Corvus Gold Inc. [KOR-TSX; KORVF-OTCQX] receiving positive drill results from its new Lynnda Strip target in southern Nevada approximately 2.5 km north-northeast of its Mother Lode deposit and about halfway between Mother Lode and AngloGold Ashanti’s Silicon project.
The Lynnda Strip mineralization is a combination of structurally and stratigraphically controlled oxide gold below approximately 150 metres of cover. Drill hole CH20-11 returned an oxide zone totalling 197 metres at 0.44 g/t gold, including 44.2 metres of 0.90 g/t gold and 20 metres of 0.74 g/t gold. Higher-grade intervals are associated with stockwork quartz veining hosted in volcanic rocks which is similar to the historic Bullfrog mine and Corvus Gold’s YellowJacket gold deposits. Follow-up drilling will test the upper part of the system, which Corvus Gold projects to be higher grade.
The Lynnda Strip target has a distinctive geophysical signature as shown in data from Corvus Gold’s new AMT survey. This same geophysical pattern occurs approximately 3.0 kilometres to the west of Lynnda Strip at Corvus Gold’s Twisted Canyon target, which also has a coincident surface gold anomaly. Corvus Gold is working on a number of other targets generated by the Mother Lode belt geophysical survey as well as follow-up work on drill results from Cat Hill and other targets tested in the North Bullfrog project area.
In addition, Corvus Gold has developed two new targets, Hidden Valley and East Prospector, on its new Snake claims east of AngloGold Ashanti’s Silicon discovery. These two areas have attractive alteration systems. At Hidden Canyon, Corvus has found surface vein occurrences indicative of the upper levels of productive gold systems like those found elsewhere in the Bullfrog mining district. Further follow-up work and drill targeting on these new Corvus Gold targets are continuing.
Jeffrey Pontius, President and CEO, said: “The ongoing new discovery exploration work across the Bullfrog gold district continues to produce encouraging results, highlighting the potential of this re-emerging Nevada gold district. In addition, the large exploration programs initiated by surrounding major and mid-tier mining companies pursuing a number of other targets and discoveries punctuate this potential. The initial results at Lynnda Strip suggest that the system could be amenable to open-pit mining and heap leach processing.”
In morning trading on July 17, shares of Corvus Gold gained $0.17 to $4.00 on a volume of 270,600 shares traded.