VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2012) - Comstock Metals Ltd. (TSX VENTURE:CSL) -
HIGHLIGHTS
- 1500 metres (1.50 kilometres) of trenching to be completed in 2012 over the 2011 soil anomalies
- 2011 soil results returned the maximum of 1.03 g/t Au, 3767 g/t As, 8.7 g/t Ag, 66.2 g/t Sb, 4.13 g/t Hg, and 2597 g/t Ba
- Same rock package, structure, and airborne magnetic high extends northerly from Kinross's Golden Saddle deposit across the QV property
- 1400 soil samples planned to define the limits of the 2011 soil anomalies
Comstock Metals Ltd. (the "Company") (TSX VENTURE:CSL) is pleased to announce that it has commenced exploration on its QV property in the White Gold district, Yukon Territory. The 2012 exploration program consists of approximately 1.5 line kilometres of trenching (twelve trenches over 4 zones) and mapping, prospecting, and sampling over soil anomalies defined in 2011. These soil anomalies returned maximum values of 1027.1 ppb Au, 8.7 ppm silver, 3767 ppm arsenic, 66.2 ppm antimony, 4.13 ppm mercury, and 2597 ppm barium. Additional grid soil geochemical sampling (1400 samples) is also planned in order to define the limits of the 2011 soil anomalies.
Please click on the following link to view the proposed trench plan map: http://comstock-metals.com/_resources/maps/proposed_trench.pdf
Since the White Gold district is un-glaciated, very little overburden overlies bedrocks in the district. Overburden can reach up to a maximum thickness of about 60 centimetres or 2 feet in places. Trenching can expose the bedrock relatively easily. Trenches will be mapped and sampled under the supervision of an independent Qualified Person, Jean Pautler P.Geo.
The QV Project has potential to host mineralization similar to that at the White Gold deposit, 15 km to the south, based on the presence of significant gold and similar pathfinder element soil anomalies, the extension of the same lithological package of rocks, and a prominent structure and airborne magnetic high (closely associated with mineralization in the Golden Saddle zone at the White Gold deposit) extending northerly from the White property across the QV property. The QV Project is also partially underlain by Jurassic-aged intrusive rocks, which host mineralization at the Ten/Dime and Jual gold occurrences (1.6 g/t Au over 25 m, including 11.1 g/t Au over 3 m from trenching), 30 km to the northwest (Pautler, 2001).
"The geological, geophysical, geochemical, and spatial proximity of our project to Kinross's Golden Saddle deposit makes the QV Project a prime exploration target in the White Gold District," commented the Company's President, Rasool Mohammad. "Any gold and associated pathfinder anomalies in trenches will be followed by a drill program."
Jean Pautler, P.Geo, an independent geologist, reviewed the technical information in this News Release.
About Comstock Metals Ltd.
Comstock has optioned 494 claims covering 10,374 hectares (25,634 acres) within the prolific White Gold District in the Yukon Territory about 70 kilometres south of Dawson City. The claims were optioned from Shawn Ryan, a Yukon-based prospector responsible for the discovery of two of the prominent gold discoveries in the White Gold district: Kinross Gold's 1.5 million ounce Golden-Saddle deposit and Kaminak Gold's Coffee projects. The Company has completed two soil-sampling programs on the Yukon property with encouraging results.
The Company is also earning a 75% interest on the Corona project by an option agreement from Golden Goliath Resources (GNG). Comstock's Corona Gold-Silver project is located in the prolific Uruachic Mining camp in Chihuahua, Mexico, and the Company completed a drill program in the spring of 2012. The drill program discovered two new zones of gold and silver mineralization. Please visit the Company's website for the details. Previous reverse circulation drilling identified both bulk tonnage and high-grade vein type gold/silver targets, some of which the Company plans to diamond-drill. For the Corona Gold Silver Project location please visit the following link: http://comstock-metals.com/_resources/Corona-SMO.jpg
To learn more please visit the Company's website at: www.comstock-metals.com
COMSTOCK METALS LTD.
Rasool Mohammad, B.Sc. (Mining), President & CEO
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.
Contact Information:
Rasool Mohammad
President & CEO
604-639-4533
Comstock Metals Ltd.
Larry Johnson
CFO
604-639-4533
www.comstock-metals.com