Ryan Ko elaborates on recent news from Corvus Gold – Tue 18 Sep, 2018

Highlights:

• Total of 1.16Mozs of gold in the Measured and Indicated Mineral Resource categories, with 0.24Mozs gold in the Inferred Mineral Resource category. 83% of Mineral Resource is Measured and Indicated (M&I)
• Total M&I Mill Mineral Resource of 733,000 ounces gold at avg. grade of 1.72 g/t gold in 13.2Mt & Inferred Mill Mineral Resource of 112,000 ounces gold at avg. grade of 1.6 g/t gold in 2.17Mt
• Total M&I, oxide, Run of Mine, Heap Leach Mineral Resource of 427,000 ounces gold at avg. grade of 0.33 g/t gold in 40Mt & Inferred Mineral Resource of 129,000 ounces gold at avg. grade of 0.29 g/t gold in 14.1Mt
• Pit constrained deposit has an overall strip ratio of 2.68-1
• Ongoing exploration drilling continues to show potential to expand deposit to the west, north, east and at depth

Vancouver, B.C. – Corvus Gold Inc. (TSX: KOR, OTCQX: CORVF) (“Corvus” or the “Company”) 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 (Table 1). Figure 1 & 2 shows a plan view and a north-south long-section through the resource block model.

Table 2 illustrates the robustness of the current project at lower gold prices with a Mineral Resource estimate using a USD $1,000 per ounce gold price which still captures a measured and indicated Mineral Resource of over one million ounces.

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.

Table 1
Mother Lode, Measured, Indicated, and Inferred Mineral Resource Estimations constrained by Whittle ^TM pit at a gold price of USD $1,250 per ounce

• See Cautionary Note to US Investors below
• The Mineral Resources above are effective as of September 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

Table 2
Sensitivity of Mother Lode, Measured, Indicated, and Inferred Mineralization Estimations constrained by Whittle ^TM pit at a gold price of USD $1,000 per ounce

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 ^TM analysis using the input parameters defined in Table 3. There are no known legal, political or environmental risks that could materially affect the potential development of the Mineral Resources.

Table 3
Whittle^TM Input Parameters used for the MLP Mineral Resource Estimation (USD)

• assumes heap leach processing of disseminated oxidized mineralization
• assumes Pressure Oxidation mill processing of MLP sulfide mineralization
• Au Cut-Off – break-even grade derived from Whittle input parameters at USD $1,250 per ounce gold price

Figure 1 – Plan View of Mother Lode resource block model at 970 m elevation (UTm NAD27 Z11)

Figure 2 – Long-section through Mother Lode resource block model at 531,055 m east, …read more

From:: The Korelin Economic Report