Corvus Gold Begins Follow-up Drilling at the Yellow Jacket High-Grade Gold Target, North Bullfrog, Nevada
Vancouver, B.C. - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the start of its follow up drill program on the high-grade gold target at Yellow Jacket on its North Bullfrog project in Nevada.
Results from a recently completed 3D IP geophysical survey at North Bullfrog has provided important targeting information for follow up drilling. In addition to targets at Yellow Jacket, results have highlighted a number of other highly favourable structural zones with high-grade potential on the property (Figure 1). In addition, this survey has further defined favourable areas for the expansion of the bulk tonnage deposits in the North Area. The drilling program will begin with one diamond core rig and expand when new permits are received at the end of the year.
Jeff Pontius, Corvus Gold CEO states: "Follow-up drilling is opening up an exciting new value component for the project and our Company as a whole. The new high-grade targeting information has identified a number of highly encouraging targets that indicate expansion potential of both high-grade and bulk tonnage mineralization outside the current defined area."
Yellow Jacket Target
The Yellow Jacket target is associated with an intensely fractured, deep seated north-south trending fault zone. This zone hosts a variety of vein related high-grade gold and silver mineralization with a large surrounding, low-grade, disseminated zones. There are two important types of veins. Single stage quartz veins with pyrite have been encountered in holes NB-12-126 (5.7 metres of 6.56 g/t gold and 9.94 g/t silver) and NB-12-127 (7.7 metres of 2.43 g/t gold and 11.31 g/t silver) while more complex silicified hydrothermal breccias with fragments of banded colloform quartz were encountered in hole NB-12-138 (4.3 metres of 20.0 g/t gold and 1,519 g/t silver). Analysis of vein textural variations together with variations in clay mineralogy is helping to unravel the mechanics of this kilometer long structural zone that hosts significant high-grade mineralization. The follow up drill program will initially focus on expanding and defining the geometry of the core zone mineralization but will then begin to look at other high priority targets in the District.
District High-Grade Potential
Surface sampling, drilling and the new geophysical study have highlighted several high potential areas for both expansions of the current oxide heap leach resource and undiscovered high-grade systems. Historically several high-grade vein systems where mined at the turn of the century in the North Bullfrog District with similarities to the veins mine by Barrick Gold in the 1990’s at the Bullfrog Mine 8 kilometres south. New priority high-grade targets have been identified at the Road Fault, West Sierra Blanca and West Savage Valley which will be tested following the next phase of Yellow Jacket drilling. In addition, targeting work is ongoing in the Mayflower area to follow up the new high-grade, banded adularia vein discovery (NB-12-141 with 1.1 metres of 6.85 g/t gold and 1.9 g/t silver).
Figure 1: Geological map showing the area of the recently completed 3D IP survey and structures that have now been highlighted as potential high grade systems. The survey has confirmed the geological continuity of the bulk tonnage alteration system which will help expansion of the resource under cover.
New 3D Induced Polarization Geophysical Survey
The 3D induced polarization survey, conducted by SJ Geophysics, was
designed to provide information about the structure and alteration
around the North Area deposits. The survey consisted of 36 line
kilometres which has provided 3D coverage over an area of 5.6km2. The
primary objective of the survey was to define the locations of key
structures related to high-grade vein type mineralization, particularly
in the Yellow Jacket area. In addition the survey has mapped key
stratigraphic controls and alteration associated with the large bulk
tonnage deposits in the area. The final 3D inversion was received in
mid-September and the data has played an important role in the targeting
of follow-up drilling programs for both the high-grade program and the
extension of existing oxide heap leach resources.
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 43 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold. The property package is made up of a number of leased patented federal mining claims and 461 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor. The Company and its independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in February 2012.
The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an NI 43-101 compliant 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/.
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.
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.
October 1, 2012 (Source: Corvus Gold, Inc.)
Disclosure: Corvus Gold is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team are actively accumulating and may hold long positions in KOR.T or CORVF .