VANCOUVER, Jan. 22, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the latest assays from the final drill holes of the Phase II, 2012 Yellow Jacket drill program at the North Bullfrog Project, Nevada. The four hole program has now extended and further delineated the trend of the bonanza grade feeder system identified earlier in 2012. Best result to date was NB-12-138 which returned 72.4 metres @ 1.74 g/t gold and 98.7 g/t silver including 4.3 metres @ 20.0 g/t gold and 1,519 g/t silver (Table 1).
The Yellow Jacket high-grade target area is located directly north of the currently delineated Sierra Blanca deposit. Results to date have not been incorporated in the current North Bullfrog estimated resource and updated preliminary economic assessment. Subsequent drilling is expected to add to the overall gold resource at North Bullfrog, and a global resource update, incorporating the Yellow Jacket target results, is planned for late 2013.
The most recent result, Hole NB-12-184, intersected 58 metres @ 1.7 g/t gold and 33 g/t silver including 3.8 metres @ 4.1 g/t gold and 151 g/t silver, 4.4 metres @ 6.9 g/t gold and 50.4 g/t silver and 4.1 metres @ 4.3 g/t gold and 25 g/t silver (Table 1).
The Yellow Jacket high-grade, fault controlled, gold and silver mineralization has been encountered over a strike length of approximately 700 metres and remains open on strike and at depth. 3D IP imaging has now linked the Yellow Jacket discovery to a large master fault system which extends for over 2 kilometres in length and could have significant potential for additional high-grade mineralization. In addition, recent detailed mapping, which utilized the new geophysical data, has now highlighted a number of other structural zones with similar signatures to the Yellow Jacket discovery and possible high-grade potential. Aggressive follow-up drilling of the Yellow Jacket system and several other targets is expected to commence early 2013.
The most recent program, which commenced in October 2012, hit significant vein mineralization with broad zones of gold and silver mineralization hosting within it bonanza grade ore shoots which remain open on strike and at depth (Table 1). All vein intersections to date are within 150 metres of the surface (representing potential open pit mining depths) with quartz veins widening at depth (Figure 2), and none of these have been included in the current North Area estimated resource.
The silver to gold ratio of mineralization in these veins is distinctly higher than the overall North Bullfrog resource estimate and could represent a major new silver discovery in the district which could significantly benefit the overall project. The Yellow Jacket target area is emerging as a significant new high-grade zone adjacent to the North Area deposit which could have a major impact on mining economics as a starter pit zone within the overall deposit, operating at a much higher grade with significant silver credits.
Jeff Pontius, Corvus CEO, stated: "The near surface, high-grade Yellow Jacket zone not only offers an immediate positive impact on the North Area mine plan as a potential higher value starter phase, but also potential to evolve into a major new high-grade deposit in its own right. We believe the exploration potential for expanding the Yellow Jacket system and discovering new yet to be tested systems is high with our new understanding of the District. We at Corvus are very excited as we kick off our aggressive 2013 exploration and mine development program which will focus on expanding the high-grade and heap leach potential of the North Area as well as moving our Mayflower project through permitting and into planned development."
Evolution of the Yellow Jacket Vein System Discovery
The Yellow Jacket vein system represents a completely blind discovery of a large, previously unrecognized, high-grade gold and silver system in the North Bullfrog District (Figure 1). Prior drilling in this area was focussed to the east in an area of historic prospect pits along the Liberator and Yellow Jacket Faults, with RC hole NB-10-63 intersecting 10.7 metres @ 7.5 g/t gold and 6.5 g/t silver and core hole NB-12-126 intersecting 11.4 metres @ 4.9 g/t gold and 7.0 g/t silver. Core hole NB-12-127 (7.7 metres @ 2.4 g/t gold and 11.31 g/t silver) was designed to follow up on an interesting intersection in RC hole NB-11-91 (9.1 metres @ 2.07 g/t gold and 2.32 g/t silver) which was the first time quartz vein related mineralization was encountered
These results were used to target the hotter boiling zone part of the quartz vein system which lead to the Yellow Jacket discovery in hole NB-12-138 (72.4 metres @ 1.74 g/t gold and 98.7 g/t silver including 4.3 metres @ 20 g/t gold and 1,519 g/t silver).
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corporation. The property package is made up of a number of leased patented federal mining claims and 758 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor. The Company's independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in December 2012.
The project currently includes numerous prospective gold targets, with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an 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 Yellow Jacket targets. The Company is actively pursuing both types of mineralization.
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.
SOURCE Corvus Gold Inc.