Highlights from recent drilling include 56.4m grading 1.71 grams per tonne gold. Drilling at the CIZ target will continue with two rigs to determine the development of higher-grade shoots, which may hold additional potential to develop into an underground deposit.

Drilling results from the Central Main Zone sulphide body continue to infill the resource model with higher grade intercepts which are expected to improve the grade and size of the resource as well as its confidence level. Core-drilling intercepts have consistently come in at higher grades than earlier reverse circulation drill holes.

"These new results continue to support the expansion of the Mother Lode deposit and the new CIZ target. The upgrading of the Main Zone with core drilling is intriguing. We believe that these results could lead to an increase in the estimated grade for a future mineral resource estimate," said Corvus president and CEO Jeffrey Pontius.

Corvus plans to update a preliminary economic assessment on Mother Lode in September and issue a mineral resource estimate update in the new year.

Shares in Corvus Gold opened up 9% Tuesday at C$4.03, valuing the company at $505 million.