Highlights: 10.7m @ 3.47 g/t Gold and 3.6 g/t
Silver
TSX: KOR OTCQX: CORVF
VANCOUVER, Oct. 15, 2015 /CNW/ - Corvus Gold
Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF)
announces a new broad intercept from the Rhyolite Zone discovery
northeast of the YellowJacket deposit on its North Bullfrog project
in Nevada (Table 1). The new
high-grade intercept of 10.7m of 3.47 g/t Au and 3.6 g/t Ag
is within a broad interval of moderate grade mineralization
(210m of 0.47 g/t Au and 1.4 g/t Ag) and represents a new
center of gold-silver mineralization immediately east of the
YellowJacket deposit. Other surrounding high-grade gold
intervals from the Rhyolite Zone include hole NB-13-352 (NR13-29,
Oct.29, 2013) with 2.4m of 7.57 g/t Au and hole NB-14-392 (NR14-17,
Sept.4, 2014) with 9.77m of 3.77 g/t Au (Figure 1).
The Rhyolite Zone mineralization is localized along a major NE
trending structure which appears to be related to the large NE
structures along the west side of the Sierra Blanca deposit to the
southwest where earlier 2015 drilling intercepted higher level
stockwork type mineralization (NB-15-425 with 4.1m @ 1.3 g/t Au and
hole NB-15-426 with 3.7m @ 1.3 g/t Au). Follow-up drilling to
extend the Rhyolite Zone to the east is planned for later this
month.
Jeffrey Pontius Corvus Gold CEO states… "The results returned
from the Rhyolite area have significantly increased the potential
of the greater YellowJacket system. The development of a new,
broad multi-gram vein system to the east of the existing deposit
holds good potential for proximal mill resource expansion.
Additionally the very broad zone of surrounding lower grade
mineralization is important as it could be signalling a new center
of mineralization in an area that has yet to be drill tested and
highlights the upside potential and underexplored nature of this
new District scale Nevada gold
discovery."
Table 1:
Initial Results from Rhyolite Zone
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(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.)
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From
(m)
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To
(m)
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Length
(m)*
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Gold
(g/t)
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Silver
(g/t)
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NB-15-267
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77.72
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82.3
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4.58
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0.147
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0.35
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Azi 300 Incl
-55
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99.06
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108.2
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9.14
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0.346
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1.02
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112.78
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323.08
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210.31
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0.472
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1.41
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including
vein/sw
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173.74
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184.4
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10.66
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3.471
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3.59
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including
vein/sw
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210.31
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211.84
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1.52
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1.01
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1.37
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including
vein/sw
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225.55
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227.08
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1.52
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1.09
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2.76
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*
Mineralized thickness is calculated on
a 0.10 g/t Au cutoff with internal vein/stockwork intervals
calculated using a 1.0 g/t Au cutoff
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Rhyolite Zone
The Rhyolite Zone is centered on a NE-trending, moderate to
steeply SE-dipping quartz vein/stockwork zone, hosted in a rhyolite
intrusive body. The zone was intersected in 2014 by oriented core
holes NB-14-352 and 392 at approximately the same elevation, and
about 25 meters apart which confirmed NE-strike. New hole
NB-15-267 tested this zone about 25 meters vertically below,
confirming the dip angle and grade continuity. The zone is open
along strike to the NE, SW and down-dip. With the confirmation of
the Rhyolite Zone's strike, dip and grade continuity, a new
high-grade gold system is emerging marginal to the existing
YellowJacket deposit. It is important to note is that this is
the first time Corvus Gold has specifically targeted a NE vein zone
in the YellowJacket area and the fact that it is now surrounded by
a very broad lower grade zone suggests the system is becoming
stronger along strike and down dip. This success has
increased the potential for the other major NE structural zones
that cross the YellowJacket deposit and extend to the
east.
Eastern Area Scout Drilling
Results from four scout holes drill in the Spicerite and North
Spicerite targets have returned only minor low-grade gold
intercepts. Holes NB-15-262, 263, 264 and 265 tested three
structural zones in the south end of the East Bullfrog regional
target area with negative results. Follow-up drill in the
East Bullfrog area will focus on the newly emerging large targets
at Vinegaroon and Cat Hill which have returned encouraging surface
gold and silver anomalies.
Results of Corvus Gold Annual General Meeting
At the 2015 AGM held October
9th in Vancouver,
British Columbia, all resolutions put forward were approved
by the shareholders. The following individuals were
re-elected, by ballot, as directors of the Company:
Steven Aaker, Anton Drescher, Catherine Gignac, Edward
Yarrow, Rowland Perkins and
the Company's CEO & President, Jeffrey
Pontius.
The detailed proxy voting in respect of the election of
directors was as follows:
Nominee
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Votes
FOR
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Votes
WITHHELD
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Steven
Aaker
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42,394,152 (99.85%)
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64,745 (0.15%)
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Anton
Drescher
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30,716,752 (72.34%)
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11,742,146 (27.66%)
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Catherine
Gignac
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42,386,904 (99.83%)
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71,993 (0.17%)
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Rowland
Perkins
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38,293,727 (90.19%)
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4,165,170 (9.81%)
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Jeffrey
Pontius
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42,362,682 (99.77%)
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96,215 (0.23%)
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Edward
Yarrow
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42,360,154 (99.77%)
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98,743 (0.23%)
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* Shares represented
by proxy but not voted: 8,554,464 shares
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(*Routine US
broker-vote shares voted without beneficial owner instructions and
therefore only eligible to vote for the appointment of
auditors.)
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The detailed "Report of Voting Results" on all resolutions for
the Company's 2015 AGM is available under the Company's profile on
SEDAR, on the Company's website, in the Company's Current Report on
Form 8-K as filed with the United States Securities and Exchange
Commission available under the Company's profile on EDGAR or upon
request by contacting the Company's Corporate Secretary at (604)
638-3246.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers
approximately 72 km² in southern Nevada. The property package is made up
of a number of private mineral leases of patented federal mining
claims and 865 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 North Bullfrog project includes numerous prospective gold
targets at various stages of exploration with four having NI 43-101
compliant mineral resources (Sierra Blanca, Jolly Jane, Mayflower
and YellowJacket). The project contains a measured
mineral resource of 3.86 Mt at an average grade of 2.55 g/t gold
and 19.70 g/t silver, containing 316.5k ounces of gold and 2,445k
ounces of silver, an indicated mineral resource of 1.81 Mt at an
average grade of 1.53 g/t gold, and 10.20 g/t silver, containing
89.1k ounces of gold and 593.6k ounces of silver and an inferred
resource of 1.48 Mt at an average grade of 0.83 g/t gold and 4.26
g/t silver, containing 39.5k ounces of gold and 202.7k ounces of
silver for oxide mill processing. The mineral resource for
the mill process was defined by WhittleTM optimization
using all cost and recovery data and a breakeven cut-off grade of
0.52 g/t gold. In addition, the project contains a measured mineral
resource of 0.3 Mt at an average grade of 0.25 g/t gold and
2.76 g/t silver, containing 2.4k ounces of gold and 26.6k ounces of
silver, an indicated mineral resource of 22.86 Mt at an average
grade of 0.30 g/t gold and 0.43 g/t silver, containing 220.5k
ounces of gold and 316.1k ounces of silver and an inferred mineral
resource of 176.3 Mt at an average grade of 0.19 g/t gold and 0.67
g/t silver, containing 1,077.4k ounces of gold and 3,799.2k ounces
of silver for oxide, heap leach processing. The mineral resource
for heap leach processing was defined by WhittleTM
optimization using all cost and recovery data and a breakeven
cut-off grade of 0.15 g/t.
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 forms the basis for this news release and has
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 National Instrument 43-101, has coordinated execution of
the work outlined in this news release and has 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 resource
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. Finally, representative blind duplicate samples are
forwarded to ALS Chemex and an ISO compliant third party laboratory
for additional quality control.
For additional information on the North Bullfrog project,
including information relating to exploration, data verification
and the mineral resource estimates, see "Technical Report and
Preliminary Economic Assessment for Combined Mill and Heap Leach
Processing at the North Bullfrog Project, Bullfrog Mining District,
NYE County, Nevada" dated
June 16, 2015, which is available
under Corvus Gold's SEDAR profile at www.sedar.com.
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 North Bullfrog, Nevada. In addition the Company
controls a number of 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 those discoveries to maximize
share price leverage in a recovering gold and silver market.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A.
Pontius
Jeffrey A.
Pontius,
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 to develop multiple
YellowJacket style high-grade zones, the Company's belief that the
parameters used in the WhittleTM pit optimization
process are realistic and reasonable, the potential to discover
additional high grade veins or additional deposits, the potential
to expand the existing estimated resource at the North Bullfrog
project, the potential for any mining or production at North
Bullfrog, the potential for the Company to secure or receive any
royalties in the future, business and financing plans and business
trends, 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 2013 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"). 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 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 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. 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.
SOURCE Corvus Gold Inc.