Comstock Metals begins diamond drilling at Preview SW

- March 7th, 2017

Comstock Metals (TSXV:CSL) is commencing a minimum 2,500-metre diamond drilling program at its Preview SW gold project, located 40 kilometres north of La Ronge, Sask. The Company also reports that it has carried out a Horizontal Loop Electromagnetic (HLEM) survey designed to assist in positioning drill holes to best test high priority targets.

Comstock Metals (TSXV:CSL) is commencing a minimum 2,500-metre diamond drilling program at its Preview SW gold project, located 40 kilometres north of La Ronge, Sask. The Company also reports that it has carried out a Horizontal Loop Electromagnetic (HLEM) survey designed to assist in positioning drill holes to best test high priority targets.
Diamond Drilling
The drilling program will initially target the Preview North or Adit target where previously reported drill hole PR13-163 intersected: 17.98 g/t Au over 5.71 m starting at 10 m below surface, 5.96 g/t Au over 5.66 m starting at 19 m below surface and, 1.88 g/t Au over 21.26 m starting at 29 m below surface1. No drilling has been carried out for over 600 m to the south, along trend of this hole. Additional drilling will test targets peripheral to the Preview SW mineral resource area, approximately 2.6 kilometres to the southwest and along the mineralized corridor that links the two areas.
Comstock has retained Apex Geoscience Ltd. to manage the drill program and Minotaur Drilling Inc. has been contracted to provide drilling services.
Geophysical Survey
The HLEM survey was carried out over three separate grid areas which include: 1) the Preview North (Adit) zone at the northeast end of the property where initial focus of the drilling program will be to follow up on high-grade drill hole PR13-163, 2) the northern end of the Preview SW deposit to cover the mineralized trend through to its potential extension towards the A zone, 300 m northeast, and 3) the southern margin of the Preview SW deposit (see below description of the Preview SW property in About Comstock section). Patterson Geophysics Inc. was contracted to carry out the survey using a MaxMin I+9. A total of 23.5 line kilometers was surveyed. Seven different frequencies were measured with two passes utilizing 100 and 200 m coil separation carried out along lines spaced between 100 m and 50 m apart. In addition, 3D inversions have been completed on data from an aeromagnetic survey carried out in 2012 and on data from three induced polarization/resistivity grids completed on the property in 1989.
1 See this link for the Preview SW technical report; there has been insufficient drilling at the Preview North zone to determine the attitude of the reported mineralized intervals and, therefore, the above mineralized intersections may not represent true widths.
About Comstock Metals Ltd.
Comstock Metals Ltd. is a Canadian-focussed mineral exploration company with two 100% owned resource-stage gold projects.
Preview SW Gold Project, Saskatchewan: The Company’s road accessible Preview SW gold project is located 40 km north of La Ronge, Saskatchewan and 80 km southwest of Silver Standard Resources Inc.’s Seabee gold mine. The main Preview SW deposit hosts a NI 43-101 Resource Estimate (see Comstock’s news release dated September 14, 2016) which includes Indicated resources containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and Inferred resources containing 270,800 ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both 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 totalling 150 m in width. Preliminary metallurgical test work indicates total gold recovery in concentrates ranged from 90% to 93%. In addition, there are six additional known gold zones on the 853 ha property with only limited drilling. At the Preview North zone, located 2.6 km northeast of the Preview SW deposit, drill hole PR13-163 intersected: 17.98 g/t Au over 5.71 m starting at 10 m below surface, 5.96 g/t Au over 5.66 m starting at 19 m below surface and, 1.88 g/t Au over 21.26 m starting at 29 m below surface. There has been insufficient drilling at the Preview North zone to determine the attitude of the reported mineralized intervals and, therefore, the above mineralized intersections may not represent true widths. No drilling has been carried out for over 600 m to the south of this hole.
QV Property Gold Project, Yukon: Its +16,335 hectare QV Property is located in the White Gold district of the Yukon Territory, approximately 70 kilometres south of Dawson City and 44 kilometres northeast of the Coffee project of Goldcorp Inc., which it acquired through an acquisition of Kaminak Gold Corporation. To date, the Company has completed 3,400 metres of core drilling in 17 drill holes which formed the basis for a maiden Inferred mineral resource totalling 4.4 million tonnes grading 1.65 g/t gold containing 230,000 ounces of gold at a 0.5 g/t gold cut-off (See Comstock’s news release dated July 8, 2014). The VG deposit remains open to expansion and is proximal to other untested sub-parallel structures. The VG zone has similar geology and style of mineralization to Kinross’s Golden Saddle deposit, located 11 kilometres to the south. Additional promising targets exist on the QV Project, with potential for the discovery of significant intrusion related and/or orogenic gold mineralization. The infrastructure associated with the development of the Coffee project, including upgrading and completion of the mine access road, will benefit all projects in the district, including the QV Property.
Additional Assets: Comstock also owns the early stage Old Cabin gold project in Ontario and uranium claims in the Patterson Lake area of Saskatchewan and has optioned out its Corona property in Mexico (see Comstock’s news release dated January 28, 2016).
David A. Terry, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release.
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