Discoveries Expanded At The Mother Lode Deposit

VANCOUVER - Corvus Gold Inc. has received additional results from its current drill program at the Mother Lode project with a successful expansion of the new Central Intrusive Zone “CIZ”, Upper Oxide and “North” targets.  These new results are beginning to define the shape and continuity of the gold mineralization in these important resource expansion areas of the Mother Lode deposit.  Key new intercepts include ML20-151CT, with 56.4m @ 1.71 g/t Au and ML20-141CT with 64.9m @ 1.02 g/t Au including 11.7m @ 3.9 g/t Au and ML20-149CT with 55.1m @ 1.40 g/t Au which shows good vertical continuity with the initial CIZ discover hole ML19-123CT (125.5m @ 2.6 g/t Au and 74.7m @ 0.62 g/t Au NR20-06, May 13, 2020).

The CIZ target will be the focus of two of Corvus’ three drill rigs operating in the District with the third rig directed at new discovery drilling at its Lynnda Strip, and other emerging new targets.

The CIZ results have confirmed the direct association of gold mineralization with the north trending intrusive dike swarm as postulated earlier.  These latest results indicate this is a broad zone of gold mineralization, varies in width along strike, and remains open at depth.  The dominantly oxide nature of the zone to a depth of approximately 600 meters and its high, heap leach grade is positive for driving the pit to capture most of the currently defined mineralization.  In addition, new, preliminary cyanide leach results from hole ML19-123CT show the CIZ oxide mineralization appears to have a high gold recovery averaging above 90%, which Corvus believes indicates good heap leach potential.

Drilling at the CIZ target continues in order to determine the development of higher-grade shoots within this new and expanding deposit, which Corvus believes may hold additional potential to develop into an underground deposit. Metallurgical testing of the CIZ has begun to better characterize its processing potential for its future addition to the Mother Lode mine plan.

Results from the Central Main Zone sulfide body continue to infill the resource model with higher grade intercepts which are expected to improve the grade and size of the resource as well as its confidence level.  These new core-drilling intercepts through the Main Zone at Mother Lode have consistently come in at higher grades than the earlier reverse circulation (RC) drill holes.  This positive variance may be reflecting a better sample that more effectively tests the zone (ML20-149CT, 21.5m @ 3.48 g/t Au as compared to holes north and south (NR17-19, Dec 12, 2017, ML17-013, 24.4m @ 1.74 g/t Au and ML17-015, 19.8m @ 1.95 g/t Au).  In addition, the core drilling is defining a number of unique breccia zones at the top of the CIZ dike swarm that cut the Central Main Zone and are associated with higher-grade gold mineralization.  These unique heterolithic (many different rock types) breccias appear to be diatreme type or associated with explosive activity above the tops of the intrusive dikes and are a good sign of a very dynamic and large gold system.

Additional intersection into the Upper Oxide Zone are defining a sizable body of low-grade heap leach mineralization that will be very beneficial to the mining of the deeper, higher-grade deposit at Mother Lode (lowering the strip ratio). This zone of mineralization was previously classified as overburden, thus Corvus believes that the reclassification could add additional ounces to the heap leach mineralization and potentially reduce the overall mining costs.

In general, the deep drilling results from the North target have begun to define the northern extent of the surface mineable deposit at Mother Lode. The Main zone appears to be thinning and dropping off in grade as the deposit approached the Corvus – Coeur Mining property line although Corvus is seeing silver numbers pick up to the north.  This increase in silver is observed in a number of holes as Corvus goes north.  In addition, the oxide diatreme breccia mineralization in hole ML19-126CT is an important geologic feature as it is outlining an explosive part of the gold system that could transition to into a large deposit at depth.  Further work will be done on the North Zone diatreme to further understand the scattered high-grade intercepts and how they may relate to this potential new intrusive center.

Jeffrey Pontius, President and CEO, said, “These new results continue to support the expansion of the Mother Lode deposit and the new CIZ target.  The upgrading of the Main Zone with core drilling is intriguing.  We believe that these results could lead to an increase in the estimated grade for a future mineral resource estimate.  Although most of the CIZ drilling will not be incorporated into the updated Preliminary Economic Assessment, which is expected to be completed in September, this, and ongoing drilling, will be incorporated into a mineral resource estimate update in the new year along with other new discovery drilling at Lynnda Strip.  As we proceed with evaluating the economic significances of Mother Lode and North Bullfrog in this unprecedented bull gold market, it has become a moving target as margins increase with the ever-increasing gold price, up over 35% in the last 12 months.  It is truly a unique time to have a gold discovery in a mining friendly jurisdiction that is continuing to grow rapidly.”