Comstock Announces the Start of Drilling on the QV Project in the White Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/18/13 -- Comstock
Metals Ltd. (TSX VENTURE:CSL) ("Comstock" or "the Company") is
pleased to announce the start of its exploration activities including
reverse circulation drilling, diamond-drilling, IP survey, trenching,
and soil-sampling on its QV Project in the Yukon Territory.
The Company will start a spring-summer exploration program on or
about April 26, 2013 in preparation for a diamond-drill program,
anticipated to start in early May.
The first phase of the diamond-drill program will focus on expanding
the newly discovered VG Zone through systematic drilling along strike
and depth. The Company discovered the VG Zone in 2012 through
systematic soil-sampling and trenching followed by an
eight-diamond-drill program. Seven out of eight diamond-drill holes
intersected near-surface gold mineralization, and hole QV12-004
drilled 2.34 grams per tonne gold (g/t Au) over 89.85 metres (m)
starting at 43.75 m, including 3.04 g/t Au over 45.5 m.
New targets such as the Shadow Zone and Stewart Grid, 12 kilometres
(km) and 7 km respectively from the VG Zone, will be followed up by
additional trenching, IP survey, and reverse circulation drilling.
The Corona Gold-Silver Project Option Exercise
The Company has completed the exercise of the Corona Gold-Silver
Project Option. The Company now owns 60 percent of the Corona
Gold-Silver Project and will be advancing the Project with its 40
percent joint venture partner, Golden Goliath Resources, on a
prorated basis. Comstock will remain the operator.
The Corona Gold-Silver Project is located in the heart of the
world-renowned Sierra Madre Occidental (SMO) precious metals belt in
Mexico, and is surrounded by producing gold and silver mines and
deposits. Agnico-Eagle Mines have operating gold-silver mines in the
area, and Fresnillo PLC's Orisyvo gold deposit of 9.6 million ounces
gold is 25 km away. The Company carried out a diamond drilling
program in 2012 at Corona, which defined a significant mineralized
system consisting of both porphyry and epithermal styles of precious
metal enrichment. Additional work is planned on this project when
market conditions permit.
technical information in this Release has been reviewed by Gordon
Davidson, P.Geol., a Qualified Person as defined by National
About Comstock Metals Ltd.
Comstock Metals' flagship project is the QV Property in the Yukon
Territory, which covers 14,180 hectares (35,000 acres) within the
prolific White Gold District in the Yukon Territory, about 70
kilometres south of Dawson City. Kinross Gold's Golden Saddle deposit
is 10 km to the southeast, and Kaminak Gold's Coffee projects are
about 40 km to the south.
Comstock's Corona Gold-Silver Property is located in the prolific
Sierra Madre Occidental in Chihuahua, Mexico. The Company completed a
drill programme in the spring of 2012, which discovered two new zones
of gold and silver mineralization.
This News Release includes forward-looking information and
statements, which may include, but are not limited to, information
and statements regarding or inferring the future business,
operations, financial performance, prospects and other plans,
intentions, expectations, estimates, and beliefs of the Company.
Information and statements which are not purely historical fact are
forward-looking statements. Forward-looking information and
statements involve and are subject to assumptions and known and
unknown risks, uncertainties, and other factors which may cause
actual events, results, performance, or achievements of the Company
to be materially different from future events, results, performance,
and achievements expressed or implied by forward-looking information
and statements herein. Although the Company believes that any
forward-looking information and statements herein are reasonable, in
light of the use of assumptions and the significant risks and
uncertainties inherent in such information and statements, there can
be no assurance that any such forward-looking information and
statements will prove to be accurate, and accordingly readers are
advised to rely on their own evaluation of such risks and
uncertainties and should not place undue reliance upon such
forward-looking information and statements. Any forward-looking
information and statements herein are made as of the date hereof, and
the Company assumes no obligation and disclaims any intention to
update or revise any forward-looking information and statements
herein, or to update the reasons that actual events or results could
or do differ from those projected in any forward-looking information
and statements herein, whether as a result of new information, future
events or results, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this Release.
Comstock Metals Ltd.
Rasool Mohammad, B.Sc. (Mining)
President & CEO
Comstock Metals Ltd.
Larry Johnson, B.Sc. (Geology)
Chief Financial Officer
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