News

Reverse Circulation Drilling Establishes Continuity and Expands Oxide Mineralization.

Vancouver, B.C… Corvus Gold Inc. (“Corvus” or the “Company”) - (TSX: KOR, OTCQX: CORVF) announces assay results from the final 16 reverse circulation holes drilled in the 2013 campaign.  These results have expanded the broad oxide mineralization in the Sierra Blanca deposit in all directions and up to another 100 metres in depth.  Hole NB-13-246, on the northern extension of the Sierra Blanca deposit, returned 21.3 metres @ 0.46 g/t gold from the surface (Figure 1).  These results establish the continuity of quartz stockwork mineralization found 50 metres to the east in NB-12-242, which had 41.2 metres @ 0.68 g/t gold from surface, including 10.7 metres @ 1.3 g/t gold (NR13-27, October 24, 2013).

High silver values in several holes found in the North Sierra Blanca area adjacent to the Yellowjacket deposit suggests the presence of more Yellowjacket style high-grade mineralization between the two deposits.  In the Savage Valley area, hole NB-13-259 returned 38 metres @ 0.51g/t gold from 18 metres depth and hole NB-13-258 returned an intercept of 11 m of 0.7 g/t gold with high tellurium mineralization similar to that intercepted a half a kilometre to the west at Air Track Hill in hole NB-13-364 (NR14-01, January 9, 2014).  Corvus is still waiting for assays on the final 10 core holes drilled in 2013, most of which are from the northern and western extension of the Yellowjacket deposit.

Jeff Pontius, Chief Executive Officer, stated: “These encouraging results from our resource expansion program have highlighted two important points 1) the large bulk tonnage oxide deposit continues to grow and remains unconstrained, and 2) the presence of broad higher grade, high silver, stockwork zones is encouraging for finding more Yellowjacket type high-grade gold-silver zones.  This new data has helped outline several new high-grade targets for our 2014 program.  As the scale of the District-wide system continues to grow, this promises to be an exciting year.”

North Sierra Blanca Drilling

Results from nine new RC holes drilled on the northern end of Sierra Blanca have established good continuity and extended the known mineralization for about 300 metres to the north and 250 metres to the east (Table 1, Figure 1), thereby linking the Sierra Blanca deposit with the Yellowjacket deposit.  Oxidation along the ridge at Sierra Blanca North extends for some 200 metres in depth, which is about 100 metres deeper than originally projected in this area.  As a result, the potential to increase the tonnage of this portion of the deposit has increased (Table 1).

Broad zones of disseminated mineralization, such as NB-13-244 with 77 metres @ 0.25 g/t gold, have been found in all holes.  High level quartz stockwork mineralization seen at the surface has now been intersected in drilling, returning higher grades similar to those in the Yellowjacket such as hole NB-13-242 (41.2 metres @ 0.68 g/t gold from surface, including 10.7 metres @ 1.3 g/t gold – previously reported) and hole NB-13-246 (21.3 metres @ 0.46 g/t gold).  Core holes NB-13-373, 375 and 376 (assays pending) were drilled to test the continuity and possible grade enhancement at depth (Yellowjacket productive depths) of these newly discovered vein/stockwork zones.

In addition, holes NB-13-249, 250 and 251 not only demonstrate the continuity of lower grade disseminated mineralization, but also encountered intervals with anomalously high silver to gold ratios (Table 1, Figure 1).  These values are characteristic of the Yellowjacket high-grade mineralization and indicate that the high-grade veining extends into these areas.  Drilling in 2014 will be designed to investigate these occurrences as well.

Table 1: Significant intercepts* from recent reverse circulation holes at North Sierra Blanca.
(All holes are vertical.  Reported drill intercepts are not true widths.  At this time, there is insufficient data with respect to the shape of the mineralization to calculate its true orientation in space.)

*Intercepts calculated using a 0.1g/t gold cutoff and up to 3 metres of internal waste.

Infill Drilling between Sierra Blanca and Savage Valley Deposits

Drill holes designed to evaluate a large un-drilled area between the southwest portion of Sierra Blanca and northern extension of the Savage Valley deposits have returned encouraging results which could potentially link the two proposed pits in future modeling.  The results from seven new holes show that low-grade mineralization extends through this area, with some significant shallow intercepts such as hole NB-13-256, where 75 of the top 105 metres is mineralized above cutoff, and NB-13-254 with 20 metres @ 0.26 g/t gold from 8 metres depth (Table 2, Figure 1).

Holes NB-13-258 and NB-13-259 both have significant intercepts at nearly 0.5 g/t gold (Table 2).  Of particular interest is the intercept of 10.7 metres @ 0.7 g/t gold in NB-13-258, which also has elevated tellurium similar to an intercept half a kilometre to the west at Air Track Hill (NR14-01, January 9, 2014).  As previously stated, tellurium is a strong indicator of high-grade gold mineralization.  Additional drilling is planned in the Savage Valley area to explore the potential southern extension of the Yellowjacket high-grade deposit into this large area of low-grade mineralization (which has some indicators that are similar to the setting at Sierra Blanca to the north).

Table 2: Significant intercepts* from recent RC holes between Sierra Blanca and Savage Valley.
(All holes are vertical.  Reported drill intercepts are not true widths.  At this time, there is insufficient data with respect to the shape
of the mineralization to calculate its true orientation in space.)

*Intercepts calculated using a 0.1g/t gold cutoff and up to 3 metres of internal waste.

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corporation.  The property package is made up of a number of leased patented federal mining claims and 758 federal unpatented mining claims.  The project has excellent infrastructure, being adjacent to a major highway and power corridor.

Figure 1: Location of drill hole discussed in this news release.  Red collars and traces indicate holes reported in this news release.  Blue indicates holes for which assays are pending.  Black indicates previously released results.  Significant mineralized faults are shown in dark red.  Grey hachured lines show outlines of present proposed pit designs.  Topographic contour interval is 2 metres.

Qualified Person and Quality Control/Quality Assurance

Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that form the basis for this news release and has approved the disclosure herein.  Mr. Pontius is not independent of Corvus, as he is the CEO and holds common shares and incentive stock options.

The work program at North Bullfrog was designed and supervised by Russell Myers (CPG 11433), President of Corvus, and Mark Reischman, Corvus Nevada Exploration Manager, who are responsible for all aspects of the work, including the quality control/quality assurance program.  On-site personnel at the project log and track all samples prior to sealing and shipping.  Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment.  All resource sample shipments are sealed and shipped to ALS Chemex in Reno, Nevada, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assaying.  ALS Chemex’s quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999.  Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples.  Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.

About Corvus Gold Inc.

Corvus Gold Inc. is a North American gold exploration company, which is focused on advancing its 100% controlled Nevada, North Bullfrog project towards a potential development decision.  In addition the Company controls a number of other North American exploration properties representing a spectrum of gold, silver and copper projects.  Corvus is committed to building shareholder value through new discoveries and leveraging noncore assets 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.

(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chief Executive Officer

Contact Information:  
Ryan Ko
Investor Relations
Email: info@corvusgold.com
Phone: 1-888-770-7488 (toll free) or (604) 638-3246 /Fax: (604) 408-7499

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, the potential for there to be more Yellowjacket style high-grade mineralization between the North Sierra Blanca area and the Yellowjacket deposits, the potential to increase the tonnage of the deposit in the Sierra Blanca North area and for the grade to increase at depth, the potential to link the two proposed pits at the Sierra Blanca and northern extension of the Savage Valley deposits in future modeling, the potential to discover additional high grade veins or additional deposits including the potential for Yellowjacket-type high-grade mineralization in the area of low-grade mineralization in the Savage Valley area, the potential to expand the existing estimated resource at the North Bullfrog project, the potential for the North Bullfrog deposits to be p[art of a District-wide gold system and to grow as such, the potential for the North Bullfrog system to continue to grow and/or to develop into a major new higher-grade, bulk tonnage, Nevada gold discovery, the potential for any mining or production at North Bullfrog, the potential for the identification of multiple deposits at North Bullfrog, the planned completion of an updated preliminary economic assessment for the North Bullfrog project, whether in Q1 2014 or at all, the potential for the Company to secure or receive any royalties in the future, the potential for the Company to build shareholder value, whether through new discoveries and/or leveraging non-core assets or at all, 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.  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 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 may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company’s 2013 Annual Information Form and latest interim Management Discussion and Analysis 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, and any production therefrom or economics with respect thereto, are not indicative of mineral deposits on the Company’s properties or the potential production from, or cost or economics of, any future mining of any of the Company’s mineral properties.

This news release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.