Resource World Magazine

D E C E M B E R / J A N U A R Y 2 0 1 8 www.resourceworld.com 47 ber of royalties on other North American exploration properties representing a spec- trum of gold, silver and copper properties. MOTHER LODE – The project is situated 150 km northwest of Las Vegas, 10 km east of Beatty, about 20 road km from the company's North Bullfrog Project and com- prises 65 federal unpatented mining claims covering an area of approximately 5.2 km 2 . The project area was previously mined in the late 1980s producing 34,000 oz gold from ores grading 1.8 g/t but closed down due to low gold prices. Some small scale exploration took place during the 90s with adjoining properties. Corvus acquired the project from Goldcorp Inc. [G-TSX; GG-NYSE] for 1,000,000 shares and certain royalty con- siderations. Mother Lode has historic calculated resources of 433,000 oz gold contained in 8.5 million tonnes grading 1.6 g/t gold based on 172 drill holes and including numerous +3 g/t gold structural zones. In September Corvus started a Phase I, 50-hole, 13,000-metre drill program with three drill rigs to focus on confirmation of the existing resource and addressing pri- ority one resource expansion exploration targets in four main areas. One of the recently completed drill holes by Corvus intersected 54.8 metres grading 2.95 g/t gold, including 8.4 metres of 6.48 g/t gold. A second hole that inter- sected 54.9 metres of 2.7 g/t gold and all others to date have returned holes with similar significant broad zones of min- eralization in sediment-hosted strata showing marked comparisons to Carlin/ Cortez Trend geology. Exploration upside includes expansion of mineralization north, west and at depth with potential for high bonanza grade shoots. The Phase I program is anticipated for completion in December 2017 with the Phase II program scheduled to commence in January 2018. NORTH BULLFROG – The project consists of 75 km 2 of leased, patented and unpat- ented mining claims situated 10 km north of Beatty and 8 km north of the Bullfrog Mine formerly operated by Barrick Gold Corp. [ABX-TSX, NYSE]. The project, like many of the current and former pre- cious metal mines in Nevada, represents a large, low-sulphidation, epithermal bulk- tonnage system hosted in volcanic and sedimentary rocks. Gold was discovered in the Bullfrog district in 1904 from which mine produc- tion of an estimated 112,000 oz of gold and 869,000 oz of silver was recovered through 1921 from high-grade vein systems. There was only minor activity in the district until 1974 followed by exploration until 1996. In 2005, renewed exploration contin- ued to 2009 followed by the acquisition by Corvus of 100% of the property in 2010. Recently updated mineral resource estimations incorporating all drill results through to 2017 are to be used in a two- phase mining approach with Phase I as an initial stage of low-strip, higher-grade, mix of predominantly oxide mill processes and oxide heap leach processing. Phase II mining includes mainly heap leach mineralization. PHASE I – Total measured and indi- cated mineral resource estimates for the project constrained by Whittle tm pit vol- umes, including both the Yellowjacket Vein/Stockwork and Disseminated Oxide Mineralization at a gold price of US $1,250 per ounce and a silver price of US $16.50 per ounce are 34,972,000 tonnes grading 0.80 g/t gold containing 904,000 ounces and 4.86 g/t silver containing 5,459,000 ounces. In addition, there are 5,908,000 tonnes of inferred resources grading 0.31 g/t gold and 0.74 g/t silver. PHASE II – With the same parameters as Phase I, there are 123,138,000 tonnes grading 0.22 g/t gold and 0.65 g/t silver. With substantial mineral resources established in a mining friendly state and accessible infra-structure facilities, the company is conducting base line studies to advance the project to the first phase plan. n

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