Feb 2 2011
Corvus Gold Inc. (TSX:KOR) has announced the discovery of a new high-grade gold vein system at the Yellowjacket target on its North Bullfrog property near Beatty, Nevada.
The initial hole drilled into the target during the Company's 2010-11 winter exploration program returned 13.7 metres (11.9 metre true width) of 5.9 g/t gold and 5.2 g/t silver, including a high-grade intercept of 6.1 metres grading 11.9 g/t gold and 8.8 g/t silver.
The Yellowjacket target is the first of a series of high-grade, vein-type targets to be drilled in the Company's previously announced 10,000-metre drill program at the North Bullfrog project. In addition to the zone of 13.7 metres containing 5.9 g/t gold and 5.2 g/t silver, the same hole (hole NB-10-63) also intercepted 62.5 metres of 0.4 g/t gold and 1.2 g/t silver in the strataboundzone beneath the high-grade quartz-sulfidestockwork zone. Drillholes targeting the lateral extension of stratabound mineralization to the west and south continue to confirm widespread distribution of bulk-tonnage mineralization in the central Sierra Blanca region, including hole NB-10-51 which intercepted 32 metres of 0.5 g/t gold and1.6 g/t silver and hole NB-10-55 which intercepted 36.6 metres of 0.4 g/t gold and 0.8 g/t silver.
Drilling at the Sierra Blanca target has now confirmed the presence of many zones greater than 100 metres thick of mineralization outlining potential for a large, bulk-tonnage deposit in the area. Hole NB-10-64, the first hole drilled in the Savage Valley target, returned an intercept of 131.1 metres at 0.3 g/t gold and 0.7 g/t silver, including 50 metres of 0.4 g/t gold and 23 metres of 0.5 g/t gold. This intersection confirms the continuity of mineralization into the area, which is 300 metres to the south and east of the nearest previous intersections. Following the initial drilling of the Sierra Blanca targets, the Company will begin testing targets in the Connection and Jolly Jane target areas, both of which have high-grade vein systems as well as large bulk-tonnage targets.
Due to the early success of the exploration program, the Company has expanded its North Bullfrog drill program to 12,000 metres which will continue to the end of February 2011. The budget for the program has increased from $1.2 million to $1.35 million.
Mr. Jeff Pontius, Chief Executive Officer of Corvus Gold, states: "The success of initial testing at the central Sierra Blanca and Yellowjacket targets is testament to the exceptional potential of the North Bullfrog property. This discovery confirms our belief that as-yet-undiscovered structures within this large mineral system will host significant grades and we are excited about the potential of other target areas yet to be tested. The results to date continue to support our concept of a multi-million-ounce, multi-deposit, district-scale mining project with a mix of high-grade stockwork veins and large, bulk tonnage disseminated gold and silver deposits."
The North Bullfrog Project covers over 24 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick. The project has excellent infrastructure, being adjacent to a major highway and power corridor, and is 100% controlled by the company.
The project currently includes eight prospective gold targets with one prospect – the Mayflower target – containing an NI 43-101 compliant initial Indicated Resource of 2.6 million tonnesat an average grade of 0.67g/t gold (at a 0.3 g/t cutoff) for 76,300 ounces of gold and an Inferred Resource of 2.2 million tonnes at 0.56 g/t gold for 39,000 ounces of gold 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 by structural zones with breccias and quartz-sulfide vein stockworks such as the Mayflower and Yellowjacket targets. The Company is pursuing both types of mineralization with an expanded 12,000 m Phase 1 drill program.
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 that form the basis for this news release and has approved the disclosure herein. Mr. Pontius is not independent of Corvus Gold, as he is the CEO and holds common shares and incentive stock options.
The work program at North Bullfrog was designed and supervised by Russell Myers, President of Corvus Gold; and Mark Reischman, 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. 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. Quality control is further assured by the use of international and in-house standards. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
Source: Corvus Gold Inc.