Comstock Metals (CSL-V) to drill 10,000 m at QV in 2013
Jan 15, 2013 - News Release
Comstock Metals Ltd. is reviewing some of the company's corporate milestones for the year 2012 and providing exploration guidance for 2013. The past year was the first full year of operations and was highlighted by a promising new gold discovery at its 100-per-cent-owned QV project.
QV gold project, White Gold district, Yukon
At the beginning of 2012, the QV project was known to be a well-located property situated on the northern extension of the same geology that hosts Kinross Gold's White Saddle discovery. Field crews had earlier encountered multielement soil anomalies with good gold values that coincided with a magnetic anomaly that could be traced southward onto Kinross ground. Fieldwork in early summer then encountered ever-increasing gold values in soils culminating in a showing of mineralized quartz that held visible gold. During late July, trenching was completed on the priority target, the VG zone, yielding spectacular results. By late August, a drill rig was mobilized and managed to complete eight diamond drill holes before the end of October. Results were very positive, such that the company has been able to raise additional money in order to carry on drilling in 2013.
Overviews of accomplishments at QV include:
- The VG zone drilling highlights include 2.34 grams per tonne gold over 89.85 metres, 3.76 g/t Au over 14.93 m and 2.75 g/t Au over 15.2 m;
- 1,334 m drilled and eight diamond drill holes;
- Highlights of the VG trenching include 3.31 g/t Au over 95 m and Shadow zone 0.33 g/t Au over 85 m. Tetra grid returned no significant assays;
- 2,390 soils collected;
- 3,380 m trenched;
- Soil sampling results identified new targets and refined existing targets;
- New targets confirmed by trenching at the Shadow zone; early-stage positive indicators encountered on Stewart grid and north of the VG zone discovery;
- Trenching confirmed soil anomalies of VG zone, Stewart grid and Shadow zone.
Corona gold/silver project, Mexico
Comstock Metals' other important project is the Corona, located in the western Sierra Occidental of Chihuahua, Mexico. The region is known for its proliferation of epithermal gold and silver discoveries, and is an important centre of precious metal exploration, mining and competitor activity. At the beginning of 2012 the company had completed an in-depth review of historical data and results from 2001 to 2009, and committed to a program of diamond drilling on two of the historically known targets: the Northeast and Esperanza zones. In conjunction with drilling, field crews broadened the prospecting and geological coverage of the property, and in so doing encountered new zones of mineralization and alteration that were previously not known.
Overviews of accomplishments at Corona gold/silver project include:
- 12 diamond drill holes completed, comprising 2,126 m;
- Two new zones discovered (Jerry and Esperanza zones) and confirmation of a historic zone (Northeast zone);
- Jerry zone drill intercepts included 0.36 gram per tonne gold (g/t Au) over 34.5 m, and Esperanza zone drill intercepts included 6.33 g/t Au, 258 g/t silver (Ag), 3.8 per cent lead (Pb) and 2.8 per cent zinc (Zn) over 1.0 m;
- An 800-metre strike length of favourable lithologies discovered, which include vuggy quartz and alunite clays overlying intrusive at depth found in the valley bottoms.
Corona is owned 60 per cent by Comstock Metals in joint venture with Golden Goliath Resources Limited.
2013 exploration plans
The company's focus during 2013 will be on its Yukon discoveries.
QV project
- Anticipated drill program in two phases comprises 10,000 m: phase one -- 5,000 m;
- Phase two -- 5,000 m, which is to be contingent upon results from phase one;
- Drilling targets include infill/step-out drilling on the VG zone, and exploration drilling on Shadow zone and Stewart grid;
- Trenching and soil sampling.
Walhalla project
- 1,000 m diamond drilling;
- Trenching and soil sampling.
Corona gold/silver project
- Detail surface mapping of the Jerry zone;
- Follow-up diamond drilling as warranted during the fall/winter 2013.
Comstock is pleased with the progress made on the QV project in the Yukon. In the beginning of the year 2012, the QV project was a soil anomaly of 395 parts per billion. Toward the end of the year, the QV project had been recognized as a legitimate gold discovery in the White Gold district of the Yukon. The company is planning on developing this discovery to the next level of resource estimation. The year 2013 plan is to drill systematic drill holes to delineate an orebody and also to drill test other gold zones identified through trenching in 2012.
On the Walhalla project, the company plans on doing detail grid soil sampling and trenching, followed by a 1,000-metre diamond drill program toward the end of summer 2013.
At Corona, a surface mapping program on the newly identified 800-metre strike length of vuggy quartz and alunite clays area (Jerry zone) possibly followed by deep drilling is contemplated.
New addition to the Comstock team
The company is pleased to announce the addition to its exploration team of Duncan McBean (PGeo) as the vice-president of exploration. Mr. McBean brings over 20 years exploration experience including work at advanced exploration projects and producing mines. Recent experience includes project management with Peregrine Diamonds Ltd. and mineral resource management at De Beers' Snap Lake deposit. Prior to that, Mr. McBean was responsible for project advancement and exploration at Eldorado Gold Ltd.'s Mexican operations. Mr. McBean brings a strong background in project advancement and evaluation to the team.
The technical information in this release has been reviewed by J. Blackwell (PGeo), a qualified person as defined by National Instrument 43-101.
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