Corvus shares up 10% on new discovery at Mother Lode

Mother Lode project. Image courtesy of Corvus Gold.

Corvus (TSX:KOR) shares traded up 10% on the TSE on Thursday after the company announced a new discovery below its Mother Lode deposit in Nevada.

The company discovered the CIZ zone, an oxidized intrusive dyke swarm below the Mother Lode late last year hitting 50.3m at 1.5 grams per tonne gold, followed by 41m at 1.6 grams per tonne in January.

Corvus said core and assays were indicating "mineralized intensity" and width increased at depth.

The company highlighted a drill hole showing 125.5m @ 2.6 g/t gold including 14.8m @ 8.9 g/t gold & 24.7m @ 4.9 g/t gold.

"These new results now reveal the potential of the CIZ. 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, Phase1 starter project at North Bullfrog," said CEO Jeffrey Pontius, in a news release.

"These 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," he added.

The company has a C$352 million market capitalization.