KOR: TSX/CORVF: OTCQX
CEO: Jeffrey Pontius
President: Russell Myers
Exploration Manager, Alaska: Chris Brown
Formed in 2010 to explore International Tower Hill Mines Ltd.’s non-Livengood assets, Corvus Gold Inc. has set out on a path to become a gold producer with significant interest and royalty exposure. While Corvus focuses its in-house efforts on advancing a preliminary economic assessment for North Bullfrog – a southern Nevada bulk tonnage gold project the company plans to put into production by 2015 – the junior has brought on partners to fund exploration and development of its Alaska portfolio.
Terra – a high-grade gold project located about 130 miles (210 kilometers) northwest of Anchorage – is the most advanced of Corvus’ Alaska projects. WestMountain Gold Inc., which has an option to earn up to an 80 percent interest in Terra, fired up a bulk sample mill at the high-grade Alaska gold project in August. The feed for the small scale gravity operation came from Ben, a high-grade vein-system with an inferred resource of 428,000 metric tons averaging 12.2 g/t (168,000 ounces) gold and 23.11 g/t (318,000 ounces) silver. Building on this resource, WestMountain completed some 1,200 meters of drilling to further extend the Ben Vein gold structure. A resource update and technical report are expected in the fourth quarter. WestMountain anticipates the completion of a scoping study on underground mining at Terra to be completed in mid-2013. In addition to its work on the high-grade vein system, WestMountain is investigating Camp Creek Midway, a porphyry target located on the Terra property. Corvus currently receives half the gold mined at Terra plus a sliding-scale net smelter return royalty of between 0.5 percent and 5 percent, dependent upon the gold price, on all precious metal production from the property. Under this metric, Corvus is currently entitled to 53 percent of the gold produced at Terra. “The potential to see initial gold production from the Terra project is an exciting step for Corvus Gold in leveraging its non-core assets to support the development of our 100 percent wholly owned North Bullfrog, Nevada project toward anticipated production,” said Corvus CEO Jeff Pontius. WestMountain expects to complete the US$6 million of spending need to earn an initial 51 percent interest in Terra by the end of 2013, a stake the company can increase to 80 percent by spending an additional US$3.05 million.
At the West Pogo gold project – situated about two miles (3.5 kilometers) west of Sumitomo Metal Mining’s Pogo Mine – Alix Resources Corp. drilled two holes in 2012. This work follows up on untested structurally related gold targets developed by Alix geologists from work on the adjacent Money Rock project, which is part of the joint venture. Ocean Park Ventures Corp. – Corvus’ partner on the Chisna project in the eastern Alaska Range – limited its work on the gold-copper property to what is necessary to fulfill its 2012 work commitment. LMS, located about 40 kilometers (25 miles) southwest of Pogo, did not see any work in 2012 and Corvus is seeking a partner to continue the exploration of this enticing gold prospect.
Cash and short-term deposits: C$6.95 million (at May 31, 2012)
Working capital: C$6.43 million (at May 31, 2012)
Market capitalization: C$52 million (at Sept. 20, 2012)
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