Comstock Metals

Gold Exploration in White Gold District of Yukon

This profile is part of a paid investor education campaign.*


Vancouver-based Comstock Metals (TSXV:CSL) is a resource focused mineral exploration company advancing three projects in premiere Canadian mining jurisdictions. The road accessible Preview SW Gold Project is located 40 km north of La Ronge, Saskatchewan and the QV Gold Project is located within the White Gold District in the Yukon Territory and the Rawhide Cobalt-Silver Project in Gowganda area in Ontario.

Comstock has assembled a first-class management, board and advisory group that includes professionals with decades of experience in global mineral exploration, mine development, capital markets and public company administration. Leadership collectively have decades of experience in successful exploration and development of mineral projects and adding value to public companies.

Key Projects



Comstock holds 100 percent interest in the road-accessible Preview SW gold project which covers 843 hectares and is located 40 kilometers north of La Ronge, Saskatchewan and 80 kilometers southwest of Claude Resources’ Seabee gold mine. The deposit contains several sub-parallel and northeast-trending gold-bearing quartz-sulphide mineralized structural zones which cover approximately 550 meters in strike length and total 150 meters in width.

The Preview SW project database contains results from 170 core holes, totaling 28,027 m, drilled between 1985 and 2017. Of these, 139 were drilled on the main Preview SW deposit and form the basis for a current NI 43-101 resource estimate1 that includes:

  • Indicated resources containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) based on a 0.50 g/t Au cut-off grade.
  • Inferred resources containing 270,800 ounces of gold (5.70 million tonnes grading 1.48 g/t Au) based on a 0.50 g/t Au cut-off grade.


The main Preview SW deposit is comprised of several sub-parallel northeast-trending gold-bearing quartz-sulphide mineralized structural zones, 500 m in strike length and totaling 150 m in width. Preliminary metallurgical test work indicates total gold recovery in concentrates ranged from 90% to 93%¹.

North zone highlights include:

  • Multiple high-grade gold intercepts below historical 50 m production trench
  • 3.25 m averaging 87.16 g/t gold in PR17-175 starting at 41.15 m depth and including 1.25 m averaging 220.96 g/t gold starting at 41.15 m depth
  • 16.7 m averaging 5.08 g/t gold in PR17-176 starting at 23.30 m depth and including 4.20 m averaging 17.40 g/t gold starting at 28.0 m depth
  • 4.20 m averaging 9.66 g/t gold in PR17-175 starting at 20.50 m depth
  • 5.0 m averaging 16.19 g/t gold in PR7-175 starting at 51 m depth, including 1.28 m at 62 g/t gold starting at 52.92 m depth
  • 17.98 g/t gold over 5.71 m starting at 10 m below surface;
  • 5.96 g/t gold over 5.66 m starting at 19 m below surface; and,
  • 1.88 g/t gold over 21.26 m starting at 29 m below surface

¹ The Company has filed on SEDAR the 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan, prepared for Comstock Metals Ltd. by Ronald G. Simpson, P.Geo., Geosim Services Inc. Effective date September 27, 2016.

More information can be found on the Preview Project on the company’s website by clicking here: Preview Project



Comstock’s QV Property in the Yukon Territory covers 16,335 hectares (40,000 acres) within the White Gold District in the Yukon Territory, about 70 kilometres south of Dawson City. The QV project is contiguous to White Gold Corp.’s Golden Saddle 1.0 million oz. gold deposit and hosts a similar style mineralization to their Golden Saddle deposit. White Gold Corp. is a Canadian exploration company located in Toronto, Ontario (TSX.V: WGO.V)

The Yukon White Gold district has recently seen a prolific amount of new investment and activity during the past 10 years. In addition to the next-door presence of White Gold Corp. (owned 19.9% by Agnico Eagle and 19.9% by Kinross) located immediately next door to Comstock’s QV project, the White Gold district also includes Goldcorp’s Coffee Project (4.1 million oz. Au acquired for $520 million a few years ago) as well as Western Copper (Casino Project) (8.9 million oz. Au & 4.5 B lb. Cu).

The slide below was taken from White Gold Corp.’s June 2018 corporate presentation from its website White Gold Corp. Home Page showing the location of Comstock’s QV project in close proximity to the other projects in the White Gold district in the Yukon.

In addition, in September 2017 the Canadian federal and Yukon governments announced a joint $360 million infrastructure program to build road, bridges, culverts and stream crossings in the White Gold district which should make the entire district more accessible to future development for precious metal exploration as well as any future mining operations. See slide below taken from the June 2018 White Gold Corp. corporate presentation.

Mineral Resource Estimate

On July 8, 2014, the Company announced a National Instrument (“NI”) 43-101 compliant Inferred Mineral Resource of 230,000 ounces of gold (4.4 million tonnes at a grade of 1.65 g/t Au at a 0.5 g/t Au cut-off grade (COG)), at the VG zone, on its QV Project, White Gold District, Yukon Territory. The VG Zone remains open along strike and down dip and other targets exist on the QV Project with potential for intrusion-related or orogenic gold mineralization.

The Technical Report (NI 43-101) was posted on SEDAR on August 21, 2014 and is available there and on the Company’s website for review.

Comstock optioned the original QV property in 2010 from Shawn Ryan, a Yukon-based prospector responsible for the initial identification of two of the prominent gold discoveries in the White Gold District, White Gold Corp.’s +1.0 million ounce Golden Saddle deposit on its White Gold project ,10 km to the south, and Goldcorp Inc.’s +5.0 million ounce Coffee project 40 km to the south. The Company earned a 100% interest in the property in 2014 by making staged cash and share payments and completing.

Comstock Metals - Advancing Exploration in Premiere White Gold District of Yukon

Geology similar to Golden Saddle deposit owned by White Gold Corp.

2017 Drilling Program

Comstock carried out a diamond drilling program for a total of 904.4 m of HQ drill core in 6 holes were drilled on the western flank of the VG gold deposit.

Highlights from the drilling program include:

  • Diamond drill holes QV17-018 (45.5 m averaging 1.42 g/t gold, starting at 67.5 m down hole) and QV17-019 (51.2 m averaging 1.48 g/t gold, starting at 98 m down hole) confirm the VG deposit extends greater than 125 m down dip of hole QV13-12 and 45 m west of holes QV12-06,-08
  • Broad intersection in QV17-018 also included a higher-grade core of 7 m averaging 3.58 g/t gold, starting at 94 m down hole, including 3 m averaging 4.46 g/t gold, also starting at 94 m down hole
  • QV17-021, a 100 m step-out to the west of QV17-018/19, intersected an alteration zone with widespread anomalous gold mineralization extending from 87 m to 173 m down hole, including 4 m averaging 0.81 g/t gold starting at 139 m down hole, consistent with the interpreted western projection of the VG deposit but characterized by a rock package disrupted by considerable faulting and oxidation.

2016 Exploration Work

On July 12, 2016, the Company announced it had commenced a surface exploration program on the QV project. The program was completed in early August and comprised 5.46 line km of IP/resistivity surveying at the VG, Shadow (12 km northwest of VG) and Stewart (5 km northeast of VG) targets, 359 GT Probe samples along 11 lines at the VG, Shadow and Stewart and a total of 451 soil samples collected at Shadow and Stewart. Results of these surveys were instrumental in refining drilling targets for the subsequent RAB drilling program. The size of the QV project was also increased by staking an additional 31 quartz claims to partially fill an internal gap within the property.

Comstock Metals - Advancing Exploration in Premiere White Gold District of Yukon

On August 30, 2016, the Company announced it had commenced a 2,500 m rotary air blast (RAB) drilling program at QV with an average planned hole depth in the 100 m to 150 m range. The RAB drill program was designed to inexpensively and rapidly screen numerous prospective targets within the QV Property for subsequent follow-up with a diamond drill program.

Highlights of the 2016 RAB drilling program at QV include:

  • Potential new zone discovered 150-200 m south of main VG deposit (3.05 m averaging 7.79 g/t gold starting at 4.57 m below surface in 16QVRAB001, October 13, 2016 news release)
  • VG zone extended 55 m east of hole QV13-013 by holes 16QVRAB011& 12 on the south side of the Telegraph fault (16.76 m averaging 1.43 g/t gold and 18.29 m averaging 1.81 g/t gold, respectively, both from surface; October 13, 2016 news release)
  • VG mineralized zone extended at least 200 m to the northeast on the north side of the Telegraph fault, as evidenced by 16QVRAB006 (35.05 m averaging 0.46 g/t gold starting at 59.44 m below surface; October 13, 2016 news release) and 16QVRAB014 (10.67 m averaging 1.65 g/t gold starting at 16.76 m below surface in 16QVRAB014 within a wider interval of 64.01 m averaging 0.52 g/t gold; November 8, 2016 news release). Holes drilled in this area ended in mineralization and diamond drilling will be required to delineate the zone’s thickness and grade characteristics


In early April, 2018 Comstock entered into an option agreement whereby it can acquire a 100% interest in five mining claims located in the Gowganda area of the historic Greater Cobalt Mining Camp of northern Ontario, comprising the Rawhide cobalt-silver property (the “Rawhide Property”) Mines in the Greater Cobalt Mining Camp produced over 550 million ounces of silver and over 25 million pounds of cobalt in the 1900s1; the area is currently undergoing an exploration renaissance with increased market interest in cobalt metal as it is one of the most prospective areas for cobalt-silver deposits in North America.

This option of the Rawhide Property is Comstock’s first step in diversifying its mineral property portfolio, which currently includes two resource-stage Canadian gold projects, to include properties focused on battery metals such as cobalt and lithium.

The Rawhide Property consists of five mining claims comprising 42 claim units (662 ha) and is located immediately north-east of Castle Silver-Cobalt project of Canada Cobalt Works² (Map 1). It is road accessible and has excellent access to infrastructure. The Rawhide Property covers a number of documented historical mineral occurrences.

Reported work from the 1950s and 1960s includes prospecting, mapping, sampling, geophysics, pitting and trenching, limited diamond drilling and excavation of a number of shafts; a summary is provided in the following table:

Table 1: Rawhide Cobalt-Silver Property Historical Mineral Occurrences

Mineral Occurrence Details*

Bloom Lake 3,4

  • Adit on 5-15 cm carbonate veins with erythrite (cobalt arsenate) mineralization and several test pits
  • Geologic mapping, geochemistry, geophysics (1960s)
  • Sample of a 5 cm calcite vein in diabase 7.7% copper, 0.1% cobalt, 21 g/t silver

Becker 3,5

  • Three shafts and areas of stripping and trenching (early 1900s); erythrite reported
  • 29 calcite+/-quartz veins identified; 4,500 g/t silver assay reported from 22 vein

McRae Lake 3,6

  • Shaft and several test pits on quartz-carbonate veins up to 5 cm in diabase
  • 597 m in 11 diamond drill holes (1950s-1960s); carbonate veins to 3.8 cm reported
  • Assays include 46 kg/t silver

Rawhide 3,7

  • Two-compartment shaft of unknown depth on system of 2.5 cm calcite veins
  • 650 m in 15 diamond drill holes (1950s-1960s)
  • Assays including 252.8 g/t silver, 1.81% cobalt, 2.85% copper and 1410 ppm nickel

*These reported historical results were used to help prioritize the optioning of the Rawhide Property, however, the reader is cautioned that the Company has not had a Qualified Person (as that term is defined in National Instrument 43-101) visit the Rawhide Property to confirm the results, or their significance, and that proximity to a discovery, past-producing mine, or mineral resource, does not indicate that mineralization will occur on the Rawhide Property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario. Detailed descriptions of sampling for which assays are reported were not provided in many cases in the historical reports and, therefore, they should not be considered representative.

¹Ontario Geological Survey, Open File Report 6318, page 4-10 (

²Canada Cobalt Works website (Canada Cobalt Work Inc – TSX-V: CCW)

³Ontario Geological Survey Report 175, Geology of the Gowganda-Miller Lake Silver Area (

4Bloom Lake MDI #MDI41P10NE00052 (Search GeologyOntario)

5Becker MDI #MDI41P10NE00058 (Search GeologyOntario)

6McRae Lake MDI #MDI41P10NE00064 (Search GeologyOntario)

7Rawhide MDI #MDI41P10NW00033 (Search GeologyOntario)

Agreement includes cash and share payments and work commitment over 2 years.

Comstock’s Current 2018 Exploration Program in its Cobalt-Silver Rawhide Project

Comstock recently began exploring its cobalt-silver Rawhide Project by engaging APEX Geoscience Ltd. (APEX) to run and manage the exploration program. On June 26, 2018 APEX sent a 4-person team to perform ground work on the Property, including geochemical soil and magnetic geophysical survey.  Comstock plans to complete an exploration program, comprising the collection of surface rock grab, and grid humus soil geochemical samples; in addition to the completion of an approximately 100 line-km ground magnetic geophysical survey. Lines for geochemical and geophysical surveys will be spaced at 100 metre (m) intervals, with select detailed 50 or 25 m line spacing infill over known cobalt-silver mineral occurrences. Surface prospecting and rock sampling will focus on locating and evaluating the reported historic mineral occurrences and establishing to the extent possible their continuity and controls on mineralization. The goal of the Phase 1 reconnaissance is to establish high-priority diamond drill targets to be followed by a drilling program anticipated to commence by October of this year.


Steven H. Goldman – Interim CEO & President, and Director

Steven H. Goldman was appointed as the Interim CEO and President of Comstock Metals Ltd. on May 15, 2018 for a one-year term. Steven is a senior partner in the Toronto litigation law firm of Goldman Hine LLP ( and has provided strategic advice to both private and publicly owned businesses facing major litigation and restructuring issues.

Steven is currently listed in the Canadian Legal Lexpert Directory as a leading litigation practitioner in franchising law in the Greater Toronto Area, and has been listed previously in the Best Lawyers in Canada.

From December 21, 2007 until December 31, 2009, Steven was the President and CEO of both Speedy Corporation and Minute Corporation and successfully led the restructuring and turnaround of both the Speedy Auto Service and Minute Muffler franchise systems (with approximately 160 total retail stores located across Canada).

Steven is currently a director and member of the audit committee of Select Sands Corp. (SNS.V). He has also held director positions in other public and private companies. Steven graduated from Carleton University in 1976 (B.A., President’s Medal) and from Queen’s University law school in 1980 (J.D.). He was called to the Bar in Ontario in 1982 and remains a member in good standing in the Law Society of Upper Canada.

Darren Urquhart / B.A.Sc. (Electrical Engineering) CA – CFO

Darren Urquhart is a Chartered Accountant with more than 10 years of experience working in both public practice and industry. Mr. Urquhart is presently engaged in public practice accounting offering CFO and accounting services to TSX Venture Exchange listed exploration companies in the Vancouver area. Mr. Urquhart began his career working as an audit accountant with Grant Thornton LLP, then later worked as a senior tax accountant with Lohn Caulder Chartered Accountants and more recently served as a consultant to an international private equity company. Mr. Urquhart obtained his Chartered Accountant designation in 2001 and is a member of the Institute of Chartered Accountants of British Columbia. In 1995, Mr. Urquhart obtained his B.A.Sc. (Electrical Engineering) from the University of British Columbia.

Rasool Mohammad, B.Sc. – Chairman/Director

Rasool Mohammad has worked in mining and mineral exploration industry throughout the Americas. He graduated from the NWFP University of Engineering and Technology, Peshawar, Pakistan in 1991 with a B.Sc. (Mining Engineering). He has over 20 years of work experience in the mining and mineral exploration industry. He speaks English, Spanish, Urdu and Pashto. Mr. Mohammad is COO / Director of Select Sands Corp (V.SNS).

Robert D. Luffman, CPA, CMA – Director

Robert D. (Rob) Luffman, a Canadian CPA, CMA (certified management accountant), has close to 30 years of financial experience in a variety of businesses and charitable endeavors. Rob currently serves as the Chief Financial Officer of Gracetree Investments, LLC, a family office in Bristol, Tennessee. Gracetree has numerous successful investments in the pharmaceutical industry, real estate, information technology, and other private businesses. Rob began his career as an accountant at the United Co-operatives of Ontario and served for 13 years as a Division Controller of what is now AGC Glass North America, a Japanese-owned international automotive, residential and commercial glass manufacturer. Rob is serving or has served on a number of corporate and charitable boards.

Mr. Luffman received his designation from the Society of Management Accountants of Ontario in 1992 and is currently a member of ACAUS (Association of Chartered Accountants in the U.S.)

Arnold Tenney – Director

Arnold Tenney is the past Chairman of Select Sands Corp. and has been the Chairman and a director of the Tribute Pharmaceuticals (TSXV: TRX; OTCQX: TBUFF) from 2004 to 2016 when it was acquired by Pozen Inc. He was a financial consultant at Devine Entertainment Corporation (“Devine”), a children and family film production and development company from 2002 to 2011. Prior to his position at Devine, Mr. Tenney was Chief Executive Officer of ARC International Corporation from 1978 to 2000. ARC International Corporation was a developer of indoor ice arenas and tennis clubs, as well as an investment company involved in entertainment and cable television. He was a director and Chairman of the Board of Cabletel Communications from 1985 to 2000, which was a leading supplier of broadband equipment to the cable television industry.

Mr. Tenney was a director of Ballantyne of Omaha, Inc. from 1988 to 2000 and served as Chairman of the Board from 1992 to 2000. Ballantyne of Omaha, Inc. was a leading manufacturer of commercial motion picture projection equipment. He also served as a director for Phillip Services Inc., a Canadian metal recycling company, from 1998 to 2000 and served in such capacity as a representative of Mr. Carl Icahn.

Consultants and Advisors

Dr. K. Sethu Raman

Dr. K. Sethu Raman is a proven mine finder and a successful entrepreneur with more than 46 years of international experience in all phases of exploration, mine development, acquisitions and operations as well as experience in financial and legal areas. He has pioneered many new exploration concepts and strategies which have led to the discovery of eleven significant gold, silver, copper, zinc, phosphate and uranium deposits located near established mining camps, seven of which went on to become producing gold mines in Canada.

As President and CEO of Holmer Gold Mines Ltd (1985-2004) and Director and Advisor to Lake Shore Gold Corp (2004-2016), Dr. Raman has been the driving force behind the discovery and development of the Timmins West Gold mine in a previously unknown faulted extension of the Timmins Mining Camp. The surrounding area hosts several deposits and profitable mines operated by Lake Shore Gold with an annual production of 180,000 ounces of gold in 2014. On April 1, 2016 Lake Shore accepted a friendly $945M takeover offer by Tahoe Resources Inc.

Dr. Raman previously spent 13 years with Campbell Chibougamau Mines/Campbell Resources and the Royex Gold Mining Group of companies controlled by Ned Goodman. He joined as a Research Geologist and held various management positions including Vice President from 1980 to 1986. Here he played a key role in the discovery and development of six gold mines in Quebec, Ontario and the Canadian Arctic increasing the market cap from $25M to $1B. Subsequently these companies were sold to Home Stake Mining (now Barrick Gold) and Patino Mining Corp.

He holds a Ph.D. in Geology from Carleton University and a UNESCO Post-Graduate Diploma from the University of Vienna, Austria.

APEX Geoscience Ltd.

Apex Geoscience is a Vancouver, British Columbia; and Edmonton, Alberta based privately-owned, independent geological consulting company that provides high quality, cost effective and timely geological consulting services to exploration companies worldwide. Apex has been retained as an advisor and is currently running the Cobalt exploration program on Comstock’s Rawhide project.

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