Corvus Gold drills 52.6 m of 1.39 g/t Au at Lynda Strip
2021-01-13 07:14 ET - News Release
Mr. Jeffrey Pontius reports
CORVUS GOLD DRILLS 52.6 METRES @ 1.39 G/T GOLD AND 111.1 METRES @ 0.80 G/T GOLD, EXPANDS NEW LYNNDA STRIP MAJOR, OXIDE DISCOVERY AND A NEW DISCOVERY TO THE WEST AT SOUTH MERLIN IN FIRST DRILL HOLE, BULLFROG DISTRICT, NEVADA
Corvus Gold Inc. has received initial core hole results from its new Lynnda Strip discovery east and west of the previously announced reverse circulation (RC) drill results (Figure 1) approximately 2km's north of the Mother Lode deposit. The new results include hole ML20-167CT with 111.05m @ 0.80 g/t gold & hole ML20-169CT with an upper zone intercept of 52.64m @ 1.39 g/t gold and a lower zone intercept of 80.07m @ 0.83 g/t gold. These results continue to display consistent, oxide, high-grade vein mineralization and broad zones of heap leach grade mineralization which supports a large target potential at Lynnda Strip.
In addition, Corvus has received results from its initial hole (RC) drilled into the South Merlin target about a half a kilometre to the west of the initial Lynnda Strip discovery with a 12.2m intercept of 0.61 g/t gold before the hole ended due to poor drilling conditions. This far western intercept is believed to be connected to the overall Lynnda Strip system which would make it over 800 metres wide. Given the broad width of the system and Coeur Mining Inc's recently announced results to the south, Corvus believes the greater Lynnda Strip system has strong potential (Figure 2) for further growth.
Jeffrey Pontius, President and CEO of Corvus, said, "These new results from the initial Lynnda Strip core holes have now extended oxide gold mineralization to a depth of 600 metres or an overall thickness of over 300 metres. We are encouraged by the South Merlin results and the thickness potential defined by these recent deep core holes. The good heap leach recoveries of the mineralization and the scale of the system suggests good open pit potential as well. Corvus will continue the aggressive expansion of the Lynnda Strip system as well as test a number of new and highly attractive targets in the area. It is a very exciting time for Corvus and its shareholders as district wide exploration continues to expand and interest level increases."
Executive Chairman Appointed
Corvus is pleased to announce that Ron Largent, the Company's Chairman of the Board has accepted the new role as Executive Chairman and will take a greater role in the development of the Company's assets. Mr. Largent's experience with mine development and operations gives Corvus an excellent, hands-on addition to its mine building team.
Jeffrey Pontius, President and CEO of Corvus, said, "Ron's new role as Executive Chairman is a positive for our Company. Ron's wealth of knowledge on mine construction and operations will significantly de-risk the development of our mining projects. The solid working relationship I have had with Ron over the past few decades from our work on the development of the Cripple Creek mine in Colorado, to the Jerritt Canyon operation in Nevada, has built a high-level of confidence in his ability to build, optimize and operate mines. Corvus and its shareholders are fortunate to have Ron in this strategic role as we advance the Company's Nevada gold assets."
Ron Largent, Executive Chairman of Corvus, said, "Corvus has two excellent mining projects in Nevada, a premier jurisdiction for gold mining. I feel fortunate to be part of the Corvus story and very excited about helping to advance the Company forward to the next stage of value creation. Mining is always a challenging business but the unique assets of Corvus are well suited for low-cost development and are expected to operate across the full spectrum of the commodity price curve."
Lynnda Strip & South Merlin {Ⴅ –} New Discovery Drilling 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 0.1 g/t cut-off unless otherwise indicated below) Drill Hole # from (m)to (m)Interval (m)Gold (g/t)Silver (g/t) Comment ML20-167CT 190.5 239.26 48.76 0.52 n/a Upper Zone AZ 090 dip-60 inc 201.59 205.25 3.66 1.97 n/a 1 g/t cut 258.82 369.87 111.1 0.8 n/a inc 293.12 303.7 10.58 1.08 n/a Upper Vein #1 1 g/t cut inc 343.15 369.26 26.11 1.27 n/a Upper Vein #1 1 g/t cut 395.33 419.44 24.11 0.81 n/a Lower Zone inc 402.95 407.52 4.57 1.24 n/a Lower Vein #1 1g/t cut 422.76 432.91 10.15 0.5 n/a 445.92 450.41 4.49 0.63 n/a 455.07 463.91 8.84 0.37 n/a 471.53 485.24 13.71 0.44 n/a 490.97 516.64 25.67 0.26 n/a 571.88 575.16 3.28 0.26 n/a 580.64 585.06 4.42 0.37 n/a Hole ended in oxide gold (0.67 g/t) ML20-169CT 207.96 260.6 52.64 1.39 n/a Upper Zone AZ 090 dip-60 inc 209.26 238.8 29.54 2.15 n/a Vein #1 1 g/t cut 309.98 325.22 15.24 0.32 n/a 355.7 358.75 3.05 0.14 n/a 391.03 471.1 80.07 0.83 n/a inc 433.43 461.62 28.19 1.47 n/a Lower Vein #1 1 g/t cut 490.69 524.87 34.18 0.36 n/a 534.36 537.87 3.51 0.27 n/a 541.63 561.81 20.18 0.25 n/a 580.67 585.64 4.97 0.23 n/a 672.1 682.81 10.71 0.12 n/a ML20-172 99.06 112.78 13.72 0.13 n/a South Merlin AZ 085 dip-60 Upper Zone 124.97 137.16 12.19 0.14 n/a 160.02 188.98 28.96 0.2 n/a 233.17 245.36 12.19 0.61 n/a Lower Zone