Comstock Drills 18.29 m Averaging 1.81 g/t gold at QV Project, Yukon

VANCOUVER, BC–(Marketwired – October 13, 2016) – Comstock Metals (TSXV:CSL) is pleased to provide an update on its ongoing exploration program at its QV gold project, Yukon. A total of 1788.28 m has been completed in 24 holes (see Map 1) since commencing a Rotary Air Blast (RAB) drill program in late August (see Comstock news release August 30, 2016) and results for the first 12 holes are reported herein. The RAB drill program has been designed to inexpensively and rapidly screen numerous prospective targets in the VG deposit area, and at the Shadow and Stewart targets, for subsequent follow-up with a diamond drill program.

Significant RAB drill results received to date are presented below in Table 1; highlights include:

• 3.05 m averaging 7.79 g/t gold starting at 4.57 m below surface in 16QVRAB001, potentially from a new zone 150-200 m south of the main VG deposit
• 35.05 m averaging 0.46 g/t gold starting at 59.44 m below surface in 16QVRAB006, potentially representing an extension at depth of the VG deposit; bottomed in mineralization; correlated with top of a strong resistivity low
• 16.76 m averaging 1.43 g/t gold starting at surface in 16QVRAB011
• 18.29 m averaging 1.81 g/t gold starting at surface in 16QVRAB012; representing, with hole 11 above, an interpreted extension of the VG deposit 55 m to the east of core hole 13QV-013

Holes 16QVRAB001-4 were drilled on a combined soil-GT probe-geophysical target 150-200 m south of the VG zone surface expression while 16QVRAB005-12 were drilled to the east of the VG deposit (see Map 1).

The Phase I surface exploration program, carried out in July and August, 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. Comstock would like to acknowledge the assistance of the Yukon Mineral Incentive Program (YMEP) for a grant it provided to the Company to fund a portion of the Phase I program. Results of these surveys were instrumental in refining the RAB drilling targets for the current drilling program.

Comstock is also pleased to report it has increased the size of its QV project by staking an additional 31 quartz claims to partially fill an internal gap within the property.

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