Corvus Gold (TSE:KOR) announced Wednesday results from the final 18 holes of the 2010-2011 drill program at its North Bullfrog property near Beatty, Nevada, expanding known mineralization at two targets.
Highlights include 44.2 metres grading 0.45 grams per tonne (g/t) gold and 0.6 g/t silver in hole NB-11-107; and 44.2 metres of 0.48 g/t gold and 0.89 g/t silver in hole NB-11-114, at the Jolly Jane target.
These results confirm the continuity of the known mineralization at Jolly Jane, over an area measuring 600 metres by 350 metres, the company said.
Meanwhile, the Savage Valley target returned 0.36 g/t gold and 0.76 g/t silver over 9.1 metres in hole NB-11-99, effectively extending the mineralization over a 600 metre by 400 metre area.
Corvus said it plans to permit a phase two drill program to further define this new mineralization.
"The results from our latest phase of drilling are very exciting as they have demonstrated significant expansion potential at the new North District target areas in future infill drill programs," said CEO Jeff Pontius.
"In addition, the exceptional recoveries and leaching characteristics we see in the oxide ores suggest the potential for a low unit and capital cost operation, which could be quite attractive in our current gold price environment."
The North Bullfrog property, which currently includes eight prospective gold targets, including Savage Valley and Jolly Jane, covers a 24 square kilometre area north of the town of Beatty in southern Nevada.
Corvus said it is currently performing metallurgical tests on the property, which, so far, have indicated a 90% recovery rate. The company is also conducting bulk leaching tests to determine the potential for a heap leaching operation.
Other notable and previously reported results from the completed 75-hole, 17,820-metre drill campaign include 11.9 g/t gold over 6.1 metres at a depth of 178.3 metres in hole NB-10-63; and 0.33 g/t gold over 301.75 metres at an 83.8-metre depth in hole NB-11-91.
Corvus is currently working on an updated resource estimate for the property, which it expects to be complete by September.
Based in Vancouver, B.C., Corvus' stock on the Toronto Stock Exchange rose 1.89% to trade at $0.54 per share as of 12:53 pm EDT on Wednesday.