Corvus Gold Inc. Intersects Copper and Gold Mineralization in First Drill Holes in the POW Target, Chisna Project, Alaska
30.09.2010 | Marketwire
Highlights Include: 23 Metres of 0.38% Copper, 0.43 g/t Gold and 7.5 g/t Silver (Including 2.1 Metres @ 1.7 g/t Gold, 4.4% Copper and 21.8 g/t Silver)VANCOUVER, 09/30/10 - Corvus Gold Inc. ('Corvus' or the 'Company') (TSX: KOR) is pleased to announce successful results from the Phase 1 diamond drill program at the Chisna Project located in the Chistochina Mining District of south-central Alaska, 350 kilometres northeast of the city of Anchorage by paved highway.
The Summer 2010 exploration program, which included 2,926 metres (9600 feet) of diamond drilling, has successfully identified a large number of copper-gold targets, two of which were drill tested as part of the Phase 1 drill program. This work has identified several styles of mineralization within the nearly 10,000 square kilometre Chisna land package, including porphyry copper-gold-molybdenum, skarn copper-iron and copper-gold targets as well as structurally controlled gold-copper mineralization.
POW Target
Assays from one of the three drill holes into the POW target (PW-10-02) returned 23 metres of 0.38% copper, 0.43 g/t gold and 7.5 g/t silver, including 2.1 metres @ 1.7 g/t gold, 4.4% copper and 21.8 g/t silver. The first drill hole (POW-10-01) returned an oxidized and variably faulted interval over 23.8 meters of 0.13% copper, 0.16 g/t gold and 2.8 g/t silver. The third hole was lost in a fault zone prior to reaching the target mineralization.
Table 1
Significant POW Drilling Results, Chisna Project, Alaska
Total
Depth From To Interval Copper Gold Silver
Hole # (metres) (metres) (metres) (metres) (%) (g/t) (g/t)
--------------------------------------------------------------------------
PW-10-02 89 13.4 36.3 23.0 0.38 0.43 7.5
includes 24.2 26.3 2.1 4.40 1.66 21.8
PW-10-01 56 11.9 35.7 23.8 0.13 0.16 2.8
The POW target is just one of several copper occurrences in the northern area of the Chisna project, which covers approximately 36 square kilometres (to view Figure 1, please click here: http://media3.marketwire.com/docs/KOR930A.pdf). Surface sampling conducted in 2010 has greatly expanded the area of known mineralization and, together with the POW shallow drill results, has highlighted the potential of this large and well mineralized area. Copper mineralization styles include veins, breccias and disseminated mineralization which are related to large under explored alteration systems. In this area copper-gold mineralization is associated with pyrite, magnetite, specular hematite and jasper suggesting that the system is oxidized, a favourable characteristic of large copper and gold mineral systems. The POW target area also contains numerous historical placer gold mining sites, which are estimated to have produced in excess of 200,000 oz of gold since the late 1800's.
Grubstake Target
The Grubstake target is a porphyry copper-gold system and is one of 4 priority targets in the southern part of the Chisna belt. At Grubstake copper-gold mineralization is associated with chalcopyrite stockwork veining within extensive potassic and sodic-calcic alteration zones that are exposed in outcrops and in drill holes. The Grubstake target has characteristic zoned alteration out from the potassic core areas, which includes gold bearing actinolite-magnetite veining. The area of anomalous gold and copper in soils covers more than 7.5 square kilometres. A 3D induced polarization survey, consisting of 53.6 line kilometres, was conducted over the central Grubstake target and identified a series of targets (to view Figure 2, please click here: http://media3.marketwire.com/docs/KOR930B.pdf) of which 4 have been tested with one or more holes. All Grubstake assay results are pending, however, holes GS-10-01 and GS-10-03 encountered significant intervals of potassic alteration and chalcopyrite mineralization.
'Our primary objective during the Summer 2010 work program at Chisna was to indentify copper-gold porphyry mineralization at a number of targets,' stated Russell Myers, President. 'After we have reviewed the data gathered over the past year, we anticipate developing a targeted follow-up exploration program focusing on our highest priority targets for 2011. Furthermore, we are extremely fortunate to have had such excellent support from the Ahtna Corporation and the local communities in the region which enabled us to complete such a successful initial program.'
About the Chisna Project
The Chisna Project is focussed on a new and emerging Alaskan copper-gold porphyry belt of deposits with copper and gold mineralization associated with mid-Cretaceous intrusions of similar age and style to the Pebble deposit to the west and Orange Hill deposit to the east (to view Figure 3, please click here: http://media3.marketwire.com/docs/KOR930D.pdf). At present, the Corvus/Ocean Park joint venture controls over 232,000 acres of either State of Alaska Mining Claims or land leased from Ahtna Corporation. The 2010 exploration program represents the first modern exploration and drilling to take place on this large and highly mineralized new Alaskan porphyry belt.
Corvus and its predecessor-in-title, International Tower Hill Mines Ltd., began exploration on the project in 2006 and discovered the Grubstake porphyry copper system in 2007. Beginning in 2010, the Chisna project is being operated as a joint venture between Raven Gold Alaska Inc. (a subsidiary of Corvus) and Ocean Park Alaska Corp. (a subsidiary of Ocean Park Ventures Corp.), with Ocean Park earning 51% by contributing USD 20 million in exploration expenditures over a 5 year period, thereby providing Corvus with a no cost assessment of this belt (see International Tower Hill Mines Ltd. news release NR09-29 for details on the terms of the joint venture). Raven is the operator of the joint venture during the first two years.
In 2010, the Chisna project advanced dramatically with the completion of a large airborne geophysics survey (6700 line kilometres of ZTEM (Z Axis Tipper Electromagnetic system), an innovative airborne EM system credited with correctly delineating the Pebble deposit) and extensive ground geophysics (100 line kilometres of 3D induced polarization) together with surface prospecting and drilling. The POW drilling represents a small portion of the Summer 2010 drilling program, with the results from the drilling conducted on the main Grubstake target pending.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Pontius is not independent of Corvus, as he is the CEO and holds common shares and incentive stock options.
The work program at Chisna was designed and supervised by Russell Myers, the President of Corvus. On-site personnel at the project photograph the core from each individual borehole prior to preparing the split core. On-site personnel at the project log and track all samples prior to sealing and shipping. All sample shipments are sealed and shipped to ALS Chemex in Fairbanks, Alaska, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum from early stage to the advanced gold projects. Corvus is committed to building shareholder value through new discoveries and leveraging those discoveries via partner funding into carried and or royalty interests that provide its shareholders significant exposure to produced gold to maximize the value for their investment.
On behalf of Corvus Gold Inc.
Jeffrey A. Pontius
Chairman and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press 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 anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends, are forward-looking statements. 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 Information Circular of International Tower Hill Mines Ltd. dated July 9, 2010 in respect of the ITH Special Meeting held on August 12, 2010. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the mining guidelines of the US Securities and Exchange Commission (the 'SEC') set forth in the SEC's Industry Guide 7 strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Contacts:
Corvus Gold Inc.
Quentin Mai, Manager - Corporate Communications
1-888-770-7488 (toll free) or (604) 683-3246
qmai@corvusgold.com
Corvus Gold Inc.
Shirley Zhou, Manager - Corporate Communications
1-888-770-7488 (toll free) or (604) 638-3246
(604) 408-7499 (FAX)
szhou@corvusgold.com
www.corvusgold.com