corporate presentation april 2018 - corvus gold inc. website · · 2018-04-05this presentation...

Corporate Presentation – April 2018

This presentation contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securitieslegislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of explorationprograms, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, projected economics of the mine plan contained in the PEA, including minedevelopment and operating costs and potential future production and estimates of mineral resource, the intent of the Company to become a non-operator gold producing company with royalty interests,the Company’s business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates and the preliminary economic analysis thereof alsomay be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed andmined.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results are likely to differ, and may differ materially, fromthose expressed or implied by forward-looking statements contained in this presentation. Such statements are based on a number of assumptions which may prove incorrect, including, but not limitedto, assumptions about the level and volatility of the price of gold, the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to implement and carry on theCompany’s planned exploration and potential development programs; the Company’s ability to attract and retain key staff, the timing of the ability to commence and complete the planned work at theCompany’s projects, and the ongoing relations of the Company with its underlying property lessors and the applicable regulatory agencies.

Accordingly, the Company cautions that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those set out in theforward-looking statements as a result of, among other factors, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessarypermits, consents or authorizations required for its activities, material adverse changes in economic and market conditions, changes in the regulatory environment and other government actions,fluctuations in commodity prices and exchange rates, the inability of the Company to raise the necessary capital for its ongoing operations, and business and operational risks normal in the mineralexploration, development and mining industries, as well as the risks and uncertainties disclosed in the Company’s most recent Management Discussion and Analysis filed with certain provincial securitiescommissions in Canada available at www.sedar.com and the Company’s most recent filings with the United States Securities and Exchange Commission (the “SEC”) available at www.sec.gov. TheCompany undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect theoccurrence of unanticipated events except as required by law. All subsequent written or oral forward-looking statements attributable to the Company or any person acting on its behalf are qualified bythe cautionary statements herein.

Scientific or technical information contained herein is derived from the independent NI43-101 technical reports which include more detailed information with respect to the Company’s properties,including the dates of such reports and the estimates included therein, details of quality and grade of each resource, details of the key assumptions, methods and parameters used in the resourceestimates, a general discussion of the extent to which the resource estimates and the other estimates and projections included in the reports may be materially affected by any known environmental,permitting, legal, taxation, socio-political, marketing, or other relevant issues and you are urged to review such reports in their entirety. Mineral resources that are not mineral reserves do not have anydemonstrated economic viability.

Cautionary Note to United States Investors

Unless otherwise indicated, all resource estimates contained in or incorporated by reference in this presentation have been prepared in accordance with National Instrument 43 101 - Standards of Disclosurefor Mineral Projects (“NI 43-101”) and the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resource and Mineral Reserves, adopted by theCIM Council on November 14, 2004 (the “CIM Standards”) as they may be amended from time to time by the CIM. United States investors are cautioned that the requirements and terminology of NI 43-101and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth in the SEC’s Industry Guide 7 (“SEC Industry Guide 7”). Accordingly, the Company’s disclosures regardingmineralization may not be comparable to similar information disclosed by companies subject to SEC Industry Guide 7. Without limiting the foregoing, while the terms “mineral resources”, “inferred mineralresources”, “indicated mineral resources” and “measured mineral resources” are recognized and required by NI 43-101 and the CIM Standards, they are not recognized by the SEC and are not permitted to beused in documents filed with the SEC by companies subject to SEC Industry Guide 7. Mineral resources which are not mineral reserves do not have demonstrated economic viability, and US investors arecautioned not to assume that all or any part of a mineral resource will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whetherthey can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates ofinferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SECIndustry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit amounts. The term “contained ounces” is not permitted under the rules of SEC Industry Guide 7. The mineeconomics presented herein derived from the PEA are preliminary in nature and may not be realized. The PEA is not a feasibility study. U.S. investors are urged to consider closely the disclosure in our latestreports and registration statements filed with the SEC. You can review and obtain copies of these filings at http://www.sec.gov/edgar.shtml. U.S. Investors are cautioned not to assume that any definedresource will ever be converted into SEC Industry Guide 7 compliant reserves. Note: All monetary values are USD unless otherwise stated.

Forward Looking Statement

2 Apr 2018 | Corporate Presentation | TSX: KOR | OTCQX: CORVF

http://www.sedar.com/

http://www.sec.gov/

Corvus Gold Experience

Management Directors

Jeffrey Pontius - CEO & President Ex AngloGold NA Expl. Mgr, Five discoveries

Catherine Gignac - Chair of BoardEx Northland Capital, corp. financial & technical skills

Carl Brechtel - COOEx AngloGold Mgr. of New Project Development Steven Aaker - Ex Franco Nevada COO,

strong technical & business experienceMark Reischman - Nevada Exploration Mgr.Ex AngloGold & Barrick Nevada Project Manager

Edward Yarrow - Ex Anglo American VP Expl.,strong geological & mining experience

Ron Largent - Special AdvisorEx AngloGold Ashanti International COO


104,225,175 shares I&O

110,921,175 shares fully diluted, No Warrants

Working Capital ~$6.7M CDN (12/01/2017)

Life of Company Ave Financing price: $0.89

Small float, ability to outperform

Strong “Long Gold” Shareholder Base

6.5%

24.8%

24.9%

18.6%

25.2%

~Shareholder Distribution Management &Employees

Institutional

Strategic

Retail

High Net WorthLong Term

Top Shareholders %

Tocqueville Asset Management 18.2

AngloGold Ashanti Limited 18.0

Corvus Mgmt. & Employees 6.5

Coeur Mining Inc 5.9

Van Eck Global 5.8

Goldcorp Inc 1.0

Share Structure


Nevada: A Go-To Mining Jurisdiction

Called “The Silver State” but accounts for 83% of U.S gold production

5.3M oz gold produced in 2015, 4th largest globally

Gold produced:

• 1859 - 1994: ~60M oz• 1995 - 2015: ~140M oz

Walker Lane Trend includes:

Comstock (35M Aueq oz)

Round Mountain (20M Au oz)

Bullfrog (2.5M Au oz)

Source: Nevada Mining Association


North Bullfrog & Mother Lode Districts

*Gold Endowment Source: Nevada Mining Association, Non Corvus Gold Production6 Apr 2018 | Corporate Presentation | TSX: KOR | OTCQX: CORVF

Mother Lode Addition to North Bullfrog

• Acquired from Goldcorp for 1,000,000 shares

• Historic non 43-101 resource* of 433,000 ozs gold (8.5 Mt @ 1.6 g/t)

• 172 existing drill holes in database

• Numerous +3 g/t structural zones

• Historic tests ~50% heap leach recovery, being evaluated for AAO and BioOx recovery enhancement

* Non NI-43-101 historical resource

• 6 km’s from North Bullfrog project

• Potential for high-grade epithermal & sediment hosted deposits


Mother Lode Initial Resource Definition Area

• Phase 1, 42 hole, ~13,000m drill program evaluated500m x 300m area to a depth of 300m

• Phase 2, 10,000m drill program focusing on expanding deposit to the north, west, east & at depth

• Mother Lode is a large sediment hosted gold deposit with N-S structural controls on high-grade, mineralization

Plan map showing recent drill holes on new >0.5 g/t grade shell projected to surface defining initial exploration target area

7.6m @ 21.8 g/t


Highlighted Exploration Results(Reported intercepts are not true widths as there is currently

insufficient data to calculate true orientation in space. Mineralized

intervals are calculated using a 0.3 g/t and 1 g/t cutoff)

Drill Hole # Interval (m) Gold (g/t) Silver (g/t)

ML-17-001 59.83 1.95 1.32

Incl. 24.73 3.67 3.67

Incl. 11.01 5.78 3.09

25.6 2.17 2.21

ML-17-002 58.94 2.77 1.30

2.83 10.25 3.64

Incl. 8.38 6.45 2.18

ML-17-003 3.05 0.32 0.63

66.28 1.24 2.66

ML-17-004 42.67 1.97 1.40

Incl. 28.96 2.57 1.83

Incl. 7.62 4.86 3.1

ML-17-005 62.48 2.10 1.07

Incl. 10.67 6.27 3.05

ML-17-006 45.72 1.35 2.10

33.53 2.54 1.87

Incl. 19.81 3.54 2.67

ML-17-007 42.67 1.82 0.93

54.87 2.70 2.48

Incl. 9.14 6.96 4.48

ML-17-009 86.87 1.44 1.07

Incl. 3.05 6.17 1.31

ML-17-011 38.10 2.67 1.28

inc 13.71 5.71 2.529 Apr 2018 | Corporate Presentation | TSX: KOR | OTCQX: CORVF

(Reported intercepts are not true widths as there is currently insufficient

data to calculate true orientation in space. Mineralized intervals are

calculated using a 0.3 g/t and 1 g/t cutoff)

Drill Hole # Interval (m) Gold (g/t) Silver (g/t)

ML-17-014 59.43 1.68 1.67

36.58 1.49 3.75

ML-17-017 35.06 1.97 2.09

Incl. 32.00 2.10 2.17

ML-17-018 82.29 1.11 0.28

Incl. 27.43 1.57 1.32

Incl. 15.24 1.72 2.75

ML-17-020 96.01 1.35 1.24

Incl. 22.86 3.08 2.21

ML-17-021 30.48 2.54 1.92

Incl. 35.05 1.95 2.48

ML-17-025 50.29 1.74 1.17

21.33 1.59 2.11

ML-17-028 51.82 1.86 0.88

Incl. 19.81 3.43 1.28

ML-17-036 44.19 1.33 1.40

Incl. 4.57 2.16 1.10

ML-17-038 53.34 1.57 1.96

Incl. 12.19 2.29 2.29

ML-17-042 28.95 2.02 1.86

Incl. 21.33 2.62 2.43

ML-18-045 39.63 2.45 N/A

ML-18-046 30.48 2.05 N/A

ML-18-049 7.62 21.77 N/A

Highlighted Exploration Results

Mother Lode Exploration Upside

North-South long-section showing recent drill results and average thickness and grade for holes at 0.3 g/t cut on >0.5 g/t grade shell

(Reported intercepts are not true widths as there is currently insufficient data to calculate true

orientation in space. Mineralized intervals are calculated using a 0.3 g/t and 1 g/t cutoff)

ML-338(73.2m @ 2.05 g/t)

ML-306(82.2m @ 1.21 g/t)

IntrusiveCenter

N S


Mother Lode Exploration Upside

East-West cross section showing recent select intercepts (0.3 g/t cut) on new grade shell model (>0.5 g/t green & >1 g/t brown)

• Expansion to the northwest of historic pit along main intrusive trend

• High-grade core of the Upper Zone follows main dike trend to the west

• Potential for deeper repeated deposit in the Paleozoic, lower plate below Lower Zone

(Reported intercepts are not true widths as there is currently insufficient data to calculate true

orientation in space. Mineralized intervals are calculated using a 0.3 g/t and 1 g/t cutoff)12 Apr 2018 | Corporate Presentation | TSX: KOR | OTCQX: CORVF

Mother Lode Upper Zone - Tertiary Host Rocks

Tertiary sediments to a depth of about 200m hosting historical resource* of about 400,000 ounces of gold in volcanoclastic tuffs, with potential to

more than double in size with northern and western expansion.

* Non NI-43-101 compliant, historical resource,8.5Mt @ 1.6 g/t gold for 433,000 ounces 13 Apr 2018 | Corporate Presentation | TSX: KOR | OTCQX: CORVF

Mother Lode Lower Zone - Paleozoic Host Rocks

First holes through the FCF into lower plate Paleozoic sediment

• Deep oxidation of Pz seds

• Broad jasperoid development

• Crosscutting quartz veins

• Cut by dikes and sills

• Strong As & Hg geochem


• North Basin - flattening FCF, extension of dikes & host rocks to north

• East Extension - New high-grade zones discovered below shallow historic drilling

• West - Continued western extension of thick Main Zone mineralization

• Deep In-Pit - New deep gold zone below FCF, growing west of Main Zone

• Flatiron - Target below outcropping jasperoid zone along FCF in favorable host unit, potential for another Mother Lode Deposit

North Basin

Deep In-Pit

Flat

iro

n

West Ext.

Mother Lode Deposit Expansion Targets

Area of Initial Resource Drilling

Area of Phase 3 Resource Expansion

Drilling Program


Flatiron Targets - Mother Lode Deposit “2”

• Similar host rocks & style of mineralization to Mother Lode Deposit

• Large exposure of +1 g/t fault controlled Jasperoid leakage feature

• New thick dike discoveries (key to Mother Lode gold system)

• Potential to more than double size of Mother Lode deposit

• Coronet: Northern projection of Secret Pass structural zone into key host rocks

• Sawtooth: Northern projection of Central Daisy structural trend into key host rocks

• Willy’s: Intersection of mineralized Sterling dike trend and Jasperoid ridge breccia

Mother Lode – New Discovery, District Targets

Sawtooth Willy’s

Mother Lode Deposit


North Bullfrog Project

North Bullfrog & Mother Lode Heap Leach Pad, Mill Site, Waste Rock Dump and Tails Storage are conceptual locations and have not been currently built

• Phase I, highlights:

• M&I mineral resource ~900k ounces at avg. grade of 0.8 g/t gold in 35Mt for mill*

• 94% of Phase I plan resource is in M&I category

• Initial sulfide mill mineral resource, M&I avg. grade of 1.46 g/t gold highlights potential to expand sulfide processing

North Bullfrog Two Phase Plan & Resource Update*

* Please see pages 26-28 for full breakdown of Mineral Resource Estimate

• Phase II would be low-strip, run of mine, low-grade heap leach material for future production

North Bullfrog Heap Leach Pad, Waste Rock Dump are conceptual locations and have not been currently built


• Exploration: 120 acre POO, capacity for +600 additional holes

• Mine Permit: Completed +2yrs of baseline water quality, air & ARD studies as well as Cultural, T&E & other key environmental studies

• Mine: positioned for initial stage EA, followed by full EIS

waste

North Bullfrog - Near-Term Gold Production

NBP Heap Leach Pad, and Tails/Waste Storage are conceptual locations and have not been currently built

Development De-Risking

Water: Own 1,600 ac/ft water right (will allow expansion)

Power: New 16 Mw power line (50% more than required)

Access: Adjacent to major highway & extensive quality road access throughout the property

Labor: Within 5 miles of mining town of Beatty


Phase I (July-Dec 2017)

Completion of NBP resource update, early production option

Confirm, expand & characterize Mother Lode resource with initial 13,000m drill program and Met work

Phase II (Jan-August 2018)

• Follow-up, 10,000m resource expansion drill program, MLP

• Expand exploration into new District wide targets

• Complete mining studies, maiden resource and combined PEA

Phase III (Sept 2018 - August 2019)

• 35,000m resource expansion project targeting ~3Mozs deposit

• Continued Met and mining studies of new mineralization.

2017-2018 Ongoing Workplan


Corvus Gold - Current Performance

Leverage to Mother Lode Exploration News

• Corvus up +200% since start of Phase I, Mother Lode drill program• For the same period GLD was flat• Phase II drill program, Jan – May 2018


Strong management team, excellent discovery track record

Near-term potential for combined NBP & MLP mining complex to produce +250Kozs/yr at lowest quartile costs for over 8 yrs

District potential for series of open pit, oxide/sulfide gold deposits in a highly favorable permitting & operating region

Infrastructure in-hand and permitting advanced to support potential commercial production in ~3 years

Large resource expansion potential on 100% owned projects with regional expansion potential

Excellent institutional and strategic shareholder base

Fully funded through 2018 (next major, value-add, phase)

Corvus Gold - Compelling Gold Investment


CORVUS GOLD

700 West Pender Street, Suite 1750

Vancouver, British Columbia

Canada, V6C 1G8

Telephone: (604)-638-3246

Toll Free: 1-844-638-3246

www.corvusgold.com

Resource Estimate, Phase 1 & 2

* Breakeven grade derived from WhittleTM input parameters (on final page), Mineral Resources that are not mineral reserves do not have demonstrated economic viability

Measured, Indicated, & Inferred Mineral Resource Estimate for the North Bullfrog Project Constrained by Whittle TM pit volumes, including both the YellowJacket Vein/Stockwork & Disseminated Oxide Mineralization @ $1,250 Gold Price

Mr. Scott Wilson of Metal Mining Consultants, Inc has acted as the independent Qualified Persons as defined in NI 43-101 and produced the updated mineral resource estimate effective as atOctober 31, 2017. The full NI 43-101 Technical Report titled “Technical Report for Combined Mill and Heap Leach Processing at the North Bullfrog Project, Bullfrog Mining District, Nye County,Nevada” is available on SEDAR or the Company’s website. The Whitte Pit input parameters and assumptions can be seen on the final page. See Cautionary Note to U.S. Investors

Phase 1Mill Resource

(oxide & sulfide)Disseminated (Heap Leach)

Total Resource

Resources Category

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Measured 5.22 1.79 12.72 300 2,136 5.19 0.37 2.42 62 404 10.41 1.08 7.59 362 2,540

Indicated 5.58 1.75 11.86 314 2,128 18.98 0.37 1.30 228 791 24.56 0.69 3.70 542 2,919

Total M&I 10.80 1.77 12.28 614 4,264 24.17 0.31 0.45 290 1,195 34.97 0.80 4.86 904 5,459

Inferred 0.05 1.90 18.41 3 29 155.29 0.20 0.70 56 111 5.91 0.31 0.74 59 140

Phase 2Mill Resource

(oxide & sulfide)Disseminated (Heap Leach)

Total Resource

Resources Category

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Measured 0.80 1.01 3.27 26 84 9.33 0.19 0.85 58 254 10.13 0.26 1.04 84 338

Indicated 2.73 1.04 2.96 91 260 110.28 0.19 0.55 680 1,967 113.01 0.21 0.61 771 2,227

Total M&I 3.53 1.03 3.03 117 344 119.61 0.19 0.58 738 2,221 123.14 0.22 0.65 855 2,565

Inferred 0.07 1.39 2.32 3 5 58.81 0.19 0.47 364 897 58.88 0.19 0.48 367 902


Resource Estimate, Total & Sulfides

Measured, Indicated, & Inferred Mineral Resource Estimate for the North Bullfrog Project Constrained by Whittle TM pit volumes, including both the YellowJacket Vein/Stockwork & Disseminated Oxide Mineralization @ $1,250 Gold Price

Phase 1 & 2

Mill Resource(oxide & sulfide)

Disseminated (Heap Leach)

Total Resource

Resources Category

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Measured 6.02 1.68 11.47 326 2,220 14.53 0.26 1.41 120 658 20.54 0.68 4.36 446 2,878

Indicated 8.32 1.51 8.93 405 2,388 129.25 0.22 0.66 909 2,758 137.57 0.30 1.16 1,314 5,146

Total M&I 14.33 1.59 10.00 731 4,608 143.78 0.22 0.74 1,029 3,416 158.1 0.35 1.58 1,760 8,024

Inferred 0.12 1.61 9.12 6 34 64.67 0.20 0.48 420 1,008 64.79 0.20 0.50 426 1,042

Sulfide Phase 1 Mill Resource Phase 2 Mill Resource Total Mill Resource (Phase 1 & 2)

Resources Category

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Tonnes(Mt)

Gold (g/t)

Silver (g/t)

Gold k ounces

Silver k ounces

Measured 0.76 1.32 5.35 32 130 0.40 1.24 2.48 16 32 1.16 1.29 4.35 48 162

Indicated 1.14 1.56 5.83 57 213 1.40 1.18 1.82 53 82 2.54 1.35 3.61 110 295

Total M&I 1.89 1.46 5.64 89 343 1.80 1.19 1.97 69 114 3.70 1.33 3.85 158 457

Inferred 0.02 2.07 16.59 1 8 0.06 1.53 2.04 3 4 0.08 1.64 4.91 4 12

* Breakeven grade derived from WhittleTM input parameters (on final page), Mineral Resources that are not mineral reserves do not have demonstrated economic viability

Mr. Scott Wilson of Metal Mining Consultants, Inc has acted as the independent Qualified Persons as defined in NI 43-101 and produced the updated mineral resource estimate effective as at October 31, 2017. The full NI 43-101 Technical Report titled “Technical Report for Combined Mill and Heap Leach Processing at the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada” is available on SEDAR or the Company’s website. TheWhitte Pit input parameters and assumptions can be seen on the final page. See Cautionary Note to U.S. InvestorsSulfide Mineral Resources have been added to the NBP Mineral Resources based on previously identifiedmaterials that lie within the YellowJacket zone and 2017 drilling in the Swale and Liberator areas. The majority of the identified sulfide mineralization is along the YellowJacket zone and was previously identified as wastematerial. Metallurgical test work on sulfide mineralization from the Sierra Blanca, Pioneer Tuff, Rhyolite and Dacite rock types in the YellowJacket area indicate high gold and silver recoveries possible using flotation to produce aconcentrate, fine grinding of the concentrate, oxidation of the concentrate using the AAO method followed by cyanide leaching of the resulting filter cake. Gold recoveries with this processing approach ranged between 87% and94%. Both Soda Ash and Trona were used in the tests as the neutralizing agent and the tests were conducted by Hazen Research Inc., of Golden, Colorado.


Parameter Unit Mayflower* Jolly Jane*Sierra

Blanca*YellowJacket** Sulfide***

Mining Cost US$/tonne 1.64 1.42 1.54 1.54 1.54

Au Cut-Off*** g/tonne 0.10 0.10 0.10 0.35 0.71

Processing Cost US$/tonne 1.72 1.72 1.15 11.84 25.6

Au Recovery % 70.0 72.0 73.8 86.6 91.0

Ag Recovery % 8.0 8.0 6.3 74.3 57.2

Administrative Cost US$/tonne 0.50 0.50 0.45 0.45 0.45

Refining & Sales US$/tonne 0.07 0.04 0.02 0.11 0.11

Au Selling Price US$/oz 1,250 1,250 1,250 1,250 1,250

Slope Angle Degrees 50 50 50 50 50

WhittleTM Input Parameters used for the 2017 North Bullfrog Mineral Resource Estimate

* - assumes heap leach processing of disseminated mineralization** - assumes Gravity - CIL mill processing of Yellowjacket mineralization*** -assumes Ambient Atmospheric Oxidation mill processing of Sulfide mineralization**** - break-even grade derived from Whittle input parameters at US$1,250 per ounce gold & US$16.50 per ounce silver

Corvus Gold and its independent qualified persons (QP’s) as defined by NI 43-101 limits the estimated mineral resource to that portion of the geostatistically modeled mineralization inventory which is contained within a conceptual WhittleTM pit andscheduled to processing at a US $1,250 gold price. The WhittleTM optimization process considers three parameters simultaneously, which are: the value of recoverable metal in each block in the mineral inventory; the costs of mining, processing andadministration for that block; and the realistic geometrical development of the open pit. If the value exceeds the costs and the integrity of the pit is maintained then each block within the pit shell is scheduled either to the process stream or to waste.

The structurally controlled mineralization in the YellowJacket Zone was modelled separately in several geologically defined domains to prevent smearing of high-grade mineralization into the surrounding blocks. For the purposes of estimating themineral resource, the different YellowJacket domains have been combined because of the geological similarities. Based on the current metallurgical data on YellowJacket mineralization, it has been assumed that this material will be processed througha separate milling circuit and thus carries different processing costs and recoveries resulting in cut-off grades different than the heap leach processing. These additional costs and recoveries have been accounted for in the WhittleTM pit analysis.

The disseminated mineralization at Sierra Blanca was modeled in a series of discrete volumes to prevent grade smearing across certain important grade-controlling faults. The disseminated oxide mineralization has been modeled based on Corvus’current metallurgy for heap leach processing with each block having an estimated heap leach recovery. The heap leach feed then carries the costs associated with heap leach processing as reflected by the cut-off grade.

The Resource estimation is based on 766 drill holes with 27,729 gold composites. Geologic volumes were defined by geologic interpretations and used to constrain the estimation. Heap leach resources were estimated by Ordinary Kriging. The YellowJacket vein and stockworks were estimated using Inverse Distance estimations. To estimate the reasonable prospects of eventual economic extraction, Metal Mining Consultants Inc. confined the resources to mining volumes defined by Whittle TM analysis using the input parameters defined in Table 4. There are no known legal, political or environmental risks that could materially affect the potential development of the mineral resources.

The Independent Qualified Person, Scott E. Wilson, visited the North Bullfrog site during 2014, 2015 and 2016. Mr. Wilson has performed data verification by examining core materials at the site, and has selected check samples to develop independentverifying assays of intervals by the Inspectorate laboratory in Reno, NV. Geologic data development processes were reviewed and observed during a site visit. All drilling geologic description, assaying data and geochemical data have been provided in adatabase format to Metal Mining Consultants Inc. for the purpose of estimating the resource.

Assumptions


Location Drill Hole # From (m) To (m) Interval (m) Gold Grade (g/t)

High-GradeMain Zone

Target

ML-85 48.8 134.1 85.3 1.52

ML-86 68.6 117.3 48.8 2.96

ML-115 86.9 140.2 53.3 2.14

D-442 129.8 184.4 54.6 2.91

D-445 80.9 123.4 42.5 3.92

D-447 123.4 159.8 36.4 1.92

Western Expansion

Targets

ML-120 112.8 178.3 65.5 1.31

ML-180 150.9 182.9 32.0 1.82

ML-182 123.4 173.7 50.3 1.89

ML-183 137.2 198.1 61.0 1.65

Northern Extension

Targets

ML-171 118.9 146.3 27.4 2.25

D-466 164.4 182.6 18.2 1.55

ML-306 214.0 296.2 82.2 1.21

ML-338 261.2 334.4 73.2 2.05

FCF TargetsML-234 141.7 182.9 41.1 1.61

D-467 182.9 225.4 42.5 1.05

Mother Lode - Selected Historic Drill Intercepts*

* Non Corvus Gold Drill Results29 Apr 2018 | Corporate Presentation | TSX: KOR | OTCQX: CORVF

corporate presentation april 2018 - corvus gold inc. website · · 2018-04-05this presentation...

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