VIRGINIA CITY, Nev., Aug. 26, 2020 (GLOBE NEWSWIRE) — Comstock Mining Inc. (the “Company”) (NYSE American: LODE) announced that it has contracted with Geotech Ltd (“Geotech”) of Aurora, Ontario, Canada to conduct airborne geophysical surveys of its wholly owned Dayton resource area and adjacent Spring Valley exploration targets. Geotech expects to begin flying its proprietary Versatile Time-Domain Electromagnetic (“VTEM”) geophysical system in mid-September, and plans to deliver three-dimensional interpreted results by mid-October. The 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.The Company’s technical staff is compiling a detailed structural interpretation of the Dayton resource area that is providing the framework for a completely new resource model. The detailed interpretation is leading to a list of highly prospective drill targets to further define and expand the mineral resource. 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 an upcoming planned drill program. Earlier this year, the Company enhanced its land position in Spring Valley by exercising its option and purchasing seven unpatented lode mining claims in Spring Valley, for a total of $100,000.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.Image 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/20248262-3500-4867-9a22-e394ed6f70d5Mr. Corrado DeGasperis, Executive Chairman and CEO stated, “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 of the potential mineralization, at depths not previously explored, enabling us to, among other things, finalize the most effective and efficient drill program.”Image 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0f15b34-e31f-4bc2-a15c-9ef78e02e8e3The Company plans to advance the Dayton resource area to full feasibility, towards a production ready mine plan. The plan includes expanding the current resource estimate for the Dayton and continuing southerly into Spring Valley, with incremental expansion programs that include exploration and definition drilling of targets identified by the prior conventional, RC and diamond core drill programs, that will be both refined and better prioritized based on these new IP and resistivity geophysical survey results.The Company’s Dayton and Spring Valley targets are located in Lyon County, Nevada, approximately six miles south of Virginia City, and just west and south of Silver City, NV, and include the historic Dayton, Kossuth, Alhambra, Gennessee, Dondero, and Daney mineral patents, together representing the Company’s top exploration and development target. The Spring Valley mineralized structures lie mostly concealed beneath a veneer of sediment gravels and the volcanic host rocks and the structural controls of the mineralization for the Dayton resource area that are known to continue south into Spring Valley. Mr. DeGasperis concluded, “The Company is advancing these geological developments toward the publication of its first S-K 1300 compliant, technical report for the Dayton resource area and Spring Valley targets. The new technical report will provide not only a new resource estimate, but also a phased drilling plan for further defining and expanding the resource for sustainable, 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.
Bay Street News