Vancouver - Corvus Gold Inc. ('Corvus' or the 'Company') (TSX: KOR, OTCQX: CORVF) announces it has received initial assay results from its Phase-4 Mother Lode resource expansion drilling program.
Both holes returned positive results from the southwest part of the deposit where Main Zone mineralization has now extended to the southwest part of the resource area. The Company believes that this Southwestern extension of higher-grade mineralization has demonstrated potential for the deposit to continue expansion in multiple directions and now at depth with hole ML19-119 intersecting 50.3m @ 1.50 g/t gold in newly identified intrusive zone.
These initial Phase-4 holes are part of a 30,000-metre drilling program (Core and RC) targeting a major increase in size of the Mother Lode deposit. Corvus expects to complete the Phase-4 program by mid-2020 with follow-up drilling as needed in the second half of next year. Phase-4 is designed to expand the current mineral resource of the deposit, test the deep 'North Extension' & 'Core' targets and the down faulted western extension of the main Mother Lode deposit (west of the Fluorspar Canyon Fault). In addition, Corvus plans to update its District-wide resource base and mining studies, which will incorporate 35,000 metres of the recently completed Phase-3 drill program as well as results from the ongoing Phase-4 program.
Southwest Mother Lode and New Deep Discovery
The initial two holes in the southwest area of the deposit indicates that the higher grade (+2 g/t) part of the Mother Lode system extends farther to the west than previously modeled and could link up with the zone intersected in hole ML18-073 (48.8m @ 1.19 g/t gold including 22.9m @ 1.74 g/t gold) which is approximately 100 metres to the west. In addition, a new deep intrusive related gold zone was intersected in hole ML19-119 below the main Mother Lode deposit in Paleozoic carbonates which could represent leakage up-dip along the major central dike system that may be related to the new geophysical anomaly at depth (150m deeper).
Jeffrey Pontius, President and CEO of Corvus, said, 'The new Phase-4 results at Mother Lode has begun where we left off earlier this year, by successfully expanding the deposit with thick, higher-grade Main Zone mineralization. Additionally, the discovery of a new deep intrusive related zone is exciting as it may be the first indicator of a significant new gold system below the main Mother Lode deposit as outlined by our new geophysical target. Mineralization is hosted in the favorable carbonate package and fully oxidized. Our Mother Lode Phase-4 program is the most exciting phase yet in this new and rapidly expanding gold discovery. The potential of this system is very impressive and with continued success its size could be large we believe it has the potential to deliver significant value to our shareholders.'
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.
The combined Mother Lode and North Bullfrog Projects contains a Measured Mineral Resource for the mill of 9.3 Mt at an average grade of 1.59 g/t gold, containing 475 k ounces of gold and Indicated Mineral Resources for the mill of 18.2 Mt at an average grade of 1.68 g/t gold containing 988 k ounces of gold and an Inferred Mineral Resource for the mill of 2.3 Mt at an average grade of 1.61 g/t gold containing 118 k ounces of gold. In addition, the project contains a Measured Mineral Resource for oxide, run of mine, heap leach of 34.6 Mt at an average grade of 0.27 g/t gold containing 305 k ounces of gold and an Indicated Mineral Resource for, oxide, run of mine, heap leach of 149.4 Mt at an average grade of 0.24 g/t gold containing 1,150 k ounces of gold and an Inferred, oxide, run of mine, heap leach Mineral Resource of 78.7 Mt at an average grade of 0.26 g/t gold containing 549 k ounces of gold.
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. 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.
Contact:
Ryan Ko
Tel: 1-844-638-3246
Email: info@corvusgold.com
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 advancement and development of our Mother Lode project and the expansion of our drill program; plans for scout drilling; potential for additional mineralization; expectations for types of mineralization; updates on the development progress at the Mother Lode project; the potential for new deposits and expected increases in a system's potential; anticipated content, commencement and cost of exploration programs, anticipated exploration program results, 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 Annual Report on Form 10-K for the fiscal year ended May 31, 2019 filed with certain securities commissions in Canada and the Company's most recent filings with the United States Securities and Exchange Commission (the 'SEC'). All of the Company's Canadian public disclosure filings in Canada may be accessed via www.sedar.com and filings with the SEC may be accessed via www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
CORVUS GOLD INC. 
