North Bullfrog

The North Bullfrog Project consists of patented and unpatented mining claims covering an area of approximately 40 km² situated 15 km north of Beatty, Nevada, and 8 km north of the Bullfrog Mine*.  The project represents a large, low-sulphidation, epithermal bulk-tonnage gold system hosted in volcanic and sedimentary rocks.

The North Bullfrog project includes eight prospective gold targets, one of which (the Mayflower property) was drilled by the Company in 2008 and contains an initial NI 43-101 estimated Indicated resource of 2.02Mt at 0.88 g/t gold for 57,086 contained ounces of gold and Inferred resource of 0.95Mt at 0.78 g/t gold for 23,793 contained ounces of gold (at 0.5 g/t gold cutoff grade).

* This information is not indicative of the mineralization on the North Bullfrog property or the potential production from or any future mining of the North Bullfrog property. 

The project is 100% controlled by Corvus Gold.

Gold was discovered in the Bullfrog district in 1904 resulting in an estimated production of approximately 112,000 ounces of gold and 869,000 ounces of silver through 1921 from high-grade vein systems that remained open along strike and down dip.  There was only minor activity in the district after the initial production period until modern exploration at the North Bullfrog project area started up in 1974 and continued until 1996 during which time several companies mapped, sampled, and drilled several areas of gold mineralization.  Declining precious metal prices in the late 1990s resulted in reduced interest in the area.

In 2005, the project was picked up and explored by Redstar Gold Corporation and International Tower Hill (ITH) entered into a joint venture with Redstar to explore the project in 2007.

The North Bullfrog project lies along a northerly trending district-scale fault system which extends from the Bullfrog mine into the project area and believed to be a regional control to gold mineralization.  Numerous normal faults cut the volcanic sequence and localized vein-style gold mineralization in both areas.  Basement Paleozoic limestone, shale and quartzite occur in the project area, locally as large rootless inclusions within volcanic debris-flow breccias.  Unlike the Bullfrog mine area, the North Bullfrog contains abundant syn-volcanic intrusions, possibly indicating a more proximal magmatic/volcanic environment compared to the Bullfrog mine.

Two styles of precious metal epithermal mineralization are present at the project: 1) potentially high-grade, structurally controlled fissure veins and associated stockwork zones, and 2) low-grade disseminated or replacement deposits within altered volcanic rocks.

For more information, click here for the North Bullfrog November 2011 Technical Report.

ITH completed drilling programs in 2007 and 2008 which encountered significant mineralization at three target areas: Mayflower, Sierra Blanca and Pioneer.  Results from drilling at the Mayflower target were used to for the calculation of an initial resource estimate (see below).   ITH was targeting a multiple deposit concept for the property, which could support a central processing facility.

The project was spun out from ITH into Corvus Gold in August 2010.  A 75-hole, 17,820-metre drill program was carried out from October 2010 to July 2011.  The program was successful in defining a thick oxide mineralization in the northern portion of the property covering approximately 1.6 km².  A highlight of the 2010-2011 drill program included a hole that returned 13.7 metres (11.9 metre true width) of 5.9 g/t gold and 5.2 g/t silver, and a high-grade intercept of 6.1 metres grading 11.9 g/t gold and 8.8 g/t silver. 

Work on an updated NI 43-101 resource estimate was completed in late September 2011.  For 2012, a 2-phase drill program will begin with 4,000 metres of PQ core drilling will assess the resource expansion potential of the current deposit and follow-up on the Yellowjacket high-grade zone.  A more extensive +100 hole second phase drill program is currently being permitted to follow up on the defined broad zones of bulk tonnage gold mineralization is expected to commence in the late Summer of 2012.

Map of the Yellowjacket, Sierra Blanca, Savage Valley and Jolly Jane target areas displaying the drill holes reported in the
August 17, 2011 news release seen here.

Map of North Bullfrog including the Air Track West step out drill hole that encountered 52 metres of 0.8 g/t gold including an intercept of 15.3 metres of 2.36 g/t gold as reported in the February 13, 2012 news release seen here.

Summary of Indicated and Inferred Resources at North Bullfrog by Deposit

* Mineral resources which are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.

* Calculated as at November 7, 2011 by Mr. Gary Giroux of Giroux Consulting Ltd. and reported in the Report titled "Resource Report For The North Bullfrog Project Bullfrog Mining District, Nye County, Nevada," which is co-authored by Mr. Giroux and Mr. Roger C. Steininger of Steininger Consulting.

Metallurgical Results

Large diameter (12 inch) leach columns tested coarse crush material (80% of particles less than 50mm) from the Sierra Blanca and Jolly Jane areas.  The tests achieved 60% - 69% gold recovery in the first 90 days of cyanide leaching.  The gold recoveries after a leach and rinse time of 117 days was between 64% - 70% which support an overall Run of Mine recovery plan. 

Initial Column Leach Test Results, North Bullfrog Project
Bulk Samples of Oxide Materials from the Sierra Blanca and Jolly Jane Resource Areas

* SB - Sierra Blanca resource area; JJ - Jolly Jane resource area
** - direct assay of total tail; tail assays by screen size are pending