Corvus Gold Inc. [KOR-TSX, NASDAQ] said Thursday April 8 that it has received results from four additional drill holes in the new Lynnda Strip oxide gold discovery about two kilometres north of its Mother Lode deposit in Nevada.
The company said the latest results are continuing to expand this large, new, oxide, bulk tonnage, Nevada gold discovery with drill hole ML20-186 returning 108.2 metres at 1.13 g/t gold, including 36.6 metres at 2.75 g/t gold. Hole ML20-188 returned 114.30 metres at 0.96 g/t gold, while hole ML20-189 intersected 178.3 metres at 0.66 g/t gold in the upper zone followed by 100.6 metres at 0.94 g/t gold in the lower zone.
Corvus said the Lynnda Strip deposit is demonstrating gold continuity across its width and the large vein/stockwork zones within it. It said the thickness, grade and strong oxidation of this new discovery make it an ideal target for open-pit mining and heap leach processing.
Corvus shares advanced on the news, rising 1.2% or $0.03 to $2.47 in light trading. The shares are currently trading in a 52-week range of $4.26 and $1.48
Corvus is a North American gold exploration and development company. Its key assets are the wholly-owned North Bullfrog and Motherlode projects in Nevada.
North Bullfrog covers 90.5 square kilometres and is situated 10 kilometres north of Beatty, Nevada, 8.0 kilometres north of the Bullfrog Mine, which was formerly operated by Barrick Gold Corp. [ABX-TSX; GOLD-NYSE]
Motherlode is located approximately 10 km southeast of the North Bullfrog Project and covers 365 square kilometres.
The Moderlode property is estimated to contain 1.6 million ounces of gold and 1.5 million ounces of silver in the measured and indicated resource category.
Studies have indicated that an on stand alone basis, Motherlode could produce 170,980 ounces of gold annually at an all-in-sustaining cost of US$677 an ounce.
“The recent Lynnda Strip discovery is an example of the potential that exists in the re-emerging Bullfrog Gold District,” said Corvus President and CEO Jeffrey Pontius. He said Corvus would continue to expand the Lynnda Strip discovery with an initial mineral resource estimate planned for early fall of this year to assess its potential value for a future mining operation.
Corvus has a number of other targets in the region that it will address in the future to determine how extensive this new gold system is regionally.