Corvus Gold confirms Nevada strike, punters wanted more
Corvus Gold Inc (TSE:KOR) stock retreated nearly 6% on Thursday after releasing assay results from drilling at its Yellowjacket deposit, within the North Bullfrog Project in Nevada.
By the close the junior was changing hands at $1.52, down 5.6% on the Toronto Exchange, at its low for the day. The volatile counter hit a high of $2.12 in March this year.
The Vancouver-based firm which prospects in Alaska is worth just under $100 million on the big board and despite today's disappointing performance is up 30% in 2014.
Corvus raised $5.2 million in a private placement in November and in February sold an interest in an Alaska property for $1.8 million. An updated preliminary economic assessment on North Bullfrog is expected end of this year.
The company on Thursday reported results from its ongoing drill program at Yellowjacket that confirmed the continuity of the recently discovered West Vein, which has a known strike length of over 125 metres and a down-dip depth of ~150 metres.
Drilling highlights include hole NB-14-384, which returned 14 metres grading 6 g/t gold and 72 g/t silver from a downhole depth of 114.4 metres.
In addition, hole NB-14-382 returned 4.7 metres grading 4.6 g/t gold (including 0.5 metres grading 181 g/t gold) from a downhole depth of 116.1 metres.