01-20 Main Zone Expansion Continues At The Mother Lode Deposit

VANCOUVER - Corvus Gold Inc. has received additional positive results from its ongoing Main Zone infill deposit expansion, Phase-4 drill program (at the 100% owned Mother Lode project.  These results with hole ML20-132 (47m @ 1.43 g/t Au, including 29m @ 1.88 g/t Au) & ML20-133 (42.7m @1.98 g/t Au including 38.1m @ 2.16 g/t Au & 18.3m @ 1.8 g/t Au) successfully expand the Main deposit in un-estimated parts of the 2018 mineral resource model in addition to extending the newly identified CIZ (Central Intrusive Zone) at depth.  RC (reverse circulation) drilling into and through the CIZ continues to be challenging but drilling to date has now confirmed the continuity of the CIZ over a strike length of ~600m and to a depth of 200 meters down dip.  In addition, a new diamond core hole recently completed through the CIZ with results pending has shown the zone is much wider than the single dike intercepted by the RC drilling but expands for at least 150 meters in width north of the historic pit.

Corvus has taken proactive actions to address the potential impacts of the Covid-19 outbreak on its personnel and projects that will enable the Company to continue work programs and advance its key 2020 initiatives with minimal disruption.  The Company began the year fully funded for the 2020 and 2021 work programs (~CAD $21M as of January 2020, 85% held in USD).  The Company’s project work continues on schedule and on budget with the implementation of the Corvus Covid-19 procedures and in full compliance with requirements enacted by the State of Nevada.

Hole ML20-132 (47m @ 1.43 g/t Au, including 29m @ 1.88 g/t Au, hole lost at the beginning of the CIZ, 3.1m @ 0.43 Au of oxide) was drilled to infill an area of the deposit between prior holes ML18-102 (NR19-03, 32m @ 2.1 g/t Au hole, ended before CIZ was reached) & ML17-012 (NR17-19, 29m @ 1.53 g/t Au, lost at the top of the CIZ).  The latest drilling has shown that mineralization in this area is thicker than the prior drilled surrounding holes and comparable in grade.  Infill holes are continuing to increase the overall quality and size of the deposit as well as demonstrate continuity, which is intended to augment the mine design.

Similar to the other infill holes reported this year, ML20-133 (42.7m @1.98 g/t Au including 38.1m @ 2.16 g/t Au & 18.3m @ 1.8 g/t Au in the top of CIZ with poor recovery and early termination) was drilled to infill an area between holes ML18-088 (NR19-02, 27.4 m @ 2.26 g/t Au, stopped before the CIZ) and ML18-052 (NR18-08, 53m @ 1.90 g/t Au and 41.2m @ 1.52 g/t Au of oxide in the CIZ where the hole ended).  These new results indicate that the thickness and grade is comparable to earlier drilling in addition to extending the CIZ to the north.

Hole ML20-138 was drilled along the eastern boundary of the central Mother Lode property to evaluate the eastern extension of the Main deposit.  The results indicate the mineral system wains to the east and although the deeper oxide part of the system may present a future target as hole ML20-138 ended before testing the full system due to poor drilling conditions.

Jeffrey Pontius, President and CEO said, “The ongoing infill work at Mother Lode is favorable for an expansion of the deposit when we conduct our next mineral resource update.  The results from the CIZ are also encouraging for turning this new discovery below the Main deposit into an expansion of the oxide gold system at depth.  The new deep core tail drilling program has been successful at drilling across the CIZ target in our latest deep hole (ML19-123CT) which has intersected a broad (+150m), deeply oxidized zone with multiple intrusive dikes and strong alteration.  If this hole returns significant grade it could lead to an oxide expansion of the Mother Lode deposit.”  

Corvus controls 100% of its North Bullfrog Project, which covers approximately 90.5 km2 in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 1,134 federal un-patented mining claims.  The project has excellent infrastructure, being adjacent to a major highway and power corridor as well as a large water right. The Company also controls 445 federal un-patented mining claims on the Mother Lode project which totals approximately 36.5 km2 which it owns 100%.  The total Corvus 100% land ownership now covers over 127 km2, hosting two major new Nevada gold discoveries.