Mother Lode Deposit Additional Results From Drill Program

VANCOUVER - Corvus Gold Inc. has received additional results from its current drill program at the Mother Lode project with a successful expansion of the new Central Intrusive Zone “CIZ” and Upper Oxide targets.  These latest results continue to define the shape and continuity of the gold mineralization in these important mineral resource expansion areas of the Mother Lode deposit.  Key intercepts include ML20-163, with 73.2m @ 1.92 g/t Au, ML20-144CT with 44.9m @ 1.67 g/t Au, ML20-150CT with 43.8m @ 2.60 g/t Au, ML20-152CT with 63.4m @ 2.01 g/t Au and ML20-154CT with 24.8m @ 2.47 g/t Au which demonstrates good vertical continuity with the initial CIZ discover hole ML19-123CT (125.5m @ 2.6 g/t Au and 74.7m @ 0.62 g/t Au NR20-06, May 13, 2020).  The CIZ target along with Corvus Gold’s new Lynnda Strip discovery is the focus of its mineral resource expansion drill program over the next several months.

CIZ results confirm the direct association of gold mineralization with the north trending intrusive dike swarm as postulated earlier.  These latest results indicate this is a broad zone of gold mineralization that varies in width along strike, and remains open at depth.  The dominantly oxide nature of the zone to a depth of approximately 600 meters is positive for driving the pit to capture most of the currently defined mineralization.  Preliminary cyanide leach results from hole ML19-123CT show the CIZ oxide mineralization appears to have a high gold recovery averaging above 90%, which Corvus believes indicates good heap leach potential.  In addition, hole ML20-137CT towards the north end of the projected CIZ zone encountered an unexpected high-grade silver interval including a 46 g/t sample.  Corvus believes that this could be an indication of a hotter, potentially more productive part of the system that requires follow-up drilling.    

Drilling at the CIZ target continues to determine the development of higher-grade shoots within this new and expanding deposit at depth. Metallurgical testing of the CIZ has begun to better characterize its processing potential for its future addition to the Mother Lode mine plan.

Results from the Central Main Zone sulfide body continue to infill the resource model with higher-grade intercepts, which are expected to improve the grade and size of the mineral resource as well as its confidence level.  These new core-drilling intercepts through the Main Zone have consistently come in at higher grades than the earlier reverse circulation (RC) drill holes.  This positive variance may be reflecting a better sample that more effectively tests the zone.  Hole ML20-163 evaluated the southern extension of CIZ (29m @ 1.67 g/t Au) and the Main zone (73.2m @ 1.92 g/t Au) below the historic Mother Lode pit with continued encouraging results.

In addition, the core drilling is defining a number of unique breccia zones at the top of the CIZ dike swarm that cut the Central Main Zone and are associated with higher-grade gold mineralization.  These unique heterolithic (many different rock types) breccias appear to be diatreme type or associated with explosive activity above the tops of the intrusive dikes and are a good sign of a dynamic and large gold system.

Additional intersections into the Upper Oxide Zone are defining a sizable body of low-grade heap leach mineralization that will be beneficial to the mining of the deeper, higher-grade deposit at Mother Lode (lowering the strip ratio). This zone of mineralization was previously classified as overburden, thus Corvus believes that the reclassification could add to the heap leach mineralization and potentially reduce the overall strip ratio.

Jeffrey Pontius, President and CEO, said, “These new results continue to support the expansion of the Mother Lode deposit and the new CIZ target.  The upgrading of the Main Zone with core drilling is intriguing.  We believe that these results could lead to an increase in the estimated grade for a future mineral resource estimate.  Although most of the CIZ drilling will not be incorporated into the pending Mother Lode Preliminary Economic Assessment, this and ongoing drilling, will be incorporated into a mineral resource estimate update in the new year along with other new discovery drilling at Lynnda Strip.  As we proceed with evaluating the economic significances of Mother Lode and North Bullfrog in this unprecedented bull gold market, its implication will change rapidly as commodity prices rise, which are up over 30% in the last 12 months alone.  It is truly a unique time to have multiple gold discoveries in a mining friendly jurisdiction that is continuing to grow rapidly.”