New Oxide Discovery At The Lynnda Strip Identifies A Potential Connected System 700 Meters West

VANCOUVER - Corvus Gold Inc. has received additional results from its current drill programs in the greater Mother Lode project area with continued expansion of the new Central Intrusive Zone “CIZ”, “Upper Oxide” and “Main Zone” targets. In addition, initial results from Corvus’ first follow-up hole at its new “Lynnda Strip” discovery were returned; a new deposit that will ultimately be integrated into the overall Mother Lode Mine plan. The initial follow-up RC drill hole from the Lynnda Strip discovery is encouraging with two separate thick oxide intercepts. Hole ML20-168 has an upper intercept of 48.8m @ 0.90 g/t gold including 16.8m @ 1.86 g/t gold and a lower intercept of 106.7m @ 0.71 g/t gold including 16.8m @ 0.99 g/t gold & 15.2m @ 1.31 g/t gold ending in mineralization. Further follow-up drilling is ongoing with several diamond core holes identifying multiple intercepts with strong quartz stockwork veining and a deeper extent of the gold system.

The new drill results and initial core holes from the Lynnda Strip discovery has highlighted the key controls on the mineralization encountered to date. They key findings from this work are: The Lynnda Strip discovery appears to be part of a large new discovery that is controlled by a major north-south trending structural zones that has delivered encouraging results to the south by Coeur Mining Inc.’s C-Horst discovery and is the focus of currently constructed drill pad to the northwest on AngloGold Ashanti Limited’s land package; The upper higher-grade zone is related to steeply west dipping veins and vein-stockwork zones. These vein zones are similar to the vein/stockwork zone in the YellowJacket and Bullfrog deposits located a few kilometers to the west; Oxidation is very deep in this area (over 400 meters) similar to the deep oxidation of the CIZ zone about 1.5 kilometers to the south; and Like the historic Bullfrog mine and the developing YellowJacket deposit the higher-grade vein/stockwork system of the Lynnda Strip discovery may benefit from milling and gravity recovery and provide a significant addition to the Mother Lode mine plan.

In addition, Corvus has drilled an RC hole at a new target (Merlin South) approximately 700 meters to the west of Lynnda Strip that has returned a broad zone (+100 meters thick) of strong alteration and oxidation that is similar to the mineralized zones at Lynnda Strip. This new target is the focus of multiple drill sites built by AngloGold Ashanti Limited immediately to the north and recent drill holes completed by Coeur Mining, Inc. to the south.

Continued results from Mother Lode are defining additional high-grade core areas within the CIZ target area with holes ML20-153CT retuning 9.2m @ 3.43 g/t gold and ML20-155CT with 13.6m @ 2.73 g/t gold. These new high-grade intercepts are within the larger lower grade zones of oxide CIZ mineralization. In addition, we have seen an expansion of the Upper Oxide zone to the south that was intersected by hole ML20-155CT with 68.6 m @ 0.35 g/t gold and ML20-153CT with 12.8m @ 0.56 g/t.   It appears that the current results also continue to reflect higher-grades in the Main Zone with our large diameter core drilling which include ML20-155 with 11.9m @ 4.21 g/t gold with the zone thickening in these areas, which the Company believes bodes well for future mineral resource updates.

With the new results, we continue to see expansion of all three target zones at the Mother Lode deposit (Upper Oxide, Main & CIZ). The ongoing comparison work of large diameter core with RC continues to show broader intercepts with higher grades as compared to earlier mineral resource RC drilling results. The CIZ target continues to show good continuity along strike and at depth in the southern sector with mineralization extending past 550 meters in depth with consistent grades (both holes ML20-153 & ML20-155 ending in good grade mineralization).    

Our drilling at CIZ over the next few months will be essential in developing an expanded mineral resource for the Mother Lode deposit. We expect to be modeling this new mineral resource expansion early in 2021 and posting a new Mother Lode mineral resource update in the first half of next year.

Jeffrey Pontius, President and CEO of Corvus, said, “These new results continue to support the expansion of the Mother Lode deposit and the new CIZ target. The impressive new results from the Lynnda Strip discovery are outlining what we believe could be a major new discovery in the eastern District, with the Corvus portion augmenting the overall Mother Lode mine plan. As we continue with our District-wide exploration in the Mother Lode belt, we will potentially see more encouraging results as well as exploration across the greater Bullfrog District in general. This District is emerging as a key focus of Nevada exploration and is likely to have many more headlines in the near future.”