VIRGINIA CITY, Nev., Sept. 22, 2020 (GLOBE NEWSWIRE) — Comstock Mining Inc. (the “Company”) (NYSE American: LODE) announced today that Geotech Ltd. (“Geotech”) of Aurora, Canada, began conducting the previously announced airborne geophysical surveys last weekend, including the Dayton resource area, adjacent to Silver City, NV and the contiguous Spring Valley exploration targets all the way to Hwy 50.
Geotech launched its proprietary Versatile Time-Domain Electromagnetic (“VTEM”) geophysical system on Saturday, September 19, 2020, once visibility improved as smoke from the California fires cleared, and plans to complete the survey, by the end of September. The Company expects preliminary scans becoming available by mid-October, and extensive three-dimensional interpreted results later in the fourth quarter.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d91cc2d1-9bee-484a-9ec7-deab1f01c222The results will greatly increase the Company’s understanding of the Dayton resource area and Spring Valley resource expansion potential, along with the Company’s other exploration targets in Lyon County.Mr. Corrado De Gasperis, Executive Chairman and CEO stated, “Geotech’s proprietary surveys will provide invaluable data, to both corroborate and expand our knowledge of the potential mineralization, in the safest, least disruptive manner, and at depths not previously explored, enabling us to, among other things, refine and finalize a most effective and efficient exploration and development drill program.”A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7559a5a9-954d-4506-bcc2-f54ac2fb5a96The Company’s technical staff is completing a detailed structural interpretation of the Dayton resource area that is providing the framework for a completely new resource model, and extensions into the adjacent Spring Valley. The detailed interpretation is refining a list of highly prospective drill targets to better define and expand the existing mineral resource estimate. Based on the promising findings of this recent interpretive work, the Company made the decision to complete a property-wide geophysical program, and based on the results, finalize the targets for a new, expansive drill program. The Company recently enhanced its land position by purchasing seven unpatented lode mining claims in Spring Valley.The results of previous drilling at the Dayton resource area and the current, detailed geological interpretation will enable the geophysical data to be calibrated with and provide interpretation for the Company’s other exploration targets in Lyon County, including the Oest, Amazon, and Daney mine areas, Grizzly Hill and Montezuma Ridge, and the Spring Valley and Gold Canyon placer areas.Mr. De Gasperis continued, “We have secured a nearly 3-mile continuous trend in the southern half of the Comstock District, with known, higher-grade gold and silver mineralization and significant expansion potential. Geotech’s surveys will provide invaluable data, to both corroborate and expand our knowledge.”The Company plans to advance the Dayton resource area to full feasibility, towards a production ready mine plan. The plan includes expanding the current estimate for the Dayton resource and continuing southerly into Spring Valley, with incremental RC and diamond core drill programs. The Spring Valley mineralized structures lie mostly concealed beneath a veneer of sediment gravels and the volcanic host rocks that are known to continue south from Dayton.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/939df122-613e-4e21-9c5f-9095ba4efd73Mr. De Gasperis concluded, “The Company is advancing these geological developments toward the publication of its first S-K 1300 compliant, technical report for the Dayton and Spring Valley targets. The new technical report will provide a new resource estimate and outline a phased drilling plan for further defining and expanding the resource toward responsible, sustainable and profitable mining.”About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining that is currently commercializing environment-enhancing, precious-metal-based technologies, products and processes for precious metal recovery. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The Company’s goal is to grow per-share value by commercializing environment-enhancing, precious-metal-based products and processes that generate predictable cash flow (throughput) and increase the long-term enterprise value of our northern Nevada based platform.
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