Corvus Gold Inc. Announces Initial Drilling Results from Grubstake Target, Chisna Copper-Gold Project, AlaskaIdentifies Large Porphyry Complex with Significant Copper and Gold Mineralization
Vancouver, B.C........Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR) is pleased to announce assay results for the upper sections of two of six holes from the diamond drilling at the Grubstake target on the Chisna copper-gold project, Alaska (Figure 1). Both holes are extensively altered and veined, thus confirming copper-gold mineralization is associated with a large porphyry style mineral system. The results also demonstrate that mineralization is linked to the younger, probably Cretaceous, intrusive suite at Grubstake which may be of similar age to the Pebble deposit 600 kilometres to the west and Orange Hill deposit 100 kilometres to the southeast.
Figure 1: Grubstake drill hole location map for holes GS-10-01 & 03 plotted on IP anomaly map.
Hole GS-10-03 encountered 130 metres averaging 0.2% copper and 0.15 g/t gold beginning at 191 metres down hole depth. In addition to the copper-gold mineralization (which was the principal target of holes GS-10-01 and GS-10-03) high-grade (+10 g/t) gold mineralization has been found in many surface structures. In hole GS-10-01, several of these gold mineralized structures were encountered below the post mineral fault (Figure 2, Table 1). These structures may become targets in their own right as exploration proceeds at Grubstake.
Table 1: Summary intercepts from holes GS-10-01 and GS-10-03
(At this time it appears that the mineralized zone intersected in these holes is flat lying to
shallowly dipping to the north so the true thickness of these intercepts is somewhat less
than that in the downhole interval shown)
Hole # From (metres) To (metres) Interval (metres) Copper (%) Gold (g/t) GS-10-01 14.8 214.0 199.3 0.08 0.06 including 17.7 29.0 11.3 0.12 0.06 including 33.0 54.3 21.3 0.11 0.07 including 94.3 104.6 10.2 0.11 0.19 including 123.1 132.0 8.9 0.13 0.10 226.4 231.2 4.8 0.04 1.32 including 228.0 231.2 3.2 0.04 1.87 GS-10-03 23.4 61.9 38.5 0.14 0.09 137.8 172.6 34.8 0.16 0.10 191.4 321.3 129.9 0.19 0.15 including 191.4 296.5 105.1 0.20 0.16 including 195.8 227.8 32.0 0.26 0.19
Russell Myers, President of Corvus, stated, "These results provide "proof of concept" for the Grubstake porphyry target and, given the extensive area of the IP chargeability anomalies, bodes well for the exploration potential of this target which is only one of many in the Chisna belt. The complex history of alteration and intrusion reflected in the core point to multiple mineralizing events in the Grubstake area which is encouraging for the discovery of a major deposit. With over 12 square kilometres of anomalous surface gold and copper and subsurface geophysical targets, this initial drill program has only just begun to evaluate the system. Given the early success of the first two holes we are very encouraged with the discovery potential of the Grubstake target area."
Analysis of Results
Hole GS-10-01 targeted a highly anomalous area of soils and encountered over 200 metres of copper mineralization hosted in volcanic rocks and intrusive breccias with extensive zoned porphyry type alteration before a fault terminated the zone (Figure 2). The IP data linked this mineralized zone to a moderate IP response that also mapped the terminating fault. Hole GS-10-03 was then drilled back to evaluate the extension of the IP anomaly to the north and encountered extensive alteration and mineralization throughout the hole. In the top of GS-10-03 breaks in these extensive mineralized zones are caused by post mineral monzonite porphyry dikes typical in porphyry deposits.
The success of defining significant zones of copper and gold mineralization associated with surface and subsurface anomalies will form the basis for taking the Grubstake exploration program forward. The next phase of work following the return of the remaining drill hole results will be to conduct a 3D analysis of the data to expand the understanding of the overall system and target follow-up drill holes for this large and relatively un-tested new porphyry discovery.
Figure 2: Cross section through GS-10-01 and GS-10-03 with
IP chargeability image behind.
About the Chisna Project
The Chisna Project is focussed on a new and emerging Alaskan copper-gold porphyry belt of deposits with copper and gold mineralization associated with mid-Cretaceous intrusions of similar age and style to the Pebble deposit to the west and Orange Hill deposit to the east. At present, the Corvus/Ocean Park Ventures Corp. joint venture controls over 232,000 acres of either State of Alaska Mining Claims or land leased from Ahtna Corporation. The 2010 exploration program represents the first modern exploration and drilling to take place on this large and highly mineralized new Alaskan porphyry belt.
Corvus and its predecessor-in-title, International Tower Hill Mines Ltd., began exploration on the project in 2006 and discovered the Grubstake porphyry copper system in 2007. Beginning in 2010, the Chisna project is being operated as a joint venture between Raven Gold Alaska Inc. (a subsidiary of Corvus) and Ocean Park Alaska Corp. (a subsidiary of Ocean Park Ventures Corp.), with Ocean Park earning 51% by contributing USD 20 million in exploration expenditures over a 5 year period, thereby providing Corvus with a no cost assessment of this belt (see International Tower Hill Mines Ltd. news release NR09-29 for details on the terms of the joint venture). Raven is the operator of the joint venture during the first two years.
In 2010, the Chisna project advanced dramatically with the completion of a large airborne geophysics (6700 line kilometres of ZTEM (Z Axis Tipper Electromagnetic system), an innovative airborne EM system credited with correctly delineating the Pebble deposit) and extensive ground geophysics (100 line kilometres of 3D induced polarization) together with surface prospecting and drilling. This work has defined over a dozen priority targets of which only two, POW and Grubstake, have been initially tested with drilling, both returning anomalous copper and gold values.
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 that forms 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.
The work program at Chisna was designed and supervised by Russell Myers, the Vice-President, Exploration of ITH and the President of Corvus. On-site personnel at the project photograph the core from each individual borehole prior to preparing the split core. On-site personnel at the project log and track all samples prior to sealing and shipping. All sample shipments are sealed and shipped to ALS Chemex in Fairbanks, Alaska, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assay. 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. Quality control is further assured by the use of international and in-house standards. 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 Alaska and Nevada, which controls a number of exploration projects representing a spectrum from early stage to the advanced gold projects. Corvus is committed to building shareholder value through new discoveries and leveraging those discoveries via partner funding into carried and or royalty interests that provide its shareholders significant exposure to produced gold to maximize the value for their investment.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chairman and Chief Executive Officer
Contact Information: Quentin Mai, Manager - Corporate Communications
Phone: 1-888-770-7488 (toll free) or (604) 683-3246/Fax: (604) 408-7499
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, 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 Information Circular of International Tower Hill Mines Ltd. dated July 9, 2010 in respect of the ITH Special Meeting held on August 12, 2010. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com.
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.
Contact Information Suite 1920 - 1188 West Georgia St.
Vancouver, British Columbia V6E 4A2
Telephone: 604-683-6246 www.corvusgold.com
Posted: October 13, 2010
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