VANCOUVER, Dec. 11, 2012 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) is pleased to announce the results of a series of column leach and bottle roll tests on sample composites from the Jolly Jane and Sierra Blanca areas of the North Area deposit at the North Bullfrog Project, Nevada (Table 1). These results from ongoing heap leaching studies indicate higher overall gold recovery rates than the 68% used for the Jolly Jane area of the Company's latest Preliminary Economic Assessment (PEA) released on December 6 th (Corvus Gold PEA Outlines Two Stage Development and Near Term Production Strategy for North Bullfrog Gold Project, Nevada, December 6, 2012). The new data continues to support the trend of increasing overall leach recoveries for the North Bullfrog project in general.
Mid-term column leach data for the Jolly Jane area has not only returned gold recoveries higher than previously estimated but like other test data indicates that a high percentage of the soluble gold as predicted from the bottle roll tests is recoverable. Currently, column recoveries are calculated using assayed heads. At the completion of the column tests, residue assays will be taken and final gold recoveries for each of the columns will be calculated. In the interim, this ongoing column leach data can be compared to the 96 hour bottle roll tests (Table 2) which have indicated high recovery of the contained gold (76-88%) for particles ≤ 200 mesh (0.075 mm) and relates closely with the ongoing column test data on the -19 mm material (46-85%). This early recovery data continues to support the high gold leachability of the North Areas oxide mineralization. The full impact of this increasing recovery data will be integrated into the Company's upcoming Mayflower Feasibility Study due in the first quarter of next year and the North Area Feasibility Study scheduled for completion in early 2014 once the columns are complete and final recovery data is obtained.
New Sierra Blanca 96 hour bottle roll test results also confirm high recovery of contained gold (72-94%) for particle sizes <200 mesh (0.075 mm) and indicate that the gold is highly soluble for leach extraction (Table 3). Given the high correlation between soluble gold at a partial size <200 mesh (0.075 mm) in the 96 hour bottle roll tests and that from the longer term column tests at the currently projected crush size of 19mm (-3/4 inch) these results are encouraging. Large diameter column leach tests on Savage Valley and Sierra Blanca from PQ core composite samples are ongoing, and will be completed next year ahead of the planned North Area Feasibility Study.
Carl Brechtel, COO of Corvus, stated: "The current gold recovery results continue to be very encouraging and fully support process assumptions used in our Mayflower and North Area mining plans. These results continue to enhance the North Bullfrog project and support the significant potential for developing Nevada's next new gold mine."
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corp. The property package is made up of a number of private mineral leases of patented federal mining claims and 758 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor.
The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an estimated Oxidized Indicated Resource of 27 Mt at an average grade of 0.28 g/t gold for 246,810 ounces of gold and an Oxidized Inferred Resource of 234.5 Mt at 0.18 g/t gold for 1,387,870 ounces of gold (both at a 0.1 g/t gold cutoff), with appreciable silver credits. Unoxidized Inferred mineral resources are 221.6 Mt at 0.19 g/t for 1,361,000 ounces of gold (at a 0.1 g/t gold cutoff).
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.
SOURCE Corvus Gold Inc.