Corvus Gold (TSX: KOR; US-OTC: CORVF) has tabled a maiden resource estimate for its Mother Lode gold project in Nevada that incorporates all the results from its first two drill programs. It’s currently part-way through a phase three drill program designed to expand the resource further.
As of this estimate, the project contains 53.3 million tonnes grading 0.68 gram gold for 1.15 million oz. gold. The project 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.
Corvus based its resource on 78 holes it drilled in 2017 and 2018 as well as 189 historical holes.
Its phase three drill program will target a broad western extension to Mother Lode the company defined with its first two phases of drilling. It will test the deposit’s northern and eastern extensions, as well as new feeder targets it identified while modelling the resource.
The company’s recently announced the final results from its phase two campaign. Highlights included 2.34 grams gold and 9.37 grams silver over 25.9 metres from 364 metres down hole as well as 2.36 grams gold and 2.36 grams silver over 59 metres from 343 metres down hole.
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 earlier this year.
Shares of Corvus Gold are currently valued at $3.15 with a 52-week range of 74¢ to $3.20. The company has a $338 million market capitalization.