Corvus Gold Inc. Announces 2010 Drilling plan for North Bullfrog Gold Project, Nevada
Vancouver, B.C........Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR) is pleased to announce that they have contracted Eklund Drilling Company, Inc. of Reno, Nevada to undertake a 10,000 metre reverse circulation drilling program at the North Bullfrog Gold Project, Nevada. Drilling is scheduled to begin in mid-October. The North Bullfrog Project targets low-sulphidation epithermal-style gold mineralization of a style similar to that at the Bullfrog mine operated by Barrick Gold Corporation until 1998 and located 8 kilometres to the south.
Drilling will focus on expanding the current NI 43-101 estimated Indicated gold resource of 2,202,000 tonnes at an average grade of 0.88 g/t (57,086 contained ounces), plus an additional Inferred gold resource of 950,000 tonnes at an average grade of 0.78 g/t (23,793 contained ounces), both at a cutoff grade of 0.5 g/t gold. The initial phase will test three primary targets areas: Sierra Blanca, Jolly Jane and Connection, all of which have had past drilling in the 1990's when gold was at ~ USD 400 per ounce. This historic drilling, which was undertaken by Barrick and Cordex Exploration Company, defined extensive zones of low grade mineralization in thick volcanic units (Figure 1). This target type is similar in setting to the Round Mountain Gold Deposit located 150 miles to the north as well as the historic Bullfrog gold mine. The program will test two other priority target areas with significant gold mineralization in historic drill holes and, as time permits, will also test some wildcat targets.
Priority Phase I Target Areas
In the Sierra Blanca area both disseminated bulk tonnage and high-grade vein-style targets are present. Historical drilling, including drilling by International Tower Hill Mines Ltd. in 2007, has defined broad zones of gold mineralization in the altered volcanics. In addition, vein mineralization is present in the north-south trending structural zones that have hosted historic high-grade production. Drilling will also target projections of the bulk tonnage and high-grade zones under cover to the east and south of the main target area in the Savage Valley.
Historical drilling in the Jolly Jane area in the 1990's by Barrick encountered disseminated mineralization over wide intervals within favourable host lithology. In addition, key deep structural zones have been identified and targeted as possible high-grade feeders to the disseminated system.
The Connection Prospect has returned several 10-20 metre intercepts in the +1 g/t gold range in the historical drilling. Mineralization in the Connection areas is hosted in a debris flow unit and has not been followed up since its discovery in the 1990's. The Phase I work will address the confirmation of the existing mineralization and initial testing of other new targets to the west.
Figure 1: Overview of the North Bullfrog Project area showing the location of the most important prospects.
The background image shows the distribution of potassium, an indicator of favourable host stratigraphy and adularia alteration. The topographic contour is 20 metres.
About North Bullfrog
The North Bullfrog Project is owned 100% by Corvus and covers 24 square kilometres of United States federal unpatented and leased patented claims (Figure 1). The property is located near Beatty, Nevada, 8 kilometres north of Barrick's former Bullfrog mine.
Gold was first discovered on the North Bullfrog property in 1904 and approximately 112,000 ounces of gold and 869,000 ounces of silver were produced from narrow high-grade veins. Historical exploration was focused on these high grade veins and, in addition, on the broad zones of lower grade mineralization hosted in adularia altered ash flow tuffs discovered during such initial historical exploration.
The current exploration program will focus on both defining the large bulk tonnage potential of the project as well as also testing favourable structural projections of high-grade vein system which may be hidden under cover. The Company's development concept is to develop multiple deposits (bulk tonnage and high-grade) which can be feed into a central processing facility.
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 Chairman and CEO and holds common shares and incentive stock options.
The work program at North Bullfrog was designed and supervised by Russell Myers, President of Corvus and Mark Reischman, the Nevada Exploration Manager for Corvus, who are together responsible for all aspects of the work, including the quality control/quality assurance program. 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 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, the potential for the expansion of the estimated resources at North Bullfrog, the potential for the operation of a central processing facility to treat North Bullfrog mineralization, business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. 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 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 SEC set forth in 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.