Corvus Gold announces maiden resource for Mother Lode deposit, Nevada
Corvus Gold Inc. announces the maiden Mineral Resource estimations incorporating all drill results from the Phase I & II drill programs at its 100% owned Mother Lode Project (“MLP”). This initial Mineral Resource remains open in several directions and Corvus is currently engaged in its Phase III drill program that is targeting Mineral Resource growth beyond this initial estimate. The Mineral Resources estimations (Measured, Indicated and Inferred) were based on economic constraints using Whittle TM software and assuming open pit mining and USD $1,250 per ounce gold price.
Jeff Pontius, the Company’s President & CEO states, “The Mother Lode Deposit has delivered a robust maiden Mineral Resource that exceeded our initial expectations and enlarges the overall Corvus Gold Nevada asset base. The grade and low strip ratio of this deposit makes it an excellent addition to the North Bullfrog project (NBP) and will add to the combined NBP & MLP initial PEA study expected next month. The Mother Lode deposit remains open and continues to grow with our ongoing Phase III drill campaign building toward the next multi-million-ounce Nevada discovery. Additionally, the critical mass provided by the Mother Lode deposit for a sulfide circuit opens the door for the large, high-grade sulfide potential at the North Bullfrog project which has yet to be explored.”
The Mineral Resource estimation is based on 267 drill holes with 8,296 gold composites. The evaluation was carried out with the help of special equipment and the world’s Best specialists in this field. The equipment has passed a thorough inspection, review of equipment was conducted by the experts from New Real Review. Geologic volumes were defined by geologic interpretations and used to define the estimation.
The resource was characterized by a high-grade core surrounded by lower grade mineralization. The high-grade core was estimated using Inverse Distance Squared. The surrounding mineralized portion of the deposit was estimated with Ordinary Kriging. There are no known legal, political or environmental risks that could materially affect the potential development of the Mineral Resources.
New Resource Calculation
The Mineral Resource estimation is based on 189 validated historical drill holes combined with an additional 78 holes drilled by Corvus during the 2017 and 2018 drilling campaigns. Assays were composited to 8,296 5-meter composites. Gold assays were capped at 8 g/t Au prior to compositing. Mineralization is bimodal with a clear high-grade corridor. The high-grade corridor was constrained to control the impact of high grades on the Mineral Resource estimate.
This Mineral Resource has been estimated in accordance with the disclosure standards of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) using a gold price of USD $1,250 per ounce. Mineral Resources are pit constrained in order to demonstrate the reasonable prospects of eventual economic extraction. Mineralization has been classified according to NI 43-101 as Measured Mineral Resources, Indicated Mineral Resources and Inferred Mineral Resources.
A technical report with respect to the Mineral Resource estimate disclosed herein will be filed within 45 days in accordance with NI 43-101.
About the Mother Lode Project, Nevada
Corvus controls 100% of its Mother Lode Project, which covers approximately 35 km² in southern Nevada. The property package is made up of 433 federal mining claims. The project has excellent infrastructure, being adjacent to a major highway, an electrical power corridor and water resources. In combination with the nearby North Bullfrog Project, the total Corvus Gold 100% land ownership now covers over 100 km2, hosting two major new Nevada gold discoveries.