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Corvus Gold Reports Additional Drilling Results from ZuZu Zone, North Bullfrog, Nevada

March 7, 2013

TSX: KOR  OTCQX: CORVF

VANCOUVER, March 7, 2013 /PRNewswire/ – Corvus Gold Inc. (“Corvus” or the
“Company”) – (TSX: KOR, OTCQX: CORVF) announces the latest assays from
the ZuZu zone resource expansion drilling program within the Nevada,
North Bullfrog Project. The ZuZu program is directed at defining an
expanded resource base for the Mayflower mine project for inclusion
into the ongoing Mayflower feasibility study scheduled for release in
Q1 of 2013. The final 19 holes of the program have confirmed the
presence of thick zones of well mineralized highly oxidized material
outcropping on the hill at ZuZu, including 90 metres of 0.3 g/t gold
starting at the surface in NB-12-200.

Jeff Pontius, Corvus’ CEO, stated: “We anticipate that this additional
zone of at-surface oxide mineralization on private land at ZuZu will
expand the scope of the Mayflower project and should increase the
resource base for the Mayflower project, thus enhancing the project
economics.  We look forward to the completion of the Mayflower
feasibility and the continued development of the project as well as the
start of our 2013 high-grade and North Area exploration program planned
for Q2 2013.”


                                               Table 1

    Significant New Intercepts* from Infill Drilling and Chip Channel
                            Sampling at ZuZu

                 From      To   Interval   Gold            Silver

     Hole ID  (metres) (metres) (metres)  (g/t)             (g/t)

    NB-12-200      3.0     93.0     90.0    0.27                 0.39

    including     16.8     71.6     54.9    0.32                 0.37

    NB-12-201     25.9    115.8     89.9    0.25                 0.49

    NB-12-202     18.3     39.6     21.3    0.22                 0.36

    including     24.4     36.6     12.2    0.30                 0.43

    NB-12-203      0.0     27.4     27.4    0.28                 1.01

    NB-12-204          No significant Intercepts                     

    NB-12-205          No significant Intercepts                     

    NB-12-206      0.0      6.1      6.1    0.31                 0.46

    NB-12-207     68.6     74.7      6.1    0.49                 0.40

    NB-12-208      0.0     12.2     12.2    0.18                 0.48

    NB-13-209     83.8    106.7     22.9    0.19                 0.25

    NB-13-210          No significant Intercepts                     

    NB-13-211     38.1     76.2     38.1    0.30                 0.43

    including     39.6     62.5     22.9    0.40                 0.51

    NB-13-212     22.9     35.0     12.2    0.24                 0.36

    NB-13-213          No significant Intercepts                     

    NB-13-214     38.1     97.5     59.4    0.27                 0.31

    including     54.9     93.0     38.1    0.34                 0.32

    NB-13-215     25.9     86.9     61.0    0.21                 0.39

    NB-13-216     32.0     42.7     10.7    0.28                 0.40

    NB-13-217      0.0     29.0     29.0    0.30                 0.46

    NB-13-218      4.6     10.7      6.1    0.29                 0.42

    JJRX-6         0.0     32.0     32.0    0.26                 0.40

    JJRX-7         1.5     13.7     12.2    0.21                 0.18

    JJRX-8             No significant Intercepts                     

    *Intercepts are approximate true widths and were calculated with
                        0.1 g/t gold cut-off and
                   up to 3.0 metres of internal waste.

ZuZu Zone Drilling

During the Preliminary Economic Assessment of the North Bullfrog Project
(NR12-37, December 6, 2012), an additional area was outlined for the
expansion of the original Mayflower pad design and the mineralized zone
on the ZuZu patented claim was identified as a potential resource
expansion zone.  A 30 hole (3,639 metre) drilling program conducted in
late 2012 and Q1 of 2013 has confirmed the potential of this zone,
which could potentially add substantial tonnage to the Mayflower mine
plan and extend the proposed mine life.

The ZuZu drilling program has outlined a strong gold system in the
central portion of the target.  The mineralization begins at surface
and is hosted primarily by the upper Crater Flat Tuff as it is
elsewhere on the property. The mineralization at ZuZu has a low strip
ratio and a favorable mining configuration.

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers
approximately 68 km² 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 December 2012.

The project currently includes numerous prospective gold targets with
four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing
an estimated Indicated Resource of 15 Mt at an average grade of 0.37
g/t gold for 182,577 ounces of gold and an Inferred Resource of 156 Mt
at 0.28 g/t gold for 1,410,096 ounces of gold (both at a 0.2 g/t
cutoff), with appreciable silver credits.  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 in structural
feeder 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 http://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 Mayflower and North Mine Areas at the North Bullfrog Project,
Bullfrog Mining District, Nye County, Nevada” dated December 6, 2012
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 programs at North Bullfrog are 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 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.

About Corvus Gold Inc.

Corvus Gold Inc. is a resource exploration company, focused in Nevada,
Alaska and Quebec, which controls a number of exploration projects
representing a spectrum of early-stage to advanced gold projects. 
Corvus is focused on advancing its 100% owned Nevada, North Bullfrog
project towards a potential development decision and continuing to
explore for new major gold discoveries. Corvus is committed to building
shareholder value through new discoveries and leveraging noncore assets
via partner funded exploration work into carried and or royalty
interests that provide shareholders with exposure to gold production.

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 for any mining or production at North Bullfrog, the potential
for the identification of multiple deposits at North Bullfrog, the
potential for the mineralization on the ZuZu claim to be converted to a
resource and/or to enhance the economics of the Mayflower project or to
extend the anticipated mine life, 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 and the preliminary economic
assessment thereof also may be deemed to be forward-looking statements
in that it reflects a prediction of the mineralization that would be
encountered, and the results of mining it, 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 latest Annual Information Form and interim Management
Discussion and Analysis and filed with certain securities commissions
in Canada.  All of the Company’s Canadian public disclosure filings may
be accessed via www.sedar.com
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 shareholders 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.

Caution Regarding Adjacent or Similar Mineral Properties

This news release contains information with respect to adjacent or
similar mineral properties in respect of which the Company has no
interest or rights to explore or mine.  The Company advises US
investors that the mining guidelines of the US Securities and Exchange
Commission (the “SEC”) set forth in the SEC’s Industry Guide 7 (“SEC
Industry Guide 7″) strictly prohibit information of this type in
documents filed with the SEC.  Readers are cautioned that the Company
has no interest in or right to acquire any interest in any such
properties, and that mineral deposits on adjacent or similar properties
are not indicative of mineral deposits on the Company’s properties.

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.

Image with caption: “Figure 1: Location of the ZuZu Claim and drill holes reported in this release. Topographic contour interval is 5 metres. All reported holes are vertical. Chip channel sample traces are shown in red. (CNW Group/Corvus Gold Inc.)”. Image available at: http://photos.newswire.ca/images/download/20130307_C3001_PHOTO_EN_24360.jpg


Source: PR Newswire