Benzinga | Jul 16, 2020 07:22AM EDT

Corvus Gold Reports Drilling Results For Lynnda Strip Target

Corvus Gold Inc. ("Corvus Gold" or the "Company") - (TSX:KOR, OTCQX:CORVF) announces it has received positive drilling results from its new Lynnda Strip target located approximately 2.5 kilometres to the north-northeast of the Mother Lode deposit and about half way between Mother Lode and AngloGold Ashanti's Silicon project (Figure 1). The Lynnda Strip mineralization is a combination of structurally and stratigraphically controlled oxide gold below approximately 150 metres of cover (Table 1). Drill hole CH20-11 returned an oxide zone totalling 197m @ 0.44 g/t Gold including 44.2m @ 0.90 g/t Gold & 20m @ 0.74 g/t Gold. Higher-grade intervals are associated with stockwork quartz veining hosted in volcanic rocks which is similar to the historic Bullfrog Mine and Corvus Gold's YellowJacket gold deposits. Corvus Gold will be conducting a follow-up drill program to test the upper part of the system, which Corvus Gold projects to be higher grade.

The Lynnda Strip target has a distinctive geophysical signature as shown in data from Corvus Gold's new AMT survey (Figure 2). This same geophysical pattern occurs approximately 3.0 kilometres to the west of Lynnda Strip at Corvus Gold's Twisted Canyon target, which also has a coincident surface gold anomaly. Corvus Gold is working on a number of other targets generated by the Mother Lode Belt geophysical survey as well as follow-up work on drill results from Cat Hill and other targets tested in the North Bullfrog project area.

In addition, Corvus Gold has developed two new targets, Hidden Valley and East Prospector, on its new Snake Claims east of AngloGold Ashanti's Silicon discovery. These two areas have attractive alteration systems. At Hidden Canyon, Corvus has found surface vein occurrences indicative of the upper levels of productive gold systems like those found elsewhere in the Bullfrog Mining District (Figure 3). Further follow-up work and drill targeting on these new Corvus Gold targets is ongoing.

Jeffrey Pontius, President and CEO of Corvus, said, "The ongoing new discovery exploration work across the Bullfrog Gold District continues to produce encouraging results, highlighting the potential of this re-emerging Nevada Gold District. In addition, the large exploration programs initiated by surrounding major and mid-tier mining companies pursuing a number of other targets and discoveries punctuate this potential. The initial results at Lynnda Strip suggest that the system could be amenable to open pit mining and heap leach processing. Corvus is continuing with the evaluation of this exciting new discovery on its ground and the value it can bring to our shareholders as well as continuing to pursue our other new discoveries across the District on our large, 130 square kilometre, 100% owned land package."

Figure 1. Location of new Lynnda Strip and other targets in Mother Lode Belt, Nevada

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/95a48e2d-4c02-457a-9c75-ea690a8f1ab5

Figure 2. East-West Lynnda Strip AMT resistivity line showing Lynnda Strip discovery and new Twisted Canyon target, three kilometres to the west

Figure 2is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3b4644c-4bb0-4a54-ab07-e998d8be6b8e

Table 1

Lynnda Strip -- New Discovery Drill Results

(Reported intercepts are not true widths as there is currently insufficient data to calculate true orientation in space. Mineralized intervals are calculated using a 0.1 g/t cut-off unless otherwise indicated below)

Drill Hole # from (m) to (m) Interval Gold (g/t) Silver (g/ Comment (m) t)CH20-011 263.7 460.3 196.6 0.44 n/a total oxideAZ350, zonedip-70 263.7 283.5 19.8 0.74 n/a inc 263.7 268.2 4.5 1.44 n/a 1 g/t cut 341.4 406.9 65.5 0.45 n/a inc 347.5 350.5 3.0 1.25 n/a 1 g/t cut 417.6 460.3 44.2 0.90 n/a inc 425.2 428.2 3.0 5.52 n/a 1 g/t cut

Figure 3. Photos of Corvus Gold's new Hidden Valley target northeast of AngloGold Ashanti's Silicon project: 3a. Ron Largent (Chairman) & Jeff Pontius (CEO) at the new Hidden Valley target; 3b. Central Alteration Zone; 3c. High-level chalcedonic veining

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f32561d5-0dd4-4383-bf28-4291bb3822e0