Comstock Mining Announces Multiple High-Grade Gold and Silver Intercepts

- January 21st, 2016

Comstock Mining Inc. (NYSEMKT:LODE) announced an update on the first phase of the Company’s Lucerne underground exploration activities, located in the historic Comstock District in Northern Nevada.

Comstock Mining Inc. (NYSEMKT:LODE) announced an update on the first phase of the Company’s Lucerne underground exploration activities, located in the historic Comstock District in Northern Nevada.
As quoted in the press release:

The Company continues to define High-grade mineralization in the Quartz Porphyry mineralized mass (“PQ target”) positioned in the center of the Lucerne geological corridor and mineral resources (Figure 1).
comstock1
The following significant drill intercepts are highlights from the first two drill bay stations representing the first 15 holes drilled and analyzed through early December of 2015.  Additional Lucerne drilling highlights totaling 35 intercepts, including the highlights summarized below, are available in the latter part of this release (Table 1).
Drill Bay One

  • LUGC-001 1.269 opt (43.50 g/t) Au and 0.352 opt (12.07 g/t) Ag over 5 ft.
  • LUGC-001 0.175 opt (6.00 g/t) Au and 1.427 opt (48.90 g/t) Ag over 10 ft.

    Includes 0.268 opt (9.19 g/t) Au and 1.753 opt (60.10 g/t) Ag over 5 ft.

  • LUGC-002 0.767 opt (26.29 g/t) Au and 2.704 opt (92.70 g/t) Ag over 2 ft.
  • LUGC-003 0.319 opt (10.94 g/t) Au and 0.373 opt (12.79 g/t) Ag over 5 ft.
  • LUGC-005 0.290 opt (9.94 g/t) Au and 0.790 opt (27.08 g/t) Ag over 2 ft.
  • LUGC-005 0.341 opt (11.69 g/t) Au and 1.875 opt (64.28 g/t) Ag over 2 ft.
  • LUGC-007 0.391 opt (13.40 g/t) Au and 0.484 opt (16.59 g/t) Ag over 4.5 ft.

Drill Bay Two

  • LUGC-006 0.142 opt (4.88 g/t) Au and 1.452 opt (49.77 g/t) Ag over 8 ft.

    Includes 0.318 opt (10.90 g/t) Au and 1.771 opt (60.71 g/t) Ag over 2.5 ft.

  • LUGC-013 0.104 opt (3.57 g/t) Au and 4.00 opt (137.13 g/t) Ag over 4 ft.
  • LUGC-015 0.345 opt (11.83 g/t) Au and 1.140 opt (39.09 g/t) Ag over 20 ft.

    Includes 0.424 opt (14.54 g/t) Au and 1.700 opt (58.27 g/t) Ag over 3 ft.
    Includes 0.426 opt (15.30 g/t) Au and 1.352 opt (46.36 g/t) Ag over 6 ft.
    Includes 0.386 opt (13.24 g/t) Au and 1.049 opt (35.95 g/t) Ag over 7 ft.

  • LUGC-017 0.528 opt (18.10 g/t) Au and 7.10 opt (243.40 g/t) Ag over 5 ft.

Comstock Mining President and CEO, Corrado De Gasperis, stated:

I am very encouraged with the results from these initial drill intercepts.   Drill bays 1 and 2 were positioned on the outer, most southerly margin of the PQ target, adjacent to the southerly East Zone and easterly Succor targets.  These results provide us tremendous context for our future exploration activities across most of this corridor.   We not only intercepted significant grades of gold and, especially, silver, but we identified a potentially longer, deeper, more accessible target in the historic Succor vein systems, that we are currently drifting toward (Figure 2).
comstock2
These initial results significantly enhance our understanding of the structural corridor, improve our access to the Succor, Woodville and East Zone systems, and provide an improved technical foundation for the remaining PQ drill data.   Drill bays 3-6 target the heart of the PQ mineralized mass and our teams are working to complete the drilling, log the results and analyze the geological data that represents the basis of our future exploration and guide our development planning.
We anticipate reporting further high-grade results from bay stations 3 and 4 in about a week, and are currently working to complete the drilling through bay 6 by the end of this month. This will result in a significant amount of additional data over the next 8 weeks.  Ultimately, our objective is to establish a long term value proposition that transition this corridor from exploration into underground development.

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