Vancouver - Corvus Gold Inc. ('Corvus' or the 'Company') (TSX: KOR, NASDAQ: KOR) announces it has received additional results from the new Northern, High-Grade Feeder Zone target of the Central Intrusive Zone (CIZ) at the Mother Lode project.
Hole ML20-160CT drilled through the Main Zone returning 30.2m @ 1.42 g/t gold and then through the second intrusive dike of the CIZ below returning 86.9m @ 1.65 g/t gold, including 56.4m @ 2.34 g/t gold. Additionally, hole ML20-176CT drilled 50 metres to the east intersected 110.8m @ 1.68 g/t gold, including 58.7m @ 2.47 g/t gold where the Main and CIZ come together. These are similar results to hole ML20-165CT (130.5m @ 2.33 g/t gold, NR21-01, Jan. 6, 2021) and ML20-159CT (83.9m @ 2.70 g/t gold, NR20-18, Nov. 12, 2020) to the north. Hole ML20-179CT was drilled too far to the west to intersect the new Northern Feeder zone and only tested the upper part of the Main Zone before poor drilling conditions terminated the drilling.
These new, Northern Feeder Zone holes continue to enlarge the high-grade zone of mineralization in this part of the Mother Lode deposit and appear to further expand the deposit. The new Mother Lode mineral resource estimation will utilize the entire project drilling between August of last year through June of this year with an expected release planned for fall of this year.
The newly defined large, higher-grade feeder system at Mother Lode occurs as a series of echelon zones along a north-northeast trend that likely has a corresponding deep-seated intrusive connection. We see these broad zones of higher-grade material directly related to intrusive dikes and continues to confirm the genetic relationship of the gold deposit to a high-level magmatic system at depth (shallow porphyry environment). The Northern Feeder Zone remains open to the north-northeast and at depth, with grades generally improving in both of these directions.
Jeffrey Pontius, President and CEO of Corvus, said, 'The expansion of the Northern Feeder Zone is a great development for the Mother Lode project and we expect that it will have a positive impact on the gold system and mine plan. The Mother Lode system continues to grow and expand as further work progresses. The continued connection of this large gold system with a shallow porphyry emplacement bodes well for a larger deposit in the future. When we look at this large gold system in the context of the other new large discoveries along trend at Lynnda Strip, C-Horst and Silicon, the Eastern Bullfrog District is shaping up to be another Carlin Trend type gold environment with multiple deposit types hosted in a broad range of rock types likely related to one large gold system. At Corvus, we are excited to see the results of our perseverance, focus and dedication over the past decade in defining and advancing this emerging new large Nevada Gold District.'
About the North Bullfrog & Mother Lode Projects, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 90.5 km2 in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 1,134 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor as well as a large water right. The Company also controls 445 federal unpatented mining claims on the Mother Lode project which totals approximately 36.5 km2 which it owns 100%. The total Corvus 100% land ownership now covers over 127 km2, hosting two major new Nevada gold discoveries.
About Corvus Gold Inc.
Corvus Gold Inc. 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.
Contact:
Tel: 1-844-638-3246
Email: info@corvusgold.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; potential expansion of the deposit; the rapid and effective capture of the potential of our Mother Lode project; the potential for new deposits and expected increases in the system's potential; anticipated content, commencement and cost of exploration programs; anticipated exploration program results and expansion of existing programs; the discovery and delineation of mineral deposits/resources/reserves; the potential to discover additional high grade veins or additional deposits; the growth potential of the Mother Lode projects and the potential for any mining or production at the Mother Lode & North Bullfrog projects, are forward-looking statements. Information concerning mineral resource estimates may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's 2019 Annual Information Form and latest interim Management Discussion and Analysis filed with certain securities commissions in Canada and the Company's most recent filings with the United States Securities and Exchange Commission (the 'SEC'). The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. All of the Company's Canadian public disclosure filings in Canada may be accessed via www.sedar.com and filings with the SEC may be accessed via www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Cautionary Note to US Investors
NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in or incorporated by reference in this press release have been prepared in accordance with NI 43-101 and the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the 'CIM') Standards on Mineral Resource and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the 'CIM Standards') as they may be amended from time to time by the CIM.
United States investors are cautioned that the requirements and terminology of NI 43-101 and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth in the SEC's Industry Guide 7 ('SEC Industry Guide 7'). Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to SEC Industry Guide 7. Without limiting the foregoing, while the terms 'mineral resources', 'inferred mineral resources', 'indicated mineral resources' and 'measured mineral resources' are recognized and required by NI 43-101 and the CIM Standards, they are not recognized by the SEC and are not permitted to be used in documents filed with the SEC by companies subject to SEC Industry Guide 7. Mineral resources which are not mineral reserves do not have demonstrated economic viability, and US investors are cautioned not to assume that all or any part of a mineral resource will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant 'reserves' as in-place tonnage and grade without reference to unit amounts. The term 'contained ounces' is not permitted under the rules of SEC Industry Guide 7. In addition, the NI 43-101 and CIM Standards definition of a 'reserve' differs from the definition in SEC Industry Guide 7. In SEC Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made, and a 'final' or 'bankable' feasibility study is required to report reserves, the three-year historical price is used in any reserve or cash flow analysis of designated reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. The mine economics presented herein and derived from the PEA are preliminary in nature and may not be realized. The PEA is not a feasibility study. U.S. investors are urged to consider closely the disclosure in our latest reports and registration statements filed with the SEC. You can review and obtain copies of these filings at http://www.sec.gov/edgar.shtml. U.S. Investors are cautioned not to assume that any defined resource will ever be converted into SEC Industry Guide 7 compliant reserves.
NORTH AMERICAN EXPLORATION CORP. 
