Corvus announces sample with grade of 79.8 g/t gold at Chisna project

Corvus Gold (TSE:KOR) announced Thursday assays from grab and chip samples at its Chisna joint venture project in Alaska returned grades as high as 79.8 grams per tonne (g/t) gold.
The gold explorer also announced that five of 17 planned drill holes have been completed to date at the site, among other updates.
The 232,000-acre property, located in south-central Alaska, is a joint venture between Corvus and Ocean Park Ventures Corp.
Operator Ocean Park, which may earn a 51% interest in the property by contributing $20 million in exploration expenditures over five years, said that an average grade of 1.19 g/t gold was returned from 769 grab and chip samples on the Golden Range target of the property.
Of these samples, which were only retrieved from an eight square kilometre area on the Golden Range prospect, 114 returned grades higher than 1.0 g/t gold, while 22 samples returned grades higher than 10.0 g/t gold. The highest grade sample recorded 79.8 g/t gold.
In addition, five of the 17 planned phase one drill holes, totaling 885 metres, have been completed to date at the Golden Range target, which has a strike length over nine kilometres long.
The gold mineralization is hosted in several vein systems, with thicknesses ranging from ten centimetres to over 20 metres.
Drilling, geological mapping and geochemical sampling continue at the Golden Range target to develop new drill targets, Corvus said.
Vancouver, B.C.-based Corvus also announced that the Southwest Grubstake prospect has produced several high-grade samples. Still, structural evaluation is continuing at the site, to determine targets for future drill programs.
In addition to the 51% interest it may earn, Ocean Park, which acts as operator for the Chisna project, can also acquire another 19% by producing a bankable feasibility study.
The study must delineate a mining project at the Chisna site that produces at least 300,000 ounces of gold equivalent per year.
Corvus shares on the Toronto Stock Exchange spiked 7.27% as of 12:25 pm EDT on Thursday, to trade at $0.59 per share.