Comstock Metals' Yukon Gold Discovery 3.74 Grams Per Tonne Gold Over 75 Metres

Wed Jul 25, 2012 9:49pm IST

* Reuters is not responsible for the content in this press release.

  VANCOUVER, BRITISH COLUMBIA, Jul 25 (MARKET WIRE) --
Comstock Metals Ltd. (TSX VENTURE:CSL) -

    Highlights


--  3.74 grams/tonne gold (g/t Au) over the entire 75 m length of QVTR12-06 
--  0.85 g/t Au over 45 m in QVTR12-03 205 m along strike of QVTR12-06 
--  mineralization consists of quartz veins, stockwork, silicification and
    weak brecciation, accompanied by minor pyrite 
--  a minimum 265 m strike extent for the gold-bearing structure-
    Northeasterly (070 degrees-075 degrees) gold trend is consistent with
    other deposit(s) in the district 
--  in comparison, initial trench results of Kinross Gold Corporation's
    White Gold deposit, 15 km to the south of the QV, returned 1.3 g/t Au
    over 37.5 m from the Golden Saddle zone; initial trench results from the
    Coffee Project of Kaminak Gold Corporation included 2.3 g/t Au over 21.0
    m and 11.45 g/t Au over 5.0 m 


    Comstock Metals Ltd. (the "Company") is pleased to announce initial
results from its trenching programme on the QV Project located in the
heart of the White Gold district, Yukon Territory. Results for three out
of six trenches on the QV Grid have been received; the balance are
pending. The six trenches were excavated by Talus Exploration Inc. of
Dawson City, using a Candig mini-excavator. 

    The discovery trench, QVTR12-06, assays 3.74 g/t Au over 75 m (entire
length of the trench), with a maximum grade of 7.31 g/t Au over 5 m and a
minimum grade of 1.41 g/t Au over 5 m. The gold mineralization is open on
all sides of QVTR12-06. Detailed sample results from QVTR12-06 are
outlined below. 


------------------------------------------------------------------------
                            QVTR12-06 Results                           
------------------------------------------------------------------------
                                From          To      Au g/t    Interval
Trench ID      Sample ID          (m)         (m)  (metallic)         (m)
------------------------------------------------------------------------
QVTR12-06        1397308           0           5        2.02           5
------------------------------------------------------------------------
QVTR12-06        1397309           5          10        4.49           5
------------------------------------------------------------------------
QVTR12-06        1397312          10          15        4.32           5
------------------------------------------------------------------------
QVTR12-06        1397313          15          20        2.50           5
------------------------------------------------------------------------
QVTR12-06        1397315          20          25        4.71           5
------------------------------------------------------------------------
QVTR12-06        1397317          25          30        3.11           5
------------------------------------------------------------------------
QVTR12-06        1397319          30          35        4.35           5
------------------------------------------------------------------------
QVTR12-06        1397322          35          40        4.65           5
------------------------------------------------------------------------
QVTR12-06        1397324          40          45        1.41           5
------------------------------------------------------------------------
QVTR12-06        1397325          45          50        4.63(i)        5
------------------------------------------------------------------------
QVTR12-06        1397328          50          55        2.54           5
------------------------------------------------------------------------
QVTR12-06        1397329          55          60        2.02           5
------------------------------------------------------------------------
QVTR12-06        1397330          60          65        4.09           5
------------------------------------------------------------------------
QVTR12-06        1397331          65          70        7.31           5
------------------------------------------------------------------------
QVTR12-06        1397332          70          75        3.90           5
------------------------------------------------------------------------
                Weighted Average                 3.74 g/t Au        75 m
------------------------------------------------------------------------
             (i) field duplicate 1397326 returned 5.25 g/t Au            
------------------------------------------------------------------------


    For more details on the 2012 Trenching program, please refer to the
following link: http://comstock-metals.com/_resources/maps/QV_TrenchResul
tsMap_24July2012_propertyInset3.jpg

    Sampling was completed by GroundTruth Exploration Inc., also of Dawson
City, under the direction of Jean Pautler, P.Geo. 

    Results reported are the weighted averages from composite chip-samples
collected over 5-metre sample lengths. The trenches were sampled in their
entirety. As is typical in the White Gold district, sample material
consisted of weathered and broken rock- rubble (subcrop) which is
interpreted to be in-place. Trench results are pending for QVTR12-01,
-02, and -05 and will be released when received. The trench results
summary is given below. For more details, please visit the Company's
website: http://www.comstock-metals.com/projects/white_gold_north/


       Summary of Significant Trench Results      
                                                  
--------------------------------------------------
Trench                      Chip samples          
No.                    Au (g/t)     Length (m)   
--------------------------------------------------
TR QV12-03                0.85             45       
--------------------------------------------------
TR QV12-04                0.15             15       
--------------------------------------------------
TR QV12-06                3.74             75       
--------------------------------------------------
  including               7.31              5       
--------------------------------------------------


    Mineralization consists of quartz veins, stockwork, silicification and
weak brecciation, accompanied by minor pyrite. The host rocks are "augen"
gneiss (a metamorphosed intrusive rock) and metamorphosed sedimentary
rocks. Trench QVTR12-03 is located 205 m east of Trench QVTR12-06, and
Trench QVTR12-04 (see table below) lies 100 m to the south of Trench
QVTR12-03. QVTR12-04 is situated south of the apparent trend of the main
gold bearing structure. The trenches generally crosscut the 070
degrees-075 degrees trend of the veins, but, due to extensive
silicification, the determination of the dip of the veins and the exact
controls on mineralization require follow-up work. Consequently, the true
width of the mineralized zone (open to the north and south in trench
QVTR12-06 and open to the north in trench QVTR12-03) is yet unknown. 


------------------------------------------------------------------------
                            QVTR12-03 Results                           
------------------------------------------------------------------------
                                From          To      Au g/t    Interval
Trench ID      Sample ID          (m)         (m)  (metallic)         (m)
------------------------------------------------------------------------
QVTR12-03        1397290           0           5        2.21           5
------------------------------------------------------------------------
QVTR12-03        1397292           5          10        2.17           5
------------------------------------------------------------------------
QVTR12-03        1397293          10          15        0.51           5
------------------------------------------------------------------------
QVTR12-03        1397295          15          20        0.27           5
------------------------------------------------------------------------
QVTR12-03        1397296          20          25        0.73           5
------------------------------------------------------------------------
QVTR12-03        1397298          25          30        0.75           5
------------------------------------------------------------------------
QVTR12-03        1397300          30          35        0.36           5
------------------------------------------------------------------------
QVTR12-03        1397303          35          40        0.34           5
------------------------------------------------------------------------
QVTR12-03        1397304          40          45        0.31           5
------------------------------------------------------------------------
                Weighted Average                 0.85 g/t Au        45 m
------------------------------------------------------------------------
QVTR12-03     1397305-07          45          60         NSA(ii)      15
------------------------------------------------------------------------


    The trenches were designed to test a 1.8 km-long gold-in-soil anomaly
with values up to 395.6 ppb Au. A visible gold-bearing vein (VG Vein),
which returned 16.28 g/t Au (Comstock News Release, June 25th, 2012),
occurs 60 m west of Trench 6. Current results from Trenches 3 and 6 and
the VG Vein indicate a minimum 265 m strike extent for the gold-bearing
structure.


------------------------------------------------------------------------
                            QVTR12-04 Results                           
------------------------------------------------------------------------
                                From          To      Au g/t    Interval
Trench ID      Sample ID          (m)         (m)  (metallic)         (m)
------------------------------------------------------------------------
QVTR12-04        1397333           0           5       0.005           5
------------------------------------------------------------------------
QVTR12-04        1397335           5          10        0.13           5
------------------------------------------------------------------------
QVTR12-04        1397339          10          15        0.12           5
------------------------------------------------------------------------
QVTR12-04        1397340          15          20        0.21           5
------------------------------------------------------------------------
                Weighted Average                 0.15 g/t Au        15 m
------------------------------------------------------------------------
QVTR12-04     1397341-50          20          50         NSA(ii)      30
------------------------------------------------------------------------
QVTR12-04        1397342          50          30         NSA(ii)       5
------------------------------------------------------------------------
QVTR12-04     1275901-28          50         163         NSA(ii)     113
------------------------------------------------------------------------
(ii) No significant assays                                               


    In comparison, the initial trenching on the Golden Saddle zone at Kinross
Gold Corporation's White Gold deposit, 15 km to the south of the QV,
returned 1.3 g/t Au over 37.5 m, with a maximum grade of 4.7 g/t over 5 m
and a minimum grade of 0.1 g/t Au over 0.3 m (Underworld News Release,
June 17th, 2008). Initial trench results from the Coffee Project of
Kaminak Gold Corporation included 2.3 g/t Au over 21.0 m and 11.45 g/t Au
over 5.0 m (Kaminak News Release, October 8th, 2009).

    "We are fortunate to have encountered such a large continuous gold
mineralized trench with fairly uniform gold grades," commented the
Company President and CEO Rasool Mohammad. "This makes Comstock Metals'
the third significant discovery in the White Gold District after Kinross'
Golden Saddle deposit and Kaminak's Coffee; kudos to our team."

    Total gold assays were completed by Acme Analytical Laboratories Ltd.,
Vancouver, British Columbia by metallic screen gold assay, the
recommended analytical procedure when visible gold is observed in rock
samples. Results suggest that most of the gold is contained in the fine
fraction. An industry standard QA/QC programme is part of the Company's
protocol and was implemented by the Company's Qualified Person, Jean
Pautler, P.Geo. This consists of randomly inserted blanks and standards,
as well as field duplicates.

    The technical information in this release has been reviewed by Jean
Pautler (P.Geo.), a Qualified Person as defined by National Instrument
43-101.

    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 QV
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 Sierra Madre Occidentale
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 at
http://www.comstock-metals.com/projects/corona_gold_silver/ 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




    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.

Contacts:
Comstock Metals Ltd.
Rasool Mohammad, B.Sc. (Mining)
President & CEO
604-639-4533

Comstock Metals Ltd.
Larry Johnson
604-639-4533
www.comstock-metals.com

Copyright 2012, Market Wire, All rights reserved.

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