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West Pogo

Introduction

The West Pogo property consists of 96 Alaska State mining claims covering approximately 17 km2 located 50 km north of Delta Junction, Alaska and lies on the western boundary of the Pogo Mine operated by Sumitomo Metal Mining Co., Ltd.  The project is a high-grade intrusion-related gold vein system target.

Ownership

International Tower Hill (ITH) earned a 100% interest in the project from AngloGold Ashanti (USA) Exploration Inc. in late 2009 and subsequently optioned the property to First Star Resources Inc. in early 2010.  Under the option agreement, First Star had the ability to earn an initial 55% interest by paying US$280,000 and spending US$3.5 million on exploration by December 31, 2013.  As of the period ending September 30, 2011, First Star’s financials indicated that a total of $526,640 of work was completed at the project.  However, on December 2, 2011 First Star Resources failed to complete their full work commitment and pursuant to the earn-in agreement, full and unencumbered ownership of the property was returned to Corvus Gold. 

In March of 2012, Corvus Gold entered into an agreement with Alix Resources Corp. who holds adjoining ground to the north of West Pogo. Alix will have an option to earn 60% interest in the project by spending US$5.0M on the project and pay $125,000 to Corvus over a period of 5 years.  Corvus will retain a 2-3% NSR royalty with Alix having the option to purchase back 1% of the NSR for US$1.0 million.

Property Background

Gold mineralization was first discovered in the area in 1998 with the property being acquired by AngloGold Ashanti (USA) Exploration Inc. in 2002.  In 2003, initial regional soil results highlighted an east-west trending gold and trace element anomaly that was tested with a single shallow drill hold that encountered wide zones of low-grade gold mineralization, which was never followed up.

Geology and Mineralization

The West Pogo property is underlain by Paleozoic metamorphic rocks intruded by younger granites, units similar to those found at the Pogo mine 3 km to the east and intruded by similar age intrusives.

Gold mineralization discovered to date is related to high-temperature quartz veins like those at Pogo with similar trace element values (best rock sample 118 g/t Au with elevated Bi & Te). The dominant structure on the property is east-west shearing and with related northwest and northeast faulting. New geochemical mapping conducted by ITH has focused on delineating the east-west structural zone that defines the margin of the large 100Ma granite that is central to the property.

Exploration Summary

International Tower Hill's review of the AngloGold 2003 exploration data on the project suggested that a favorable target environment existed to the west.  A 2008 exploration program focused on the eastern side of the property within a recently burned area which enhanced rock exposures.  The exploration program discovered a new area of high-grade gold mineralization to the east of earlier discoveries.  Six of the 24 rock samples taken from this new zone returned greater than 1 g/t gold, ranging in grade from 1.2 to 118.5 g/t gold from sericitically altered granite and quartz vein material. This zone falls within an overall east-west trend of high-grade gold occurrences extending for some 25 km within the Pogo Gold District.

The project was spun out into Corvus Gold in August 2010.   Exploration at the project is aimed at defining high-grade vein systems similar to those mined 5 kilometres to the east at the Pogo Gold mine operated by Sumitomo Metal Mining Co., Ltd.  Completed work in 2011 included a 3D Induced Polarization (IP) Survey, geological mapping and surface sampling.  The Company's JV partner began its discovery phase drill program in June of 2012, the results of which are seen below:  

Summary of 2012 Drill Results at West Pogo
Released
Sept.18, 2012

*Intercepts calculated with 0.45 g/t cutoff -
Absence of structural and geological contacts precludes an estimate of true thickness
Hole ID
Hole Location
From (m)
To  (m)
Interval (m)
Gold (g/t)
WP-12-01
West Pogo
243.7
249.3
5.6
0.67
including
 
 
2.4
1.74
WP-12-02
74.5
77.7
3.2
1.10




Drill activity at West Pogo as of July 2012
with view of Sumitomo's Pogo mine in background

Mineral Resources

None has been defined to date.