There may not be anything the makes a mining investor's ears perk up quicker than the phrase "mother lode." It's just got a great ring to it.
Corvus Gold (TSX:KOR)(OTCQX:CORVF) gets to use it frequently, considering that's the name of the Vancouver-based gold explorer's project in southern Nevada.
Shares of KOR are getting a boost on Tuesday from drill results from the 5.2-square-kilometre project, located 150 kilometres northwest of Las Vegas.
Assay results from eight new drill holes continued to extend mineralization and confirm a large sediment-hosted gold system.
Today's results were highlighted by intersects of 38.4 meters grading 2.67 grams per tonne gold and 13.7 meters at 1.48 g/t gold, including 13.7 metres grading 5.7 g/t gold in hole ML-17-011.
Other impressive cuts included 59.4 metres at 1.68 g/t gold and 36.6 metres at 1.49 g/t gold in ML-17-014 and 66 meters grading 1.24 g/t gold in ML-17-003, which remained open as it stopped drilling at a point grading 1.64 g/t gold and 30.4 g/t silver in the last 2.3 metres.
Corvus CEO Jeff Pontius noted that that drilling further defines multiple thick (30-50 meter) intervals grading in excess of 2.0 g/t gold, with the first holes drilled in a northern extension extending beyond the original exploration target.
More assay results are pending from completed holes. Thanks to a $5.25-million private placement wrapped up last week, the company's 2018 exploration program at the Mother Lode project is fully funded.
After hitting a 52-week high at $1.69 on November 22, shares pulled back to a base around $1.40. With today's drill results, shares are back on the rise as one of the best-performing TSX-listed stocks on Tuesday, gaining 13.6% to $1.59 with about an hour left in the trading session.
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