7 compliant
reserves.
This press release is not, and is not to be construed in any
way as, an offer to buy or sell securities in the United States.
SOURCE Corvus Gold Inc.