Corvus Gold Inc. JV Partner Intersects 21.2 metres of 5.8 g/t Gold at the LMS Project, Alaska
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/09/11 -- Corvus Gold Inc. ('Corvus' or the 'Company') (TSX: KOR)(OTCQX: CORVF) announces results from the 2011 Winter drilling program at the LMS project near Delta Junction, Alaska. The Company's joint venture partner, First Star Resources Inc. (TSX VENTURE: FS) ('First Star') today advised that it completed 640 metres of drilling at the project and that the results include drill hole LM-11-40 which intercepted 21.2 metres grading 5.8 g/t gold and 12.6 g/t silver in the gold-bearing graphitic quartzite breccia, including 5.2 m grading 21.4 g/t gold and 33.5 g/t silver.
In March and April 2011, First Star drilled two NC core holes totaling 640 metres within the Camp Zone area of LMS. While drill hole LM-11-40 was successfully completed, LM-11-41 had to be abandoned due to technical difficulties. First Star is now continuing its LMS exploration program and has announced the commencement of a 5,000-metre Phase II diamond drilling program. Under a joint venture agreement with Raven Gold Alaska Inc., a subsidiary of Corvus, First Star has the right to earn an initial 55% interest in the LMS project by incurring US$3.5 million in exploration expenditures by December 31, 2013.
Jeff Pontius, Chairman and CEO of Corvus, stated: 'We are very pleased with these results released by First Star today for their 2011 winter drilling program at LMS. These are clearly high-grade gold and silver grades over significant intercepts within the graphitic quartzite breccia and demonstrate the excellent potential of the Camp Zone area. We look forward to seeing the results of their further work on the project this summer.'
Table 1: Significant drilling results of drill hole LM-11-40, Camp Zone, LMS Gold Project, Alaska.
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Interval Interval Gold Silver
From (ft) To (ft) (ft) (m) (g/t)(1) (g/t)(1)
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638 707.5 69.5 21.2(2) 5.8 12.6
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Including
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690.6 707.5 16.9 5.2(3) 21.4 33.5
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1. A 0.2 g/t cut off for gold was used for composite calculations.
2. Based upon the geometry of the graphitic quartzite breccia zone, this
intercept represents a true width of approximately 14 metres.
3. Based upon the geometry of the graphitic quartzite breccia zone, this
intercept represents a true width of approximately 3.4 metres.
First Star has advised that, during the next few months, it intends to drill 5,000 metres of oriented diamond core at the LMS project to assess the existing Camp Zone in an effort to expand the gold-bearing graphitic quartzite breccias and to drill a northeast-striking structural corridor within the lower gneiss zone that is known to contain high-grade gold mineralization. It is their stated intention to test the continuity of the breccias mineralization for distances of between 500 and 1000 metres downdip from the existing drilling. Further, First Star has indicated that it intends to have a new resource estimate completed by the end of 2011 which will also include silver.
First Star has advised that all exploration work on the LMS property is conducted by exploration contractor Pacific Rim Geological Consulting Inc. of Fairbanks, Alaska, under the supervision of Dr. Karsten Eden, Vice President - Exploration of First Star. All sample shipments are sent 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 requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. First Star has its own quality assurance/quality control programs in place. First Star has advised that the technical information provided by First Star and contained in this news release was reviewed by Dr. Karsten Eden, a Qualified Person as defined in NI 43-101.
All of the foregoing information has been provided by First Star, which is the operator of the joint venture on LMS. Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has reviewed, but not independently verified, the First Star information that forms the basis for this news release and has approved the disclosure herein. Mr. Pontius is not independent of the Company, as he is the CEO and holds common shares and incentive stock options in Corvus.
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 of early-stage to advanced gold projects. Corvus is committed to building shareholder value through new discoveries and leveraging those discoveries via partner funded exploration work into carried and or royalty interests that provide shareholders with exposure to gold production.
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, the potential for any extension of the mineralization at LMS down-dip, the completion of a new resource estimate at LMS, 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. In addition, information with respect to the proposed activities of First Star on the LMS property has been provided by First Star (the operator of the LMS joint venture) and, as such activities are not within the control of the Company, the Company takes no responsibility for the accuracy of such statements. 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 or any of its joint venture partners 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 or its joint venture partners may produce or plan to produce, the inability of the Company or any of its joint venture partners to obtain any necessary permits, consents or authorizations required for its or their activities, the inability of the Company or any of its joint venture partners to produce minerals from their properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement their respective business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral 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.
Shirley Zhou
Manager - Corporate Communications
1-888-770-7488 (toll free) or (604) 638-3247
(604) 408-7499 (FAX)
szhou@corvusgold.com
www.corvusgold.com