Corvus Gold Intersects 6.1 metres of 11.9 g/t gold at the North Bullfrog Project, Nevada
February 1, 2011
Vancouver, B.Câ€¦â€¦..Corvus Gold Inc. (â€œCorvusâ€¯ or the â€œCompanyâ€¯) - (TSX: KOR) is pleased to announce the discovery of a new high-grade gold vein system at the Yellowjacket target on its North Bullfrog property near Beatty, Nevada. The initial hole drilled into the target during the Companyâ€™s 2010-11 winter exploration program returned 13.7 metres (11.9 metre true width) of 5.9 g/t gold and 5.2 g/t silver, including a high-grade intercept of 6.1 metres grading 11.9 g/t gold and 8.8 g/t silver.
The Yellowjacket target is the first of a series of high-grade, vein-type targets to be drilled in the Companyâ€™s previously announced 10,000-metre drill program at the North Bullfrog project. In addition to the zone of 13.7 metres containing 5.9 g/t gold and 5.2 g/t silver, the same hole (hole NB-10-63) also intercepted 62.5 metres of 0.4 g/t gold and 1.2 g/t silver in the strataboundzone beneath the high-grade quartz-sulfidestockwork zone. Drillholes targeting the lateral extension of stratabound mineralization to the west and south continue to confirm widespread distribution of bulk-tonnage mineralization in the central Sierra Blanca region, including hole NB-10-51 which intercepted 32 metres of 0.5 g/t gold and1.6 g/t silver and hole NB-10-55 which intercepted 36.6 metres of 0.4 g/t gold and 0.8 g/t silver (see Table 1).
Drilling at the Sierra Blanca target has now confirmed the presence of many zones greater than 100 metres thick of mineralization outlining potential for a large, bulk-tonnage deposit in the area (Table 1, Figure 1). Hole NB-10-64, the first hole drilled in the Savage Valley target, returned an intercept of 131.1 metres at 0.3 g/t gold and 0.7 g/t silver, including 50 metres of 0.4 g/t gold and 23 metres of 0.5 g/t gold. This intersection confirms the continuity of mineralization into the area, which is 300 metres to the south and east of the nearest previous intersections. Following the initial drilling of the Sierra Blanca targets, the Company will begin testing targets in the Connection and Jolly Jane target areas, both of which have high-grade vein systems as well as large bulk-tonnage targets (see Figure 1).
Due to the early success of the exploration program, the Company has expanded its North Bullfrog drill program to 12,000 metres which will continue to the end of February 2011. The budget for the program has increased from $1.2 million to $1.35 million.
Mr. Jeff Pontius, Chief Executive Officer of Corvus Gold, states: â€œThe success of initial testing at the central Sierra Blanca and Yellowjacket targets is testament to the exceptional potential of the North Bullfrog property. This discovery confirms our belief that as-yet-undiscovered structures within this large mineral system will host significant grades and we are excited about the potential of other target areas yet to be tested. The results to date continue to support our concept of a multi-million-ounce, multi-deposit, district-scale mining project with a mix of high-grade stockwork veins and large, bulk tonnage disseminated gold and silver deposits.â€¯
A video of the North Bullfrog project showing location, infrastructure access and 2010 winter drilling is available on the Companyâ€™s website at http://www.corvusgold.com/investors/video/.
Table 1: Significant intercepts* from recent drilling at North Bullfrog
|HoleID||From (m)||To (m)||Interval (m)||Gold (g/t)||Silver (g/t)||Target Area|
|NB-10-60||no significant intercepts||Sierra Blanca|
|NB-10-61||no significant intercepts|
* Intercepts calculated using 0.1 g/t cutoff with maximum 3 metres of internal dilution.
Figure 1: Map of the Yellowjacket, Sierra Blanca, SavageValley and Jolly Jane target areas displaying the drill holes reported in this news release. Cumulative thickness values for the drill holes are calculated by summing all intervals within the drill hole that have grades greater than 0.1 g/t gold which highlight the main centers of mineralization.
About the North Bullfrog Project, Nevada
The North Bullfrog Project covers over 24 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick. The project has excellent infrastructure, being adjacent to a major highway and power corridor, and is 100% controlled by the company.
The project currently includes eight prospective gold targets with one prospect â€" the Mayflower target â€" containing an NI 43-101 compliant initial Indicated Resource of 2.6 million tonnesat an average grade of 0.67g/t gold (at a 0.3 g/t cutoff) for 76,300 ounces of gold and an Inferred Resource of 2.2 million tonnes at 0.56 g/t gold for 39,000 ounces of gold with appreciable silver credits. Mineralization occurs in two primary forms: (1) broad stratabound bulk-tonnage gold zones such as the Sierra Blanca and Jolly Jane systems; and (2) moderately thick zones of high-grade gold and silver mineralization hosted by structural zones with breccias and quartz-sulfide vein stockworks such as the Mayflower and Yellowjacket targets. The Company is pursuing both types of mineralization with an expanded 12,000 m Phase 1 drill program.
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 Gold, as he is the CEO and holds common shares and incentive stock options.
The work program at North Bullfrog was designed and supervised by Russell Myers, President of Corvus Gold; and Mark Reischman, 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. All 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 Chemexâ€™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. Quality control is further assured by the use of international and in-house standards. 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 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) 638-3246 / 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, the potential for higher grade zones of mineralization to exist at North Bullfrog, the potential for the identification of multiple deposits at North Bullfrog and the operation of a central processing facility to treat North Bullfrog mineralization,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 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.comand readers are urged to review these materials, including the technical reports filed with respect to the Companyâ€™s mineral properties.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the mining guidelines of the US Securities and Exchange Commission (the â€œSECâ€¯) set forth in the SECâ€™s Industry Guide 7 (â€œSEC Industry Guide 7â€¯) strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Companyâ€™s 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.