Mining Explorers 2013: Comstock Metals Ltd.
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Last updated 11/3/2013 at Noon
CSL: TSX-V
President and CEO: Rasool Mohammad
Vice President, Exploration: Duncan McBean
Consultant: Jerry Blackwell, Geologist
In 2013, Comstock Metals Ltd. followed up recent gold discoveries at its flagship QV project in the prolific White Gold District of the Yukon Territory.
The QV property covers 14,180 hectares (35,000 acres) located about 70 kilometers (45 miles) south of Dawson City.
In its 2013 phase 1 drill program on the VG zone at QV, Comstock completed nine core holes totaling 2,188 meters.
The drilling substantially expanded the footprint of the VG zone to 350 meters by 350 meters, which remains open in all directions.
Gold mineralization is hosted within units of massive, silicified gneiss cut by swarms of quartz vein stockworks and breccia, with disseminated and vein controlled pyrite and occasionally visible gold.
The results, along with the previously announced results including the 2012 drill program, confirm a potential bulk-tonnage target at VG that is becoming one of the largest individual gold-systems in the White Gold District, according to Comstock.
The company is also advancing other targets on the QV project and receiving results from other segments of its 2013 program, including pneumatic hammer sampling (GeoProbe) designed to sample bedrock beneath soil anomalies with minimum surface disturbance.
Field evaluation of the Stewart and Shadow targets, located five kilometers (three miles) to the northeast and 12 kilometers (7.4 miles) to the north of the VG zone, respectively, are suggestive of an intrusion-associated mineralized system.
Significant gold-in-soil and gold-in-rock anomalies have been defined.
Ongoing exploration is focused on preparing these targets for drill testing.
In September, results of the ongoing expansive exploration program, which includes geological mapping, geochemistry, and induced polarization geophysics, were still pending.
As of June 30, 2013, exploration and evaluation assets totaled C$5.03 million compared with C$3.42 million at Sept. 30, 2012.
Comstock said the increase is primarily a result of the drill program and other exploration work on the QV property.
Cash and short-term deposits: C$1.4 million (June 30, 2013)
Working capital: C$1.3 million
(June 30, 2013; raised C$1.0 million in July 2013)
Market capitalization: C$7.9 million (Sept. 27, 2013)
701-675 Hastings Street
Vancouver, BC
Canada V6B 1N2
Tel: 604-639-4533
Fax: 604-685-3764
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