Important points in Corvus news release todayEnd of 2
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This intersection, which is the first test of the western pediment, opens the door to a significant expansion of the deposit to the west. The mineralization is hosted by dacitic volcanic units which have been a poor host in other areas and suggests close proximity to a strong mineralizing system.
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The high silver to gold ratio of 250 to 1 in this new structure zone could be an early indication of another Yellowjacket type high-grade system is operating on the west flank of Sierra Blanca
Corvus drills 38.1 m of 0.47 g/t Au at North Bullfrog
Ticker Symbol: C:KOR
Corvus drills 38.1 m of 0.47 g/t Au at North Bullfrog
Corvus Gold Inc (C:KOR)
Shares Issued 65,115,028
Last Close 9/10/2013 $1.05
Wednesday September 11 2013 - News Release
Mr. Jeff Pontius reports
CORVUS GOLD STEP-OUT DRILLING EXTENDS GOLD MINERALIZATION WEST OF SIERRA BLANCA DEPOSIT IDENTIFYING NEW COVERED TARGET, NORTH BULLFROG PROJECT, NV
Corvus Gold Inc. has released results from two additional reverse circulation (RC) holes from the continuing 2013 drill program where drilling to date has concentrated predominantly at the Yellowjacket zone and North Sierra Blanca. The latest holes were stepout holes drilled to explore the western extent of the Sierra Blanca Deposit (Figure 1). Hole NB-13-227 collared in alluvial cover more than 100 metres to the west of the currently known Sierra Blanca deposit and encountered 38 metres of 0.5 g/t gold starting at 17 metresin depth, immediately below gravel cover (Table 1). Mineralization under the pediment is associated with carbonate veining in several discrete structures, similar to the Mayflower mineralization to the south.
Shallow oxide mineralization with grades higher than the average Sierra Blanca grade (outlined in the most recent PEA; NR-13-13, June 4, 2013) is a highly attractive early mining target. This intersection, which is the first test of the western pediment, opens the door to a significant expansion of the deposit to the west. The mineralization is hosted by dacitic volcanic units which have been a poor host in other areas and suggests close proximity to a strong mineralizing system.
NB-13-228 was also drilled on the western flank of Sierra Blanca and encountered 93 metres of 0.2 g/t gold which is typical for this part of Sierra Blanca system. However, in addition to the normal disseminated, low-grade, style mineralization, a zone 6 metre thick with 7.6 g/t silver was discovered in a discrete structure outside of the main deposit (Table 1).
The high silver to gold ratio of 250 to 1 in this new structure zone could be an early indication of another Yellowjacket type high-grade system is operating on the west flank of Sierra Blanca. Similar silver-rich mineralization was also found in hole NB-13-220 (reported July 10, 2013, NR-13-16) along a structure to the north of NB-13-228 (Figure 1). This new highly attractive structural target will be followed up with core drilling in the future.
Table 1: Significant intercepts* from North Sierra Blanca RC holes. HoleID From (m)To (m)Interval (m)Gold (g/t)Silver (g/t) Comments NB-13-227 16.8 54.9 38.1 0.47 0.71 In Dacite 61.0 68.6 7.6 0.38 0.71 In Dacite NB-13-228 121.9 128.0 6.1 0.03 7.63 High silver zone 140.2 233.2 93.0 0.17 0.46
*Intercepts calculated with 0.1g/t cutoff and up to 3m internal waste. Assuming that the mineralization is roughly stratiform in character the intercepts are approximately true thickness. All holes are vertical.
Jeff Pontius, Chief Executive Officer, states: "North Bullfrog continues to surprise us with new zones and styles of mineralization everywhere we have drilled to date indicating an extensive, District scale gold-silver system. Both of these new holes represent early indications of what might develop into significant new discovery potential which could have a dramatic impact not only on near-term mine development but on the longer-term project potential and shareholder value."
North Sierra Blanca Target
The objective of the 2013 reverse circulation drill program at North Sierra Blanca is to map the distribution of higher grade, disseminated mineralization for the enhancement and optimization of the overall North Bullfrog mine plan by defining and expanding new higher grade zones in the greater system. Discoveries made to date with this exploration program have not only defined new large areas of higher grade disseminated mineralization but have outlined a number of areas with potential for the discovery of other Yellowjacket type, high-grade, structural zones. The current 100 metre grid spacing has not only provided data for resource expansion but critical information on the stratigraphy and alteration to link with our detailed geophysical data to more accurately outline potential high-grade structures for follow-up drill testing. The mineralization in NB-13-227 represents an important new area with early mining starter pit potential.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 70 kmA Superscript two in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corporation. The property package is made up of a number of leased patented federal mining claims and 758 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor. The Company's independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in June 2013.
The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an estimated oxidized Indicated Resource of 36.7 Mt at an average grade of 0.26 g/t gold for 308,000 ounces of gold and an oxidized Inferred Resource of 220.4 Mt at 0.18 g/t gold for 1,289,000 ounces of gold (both at a 0.1 g/t gold cutoff), with appreciable silver credits. Unoxidized Inferred mineral resources are 221.6 Mt at 0.19 g/t for 1,361,000 ounces of gold (at a 0.1 g/t gold cutoff).
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-sulphide vein stockworks such as the Mayflower and Yellowjacket targets. The Company is actively pursuing both types of mineralization.
A video of the North Bullfrog project showing location, infrastructure access and 2010 winter drilling is available on the Company's website at
https://www.corvusgold.com/investors/video/. For details with respect to the assumptions underlying the current resource estimate and preliminary economic analysis, see the technical report entitled "Technical Report and Preliminary Economic Assessment for the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada" dated June 4, 2013 and available under the Company's profile at
www.sedar.com.
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 (other than the resource estimate) that form the basis for this news release and has approved the disclosure herein. Mr. Pontius is not independent of Corvus, as he is the CEO and holds common shares and incentive stock options.
Mr. Gary Giroux, M.Sc., P. Eng (B.C.), a consulting geological engineer employed by Giroux Consultants Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the Giroux Consultants Ltd. mineral resource estimate. He has over 30 years of experience in all stages of mineral exploration, development and production. Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field. He has authored many papers on geostatistics and ore reserve estimation and has practiced as a Geological Engineer since 1970 and provided geostatistical services to the industry since 1976. Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.
The work program at North Bullfrog was designed and supervised by Russell Myers (CPG 11433), President of Corvus, and Mark Reischman, Corvus 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. 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. McClelland Laboratories Inc. prepared composites from duplicated RC sample splits collected during drilling. Bulk samples were sealed on site and delivered to McClelland Laboratories Inc. by ALS Chemex or Corvus personnel. All metallurgical testing reported here was conducted or managed by McClelland Laboratories Inc.
We seek Safe Harbor.
© 2013 Canjex Publishing Ltd.