Corvus Gold Identifies Vein Shoot Target & Reports Phase I Results, North Extension Drilling, North Bullfrog Project, Nevada

October 1, 2014


Josh Vein Shoot Target: 9.4 metres @ 2.5 g/t Gold and 13.7 g/t Silver
New Zone - NW10 Target: 18.8 metres @ 1.2 g/t Gold and 3.5 g/t Silver &
9.6 metres of 1.1 g/t Gold and 6.4 g/t Silver

Vancouver, B.C. - Corvus Gold Inc. (“Corvus” or the “Company”) - (TSX: KOR, OTCQX: CORVF) announces results from the final six holes of its 2014 Phase I drill program and the first hole of its Phase II drill campaign at the North Bullfrog Project in Nevada.  Holes NB-14-393 through NB-14-398 extended the main Josh Vein structural zone of the Yellowjacket deposit an additional 200 metres to the north and defined a new parallel target zone to the west of the main Josh Vein called NW10, which is similar to the recently discovered Rhyolite Zone to the East (NR14-17, September 4, 2014).  This new discovery has broadened the total width of the Yellowjacket structural zone in the north and has provided critical data in defining a new high-grade shoot target at the intersection of the NW10, Josh Vein and Rhyolite zones. In addition, the new NW 10 zone has now extended vein/stockwork mineralization to over 250 metres in depth, thereby expanding the overall potential of the system.

The initial hole of the Phase II program intersected a high-grade internal shoot in the main Josh Vein target that returned encouraging results and key data that warrants follow-up drilling. This shoot target is developing within an essentially undrilled area of the Yellowjacket deposit (“gap area”) immediately north of the intersection of the West Vein and the Josh Vein (Figure 1).  Hole NB-14-399 tested the uppermost part of the shoot target, and returned 9.4 m @ 2.5 g/t gold & 13.7 g/t silver including 1.6 m @ 10.6 g/t gold and 59 g/t silver.

Follow-up holes below hole NB-14-399 are intersecting broad zones of vein and stockwork material at depth (results pending). In many epithermal vein deposits like Yellowjacket, internal zones of very high-grade can develop in shoot type features, which is the target in this new area of the system. Three additional holes have been completed in the target with at least two more planed.

Jeff Pontius, Corvus CEO, stated: “The new holes currently being drilled in the shoot target within the gap area are very exciting as it appears we are outlining a potentially large area which could host significantly higher grades and might add considerably to the overall Yellowjacket resource and deposit.  Results from the last drill holes of the Phase I program have increased the extension potential of the Yellowjacket system to the north, which remains open, and showed that gold mineralization can occur in different host rocks thereby significantly adding to the potential of the overall District. In addition, expanding the system at depth has increased the size potential of the deposit and with new high-grade targets developing from each round of drilling, the potential of the overall system is even greater.”

West Vein/Josh Vein “Gap” Target Area

Hole NB-14-399 is the first hole to be returned in a series of holes drilled to fill a gap in the previous drilling immediately north of the intersection of the West Vein and the Josh Vein (Figure 1).  Results have confirmed that the strike of the main vein has changed to north-northwest at this location, which is believed to be important to the initial development of a bonanza grade shoot target. Four holes have currently been completed on the “Gap Shoot” target with 2 more planned to initially test an unexplored area 200 metres long, to a depth of 250 metres. Detailed geologic work conducted over the past 6 months using oriented core has now began to define structural zones within the overall deposit with the potential to host areas of bonanza-grade mineralization that could significantly impact the overall grade of a future estimated resource of the Yellowjacket deposit.

New Northern Zones

Both holes NB-14-395 and 396 encountered significant mineralization along the NW10 Fault, a structure that was not previously known to be mineralized. Â In hole NB-14-395 the Josh Vein is less than 6 metres away from the NW10 fault, potentially moving to the new western and eastern structural zones. Â These new structures, together with the Rhyolite Zone (NB-14-392 with 11.3 metres @ 3.3 g/t gold and 4 g/t silver and NB-13-352 with 2.4m @ 7.6 g/t gold and 6.9 g/t silver (NR14-17, Sept 4, 2014) indicate that the northern end of the Yellowjacket deposit is emerging as an open ended series of vein structures with multiple exploration targets for further potential high-grade vein discoveries.

In addition, Hole NB-14-397 intersected a new silicified fault zone that returned 0.44 g/t gold and 5 g/t silver over 3.7 metres in rock units previously thought to have been deposited after the main Yellowjacket deposit formed. This exciting new discovery now opens up numerous new exploration targets to the north and throughout the District to the south in this unit.

Table 1: Significant Intercepts* from Recent 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.)