Corvus Gold Inc. (TSX: KOR) (NASDAQ: KOR) announces it has received additional drill holes results from the Mother Lode and Lynnda Strip oxide gold discoveries (Table 1, Figure 1). Corvus believes that these results will be an important addition to a maiden mineral resource estimate for Lynnda Strip and an updated Mother Lode mineral resource estimate scheduled for later in the year. The mineralization defined in these drill holes continues to support the large potential in the eastern Bullfrog District along the Mother Lode to Silicon belt. Corvus remains focused on assessing its strategic property package along this belt by expanding its currently defined deposits as well as new target opportunities.

Lynnda Strip

Drill holes ML20-183CT (180m @ 0.79 g/t Au) and ML20-185CT (185.4m @ 0.82 g/t Au) continue to demonstrate the thick and consistent nature of the large oxide, Lynnda Strip deposit. In addition, these holes have continued to expand the broad, higher grade internal vein systems within the bulk tonnage deposit (ML20-183CT: 21.5m @ 3.32 g/t Au & 17m @ 1.1 g/t Au and ML20-185CT: 14.6m @ 3.4 g/t Au & 6.4m @ 1.41 g/t Au). The currently defined vein systems that Corvus has identified at Lynnda Strip appear to be coalescing toward a large new structure target at depth, which is feeding the overall Lynnda Strip deposit. One key element of this new high-grade target is the structural system between the Lynnda Strip and South Merlin deposits (Wizard Fault), immediately west of hole ML20-185CT which is currently being tested.

Mother Lode

Drill holes ML20-174CT (26.7m @ 2.57 g/t Au & 6.08 g/t Ag including 7.3m @ 4.70 g/t Au & 9.87 g/t Ag), and ML20-175CT (14.5m @ 6.48 g/t Au & 25.9 g/t Ag), continues to expand the North Feeder Zone and are approximately 200 metres north of drill holes ML20-160CT (30.2m @ 1.42 g/t Au & 86.9m @ 1.65 g/t Au) and ML20-176CT (110.8m @ 1.68 g/t Au, including 58.7m @ 2.47 g/t Au) from NR21-04, February 9, 2021. The new holes are suggesting the northern extension of the Northern Feeder Zone may be thinning but increasing in grade as we approach the Corvus property boundary, which is about 250 metres north of hole ML20-174CT. At this point it appears that the northern extension of the Mother Lode system could be transitioning into an underground target that could potentially be accessed out the bottom of an open pit.

Jeffrey Pontius, President and CEO of Corvus, said, “With Corvus’ latest drill hole results we continue to add to the potential of the Eastern Bullfrog District along the productive Mother Lode to Silicon Belt. With the numerous discoveries and positive drill results that have been returned from the Eastern Bullfrog District, it appears this area is shaping up to host a large production center that could involve all major land owners in the area. With Corvus’ strong financial position and near-term production asset at North Bullfrog, the Company is well positioned to play a key role in the re-development of the Bullfrog Mining District.”

Table 1: Mother Lode & Lynnda Strip – 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)

Mother Lode

Lynnda Strip

A graphic accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/e12f664f-3647-4c86-95c7-4a5c60d24929

Figure 1. Map for Lynnda Strip & Mother Lode drill holes, East Bullfrog District, Nevada

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 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, 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.