Corvus Gold expands new discovery at Motherlode, Nevada

Corvus Gold Inc. [KOR-TSX; CORVF-OTCQX] has received results from the initial deep core hole from the Central Intrusive zone (CIZ) target and discovered a large new gold mineralized zone below the known existing Mother Lode deposit near Beatty, Nevada. Key mineralized zone highlights from hole ML19-123CT include:

• Upper oxide zone: 42.9 metres at 0.72 g/t gold, including 11.1 m at 1.4 g/t gold;
• Main sulphide zone: 38.2 metres at 2.0 g/t gold, including 5.7 m at 2.6 g/t gold and 28 m at 2.1 g/t gold;
• CIZ: 125.5 metres at 2.56 g/t gold, including 14.8 m at 8.9 g/t gold and 24.7 m at 4.3 g/t gold;
• CIZ: 74.7 metres at 0.62 g/t gold, including five m at 1.73 g/t gold and 9.2 m at 1.56 g/t gold.

The CIZ is an oxidized high-angle intrusive dike swarm, first discovered in late 2019 (ML19-119, 50.3 m at 1.50 g/t gold) below the known Mother Lode deposit. Subsequent RC drilling at the CIZ was generally ineffective at being able to drill through the zone although a few holes partially tested it with encouraging results (ML19-121, 41 m at 1.60 g/t gold). Hole ML19-123CT is the first diamond core hole in the CIZ target, successfully drilled through the dike swarm encountering broad zones of oxide mineralization within the dikes and surrounding carbonates.

This expanding new discovery is directly related to a broad dike swarm that has increased in width and mineralization intensity with depth. This zone now has nearly a dozen dikes and a higher-temperature alteration assemblage, suggesting increasing intrusive activity with depth, which may explain the wider and higher-grade intervals intercepted in the hole (nine m at 10.9 g/t Au).

Hole ML19-123CT is generally oxidized to a depth of 650 metres and preliminary pit modelling suggests that the mineralization intercepted may be amenable to an open-pit design. The success in hole ML19-123CT is being addressed with an initial series of 20 follow-up core holes covering an area 500 metres by 200 metres. This follow-up is designed to test the currently known most productive part of the dike swarm, which is 200 to 300 metres thick with a potential of vectoring in on feeder zones. The potential of this new discovery could be greater in size than the existing Mother Lode deposit.

The highest-grade intercept in hole ML19-123CT at the company’s one g/t gold cut-off (14.84 m at 8.88 g/t gold) is associated with higher-temperature clay alteration, thin stockwork quartz veinlets, low silver and elevated trace elements that are typical with deeper, hotter and more intrusion-related gold systems. The characteristics of this type of gold system are encouraging for a much larger and higher-grade system at depth.

Jeffrey Pontius, President and CEO, said: “These new results now reveal the potential of the CIZ. We will be evaluating this exciting target with our ongoing innovative core drilling program at Mother Lode. In addition to the ongoing exploration work that is expanding the Mother Lode deposit, development work is also rapidly progressing on our low-capex, quick to account, Phase 1 starter project at [nearby] North Bullfrog.”

Refer to company website for complete drill results.

The combined Mother Lode and North Bullfrog projects contain a Measured Mineral Resource for the mill of 9.3 million tonnes averaging 1.59 g/t gold, containing 475,000 ounces of gold and Indicated Resources for the mill of 18.2 million tonnes averaging 1.68 g/t gold containing 988,000 ounces of gold and an Inferred Resource for the mill of 2.3 million tonnes averaging 1.61 g/t gold containing 118,000 ounces of gold. In addition, the project contains a Measured Mineral Resource for oxide, run-of-mine, heap leach of 34.6 million tonnes averaging 0.27 g/t gold containing 305,000 ounces of gold and an Indicated Resource for oxide, run-of-mine, heap leach of 149.4 million tonnes averaging 0.24 g/t gold containing 1.15 million ounces of gold and an Inferred, oxide, run-of-mine, heap leach Resource of 78.7 million tonnes averaging 0.26 g/t gold containing 549,000 ounces of gold.

On May 13, Corvus Gold shares rose by $0.35, or 15.7%, to close at $2.58 on a volume of 958,000 shares traded.