Mr. Jeffrey Pontius reports
CORVUS GOLD ANNOUNCES MAIDEN RESOURCE FOR MOTHER LODE DEPOSIT, NEVADA
Corvus Gold Inc. has released maiden mineral resource estimations incorporating all drill results from the phase 1 and 2 drill programs at its 100-per-cent-owned Mother Lode project (MLP).This initial mineral resource remains open in several directions and Corvus is currently engaged in its phase 3 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 software and assuming open-pit mining and $1,250-(U.S.)-per-ounce gold price.
The associated table illustrates the robustness of the current project at lower gold prices with a mineral resource estimate using a $1,000-(U.S.)-per-ounce gold price which still captures a measured and indicated mineral resource of over one million ounces.
Jeff Pontius, the company's president and chief executive officer, stated: "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 and MLP initial PEA study expected next month.The Mother Lode deposit remains open and continues to grow with our ongoing phase 3 drill campaign building toward the next multimillion-ounce Nevada discovery.Additionally, the critical mass provided by the Mother Lode deposit for a sulphide circuit opens the door for the large, high-grade sulphide potential at the North Bullfrog project which has yet to be explored."
MOTHER LODE, MEASURED, INDICATED AND INFERRED MINERAL RESOURCE ESTIMATIONS CONSTRAINED BY WHITTLE PIT AT A GOLD PRICE OF $1,250 (U.S.) PER OUNCE Mill sulphide ROM heap leachResource category at 0.63 g/t COGat 0.06 g/t COG TotalKt Au g/tKozKtAu g/tKozKt Au g/tKozMeasured 3,292 1.4114920,0350.2918523,327 0.45334Indicated9,934 1.8358320,1230.3724230,057 0.85825Total M&I 13,226 1.7273340,1580.3342753,383 0.681,159Inferred 2,168 1.6011214,0730.2912916,241 0.46241The mineral resources are effective as of Sept. 18, 2018.Mineral resources that are not mineral reserves do not have demonstrated economic viability.Silver resources have not been included in the initial Mother Lode estimate. There are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources.SENSITIVITY OF MOTHER LODE, MEASURED, INDICATED AND INFERRED MINERALIZATION ESTIMATIONS CONSTRAINED BY WHITTLE PIT AT A GOLD PRICE OF $1,000 (U.S.) PER OUNCEMill sulphide ROM heap leachResource categoryat 0.63 g/t COGat 0.06 g/t COGTotal Kt Au g/t KozKt Au g/t Koz KtAu g/tKozMeasured2,133 1.79 12317,441 0.31 174 19,5740.47297Indicated 8,650 1.96 54514,702 0.45 213 23,3521.01758Total M&I10,783 1.93 66832,143 0.37 387 42,9260.761,054Inferred941 1.8255 5,966 0.34656,9070.54120
The mineral resource estimation is based on 267 drill holes with 8,296 gold composites. 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. To estimate the reasonable prospects of eventual economic extraction, Resource Development Associates Inc. confined the resources to mining volumes defined by Whittle analysis using the input parameters defined in the associated table. There are no known legal, political or environmental risks that could materially affect the potential development of the Mineral Resources.
WHITTLE INPUT PARAMETERS USED FOR THE MLP MINERAL RESOURCE ESTIMATION (USD)Parameter Unit MLP mill MLP heap leachMining costtotal tonne$1.40$1.40Au cut-off g/t 0.63 0.06Processing costprocess tonne $19.50$1.20Au recovery% 80.0 74.0Ag recovery%0.00.0Admin cost process tonne$0.50$0.50Refining andsales$/Au oz$5.00$5.00Au selling priceoz $1,250 $1,250Slope angledegrees 60 60Assumes heap leach processing of disseminated oxidized mineralization. Assumes pressure oxidation mill processing of MLP sulphide mineralization.Au cut-off -- break-even grade derived from whittle input parameters at $1,250 (U.S.) per ounce gold price.
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 five-metre composites.Gold assays were capped at eight 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 using a gold price of $1,250 (U.S.) 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 per cent of its Mother Lode project, which covers approximately 35 square kilometres 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-pler-cent land ownership now covers over 100 square kilometres, hosting two major new Nevada gold discoveries.
Qualified person, quality control/quality assurance and data verification
Mr. Pontius (CPG 11044), a qualified person as defined by NI 43-101, has supervised the preparation of the scientific and technical information that form the basis for this news release and has reviewed and approved the disclosure herein.Mr. Pontius is not independent of Corvus, as he is the chief executive officer and holds common shares and incentive stock options.
Carl E. Brechtel (Nevada PE 008744 and registered member 353000 of SME), a qualified person as defined by NI 43-101, has co-ordinated execution of the work outlined in this news release and has reviewed and approved the disclosure herein. Mr. Brechtel is not independent of Corvus, as he is the chief operating officer and holds common shares and incentive stock options.
The work program at the MLP was designed and supervised by Mark Reischman, Corvus's Nevada exploration manager, who is responsible for all aspects of the work, including the quality control/quality assurance program.On-site personnel at the project log and track all samples prior to sealing and shipping.Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment.All resource sample shipments are sealed and shipped to American Assay in Reno, Nev., for preparation and assaying.
Assaying for the MLP holes has been performed American Assay Laboratories (AAL) in Sparks, Nev.Corvus has no business relationship with AAL beyond being a customer for analytical services.The Sparks laboratory is Standards Council of Canada, Ottawa, Ontario accredited laboratory No. 536 and conforms with requirements of CAN-P-1579 and CAN-P-4E (ISO/IEC 17025:2005).
Check assaying has been performed by Bureau Veritas North Americain Sparks, Nev., and Vancouver, Canada, and ALS Minerals Laboratories, in Sparks, Nev.Corvus has no business relationship with BV or ALS Minerals beyond being a customer for analytical services.The BV laboratory is accredited laboratory No. 720 and conforms to requirements of CAN-P-1579 and CAN-P-4E (ISO 9001:2008) and ALS is accredited laboratory No. 660 and conforms to requirements of CAN-P-1579 and CAN-P-4E (ISO/IEC 17025:2005).
Scott E. Wilson, CPG (10965), registered member of SME (4025107) and president of Resource Development Associates Inc., is an independent consulting geologist specializing in mineral reserve and resource calculation reporting, mining project analysis and due diligence evaluations.He is acting as the qualified person, as defined in NI 43-101, for the mineral resource estimate and has reviewed and approved the mineral resource estimate contained in this news release.Mr. Wilson has over 29 years of experience in surface mining, resource estimation and strategic mine planning. Mr. Wilson and Resource Development Associates Inc. are independent of the company under NI 43-101.
Mr. Wilson, a qualified person, has verified the data underlying the information disclosed herein, including sampling, analytical and test data underlying the information by reviewing the reports of AAL, methodologies, results and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgment.There were no limitations on the verification process.
About Corvus Gold Inc.
Corvus Gold is a North American gold exploration and development company, focused on its near-term gold-silver mining project at the North Bullfrog and Mother Lode districts in Nevada. In addition, the company controls a number of royalties on other North American exploration properties representing a spectrum of gold, silver and copper projects. Corvus is committed to building shareholder value through new discoveries and the expansion of its projects to maximize share price leverage in an advancing gold and silver market.
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