Corvus Gold-New Drill Results From LMS Project, Alaska Expands Down-Dip Gold Zone to +800 Metres
Expands Down-Dip Gold Zone to +800 Metres
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/12 -- Corvus Gold Inc. ('Corvus' or the 'Company') - (TSX: KOR)(OTCQX: CORVF) is pleased to announce the results from the drilling undertaken by First Star Resources Inc. ('First Star') on the LMS property in Alaska in 2011 prior to returning the property 100% to Corvus. The First Star drilling has confirmed at least 800 metres of down-dip continuity on the Camp Breccia, an extensive, well mineralized, stratiform black breccia body which dips gently to the west from the 300 metre long surface outcrops. LMS has features in common with other Tintina Gold Belt deposits including Kinross Gold's, White Gold project in the Yukon, where stratiform breccias are an important control, and the high-grade vein hosted Pogo Mine, located 40 kilometres to the northeast of LMS, operated by Sumitomo Metal Mining Pogo LLC which is characterized by vein mineralization on a low angle shear structure. The Camp Breccia is one of several surface gold targets on the LMS property which Corvus intends to explore in 2012 with the goal of producing a 43-101 resource estimate.
Key intervals from the First Star drilling are (Table 1):
-- Hole LM-10-38: Intercepted multiple higher grade zones including 2.9
metres at 12.5 g/t gold in the black breccia. (Previously reported in
NR10-07, November 17, 2010)
-- Hole LM-10-39: Intercepted 13.4 metres at 2.5 g/t gold and 12.4 g/t
silver in the black breccia. (Previously reported in NR10-07, November
17, 2010)
-- Hole LM-11-40: Intercepted 23.3 metres at 5.2 g/t gold and 11.9 g/t
silver in the black breccias and feeder vein system. (Previously
reported in NR 11-10, June 9, 2011)
-- Hole LM-11-42: Intercepted 1.8 metres at 2.7 g/t gold and 17.7 g/t
silver in the black breccia.
-- Hole LM-11-43: Intercepted 1.8 metres at 2.7 g/t gold and 41.7 g/t
silver in the black breccia.
These results continue to expand on earlier drilling by Corvus' predecessor-in-title, International Tower Hill Mines Ltd., whose drill program in 2006 returned 15 intercepts greater than 10 g/t gold from the black breccia target, including 0.8 metres of 1,540 g/t gold in hole LM-06-29 (the 15 intercepts range in gold grade from 1,540 g/t to 10.1 g/t and width from 0.3 to 5.1 metres). The First Star drilling has significantly expanded the gold bearing, black breccia horizon in the Camp target to nearly a kilometre down dip and 200 to 400 metres in width with the zone remaining open (Figure 1). Gold within the host horizon appears structurally controlled and related to a large through going shear zone with similarities to the structural controls on the shallowly dipping high-grade ore zones of the Pogo Mine, 40 kilometres to the northeast, which has now become Alaska's largest producing gold mine. Recognition of this district-scale structural zone highlights the potential of a number of other targets on the LMS property package which have yet to be tested and will be explored by Corvus in the 2012 exploration program.
Jeff Pontius, CEO of Corvus, stated: 'The lateral continuity of the mineralization at LMS is impressive, as is the number of high-grade gold intersections. The LMS project represents a significant gold discovery in the greater Pogo Mining District and a very attractive exploration target for Corvus. The property's favourable location near infrastructure and its proximity to the Pogo Gold Mine significantly enhances its development potential. Corvus is excited about the potential of expanding the Camp Breccia and new discoveries on the other untested, high priority targets in this large and highly favourable gold system.'
Table 1: Significant Intercepts(i) from holes drilled at by First Star
Resources Inc.
(reported widths are approximate true widths)
From To Interval Gold Silver
Hole ID (metres) (metres) (metres) (g/t) (g/t) Host Zone
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LM-10-37(ii) 158.5 179.5 21.0 0.7 6.2 Black Breccia
LM-10-37(ii) 195.1 197.5 2.4 0.7 25.3 Black Breccia
----------------------------------------------------------------------------
LM-10-38(ii) 161.5 164.3 2.8 4.7 4.6
LM-10-38(ii) 172.5 181.7 9.1 1.6 15.4 Black Breccia
including 179.5 181.7 2.1 4.8 6.0 Black Breccia
LM-10-38(ii) 198.9 201.8 2.9 12.5 6.0 Black Breccia
LM-10-38(ii) 324.3 325.8 1.5 4.6 2.3
----------------------------------------------------------------------------
LM-10-39(ii) 221.6 224.8 3.2 3.5 6.0
including 221.6 222.8 1.2 7.8 3.6
LM-10-39(ii) 227.2 240.6 13.4 2.5 12.4 Black Breccia
including 233.6 238.1 4.4 4.9 19.0 Black Breccia
LM-10-39(ii) 267.2 268.7 1.5 1.6 65.0
LM-10-39(ii) 271.3 274.8 3.5 12.1 2.0 Veins
----------------------------------------------------------------------------
LM-11-40(ii) 192.3 215.6 23.3 5.2 11.9
including 194.5 203.5 9.0 0.9 4.7 Black Breccia
including 204.0 215.6 11.7 9.6 19.3 Veins
including 211.2 215.6 4.4 23.8 33.5 Veins
----------------------------------------------------------------------------
LM-11-41 193.2 195.1 1.9 1.7 3.0
Hole Lost at 230m Above Breccia Target Zone
----------------------------------------------------------------------------
LM-11-42 99.4 101.2 1.8 2.7 17.7 Black Breccia
----------------------------------------------------------------------------
LM-11-43 171.8 172.8 1.1 1.0 116.3
LM-11-43 336.6 339.5 2.9 1.8 28.4 Black Breccia
including 337.7 339.5 1.8 2.7 41.7 Black Breccia
----------------------------------------------------------------------------
LM-11-44 73.9 77.7 3.8 1.2 0.5
LM-11-44 362.4 367.9 5.5 0.9 29.9 Black Breccia
including 362.4 365.1 2.7 1.3 44.8 Black Breccia
----------------------------------------------------------------------------
LM-11-45 No Significant Intercepts
----------------------------------------------------------------------------
LM-11-46 288.6 290.9 2.3 0.4 17.9 Black Breccia
----------------------------------------------------------------------------
LM-11-47 289.0 291.7 2.7 0.8 16.5 Black Breccia
(i) Intercepts calculated using 0.2 g/t Gold cutoff and a maximum of 2
metres of internal waste.
(ii) Previously reported using a 0.5g/t cutoff. Results from 2010 drilling
are restated here because QA/QC review of the First Star data revealed minor
inconsistencies and a revised cutoff of 0.2g/t gold has been used.
The lower cutoff reflects the evolving gold price.
About the LMS Project
The LMS claim block is located in the Goodpaster/Pogo Mining District of Alaska and consists of 92 State of Alaska mining claims covering 61 square kilometres. Gold mineralization at LMS is believed to be intrusive related, similar to the Pogo Gold Mine located 40 kilometres to the northeast. The property is accessed by the Pogo mine winter road and is within 5 kilometres of a paved road and 10 kilometres of grid power.
The primary target at LMS is a stratiform breccia horizon hosted in a sequence of high-grade metamorphic rocks. The host breccia has formed in an interval of highly fractured graphitic quartzite which has focused gold rich fluid flow. The matrix to the breccias is a dark fine-grained mixture of silica and pyrite, which together with the graphite, leads to the term 'black breccia'. In addition to the stratiform black breccia mineralization there are a number of high-grade gold-silver veins and stockwork zones cutting through the entire system which can produce spectacular grades. Initial metallurgical test work on the project indicated high gold recoveries (95%) can be obtained with simple gravity separation followed by cyanidation, similar to the process used at the Pogo Mine to the north.
The bulk of the LMS target area is covered by a thin veneer of windblown sand obscuring its potential until Corvus' predecessor-in-title conducted deep basal soil sampling which revealed a number of strong gold in soil anomalies (Figure 2). These anomalies have many geochemical features in common with the Camp Breccia and represent high priority, new discovery targets for the 2012 exploration program.
To view Figures 1 & 2 visit: http://media3.marketwire.com/docs/kor207_F1-2.pdf.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has reviewed 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.
All of the foregoing information is based on data provided by First Star Resources Inc., which was the operator of the joint venture on the LMS Project in 2011. Russell Myers (CPG 11433), a qualified person as defined by National Instrument 43-101, has reviewed and independently verified the LMS information that forms the basis for this news release. Mr. Myers is not independent of the Company, as he is the President and holds common shares and incentive stock options.
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 of early-stage to advanced gold projects. Corvus is committed to building shareholder value through new discoveries and leveraging those discoveries 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.
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, 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 or any of its joint venture partners 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 or its joint venture partners may produce or plan to produce, the inability of the Company or any of its joint venture partners to obtain any necessary permits, consents or authorizations required for its or their activities, the inability of the Company or any of its joint venture partners to produce minerals from their properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement their respective 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.
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.
Contacts:
Corvus Gold Inc.
Ryan Ko
Investor Relations
(604) 638-3246 or Toll Free: 1-888-770-7488
(604) 408-7499 (FAX)
info@corvusgold.com
www.corvusgold.com
