Corvus Gold Announces Commencement of 2011 Exploration Program at the Chisna Project, Alaska
June 16, 2011
Vancouver, B.Câ€¦â€¦..Corvus Gold Inc. (â€œCorvusâ€¯ or the â€œCompanyâ€¯) - (TSX: KOR; OTCQX: CORVF) announces the commencement of a 2011 exploration work program at its Chisna Gold Project in south-central Alaska. The Company has been informed by its joint venture partner, Ocean Park Ventures Corp. (â€œOcean Parkâ€¯), that a program of drill target definition is now underway at the Golden Range and Southwest Grubstake targets discovered during the 2010 exploration program. The drill target definition program includes detailed soil sampling, geological mapping and structural analysis on anomalous areas focused on delineating specific drill targets for a further drilling program in 2011.
As previously reported in news on January 18, 2011 (NR11-01), the Golden Range target is defined by over 300 rock and soil samples taken across a 9 kilometre by 2 kilometre area and shows largely continuous elevated gold values, with a high value of 50.4 g/t gold. All rock samples taken over the target area average 0.60 g/t gold, with 29 of 151 samples returning over 100 ppb (0.10 g/t) gold. Samples returning over 100 ppb gold are present across the entire 9 km strike length of the Golden Range target. Out of 176 soil samples taken across the same area, 71 samples returned greater than 100 ppb (0.10 g/t) gold with an average of 0.23 g/t gold and a high value of 6.53 g/t gold. Of the balance, 42 samples returned results between 0.05 g/t and 0.1 g/t gold and the remaining 63 samples returned results between 0.003 g/t to 0.48 g/t gold.
The Southwest Grubstake target is defined by a mineralized trend with a mapped strike in excess of 600 metres. A total of 19 rock samples taken from in-place boulder trains and outcrop returned an average of 7.38 g/t gold, 8.82 g/t silver, 0.91% lead and 0.16% zinc, with highs of 46.5 g/t gold, 29.8 g/t silver, 4.22% lead and 1.22% zinc across separate samples. Low samples had values below detection.
About the Chisna Project
The Chisna Project is focused on a new and emerging Alaskan copper-gold porphyry belt of deposits with copper and gold mineralization associated with mid-Cretaceous intrusions of similar age to the Pebble deposit to the west and Orange Hill deposit to the east.
Corvus and its predecessor-in-title, International Tower Hill Mines Ltd., began exploration on the project in 2006 and discovered the Grubstake porphyry copper system in 2007. Beginning in 2010, the Chisna project is being operated as a joint venture between Raven Gold Alaska Inc. (a subsidiary of Corvus) and Ocean Park Alaska Corp. (a subsidiary of Ocean Park Ventures Corp.), with Ocean Park earning 51% by contributing US$20 million in exploration expenditures over a 5 year period, thereby providing Corvus with a no-cost assessment of this belt. Ocean Park may earn an additional 19% by producing a bankable feasibility that delineates a mining project on the Chisna property that produces at least 300,000 gold equivalent ounces per year.
At present, the Corvus/Ocean Park joint venture controls over 232,000 acres of either State of Alaska Mining Claims or land leased from Ahtna Corporation.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects. Corvus is committed to building shareholder value through new discoveries and leveraging those discoveries 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: Shirley Zhou, Manager - Corporate Communications
Phone: 1-888-770-7488 (toll free) or (604) 638-3247 / Fax: (604) 408-7499
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, â€œforward-looking statementsâ€¯) 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 the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, 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. In addition, information with respect to the proposed activities of Ocean Park on the Chisna property has been provided by Ocean Park (the operator of the Chisna joint venture) and, as such activities are not within the control of the Company, the Company takes no responsibility for the accuracy of such statements. 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 or any of its joint venture partners 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 or its joint venture partners may produce or plan to produce, the inability of the Company or any of its joint venture partners to obtain any necessary permits, consents or authorizations required for its or their activities, the inability of the Company or any of its joint venture partners to produce minerals from their properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement their respective business strategies, and other risks and uncertainties disclosed in the Companyâ€™s latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Companyâ€™s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Companyâ€™s mineral properties.
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.