Corvus Gold Announces 2011 Exploration Update at the Chisna Project, Alaska
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/18/11 -- Corvus Gold Inc. ('Corvus' or the 'Company') - (TSX: KOR)(OTCQX: CORVF) announces an update from exploration activities completed to date at the Chisna Project located in south-central Alaska. The Company has been informed by its joint venture partner, Ocean Park Ventures Corp. ('Ocean Park'), that the results from 769 grab and chip samples from the Golden Range target have been received, with results as high as 79.8 g/t gold, and an overall average of 1.19 g/t gold with 114 samples returning greater than 1 g/t gold, and 22 samples returning greater than 10 g/t gold. In addition,885 metres of diamond drilling have now been completed in 5 of 17 proposed Phase I drill holes. These new results and the phase one drilling are from an 8 square kilometre area which only represents a part of the overall Golden Range target area.
Golden Range Target
The Golden Range target is a gold-in-soil and bedrock target with over 9 kilometres of strike (To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/kor818f1.pdf). Drilling, geological mapping and geochemical sampling continue at this target area, with several new drill targets being developed. Gold mineralization at the Golden Range target is hosted in sheeted, silicified and sulfide-bearing vein systems with thicknesses from tens of centimetres to over 20 metres. Mineralization is associated with a major structural system trending along a northwest to southeast axis, with numerous mineralized splays, secondary structures and fault-associated hydrothermal breccias.
Southwest Grubstake Target
The Southwest Grubstake target area (To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/kor818f2.pdf) has produced a large number of high grade samples from networks of quartz-galena-barite veins. Structural evaluation is still underway to identify the targets for drilling this area.
All of the foregoing information has been provided by Ocean Park, which is the operator of the joint venture on the Chisna Project. Russell Myers (CPG 11433), a qualified person as defined by National Instrument 43-101, has reviewed and independently verified the Ocean Park information that forms the basis for this news release on behalf of Corvus and has approved the disclosure herein. Mr. Myers is not independent of the Company, as he is the President and holds common shares and incentive stock options in Corvus.
About the Chisna Project
The Chisna Project is focused on a new and emerging Alaskan gold and copper-gold porphyry belt of deposits with copper and gold mineralization associated with mid-Cretaceous intrusions of similar age to the Pebble deposit to the west and Orange Hill deposit to the east.
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 US$20 million in exploration expenditures over a 5 year period, thereby providing Corvus with a no-cost assessment of this belt. Ocean Park may earn an additional 19% by producing a bankable feasibility that delineates a mining project on the Chisna property that produces at least 300,000 gold equivalent ounces per year.
At present, the Raven/Ocean Park joint venture controls over 232,000 acres of either State of Alaska Mining Claims or land leased from Ahtna Corporation.
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, 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 Ocean Park on the Chisna property has been provided by Ocean Park (the operator of the Chisna 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.
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 ('SEC 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.
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