Corvus announces extension of vein system by another 200 metres at Terra project

Corvus Gold (TSE:KOR) announced Monday that its joints venture partner, WestMountain Index Advisor, has completed 544 metres of drilling over four holes, confirming the extension of the Ben vein system on the joint venture Terra gold project in western Alaska.
The existing high-grade vein has been extended another 200 metres to the north, and remains open at depth and along strike. Assays for the completed 2011 drill program are still pending.
An initial 100-metre step-out hole drilled to the north of the vein encountered material up to 130 metres in depth, Corvus said, while a second step-out hole, drilled another 100 metres north of the first drill hole, encountered more vein material up to 140 metres in depth.
Corvus said these zones confirm the continuity of the Ben vein. The 2011 drill program was intended to expand the known mineralization at the Terra gold property by further defining the vein.
WestMountain has indicated that it will continue to drill in the area, further expanding the known extent of the Ben vein, while also completing the first bulk sampling of the vein, Corvus added.
The companies hope to bring the deposit into small scale production as quickly as possible.
The property, which comprises of 295 state unpatented lode mining claims, lies 200 kilometres west-northwest of Anchorage and is centered on an eight-kilometre long trend of high-grade vein occurrences.
Terra currently hosts an NI 43-101 compliant resource estimate of 168,000 ounces of gold at 12.2 grams per tonne (g/t), and 318,000 ounces of silver at 23.1 g/t, in an open vein system.
Under the terms of the joint venture, WestMountain can earn an initial 51% stake in the Terra project if it spends US$6 million on exploration expenditures over three years. After earning its 51%, WestMountain can earn an extra 29% if it funds US$3.5 million in development work.