Initial assays from the first two holes in the southwest area of the deposit, part of a 30,000m programme, indicated the higher-grade part of the system extended further west than previously modelled and also hit 50.3m at 1.5g/t in a new, deep gold zone.
The above-mentioned result also included 33.5m at 1.94g/t, while the other hole returned 27.4m at 1.76g/t.
"The discovery of a new deep intrusive-related zone is exciting as it may be the first indicator of a significant new gold system below the main Mother Lode deposit as outlined by our new geophysical target," president and CEO Jeffrey Pontius said.
The company had raised C$23 million (US$17.3 million) in a bought-deal raising in October at $2 per share to fund exploration at its Mother Lode and North Bullfrog projects in Nevada, plus for corporate purposes.
AngloGold Ashanti took part to maintain its 19.9% stake.
A 2018 preliminary economic assessment had estimated average annual production of 282,000 ounces gold-equivalent from the combined Mother Lode and North Bullfrog projects over nine years, with a 50:50 production split between mill and heap leach processing.
The PEA had outlined initial capex of US$424 million, a post-tax NPV (5% discount) of $586 million and IRR of 38%.
Corvus plans to update the resources and PEA in 2020.
Its shares have ranged from C$1.55-$2.95 over the past year and closed down 4% on Friday to $1.88, to capitalise it at $233 million (US$176 million).
