Vancouver - Corvus Gold Inc. ('Corvus' or the 'Company') (TSX: KOR, OTCQX: CORVF) announces it has received assay results from two holes from the Phase-4 Mother Lode resource expansion drill program.
Both holes returned positive results from the central part of the deposit where the Main Zone mineralization has infilled parts of the deposit not yet estimated: ML19-121; 36.6m @ 1.79 g/t Au, ML19-122; 36.6m @ 2.43 g/t Au & 27.4m @ 2.42 g/t Au
In addition, results continue to be returned from the newly discovered Central Intrusive Zone ('CIZ', previously called the deep intrusive zone with the first hole reported NR19-19, Dec. 5, 2019; ML19-119; 50.3m @ 1.50 g/t Au, including 33.5m @ 1.94 g/t Au). This new and expanding, higher-grade, oxide zone is below the main Mother Lode deposit and remains unconstrained.
ML19-121; 41.2m @ 1.60 g/t Au, including 15.2m @ 3.6 g/t Au & 6.1m @ 5.3 g/t Au
All intercepts to date from the Mother Lode Phase-4 drilling are within open pit depths and have ended in mineralization. A diamond core drill rig has begun drilling at the North Deep target and will then move to follow-up test the expanding intrusive CIZ target.
Newly Identified Central Intrusive Zone Discovery
The initial Phase-4 holes in the CIZ target continue to outline a significant area that Corvus believes has potential for high-grade oxide mineralization (+1 g/t gold) immediately below the known Mother Lode deposit. These recent intercepts combined with the previous results continue to show an intimate association with a widening intrusive dike system, which projects down into the geophysical target announced late last year (NR19-18 Nov. 7, 2019). Previous drilling in the CIZ target has only penetrated the upper portion of the dike system returning broad intercepts of higher grade oxide gold mineralization (ML17-020 with 54m @ 0.77 g/t Au including 10.7m @ 2.8 g/t Au; NR18-01 Jan.10, 2018, & ML19-119 with 50.3m @ 1.50 g/t including 33.5m @ 1.94 g/t Au; NR19-19 Dec. 5, 2019). This new high-grade oxide zone is being targeted with follow-up drilling laterally and at depth to follow it down dip into the geophysical anomaly. Corvus believes the CIZ could represent a major new oxide expansion of the Mother Lode system with grades that could have the potential to support both open pit and eventually underground development as the deposit extends at depth.
Jeffrey Pontius, President and CEO of Corvus, said, 'The latest intercepts from the new CIZ are encouraging and we believe they could represent the tip of the iceberg for a new high-value part of this growing deposit. As with other sediment hosted gold systems, there is a close relationship between intrusive activity as well as potential to grow at depth. The Phase-4 Mother Lode exploration program is designed to unlock what Corvus anticipates may be the deep potential for both high-grade oxide and deeper sulfide mineralization in this promising new sediment hosted deposit. Corvus has a commanding land position and we believe we are well-situated to expand the Bullfrog Mining District that is anchored with our large North Bullfrog and Mother Lode deposits that highlight the potential for new discoveries in the area.'
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 drilling; expectations of and potential for additional resources or mineralization; expectations regarding the potential for future open-pit and underground mining; expectations for types of mineralization; updates on the development progress at the Mother Lode project; the potential for new deposits and discoveries and expected increases in a system's potential; expectations regarding the potential expansion of the Bullfrog mining district; 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. 
