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Corvus announces new gold discovery at joint venture Golden Range property, Alaska

Corvus Gold (TSE:KOR) and its joint venture partner, Ocean Park Ventures (CVE:OCP), announced Tuesday a new gold discovery on the Notch target of the Golden Range property, part of the Chisna project in south central Alaska.

Vancouver, B.C.-based Ocean, also the operator of the venture with Corvus, said it intersected the discovery throughout six drill holes and four surface trenches on the Notch target, which were intended to test a shear zone between 40 and 60 metres in thickness. Drilling and trenching tested two targets, the East and West Notch.

Most significantly, drill hole GR-11-09 on the East Notch target intersected 15.8 metres grading 3.19 grams per tonne (g/t) gold and 1.93 g/t silver, including 6.8 metres at 4.49 g/t gold and 0.92 g/t silver, and 8.84 g/t gold and 10.67 g/t silver over 1.8 metres.

Other notable results from the drill program include 0.4 metres grading 5.15 g/t gold and 0.7 g/t silver in hole GR-11-10 on the East Notch target, and 0.34 g/t gold and 0.68 g/t silver over 44.9 metres in hole GR-11-13 on the West Notch target.

Hole GR-11-15 also returned 16.9 metres at 1.99 g/t gold, including 5.1 metres at 4.57 g/t gold, on the East Notch target.

Meanwhile, trenching assays returned 47.0 metres grading 1.01 g/t gold and 1.27 g/t silver in trench EN-TR-01, including 3.0 metres at 2.17 g/t gold and 5.27 g/t silver, and 5.0 metres at 3.37 g/t gold and 2.07 g/t silver, each on the East Notch target.

Trench EN-TR-03 found 11.0 metres grading 6.48 g/t gold and 3.2 g/t silver, including 5.0 metres at 13.21 g/t gold and 6.09 g/t silver, also on the East Notch target.

Corvus said the results suggest good continuity of mineralization from surface to over 250 metres down dip. Mineralization remains open along strike and down dip.

"Results from the East and West Notch confirm the presence of a large, gold-mineralized quartz-arsenopyrite vein system within a regional shear with over 1000 metres of confirmed gold bearing strike," Ocean Park said in a separate statement, with plans to perform definition drilling on the Notch targets in 2012.

Exploration at the Golden Range area has now defined a 12-kilometre long area with several highly prospective gold zones.

The Chisna project is a joint venture between Raven Gold Alaska, a subsidiary of Corvus Gold, and Ocean Park. Ocean Park may earn a 51 percent interest in the project by contributing $20 million in exploration expenditures over a five-year period, and can earn an additional 19 percent stake by producing a bankable feasibility assessment.

Both Corvus and Ocean Park shares were inactive in morning trading.