Comstock Drills 57.15 Metres of 1.01 Grams Per Tonne Gold Starting from 88 Metres Below Surface
01 Agosto 2013 - 10:00AM
Marketwired Canada
Highlights
-- QV13-014 returned 57.15 metres (m) of 1.01 grams per tonne gold (g/t Au)
starting from 88 m below surface
-- All drill holes in the 2013 Phase 1 program intersected significant gold
mineralization and indicate a zone 350 m long by 350 m wide, which is
open in all directions
-- Two structures parallel to the VG Zone, 1200 m to the north and 450 m to
the south, have returned gold grades of 2.14 g/t Au and 4.68 g/t Au,
respectively, from rock chip-sampling
Comstock Metals Ltd. (TSX VENTURE:CSL) ("Comstock" or "the Company") is pleased
to announce the results of the balance of the 2013 Phase 1 drill program on its
QV Project, White Gold District, in the Yukon Territory. The Company completed 9
diamond drill holes for a total of 2,188 m.
The Phase I drilling substantially expanded the footprint of the VG Zone, which
remains open in all directions. The 2012 drilling had outlined a footprint 200 m
by 120 m. Following the recent drilling, the footprint is now 350 m by 350 m.
All holes drilled to date were aimed at expanding the zone(s) of gold
mineralization along strike and down-dip. The current results along with the
previously announced results confirm a potential bulk-tonnage target at the VG
Zone. The last hole drilled to the east, QV13-013, started in the Zone and
returned 1.90 g/t Au over 10.95 m, which includes 2.59 g/t Au over 7.33 m
(announced July 22, 2013). The northernmost drill hole intersection, QV13-011,
returned 1.41 g/t Au over 42.6 m, including 3.40 g/t Au over 12.54 m. The
furthest step-out drill hole to the west, QV13-012, starting from 8.6 m below
surface, returned 2.06 g/t Au over 36.4 m, including 3.24 g/t Au over 11.3 m.
The drilling has proved that the Zone remains open along strike to the east, to
the west, and down-dip to the north.
QV12-14, collared 50 m north of QV12-07, returned 57.15 m of 1.01 g/t Au
starting from 88 m below surface. QV13-015, drilled 260 m down-dip of QV12-12,
has returned a broad zone of 41.32 m of 0.40 g/t Au, including 13.32 m of 0.45
g/t Au and 9.33 m of 0.82 g/t Au.
QV13-016, drilled from the same collar as QV13-014, returned 1.20 m of 4.25 g/t
Au. Drill hole QV13-017 drilled 500 m to the west of the VG Zone, intersected
the VG structure within the same host rock and associated anomalous gold and
pathfinder elements. The drill hole also returned a broad zone of anomalous gold
values of up to 2.0 m of 0.38 g/t Au and 0.55 m of 0.91 g/t Au. The Company will
follow up these results with more drilling. Comstock's technical team are
finalising their assessment of the 2013 drilling and field work results and are
preparing recommendations for further drilling which may be undertaken this
year's field season.
Please refer to the Company's website for updated plan maps and cross-sections
of the VG Zone.
The latest results are summarized in the table below:
----------------------------------------------------------------------------
Total Drill Core Length Depth -below
Hole Name Au (grams per tonne) (metres) Surface
----------------------------------------------------------------------------
QV13-014 1.01 57.15 88 m
---------------------------------------------------------------
0.61 4.00 142 m
----------------------------------------------------------------------------
QV13-015 0.40 43.50 187 m
----------------------------------------------------------------------------
including 0.82 9.33 187 m
---------------------------------------------------------------
0.24 7.99 200 m
---------------------------------------------------------------
0.45 13.32 214 m
----------------------------------------------------------------------------
QV13-016 4.25 1.20 105 m
----------------------------------------------------------------------------
QV13-017 0.38 2.00 26 m
---------------------------------------------------------------
0.91 0.55 94 m
----------------------------------------------------------------------------
(i) Intercepts determined with a 0.2 g/t Au cut-off, maximum 3.05 m internal
dilution at 0.06 g/t Au; highest assay is 6.72 g/t Au over 1.0 m
The follow-up Phase 2 drilling program which is anticipated to start late August
will be focused on systematic step-out drilling along strike and down-dip to
improve confidence of gold distribution.
Additional Developing Targets:
As previously announced (July 22, 2013), sub-parallel structures with similar
geophysical and geochemical expressions as the VG Zone exist to the north and
south of the VG Zone. VG North, 1200 m to the north of the VG Zone, expressed as
a "Magnetic Break," has returned 2.14 g/t Au, from pneumatic hammer sampling
(GeoProbe) designed to sample bedrock, coincident with a broad anomalous zone of
pathfinder elements in rocks indicating the presence of another gold system at
this location.
Similarly, the Adit Fault, 450 m to the south of the VG Zone (VG South), has
been mapped in outcrops with similar host rock as the VG Zone and carries gold
of up to 4.68 g/t Au in chip samples from outcrops. VG South (Adit Fault) has
similar mineralized structures as the VG Zone being reported.
The Company is interpreting surface geophysics and geochemistry work completed
this summer on the Shadow and Stewart targets to identify drill targets. Both
targets have significant footprints indicating part of much larger system. The
gold-in-soils anomalous areas range from 15 ppb Au to 1280 ppb Au. The Shadow
gold-in-soil anomalous target covers an area 1500 m by 1500 m; the Stewart
target covers an area 250 m by 1800 m.
Comstock's President & CEO, Rasool Mohammad commented, "Since 2012, our ongoing
drill program continues to expand the limits of mineralization at the VG Zone,
and, with the identification of sub- parallel zones at VG North and VG South
(Adit Fault), we are beginning to see evidence of a large gold system similar to
other major targets in the White Gold District. Our work elsewhere on the
property at the Shadow and Stewart targets has resulted in the identification of
kilometre plus scale gold-in-soils anomalies which further enhance the ultimate
potential of the QV Project."
The 2013 drilling program is supervised by Duncan McBean, P.Geo., a Qualified
Person as defined by NI 43-101. Drill core was cut in half using a diamond saw,
with one half placed in sealed bags and delivered to Acme Analytical
Laboratories Ltd. in Whitehorse, Yukon. Gold grades for all samples are
determined by conventional fire assay techniques, and the Company used an
industry standard QA/QC program consisting of standards and blanks inserted into
the sample stream to ensure assay accuracy and repeatability. The technical
information in this Release has been reviewed by Duncan McBean.
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 program in the
spring of 2012, which discovered two new zones of gold and silver
mineralization.
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.
FORWARD-LOOKING INFORMATION
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Comstock Metals Ltd.
Rasool Mohammad, B.Sc. (Mining)
President & CEO
(604) 639-4533
Comstock Metals Ltd.
Larry Johnson, B.Sc. (Geology)
Chief Financial Officer
(604) 639-4533
info@comstock-metals.com
www.comstock-metals.com
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