From Stockwatch Gold Summary Jeffrey Pontius's Corvus Gold Inc. (KOR), down two cents to $1.83 on 129,000 shares, has received assays of up to 1.98 grams of gold per tonne over 42.7 metres from its Mother Lode deposit in Nevada. The assays are from three new holes of the company's "continuing Main zone infill deposit expansion phase 4 drill program" -- a little bit of everything, it appears -- work that has expanded the Main deposit beyond the 2018 resource estimate, says Mr. Pontius, president and CEO.
Mr. Pontius also cheered results from the Central Intrusive zone (CIZ), a new area identified beneath the Main zone that is producing comparable assays, at least when the drillers can deal with challenging ground conditions. He says that the results from the CIZ are also encouraging, supporting the company's hope of turning this new discovery into an expansion of the oxide gold system at depth.
In that regard, Mr. Pontius and his crew are waiting impatiently for results from the company's latest drill hole, which intersected over 150 metres of deeply oxidized material with "multiple intrusive dikes and strong alteration." (Without assays, geologists quickly succumb to touting intrusions and alteration as though there was a ready market for either.) In any case, Mr. Pontius says that should the hole return significant grades, it could lead to an oxide expansion of the Mother Lode deposit.
At last report, Corvus listed 53.4 million tonnes measured and indicated at 0.68 gram of gold per tonne and 16.2 million tonnes inferred at 0.46 gram per tonne, a total of 1.4 million ounces, about 560,000 of those ounces deemed heap leachable at about 0.3 gram per tonne. Those ounces could get a good boost if Corvus manages to drill more of the higher-grade oxide material in the CIZ zone. (The rest of the Mother Lode resource, 845,000 ounces, are contained in (somewhat) higher-grade sulphide rock that will require milling.)
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