Vancouver, Jan. 15, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR) (OTCQX: CORVF) announces the latest assay results from the first 10 drill holes of a 33 hole program on private (patented mining claims) land within the Jolly Jane deposit known as the ZuZu Zone. Initial results have shown the outcropping at the ZuZu zone to be thicker and overall higher grade than the previously defined estimated resource in this part of the deposit, as illustrated by hole NB-12-195 returning 47 metres of 0.60 g/t gold starting at surface. Drilling at Jolly Jane was designed to upgrade and expand the existing inferred gold resource to measured and indicated for inclusion in the Mayflower project feasibility study, presently underway and scheduled for release in Q1 of 2013.
This additional zone of mineralization on private land could significantly enhance the economics of the Mayflower project by adding additional early stage gold ounces where production is anticipated for late 2014.
ZuZu Zone Drilling
The Company's recent updated Preliminary Economic Assessment for the North Bullfrog project (see NR12-37, December 6, 2012) highlighted the opportunity for additional leach pad capacity for the Mayflower project.
The ZuZu zone at the Jolly Jane deposit (Figure 1) has emerged as a possible source for low strip ratio oxide mineralization also situated on private land to take advantage of this added capacity. A drill program was initiated in November 2012 and initial results have shown that good continuity exists in the zone and it is thicker than originally projected.
Following return of all assay results a new estimated resource will be calculated and utilized in the ongoing Mayflower feasibility study which will form the basis for the mining permit submission scheduled for Q2 2013. The ZuZu program will consist of 33 holes totalling 4000 metres, and is scheduled for completion in January, 2013.
The first drilling has defined the northern limits of the mineralization bounded by a fault down dropping the preferred host unit below volcanic cover and has also confirmed the structural and host rock continuity of the mineralized zone to the south. It appears that mineralization is closely related to a set of NE-trending structures that may have acted fluid pathways.
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.