Comstock Metals (CSL-V) to start QV drilling in May
April 18, 2013 - News Release
Comstock Metals Ltd. has started exploration activities including reverse-circulation drilling, diamond drilling, induced polarization 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 over 89.85 metres 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 and seven 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 per cent of the Corona gold-silver project and will be advancing the project with its 40-per-cent 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 has 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.
The technical information in this release has been reviewed by Gordon Davidson, PGeol, a qualified person as defined by National Instrument 43-101.
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