Corvus Gold (TSE:KOR) said Monday it has optioned off its West Pogo project to Alix Resources Corp. (CVE:AIX).
acreage consists of 96 Alaska State claims that cover 14 square
kilometres just 50 km north of the Delta Junction. No mineral resources
have been defined yet.
Alix can earn a 60 percent stake in the
Alaskan project, if it spends $5 million in work expenditures, and pay
$125,000 to Raven over five years.
Raven, Corvus Gold’s
subsidiary, will keep a two to three percent net smelter return royalty
on the project, with Alix able to buy one percent of the royalty for $1
The junior miner Alix holds the adjoining ground to the north of West Pogo and said it intends to drill targets this year.
target concept for the 2012 program is for low and high angle,
high-grade gold vein systems akin to the West Pogo deposit five km
Prior work at West Pogo has found two one kilometre zones
of gold mineralization which produced grab samples up to 118.5 grams
chief executive, Jeff Pontius, said: "The West Pogo option agreement
with Alix follows the Corvus strategy of partner funded exploration in
its non-core assets while retaining an attractive royalty position."
week, the gold producer disclosed results from a phase one resource
expansion drill program at the North Bullfrog project near Beatty,
Corvus said seven of the nine holes drilled to test the
expansion potential of the defined Sierra Blanca and Jolly Jane deposits
have returned "encouraging results."
In the Sierra Blanca area,
hole NB-12-118 intercepted 46 metres of 0.56 grams per tonne (g/t) gold,
250 metres north with a similar intercept 400 metres north in hole
These holes, together with hole NB-12-117, drilled 400
metres to the west of Sierra Blanca, suggest a major resource expansion
potential exists to the north and west of the current Sierra Blanca
deposit with "markedly higher grades," the company said.
intercepts were also returned from holes NB-12-124 and 125, which
targeted the north-eastern extension of mineralization toward the Jolly
Hole NB-12-124 returned 39.6 metres of 0.24 g/t gold and 0.50 g/t silver, including 13.7 metres of 0.50 g/t gold and 0.60 g/t
while hole NB-12-125 hit 54.9 metres of 0.21 g/t gold and 0.64 g/t
silver, including 13.7 metres of 0.38 g/t gold and 1.10 g/t silver.
is a mineral explorer focused in Alaska and Nevada, and controls a
number of exploration projects from early-stage to advanced stage.