Corvus Gold Inc. (“Corvus” or the “Company”) - (TSX: KOR, NASDAQ:
KOR) announces it has received results from the second hole into
the new Northern High-Grade Feeder Zone target of the Central
Intrusive Zone (CIZ). Hole ML20-165CT drilled into the CIZ
returning 130.5m @ 2.33 g/t gold including 27.7m @ 4.46 g/t gold
& 9.26 g/t silver. This new high-grade feeder zone is
showing good continuity and Corvus believes it could expand the
grade and size of the Mother Lode gold system in the northern end
of the deposit. Like earlier results from this area (hole
ML20-159CT with 83.9m @ 2.7 g/t gold including 12.7m @ 8.5 g/t gold
and 30.4 g/t silver, see NR20-18, November 12. 2020), the
mineralization appears to be associated with the lower intrusives
dike/breccia system of the CIZ target and extends up into the Main
Zone of the Mother Lode deposit. This unique geologic setting has
been very productive throughout the deposit for high-grade gold and
silver mineralization and its occurrence at the north end of the
deposit is encouraging for further expansion of the greater Mother
Lode gold deposit.
The highly productive Northern Feeder Zone is
open to expansion to the north and northeast along the Fluorspar
Canyon Fault (FCF) that trends toward the eastern end of the new
Lynnda Strip discovery. Corvus will be following up on this
new target with initial drill testing of this new large untested
area on the Mother Lode property. Regionally, Coeur Mining
Inc. has announced a large exploration program along the eastern
and northern boundary of Corvus’ Mother Lode property as a
follow-up to their recent C-Horst discovery (southern extension of
Corvus’ Lynnda Strip discovery). It is possible that all of
the newly discovered mineralization in the eastern part of the
Bullfrog District is related to one large, evolving gold system,
localized along the southwestern edge of the Timber Mountain
caldera (Mother Lode, Lynnda Strip/C-Horst, SNA, Daisy, Secret Pass
& Silicon).
Jeffrey Pontius, President and CEO of Corvus,
said, “The continued expansion of the Mother Lode system continues
to support the idea of a large-scale new eastern Bullfrog District
gold system. This system appears to be large with various
deposits representing the full spectrum of gold depositional
environments. Corvus’ integrated land position with three
adjacent gold producers (AngloGold Ashanti, Coeur Mining Inc. and
Kinross Gold Corporation) and multiple discoveries gives it a
unique and insightful position in the development of this
large-scale deposit complex. Corvus will continue to advance
its understanding of this new, large Nevada gold system and
communicate that knowledge to its shareholders. It is a very
busy and exciting time in the Bullfrog District as we and our
shareholders watch exploration unfold.”
Table 1: Mother Lode– Mineral Resource
Expansion Phase-4 Results (Reported intercepts are
not true widths as there is currently insufficient data to
calculate true orientation in space. Mineralized intervals are
calculated using a 0.3 g/t cut-off unless otherwise indicated
below)
Drill Hole # |
from (m) |
to (m) |
Interval (m) |
Gold (g/t) |
Silver (g/t) |
Comment |
ML20-165CT AZ 085 dip-75 |
285.29 |
289.71 |
4.42 |
0.46 |
0.69 |
Main Zone |
|
308.46 |
438.91 |
130.45 |
2.33 |
3.91 |
Main - CIZ |
inc |
309.98 |
314.85 |
4.87 |
1.91 |
2.80 |
1 g/t cut |
inc |
317.60 |
424.28 |
106.68 |
2.59 |
4.34 |
1 g/t cut |
inc |
396.60 |
424.3 |
27.7 |
4.46 |
9.26 |
2 g/t cut |
|
446.84 |
452.79 |
5.95 |
0.54 |
10.85 |
CIZ |
Figure 1 Location Map: Mother Lode drill hole ML20-165CT
&
ML20-159CT:https://www.globenewswire.com/NewsRoom/AttachmentNg/7ad0ca23-9fde-47b6-9179-d6e303e2ef22
Qualified Person and Quality
Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified
person as defined by National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”), has supervised the
preparation of the scientific and technical information that forms
the basis for this news release and has reviewed and approved the
disclosure herein. Mr. Pontius is not independent of Corvus,
as he is the CEO & President 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
NI 43-101, has coordinated execution of the work outlined in this
news release and has also reviewed and 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 mineral resource sample shipments
are sealed and shipped to American Assay Laboratories (“AAL”) in
Reno, Nevada, for preparation and assaying. AAL is
independent of the Company. AAL’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 AAL and an ISO compliant third-party
laboratory for additional quality control. Mr. Pontius, a
qualified person, has verified the data underlying the information
disclosed herein, including sampling, analytical and test data
underlying the information by reviewing the reports of AAL,
methodologies, results and all procedures undertaken for quality
assurance and quality control in a manner consistent with industry
practice, and all matters were consistent and accurate according to
his professional judgement. There were no limitations on the
verification process.
Metallurgical testing on North Bullfrog and
Mother Lode samples has been performed by McClelland Analytical
Services Laboratories Inc. of Sparks Nevada (“McClelland”),
Resource Development Inc. of Wheatridge, CO (RDi) and Hazen
Research Inc. of Golden, CO (HRi). McClelland is an ISO 17025
accredited facility that supplies quantitative chemical analysis in
support of metallurgical, exploration and environmental testing
using classic methods and modern analytical instrumentation.
McClelland has met the requirements of the IAS Accreditations
Criteria for Testing Laboratories (AC89), has demonstrated
compliance with ANS/ISO/IEC Standard 17025:2005, General
requirements for the competence of testing and calibration
laboratories, and has been accredited, since November 12, 2012.
Hazen Research Inc. (“Hazen”), an independent laboratory, has
performed flotation, AAO testing and cyanide leach testing on
samples of sulphide mineralization from the YellowJacket zone and
Swale area of Sierra Blanca, and roasting tests on Mother Lode
flotation concentrate. Hazen holds analytical certificates from
state regulatory agencies and the US Environmental Protection
Agency (the “EPA”). Hazen participates in performance
evaluation studies to demonstrate competence and maintains a large
stock of standard reference materials from the National Institute
of Standards and Technology (NIST), the Canadian Centre for Mineral
and Energy Technology (CANMET), the EPA and other sources.
Hazen’s QA program has been developed for conformance to the
applicable requirements and standards referenced in 10 CFR 830.120
subpart A quality assurance requirements, January 1, 2002. Resource
Development Inc. is a state-of-the-art laboratory for metallic and
industrial minerals filling a need for high quality,
cost-effective, and timely technical services for the international
mining industry.
For additional information see the technical
report on the Mother Lode project entitled “Technical Report and
Preliminary Economic Assessment for BIOX Mill and Heap Leach
Processing at the Mother Lode Project, Bullfrog Mining District,
Nye County, Nevada” dated November 21, 2020 with an effective date
of October 7, 2020, which is available under Corvus’ profile on
SEDAR at www.sedar.com.
About the North Bullfrog & Mother
Lode Projects, Nevada
Corvus controls 100% of its North Bullfrog
Project, which covers approximately 90.5 km2 in southern Nevada.
The property package is made up of a number of private
mineral leases of patented federal mining claims and 1,134 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 Company also controls
445 federal unpatented mining claims on the Mother Lode project
which totals approximately 36.5 km2 which it owns 100%.
The total Corvus 100% land ownership now covers over 127 km2,
hosting two major new Nevada gold discoveries.
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 the North Bullfrog and Mother Lode
Districts in Nevada. In addition, the Company controls a
number of royalties on 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 its projects to maximize share
price leverage in an advancing gold and silver market.
On behalf ofCorvus Gold
Inc.
(signed) Jeffrey A. PontiusJeffrey A.
Pontius,President & Chief Executive Officer
Contact Information: |
|
Ryan Ko |
|
|
Investor Relations |
|
|
Email: info@corvusgold.com |
|
|
Phone: 1-844-638-3246 (toll free) or (604) 638-3246 |
Cautionary Note Regarding
Forward-Looking Statements
This news 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 possible events,
conditions or financial performance that is based on assumptions
about future economic conditions and courses of action; potential
expansion of the deposit; the rapid and effective capture of the
potential of our Mother Lode project; the potential for new
deposits and expected increases in the system’s potential;
anticipated content, commencement and cost of exploration programs;
anticipated exploration program results and expansion of existing
programs; the discovery and delineation of mineral
deposits/resources/reserves; the potential to discover additional
high grade veins or additional deposits; the growth potential of
the Mother Lode projects; and the potential for any mining or
production at the Mother Lode & North Bullfrog projects, are
forward-looking statements. Information concerning mineral
resource estimates may be deemed to be forward-looking statements
in that it reflects a prediction of the mineralization that would
be encountered if a mineral deposit were developed and mined.
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 2020 Annual Information Form and latest interim
Management Discussion and Analysis filed with certain securities
commissions in Canada and the Company’s most recent filings with
the United States Securities and Exchange Commission (the
“SEC”). The Company does not undertake to update any
forward-looking statements, except in accordance with applicable
securities laws. All of the Company’s Canadian public
disclosure filings in Canada may be accessed via www.sedar.com and
filings with the SEC may be accessed via www.sec.gov and 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
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.
The United States Securities and Exchange
Commission (“SEC”) limits disclosure for U.S. reporting purposes to
mineral deposits that a company can economically and legally
extract or produce. Resource estimates contained in this press
release are made pursuant to NI 43-101 standards in Canada and do
not represent reserves under the standards of the SEC’s Industry
Guide 7. Under the currently applicable SEC Industry Guide 7
standards, a “final” or “bankable” feasibility study is required to
report reserves, the three-year historical average price is used in
any reserve or cash flow analysis to designate reserves and all
necessary permits and government approvals must be filed with the
appropriate governmental authority. This press release uses the
terms “Measured Resources”, “Indicated Resources”, and “Inferred
Resources”. We advise U.S. investors that while these terms are
Canadian mining terms as defined in accordance with NI 43-101, such
terms are not recognized under SEC Industry Guide 7 and normally
are not permitted to be used in reports and registration statements
filed with the SEC. Mineral resources described in this press
release have a great amount of uncertainty as to their economic and
legal feasibility. 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 measures. “Inferred Resources” have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that any or all part of an Inferred Resource will ever be upgraded
to a higher category. U.S. Investors are cautioned not to
assume that any part or all of mineral deposits in these categories
will ever be converted into SEC Industry Guide 7
reserves.
Corvus Gold (TSX:KOR)
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Corvus Gold (TSX:KOR)
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