Canadian miner Corvus Gold obtained the $5.5 million needed to fund and push through with the planned works at its North Bullfrog project in Nevada.

On Thursday, Corvus Gold announced its already intends to close its non-brokered private placement, which it earlier revealed on April 17 and increased on May 2.

"The closing of this strategic financing and the support we have received from our key existing investors has now positioned the company to rapidly advance the North Bullfrog project to production. Our recent drill success outside the current in-pit resource shows the potential for significant expansion of the deposits," Jeff Pontius, Corvus Gold CEO, said in a statement.

Corvus Gold sold a total of 8,250,000 common shares at a price of 67 cents each for total proceeds of $5,527,500.

The North Bullfrog project is being evaluated as a two-stage, fast track development opportunity with a low initial capex. Based on a recent Preliminary Economic Assessment, the project has high potential for attractive new Nevada mining operation with excellent infrastructure, aside from being located in one of the best mining areas in the world.

It could churn up to 57,700 ounces of gold annually over 12.8 years.

Corvus Gold, a resource exploration company focused in Nevada, Alaska and Quebec, controls 100 per cent of the project. It spans 43 square kilometres in southern Nevada, north of the historic Bullfrog gold mine formerly operated by Barrick Gold.

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