Corvus Gold (TSX: KOR; US-OTC: CORVF) has extended its Mother Lode gold deposit in Nevada to the north with five new step out holes it drilled as part of its Phase Three resource expansion program.
The company has found that the project’s mineralized zone thickens and grades increase north of the main resource, and as a result theorizes it may be approaching a new mineralization center.
Highlights from the program include 1.83 grams gold over 115.8 metres from 372 metres downhole, as well as 1.37 grams gold over 26 metres from 388 metres downhole.
Most of the holes ended in oxide mineralization. Hole 92, in particular, ended in oxidized carbonates grading 3.36 grams gold.
Corvus tabled a maiden resource for Mother Lode in September 2018. The project contains 53.3 million measured and indicated tonnes grading 0.68 gram gold for 1.15 million oz. gold. It also contains 16.2 million inferred tonnes at 0.46 gram gold for 241,000 oz. gold. The resource is split between mill sulphide oz. and run-of-mine heap leached ounces. It assumes a US$1,250 per oz. gold price.
Mother Lode is surrounded by Coeur Mining’s ( NYSE: CDE) Crown Block claims, which Coeur acquired along with Northern Empire Resources in a $117 million deal in mid-2018.
Shares of Corvus Gold are currently trading at $2.63 with a 52-week range of $1.40 to $3.39. The company has a $280 million market capitalization.