Corvus Gold Continues to Expand Discovery in Savage Valley Target at North Bullfrog Project, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/05/11 -- Corvus Gold Inc. ('Corvus' or the 'Company') (TSX: KOR) is pleased to announce the latest results from its ongoing drill program at the North Bullfrog Project near Beatty, Nevada. Highlights from the Savage Valley target, one of five targets being tested in the 15,000-metre Phase I drill program, include 68.6 metres of 0.51g/t gold, 41.2 metres of 0.44g/t gold, 36.6 metres of 0.41g/t gold and 29 metres of 0.44g/t gold. Additionally, 71.6 metres of 0.32 g/t gold was documented at the Sierra Blanca target. These results confirm that the primary host unit (a rhyolitic ash flow known as the 'Crater Flat Tuff') continues to be uniformly mineralized over at least two square kilometres with significant expansion potential. The initial phase of the North Bullfrog drill program will continue to the end of June, with the results to be incorporated into an updated resource estimate expected in the early fall of 2011.
Savage Valley Target
Assays received from five additional holes have extended the dimensions of the Savage Valley target to an area of 300 x 600 metres. Hole NB-11-81,representing the westernmost hole drilled in this target, confirmed the continuity of the mineralization in the Crater Flat Tuff for over 300 metres in width (see Figure 1: http://media3.marketwire.com/docs/c54.pdf). Holes NB-11-82, -83, -84, and -85 were drilled along the strike of Savage Valley and confirmed the continuity of the mineralization for over 400 metres of strike extent. Drillhole NB-11-86 was drilled 300 metres to the north of holes -81 and -85 and confirmed the geological continuity of the mineralization into that area. All holes have continuous mineralization over thicknesses of 70 to 120 metres. The Company is planning to drill an additional eight holes into the target in the current program.
Sierra Blanca Target
The Company has systematically channel sampled two historical adits which were driven into the Crater Flat Tuff on the eastern side of the Sierra Blanca target (which acted as horizontal drill holes through the target area). The upper adit (SBA-1), which is 71 metres long and 30 metres below the surface at its greatest extent, was continuously mineralized from the entrance to the end with an average grade of 0.32g/t gold. The second adit (SBA-2), located 30 metres below the first, returned continuous mineralization from the entrance to the end at 151 metres with an average grade of 0.17g/t gold. These results, together with historical drilling results, indicate that the top of the entire ridge is likely mineralized to this level. Four additional holes are plannedin the Sierra Blanca target area.
Connection Target
Hole NB-11-80, which was drilled beneath the Connection target, encountered unusually silver-rich mineralization (10.7 metres with 0.12g/t gold and 5.7g/t silver) hosted in the same debris flow facies that hosted the higher grade gold mineralization reported earlier in news on March 30, 2011 (NR11-05). Beneath the main Connection mineralized zone, additional mineralized Crater Flat Tuff was intersected, representing the easternmost occurrence this mineralized zone and demonstrating upside exploration potential to extend mineralization over several square kilometres.
Russell Myers, President of Corvus, stated: 'Our drilling program continues to confirm the remarkable continuity of gold mineralization within our main target horizon, the Crater Flat Tuff. Between now and the end of June our efforts will be focused on achieving a sufficient drill density to allow for the calculation of a resource estimate over much of this area and to continue to assess the higher grade structural zones within this large new gold discovery.'
Table 1: Significant intercepts(i) from recent drilling at North Bullfrog
(i) Intercepts calculated using a 0.1 g/t gold cutoff with a maximum of 3
metres of internal dilution.
Interval Gold Silver
HoleID From (metres) To (metres) (metres) (g/t) (g/t) Area
---------------------------------------------------------------------------
NB-11-80 61.0 71.6 10.7 0.12 5.70 Connection
80.8 86.9 6.1 0.12 2.59
169.2 179.8 10.7 0.20 0.79
184.4 207.3 22.9 0.17 1.16
NB-11-81 32.0 100.6 68.6 0.51 0.87 Savage Valley
NB-11-82 100.6 134.1 33.5 0.38 0.68 Savage Valley
141.7 182.9 41.2 0.44 0.81
NB-11-83 62.5 99.1 36.6 0.41 0.63 Savage Valley
108.2 185.9 77.7 0.29 0.38
Including 111.3 146.3 35.1 0.40 0.38
NB-11-84 48.8 126.5 77.7 0.26 0.39 Savage Valley
Including 48.8 77.7 29.0 0.44 0.32
NB-11-85 150.9 268.2 117.3 0.29 Savage Valley
Including 196.6 268.2 71.6 0.35
NB-11-86 111.3 153.9 42.7 0.24 Savage Valley
196.6 278.9 82.3 0.16
SBA-1 0.0 71.6 71.6 0.32 0.86 Sierra Blanca
Including 6.1 32.0 25.9 0.41 0.90
Including 42.7 65.5 22.9 0.38 0.99
SBA-2 0.0 150.9 150.9 0.17 0.31 Sierra Blanca
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 Gold Corporation. 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 - the Mayflower target - 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 15,000 metre Phase 1 drill program.
A video of the North Bullfrog project showing location, infrastructure access and 2010 winter drilling is available on the Company's website at http://www.corvusgold.com/investors/video/.
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 a director and 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, 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 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. 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.
Jeffrey A. Pontius, Chairman and 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 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 Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company'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 Company's mineral properties.
Cautionary Note Regarding References to Resources and Reserves
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 shareholders 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.
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 'SEC') set forth in the SEC's Industry Guide 7 ('SEC Industry Guide 7') 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 Company'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.
Contacts:
Corvus Gold Inc.
Shirley Zhou
Manager - Corporate Communications
1-888-770-7488 (toll free) or (604) 638-3247
(604) 408-7499 (FAX)
szhou@corvusgold.com
www.corvusgold.com