New Large Discovery Below Mother Lode Deposit In Nevada

VANCOUVER, BC - Corvus Gold Inc. 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. The CIZ is an oxidized high-angle intrusive dike swarm, first discovered in late 2019 (NR19-19, Dec.5, 2019, ML19-119, 50.3m @ 1.50 g/t Au) 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 (NR20-01, Jan. 14, 2020, ML19-121, 41m @ 1.60 g/t Au).  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.

Hole ML19-123CT is generally oxidized to a depth of 650 meters and preliminary pit modeling 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 meters by 200 meters. This follow-up is designed to test the currently known most productive part of the dike swarm which is 200-300 meters thick with a potential of vectoring in on feeder zones.  The potential of this new discovery could be greater in size than the existing.

The highest grade intercept in hole ML19-123CT at our 1 g/t gold cut-off (14.84m @ 8.88 g/t Au) 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 of Corvus, 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 North Bullfrog. These exciting Corvus Gold developments are highlighting the potential of the Bullfrog District and along with new land acquisitions and discoveries by our neighboring production companies it is shining a bright light on this under explored area of Nevada.  We expect that the Bullfrog District and Corvus Gold will become one of the major focuses of the Nevada and North American gold sector in 2020.”