Corvus Gold Inc. (TSX: KOR) (NASDAQ: KOR) announces it 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.”
Table 1: Lynnda Strip & South Merlin – 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|
|AZ 090 dip-60|
|inc||201.59||205.25||3.66||1.97||n/a||1 g/t cut|
|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|
|inc||402.95||407.52||4.57||1.24||n/a||Lower Vein #1|
|580.64||585.06||4.42||0.37||n/a||Hole ended in oxide gold (0.67 g/t)|
|AZ 090 dip-60|
|1 g/t cut|
|inc||433.43||461.62||28.19||1.47||n/a||Lower Vein #1|
|1 g/t cut|
|AZ 085 dip-60||Upper Zone|
Figure 1. Location map for new Lynnda Strip drill holes, East Bullfrog District, Nevada, ~2km North of the Mother Lode deposit
Figure 2. Aerial photo looking east at the new Lynnda Strip Discovery showing Corvus drilling and surrounding AngloGold Ashanti & Coeur Mining drilling
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 COO and holds common shares and incentive stock options.
The work program at Mother Lode 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.
Mr. Wilson, 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.
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