Corvus Gold Inc. (TSX: KOR) (NASDAQ: KOR) announces it has received additional results from the new Northern, High-Grade Feeder Zone target of the Central Intrusive Zone (CIZ) at the Mother Lode project (Figure 1). Hole ML20-160CT drilled through the Main Zone returning 30.2m @ 1.42 g/t gold and then through the second intrusive dike of the CIZ below returning 86.9m @ 1.65 g/t gold, including 56.4m @ 2.34 g/t gold (Table 1). Additionally, hole ML20-176CT drilled 50 metres to the east intersected 110.8m @ 1.68 g/t gold, including 58.7m @ 2.47 g/t gold where the Main and CIZ come together (Figure 2). These are similar results to hole ML20-165CT (130.5m @ 2.33 g/t gold, NR21-01, Jan. 6, 2021) and ML20-159CT (83.9m @ 2.70 g/t gold, NR20-18, Nov. 12, 2020) to the north. Hole ML20-179CT was drilled too far to the west to intersect the new Northern Feeder zone and only tested the upper part of the Main Zone before poor drilling conditions terminated the drilling.

These new, Northern Feeder Zone holes continue to enlarge the high-grade zone of mineralization in this part of the Mother Lode deposit and appear to further expand the deposit. The new Mother Lode mineral resource estimation will utilize the entire project drilling between August of last year through June of this year with an expected release planned for fall of this year.

The newly defined large, higher-grade feeder system at Mother Lode occurs as a series of echelon zones along a north-northeast trend that likely has a corresponding deep-seated intrusive connection. We see these broad zones of higher-grade material directly related to intrusive dikes and continues to confirm the genetic relationship of the gold deposit to a high-level magmatic system at depth (shallow porphyry environment). The Northern Feeder Zone remains open to the north-northeast and at depth, with grades generally improving in both of these directions.

Jeffrey Pontius, President and CEO of Corvus, said, “The expansion of the Northern Feeder Zone is a great development for the Mother Lode project and we expect that it will have a positive impact on the gold system and mine plan. The Mother Lode system continues to grow and expand as further work progresses. The continued connection of this large gold system with a shallow porphyry emplacement bodes well for a larger deposit in the future. When we look at this large gold system in the context of the other new large discoveries along trend at Lynnda Strip, C-Horst and Silicon, the Eastern Bullfrog District is shaping up to be another Carlin Trend type gold environment with multiple deposit types hosted in a broad range of rock types likely related to one large gold system. At Corvus, we are excited to see the results of our perseverance, focus and dedication over the past decade in defining and advancing this emerging new large Nevada Gold District.”

Figure 1 Location Map: Mother Lode drill hole ML20-160CT, 176CT & 179CT

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Figure 2, Cross section for new Mother Lode drilling

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Qualified Person and Quality Control/Quality Assurance

Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has supervised the preparation of the scientific and technical information that forms the basis for this news release and has reviewed and approved the disclosure herein. Mr. Pontius is not independent of Corvus, as he is the CEO & President and holds common shares and incentive stock options.

Carl E. Brechtel, (Nevada PE 008744 and Registered Member 353000 of SME), a qualified person as defined by NI 43-101, has coordinated execution of the work outlined in this news release and has also reviewed and approved the disclosure herein. Mr. Brechtel is not independent of Corvus, as he is the CAO and holds common shares and incentive stock options.

The work program at North Bullfrog was designed and supervised by Mark Reischman, Corvus Gold’s Nevada Exploration Manager, who is 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 mineral resource sample shipments are sealed and shipped to American Assay Laboratories (“AAL”) in Reno, Nevada, for preparation and assaying. AAL is independent of the Company. AAL’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 AAL and an ISO compliant third-party laboratory for additional quality control. Mr. Pontius, a qualified person, has verified the data underlying the information disclosed herein, including sampling, analytical and test data underlying the information by reviewing the reports of AAL, methodologies, results and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.

Metallurgical testing on North Bullfrog and Mother Lode samples has been performed by McClelland Analytical Services Laboratories Inc. of Sparks Nevada (“McClelland”), Resource Development Inc. of Wheatridge, CO (RDi) and Hazen Research Inc. of Golden, CO (HRi). McClelland is an ISO 17025 accredited facility that supplies quantitative chemical analysis in support of metallurgical, exploration and environmental testing using classic methods and modern analytical instrumentation. McClelland has met the requirements of the IAS Accreditations Criteria for Testing Laboratories (AC89), has demonstrated compliance with ANS/ISO/IEC Standard 17025:2005, General requirements for the competence of testing and calibration laboratories, and has been accredited, since November 12, 2012. Hazen Research Inc. (“Hazen”), an independent laboratory, has performed flotation, AAO testing and cyanide leach testing on samples of sulphide mineralization from the YellowJacket zone and Swale area of Sierra Blanca, and roasting tests on Mother Lode flotation concentrate. Hazen holds analytical certificates from state regulatory agencies and the US Environmental Protection Agency. Hazen participates in performance evaluation studies to demonstrate competence and maintains a large stock of standard reference materials from the National Institute of Standards and Technology (NIST), the Canadian Centre for Mineral and Energy Technology (CANMET), the EPA and other sources. Hazen’s QA program has been developed for conformance to the applicable requirements and standards referenced in 10 CFR 830.120 subpart A quality assurance requirements, January 1, 2002. Resource Development Inc. is a state-of-the-art laboratory for metallic and industrial minerals filling a need for high quality, cost-effective, and timely technical services for the international mining industry.

For additional information see the following: “Technical Report and Preliminary Economic Assessment for Gravity Milling and Heap Leach Processing at the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada”, dated November 21, 2020 with an effective date of October 7, 2020 and “Technical Report and Preliminary Economic Assessment for BIOX Mill and Heap Leach Processing at the Mother Lode Project, Bullfrog Mining District, Nye County, Nevada” dated November 21, 2020 with an effective date of October 7, 2020, each of which is available under Corvus’ profile on SEDAR at www.sedar.com.

About the North Bullfrog & Mother Lode Projects, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately 90.5 km² in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 1,134 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor as well as a large water right. The Company also controls 445 federal unpatented mining claims on the Mother Lode project which totals approximately 36.5 km² which it owns 100%. The total Corvus 100% land ownership now covers over 127 km², hosting two major new Nevada gold discoveries.

About Corvus Gold Inc.

Corvus Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining project at the North Bullfrog and Mother Lode Districts in Nevada. In addition, the Company controls a number of royalties on other North American exploration properties representing a spectrum of gold, silver and copper projects. Corvus is committed to building shareholder value through new discoveries and the expansion of its projects to maximize share price leverage in an advancing gold and silver market.