SOURCE: Comstock Mining Inc.

Comstock Mining Inc.

February 24, 2016 08:01 ET

Comstock Mining Announces Additional High-Grade Intercepts and Succor Breakthrough

Includes 0.823 opt Au (28.23 g/t) Over 36.5 ft. and Separately 7.500 opt Ag (257.11g/t) Over 5 ft.

VIRGINIA CITY, NV--(Marketwired - February 24, 2016) - Comstock Mining Inc. (the "Company") (NYSE MKT: LODE) is pleased to provide additional updates on the first phase of the Company's Lucerne underground exploration activities, located in the historic Comstock District in Northern Nevada. The Company continues to define high-grade mineralization in the Quartz Porphyry mineralized mass ("PQ Target"), of increasing lengths, positioned in the center of the Lucerne geological corridor and mineral resources (Figure 1).

Corrado De Gasperis, President & CEO, commented: "We continue encountering longer and higher grade mineralized intercepts as we move north past the Succor intersection and beyond. We see this trend continuing and we are analyzing these results towards new, high-grade reserves."

The following significant drill intercepts are selected highlights from the fifth drill bay only. Additional Lucerne drilling highlights 24 intercepts from drill bay 5, including those summarized below, are available in the latter part of this release (Table 1).

Drill Bay Five

  • LUGC15-038 0.823 opt Au (28.23 g/t) 0.820 opt Ag (28.12 g/t) over 36.5 ft.
    • Includes 0.487 opt Au (16.71 g/t) 0.756 opt Ag (25.91 g/t) over 9 ft.
    • Includes 1.831 opt Au (62.77 g/t) 1.117 opt Ag (38.30 g/t) over 13 ft.
  • LUGC15-023 0.183 opt Au (6.27 g/t) 1.419 opt Ag (48.63 g/t) over 10 ft.
    • Includes 0.271 opt Au (9.29 g/t) 2.149 opt Ag (73.67 g/t) over 5 ft.
  • LUGC15-026 0.130 opt Au (4.45 g/t) 4.164 opt Ag (142.73 g/t) over 8.5 ft.
  • LUGC15-030 0.120 opt Au (4.11 g/t) 4.782 opt Ag (163.95 g/t) over 8.5 ft.
  • LUGC15-030 0.136 opt Au (4.66 g/t) 1.620 opt Ag (55.55 g/t) over 8.5 ft.
    • Includes 0.317 opt Au (10.87 g/t) 2.315 opt Ag (79.35 g/t) over 2 ft.
  • LUGC15-033 0.144 opt Au (4.94 g/t) 4.607 opt Ag (157.94 g/t) over 4 ft.
  • LUGC15-033 0.276 opt Au (9.47 g/t) 1.422 opt Ag (48.74 g/t) over 12 ft.
    • Includes 0.310 opt Au (10.61 g/t) 1.399 opt Ag (47.94 g/t) over 8 ft.
  • LUGC15-035 0.450 opt Au (15.43 g/t) 7.000 opt Ag (239.97 g/t) over 3.5 ft.
  • LUGC15-035 0.711 opt Au (24.37 g/t) 1.858 opt Ag (63.70 g/t) over 18 ft.
    • Includes 0.939 opt Au (32.20 g/t) 2.414 opt Ag (82.74 g/t) over 13 ft.
  • LUGC15-040 0.626 opt Au (21.46 g/t) 1.493 opt Ag (51.18 g/t) over 1 ft.
  • LUGC15-040 0.290 opt Au (9.94 g/t) 2.407 opt Ag (82.51 g/t) over 5.5 ft.
    • Includes 0.340 opt Au (11.66 g/t) 3.900 opt Ag (133.70 g/t) over 3 ft.
  • LUGC15-040 0.531 opt Au (18.20 g/t) 0.507 opt Ag (17.38 g/t) over 4.5 ft.
  • LUGC16-042 0.240 opt Au (8.23 g/t) 7.500 opt Ag (257.11 g/t) over 5 ft.

Mr. De Gasperis continued: "The Succor crosscut (see Figure 2) also reached its objective of breaking through to historic Succor mine workings, placing us exactly where we need to be for the most efficient drilling of these high-grade mineral targets. We believe the results to date, when combined with the expanded Succor target, will contribute higher-grade reserves and ultimately, a mine plan for this corridor."

Table 1


Drill Bay
Hole Intervals
From-To
Length
(ft.)
Au
opt
Au
g/t
Ag
 opt
Ag
g/t
Au
Equiv. Oz.
5 LUGC15-023 23-33 10.0 0.183 6.27 1.419 48.63 0.201
  Includes 23-28 5.0 0.271 9.29 2.149 73.67 0.299
                 
5 LUGC15-026 245-253.5 8.5 0.130 4.45 4.164 142.73 0.183
                 
5 LUGC15-030 133-141.5 8.5 0.120 4.11 4.782 163.95 0.181
5 LUGC15-030 194.5-210 15.5 0.116 3.98 0.482 16.52 0.122
5 LUGC15-030 250-254 4.0 0.115 3.94 0.965 33.08 0.127
5 LUGC15-030 261-264 3.0 0.174 5.97 0.207 7.10 0.177
5 LUGC15-030 267-275.5 8.5 0.136 4.66 1.620 55.55 0.157
  Includes 267-269 2.0 0.317 10.87 2.315 79.35 0.347
5 LUGC15-030 313-317 4.0 0.099 3.39 0.843 28.90 0.110
5 LUGC15-030 319-322 3.0 0.100 3.43 0.219 7.51 0.103
                 
5 LUGC15-033 124-129 5.0 0.085 2.91 2.456 84.18 0.116
5 LUGC15-033 136-140 4.0 0.144 4.94 4.607 157.94 0.203
5 LUGC15-033 198-210 12.0 0.276 9.47 1.422 48.74 0.294
  Includes 198-206 8.0 0.310 10.61 1.399 47.94 0.327
                 
5 LUGC15-035 99.5-103 3.5 0.450 15.43 7.000 239.97 0.540
5 LUGC15-035 167-185 18.0 0.711 24.37 1.858 63.70 0.735
  Includes 167-180 13.0 0.939 32.20 2.414 82.74 0.970
                 
5 LUGC15-037 20-25 5.0 0.113 3.86 1.473 50.50 0.131
                 
5 LUGC15-038 221.5-258 36.5 0.823 28.23 0.820 28.12 0.834
  Includes 226-235 9.0 0.487 16.71 0.756 25.91 0.497
  Includes 240-253 13.0 1.831 62.77 1.117 38.30 1.845
  Includes 251-252 1.0 Void        
                 
5 LUGC15-040 7-8 1.0 0.626 21.46 1.493 51.18 0.645
5 LUGC15-040 194.5-200 5.5 0.290 9.94 2.407 82.51 0.321
  Includes 194.5-197.5 3.0 0.340 11.66 3.900 133.70 0.390
5 LUGC15-040 223.5-228 4.5 0.531 18.20 0.507 17.38 0.538
5 LUGC15-040 252-265.5 13.5 0.154 5.29 0.130 4.45 0.156
                 
5 LUGC16-042 5-10 5.0 0.240 8.23 7.500 257.11 0.336
                 
5 LUGC16-044 106-111 5.0 0.098 3.36 2.284 78.30 0.127
5 LUGC16-044 116-120 4.0 0.094 3.22 1.908 65.41 0.118
5 LUGC16-044 161-167 6.0 0.178 6.10 1.936 66.36 0.203

Reported values are from American Assay Labs (AAL) and Inspectorate American Corporation (Inspectorate) in Reno, NV.

AAL and Inspectorate lab methods include standard fire assay with ICP finish and gravimetric finish per each labs internal protocols. Gold Equivalent ratio based on gold to silver price ratio of 78:1 Ag:Au.

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, includes concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining. The near-term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (includes implementation of methodologies and changes in the board of directors; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; restructuring, recapitalization and other capital structure modifications; capital raising; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, "Risk Factors" of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.

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