Corvus Gold Expands North Bullfrog Land Package by 52% Following
High-Grade Gold-Silver Vein Discovery at Yellow Jacket Target
Resource Conversion Drilling Initiated on Patented Ground at
Jolly Jane Target
TSX: KOR OTCQX: CORVF
VANCOUVER,
Dec. 4, 2012 /PRNewswire/ - Corvus
Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF)
announces the expansion of its North Bullfrog land package in
Nevada by approximately 23.5
square kilometres or 52% (Figure 1). The land acquisition
involved staking an additional 297 federal mining claims to cover
expanded exploration and development potential (NR May 23, 2012, July 24,
2012 & November 28,
2012). The North Bullfrog property package now covers
approximately 68 square kilometres, representing one of the larger
new gold-silver projects in Nevada.
Corvus commenced phase I resource conversion and
expansion drilling at the Jolly Jane deposit in the North Bullfrog
area (Figure 1). The phase I program is focused on resource
conversion on private lands in the Jolly Jane deposit which the
Company anticipates including in its phase I mine development
plan. The drill program is expected to be completed by
yearend and results available for inclusion into the Company's
ongoing phase I feasibility study scheduled for completion in the
first quarter of next year.
Jeff Pontius,
Corvus CEO, stated "Our recent land acquisition is in response to
the new high-grade vein potential we see in our North District and
to the east. These newly discovered high-grade systems have
little surface expression and we feel the potential for new
discoveries in this area is very high. We are excited to not
only follow-up and expand the Yellow Jacket discovery but to begin
exploring new targets generated from our new structural and
geophysical data."
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 Corp. 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 and its independent
consultants completed a robust positive Preliminary Economic
Assessment on the existing resource in February 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 Yellowjacket targets. The Company is actively pursuing
both types of mineralization.
A video of the North Bullfrog project showing
location, infrastructure access and 2010 winter drilling is
available on the Company's website at
http://www.corvusgold.com/investors/video/.
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 (other than the resource
estimate) that form the basis for this news release and has
approved the disclosure herein. Mr. Pontius is not
independent of Corvus, as he is the CEO and holds common shares and
incentive stock options.
Mr. Gary Giroux,
M.Sc., P. Eng (B.C.), a consulting geological engineer employed by
Giroux Consultants Ltd., has acted as the Qualified Person, as
defined in NI 43-101, for the Giroux Consultants Ltd. mineral
resource estimate. He has over 30 years of experience in all
stages of mineral exploration, development and production.
Mr. Giroux specializes in computer applications in ore reserve
estimation, and has consulted both nationally and internationally
in this field. He has authored many papers on geostatistics
and ore reserve estimation and has practiced as a Geological
Engineer since 1970 and provided geostatistical services to the
industry since 1976. Both Mr. Giroux and Giroux Consultants
Ltd. are independent of the Company under NI 43-101.
The work program at North Bullfrog was designed
and supervised by Russell Myers (CPG
11433), President of Corvus, and Mark
Reischman, Corvus 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. Quality
control is monitored by the insertion of blind certified standard
reference materials and blanks into each sample shipment. All
resource 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. Finally, representative blind duplicate samples are
forwarded to ALS Chemex and an ISO compliant third party laboratory
for additional quality control.
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.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A.
Pontius
Jeffrey A. Pontius,
Chairman and Chief Executive Officer
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable
Canadian and US securities legislation. All statements, other
than statements of historical fact, included herein including,
without limitation, statements regarding the anticipated content,
commencement and cost of exploration programs, anticipated
exploration program results, the discovery and delineation of
mineral deposits/resources/reserves, the potential for the
expansion and/or conversion of the existing resource at North
Bullfrog, the potential for any mining or production at North
Bullfrog, the potential for the existence or location of additional
high-grade veins, the proposed completion of a Feasibility Study
for the North Bullfrog project, the potential for the Company to
secure or receive any royalties in the future, business and
financing plans and business trends, are forward-looking
statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe,
expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, variations in the market price of any mineral
products the Company may produce or plan to produce, the Company's
inability to obtain any necessary permits, consents or
authorizations required for its activities, the Company's inability
to produce minerals from its properties successfully or profitably,
to continue its projected growth, to raise the necessary capital or
to be fully able to implement its business strategies, and other
risks and uncertainties disclosed in the Company's latest interim
Management Discussion and Analysis and filed with certain
securities commissions in Canada. All of the Company's Canadian
public disclosure filings may be accessed via www.sedar.com
and readers are urged to review these materials, including the
technical reports filed with respect to the Company's mineral
properties.
Cautionary Note Regarding References to
Resources and Reserves
National Instrument 43 101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") is a rule developed
by the Canadian Securities Administrators which establishes
standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects. Unless
otherwise indicated, all resource estimates contained in or
incorporated by reference in this press release have been prepared
in accordance with NI 43-101 and the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resource and Mineral Reserves, adopted by the
CIM Council on November 14, 2004 (the
"CIM Standards") as they may be amended from time to time by the
CIM.
United
States shareholders are cautioned that the requirements and
terminology of NI 43-101 and the CIM Standards differ significantly
from the requirements and terminology of the SEC set forth in the
SEC's Industry Guide 7 ("SEC Industry Guide 7"). Accordingly,
the Company's disclosures regarding mineralization may not be
comparable to similar information disclosed by companies subject to
SEC Industry Guide 7. Without limiting the foregoing, while
the terms "mineral resources", "inferred mineral resources",
"indicated mineral resources" and "measured mineral resources" are
recognized and required by NI 43-101 and the CIM Standards, they
are not recognized by the SEC and are not permitted to be used in
documents filed with the SEC by companies subject to SEC Industry
Guide 7. Mineral resources which are not mineral reserves do
not have demonstrated economic viability, and US investors are
cautioned not to assume that all or any part of a mineral resource
will ever be converted into reserves. Further, inferred
resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically.
It cannot be assumed that all or any part of the inferred resources
will ever be upgraded to a higher resource category. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of a feasibility study or prefeasibility study,
except in rare cases. The SEC normally only permits issuers
to report mineralization that does not constitute SEC Industry
Guide 7 compliant "reserves" as in-place tonnage and grade without
reference to unit amounts. The term "contained ounces" is not
permitted under the rules of SEC Industry Guide 7. In
addition, the NI 43-101 and CIM Standards definition of a "reserve"
differs from the definition in SEC Industry Guide 7. In SEC
Industry Guide 7, a mineral reserve is defined as a part of a
mineral deposit which could be economically and legally extracted
or produced at the time the mineral reserve determination is made,
and a "final" or "bankable" feasibility study is required to report
reserves, the three-year historical price is used in any reserve or
cash flow analysis of designated reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority.
Caution Regarding Adjacent or Similar
Mineral Properties
This news release contains information with
respect to adjacent or similar mineral properties in respect of
which the Company has no interest or rights to explore or
mine. The Company advises US investors that the mining
guidelines of the US Securities and Exchange Commission (the "SEC")
set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7")
strictly prohibit information of this type in documents filed with
the SEC. Readers are cautioned that the Company has no
interest in or right to acquire any interest in any such
properties, and that mineral deposits on adjacent or similar
properties are not indicative of mineral deposits on the Company's
properties.
This press release is not, and is not to be
construed in any way as, an offer to buy or sell securities in
the United States.
SOURCE Corvus Gold Inc.
Image with caption: "Figure 1. North Bullfrog Property map with
new claims shaded. (CNW Group/Corvus Gold Inc.)". Image available
at:
http://photos.newswire.ca/images/download/20121204_C5855_PHOTO_EN_21494.jpg