Comstock Announces the Start of Drilling on the QV Project in the White Gold District, Yukon
April 18, 2013, Vancouver, British Columbia – Comstock Metals Ltd. (TSX-V: CSL) (“Comstock” or “the Company”) is pleased to announce the start of its exploration activities including reverse circulation drilling, diamond-drilling, IP survey, trenching, and soil-sampling on its QV Project in the Yukon Territory.
The Company will start a spring-summer exploration program on or about April 26, 2013 in preparation for a diamond-drill program, anticipated to start in early May.
The first phase of the diamond-drill program will focus on expanding the newly discovered VG Zone through systematic drilling along strike and depth. The Company discovered the VG Zone in 2012 through systematic soil-sampling and trenching followed by an eight-diamond-drill program. Seven out of eight diamond-drill holes intersected near-surface gold mineralization, and hole QV12-004 drilled 2.34 grams per tonne gold (g/t Au) over 89.85 metres (m) starting at 43.75 m, including 3.04 g/t Au over 45.5 m.
New targets such as the Shadow Zone and Stewart Grid, 12 kilometres (km) and 7 km respectively from the VG Zone, will be followed up by additional trenching, IP survey, and reverse circulation drilling.
The Corona Gold-Silver Project Option Exercise
The Company has completed the exercise of the Corona Gold-Silver Project Option. The Company now owns 60 percent of the Corona Gold-Silver Project and will be advancing the Project with its 40 percent joint venture partner, Golden Goliath Resources, on a prorated basis. Comstock will remain the operator.
The Corona Gold-Silver Project is located in the heart of the world-renowned Sierra Madre Occidental (SMO) precious metals belt in Mexico, and is surrounded by producing gold and silver mines and deposits. Agnico-Eagle Mines have operating gold-silver mines in the area, and Fresnillo PLC’s Orisyvo gold deposit of 9.6 million ounces gold is 25 km away. The Company carried out a diamond drilling program in 2012 at Corona, which defined a significant mineralized system consisting of both porphyry and epithermal styles of precious metal enrichment. Additional work is planned on this project when market conditions permit.
The technical information in this Release has been reviewed by Gordon Davidson, P.Geol., a Qualified Person as defined by National Instrument 43-101.
About Comstock Metals Ltd.
Comstock Metals’ flagship project is the QV Property in the Yukon Territory, which covers 14,180 hectares (35,000 acres) within the prolific White Gold District in the Yukon Territory, about 70 kilometres south of Dawson City. Kinross Gold's Golden Saddle deposit is 10 km to the southeast, and Kaminak Gold's Coffee projects are about 40 km to the south.
Comstock's Corona Gold-Silver Property is located in the prolific Sierra Madre Occidental in Chihuahua, Mexico. The Company completed a drill programme in the spring of 2012, which discovered two new zones of gold and silver mineralization.
For more information about Comstock Metals Ltd., please go to www.comstock-metals.com or contact:
Rasool Mohammad, B.Sc. (Mining), President & CEO
Larry Johnson, B.Sc. (Geology), Chief Financial Officer
COMSTOCK METALS LTD.
Phone: (604) 639-4533
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.
This News Release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein, or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise.