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CSL.V Stock Symbol

2012

Comstock Metals Files Technical Report On The QV Claims, White Gold District, Yukon

January 17, 2012, Vancouver, BC – Comstock Metals Ltd. (the "Company") (TSX-V:CSL) is pleased to announce that it has filed a technical report on it’s QV Project in the White Gold district, Yukon Territory, available at http://comstock-metals.com/_resources/QV_rpt_2011_12_19.pdf. Highlights from the technical report, prepared by Jean Pautler, P.Geo, an independent geologist, are summarized below.

The same package of rocks underlying the White Gold deposit of Kinross Gold Corporation, which includes a Devono-Mississippian mafic metavolcanic and metasedimentary package and orthogneiss, extends northwards across the QV Project, 15 km to the north of White Gold. The QV Project is also underlain by Jurassic aged intrusive rocks, which host mineralization at the Ten/Dime and Jual gold occurrences (1.6 g/t Au over 25m, including 11.1 g/t Au over 3m from trenching), 30 km to the northwest (Pautler, 2001). The deposit types for the QV Project are the intrusion related gold to epithermal and orogenic vein models, which have been postulated for mineralization at the White Gold deposit on the White property.

A prominent airborne magnetic high, delineating an amphibolite package possibly with some ultramafic horizons, and a northerly trending structure, closely associated with mineralization in the Golden Saddle zone at the White Gold deposit, also extends northerly from Kinross’ White property across the QV property.

The 2011 soil geochemical survey on the QV Project delineated three linear easterly trending, generally greater than 10 ppb gold in soil geochemical anomalies, a 2500m long and up to 400m wide anomaly on the southern QV grid (flanking the aeromagnetic high that extends from the White Gold deposit)  with maximum values of 395.6 ppb Au and 8.7 ppm Ag, an open ended 1300m long anomaly on the central Stewart grid with a maximum value of 274.1 ppb Au, and an open 3500m long incompletely defined reconnaissance anomaly (Anomaly C) in the northern property area. Easterly trends are known to be associated with significant gold mineralization, both at Kinross's White Gold deposit and the Latte zone at Kaminak Gold Corp.’s Coffee Project. In addition a small grid (Tetra grid) in the northeast property area has defined an open ended 200m long, so far easterly trending, greater than 20 ppb gold in soil anomaly with a maximum value of 151.1 ppb Au, proximal to a soil sample returning anomalous values of 49.6 ppb Au, 8.3 ppm Ag, 163.9 Cu, and 29.5 Sb, which is suggestive of the presence of freibergite. Other spot gold anomalies of 1027.1 and 241.8 ppb Au occur on the northern QV grid.

Overall on the QV property anomalous gold in soils is associated with airborne potassium highs, moderate bismuth soil geochemistry, ±lead ±arsenic, ±antimony, peripheral to coincident nickel and copper soil highs (similar to the Golden Saddle deposit on the White Gold Project), with antimony showing a fairly strong correlation with arsenic. Maximum values obtained from the soil survey include 1027.1 ppb gold, 8.7 ppm silver, 3767 ppm arsenic, 66.2 ppm antimony, 4.13 ppm mercury and 2597 ppm barium.
Please refer to the Company’s website http://www.comstock-metals.com/projects/white_gold_north/ for maps showing the 2011 results.

The QV Project has potential to host mineralization similar to that at the White Gold Project based on similar geological setting and geology (including Devonian to Mississippian orthogneiss, intermediate to mafic amphibolite and metasiliciclastic rocks and possible ultramafic rocks), favourable airborne geophysical signature, and significant gold and pathfinder element soil anomalies.

A non-contingent two phase exploration program is recommended with a budget of $750,000. A $330,000 budget is proposed to complete a Phase 1 program consisting of trenching, grid and minor reconnaissance soil geochemical surveys and mapping, with concurrent prospecting and geochemical sampling, across the property. This should be followed by a Phase 2 preliminary 1500m diamond drill program expected to cost $420,000.
Jean Pautler, P. Geo., has reviewed technical information in this News Release.

About Comstock Metals Ltd.

Comstock has optioned 494 claims covering approximately 10,325 hectares (25,513 acres) within the prolific White Gold District in the Yukon Territory about 70 kilometres south of Dawson City. The claims were optioned from Shawn Ryan, a Yukon based prospector responsible for the discovery of two of the prominent gold discoveries in the White Gold district - Kinross Gold's 1.5 million ounce White Gold deposit (Golden Saddle and Arc) and Kaminak Gold's Coffee projects. The Company has completed two soil sampling programs on the Yukon property with encouraging results.

The Company is also earning a 75% interest on the Corona project by an option agreement from Golden Goliath Resources (GNG). Comstock's Corona Au-Ag project is located in the prolific Uruachic Mining camp in Chihuahua, Mexico, and the Company is currently planning an exploration program to generate drill targets from earlier work. Previous reverse circulation drilling identified both bulk tonnage and high-grade vein type gold/silver targets, some of which the Company plans to diamond-drill.

For the Corona Gold Silver Project location please visit the following link:
http://comstock-metals.com/projects/corona_gold_silver/

To learn more please visit the Company’s website at: www.comstock-metals.com
For further information, contact Rasool Mohammad at 604-639-4533.
COMSTOCK METALS LTD.
Rasool Mohammad, B.Sc. (Mining)
President  & CEO
Phone:  604-639-4533
www.comstock-metals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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