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Comstock Mining Inc. (NYSEMKT:LODE) announced significant drill intercepts, both in terms of grades and thickness, resulting from the recent completion of a near-surface drill program at the Company’s Dayton Resource Area, its second largest gold and silver resource area.
Comstock Mining Inc. (NYSEMKT:LODE) announced significant drill intercepts, both in terms of grades and thickness, resulting from the recent completion of a near-surface drill program at the Company’s Dayton Resource Area, its second largest gold and silver resource area.
As quoted in the press release:
The near-surface program consisted of 408 holes totaling 30,818 feet of drilling (see Figure 1) that was completed in late September of 2015. The Company used an extremely efficient percussion drill rig, with total program costs of about $200,000, or about $6.50 per foot.
The Company also completed underground mapping and sampling from a number of historic mine tunnels. This work, together with the drilling, resulted in several important discoveries, including defining multiple, previously undefined mineralized zones and additional dike-like masses of quartz porphyry, similar to Lucerne.
The main objective of the program was to pinpoint the major surface structures (faults) and then explore these structures for mineralization. This then enabled efficient infill drilling that further refined and resolved areas of structural complexity in the geologic models. The program was successful in both defining and expanding the near-surface mineralization. The Company will update its geologic model based on the results of this drilling program and increase the gold and silver resource estimate. The Company is now finalizing a comprehensive drill program designed to deliver a mine plan, economic reserves and mine life.
Comstock Mining President & CEO Corrado De Gasperis stated:
With all the excitement around drilling the quartz porphyry mass at the Lucerne portal, I was pleasantly surprised at the magnitude of these same quartz porphyry-type discoveries in Dayton. These new discoveries have accelerated our preparation for developing these remarkable gold and silver resources into a second mine.
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