Projects - Lucerne Resource Area

COMSTOCK MINING REPORTS MEASURED AND INDICATED RESOURCES INCREASE TO OVER ONE MILLION GOLD EQUIVALENT OUNCES

MEASURED, INDICATED AND INFERRED RESOURCES INCREASE BY 57%

http://www.comstockmining.com/news/press-releases/92-tue-sep-07-2010

The Lucerne Resource Area includes the Billie the Kid, Hartford, and Lucerne pits, and extends northeasterly to the area of the historic Woodville bonanza, and north to the historic Justice and Keystone mines.  CMI_Lucerne

The Company's successful Spring 2010 drilling program targeted the Lucerne Resource Area with 51 reverse circulation and 8 core holes (see the Company's August 13, 2010 press release, http://www.comstockmining.com/news/press-releases/89-fri-aug-13-2010).  The new drilling intercepted significant mineralized intervals of 20 or more consecutive feet in 42 of the 51 holes.  The program included infill holes as well as step-out holes testing the continuity of mineralization to the east and to the north of the previous drilling in the area.  The updated resource estimate for the Lucerne Resource Area incorporated these new results, and now totals 26,540,000 tons of Measured and Indicated Resources, containing 731,000 ounces of gold and 9,380,000 ounces of silver.

The August Report (link) specifically mentions the East Side target in the Lucerne Resource Area, and concludes, "Exploration drilling should continue with expectations of expanding resources along the northeast-striking structures."

LUCERNE RESOURCE AREA SUMMARY

 

 

Tons

Au(opt)

Ag(opt)

Total Au(ounces)

Total Ag(ounces)

 

Measured Resource

11,220,000

0.031

0.394

348,000

4,420,000

 

Indicated Resource

15,320,000

0.025

0.324

383,000

4,960,000

 

Total Measured and Indicated (i)

26,540,000

0.028

0.354

731,000

9,380,000

 

 

 

 

 

 

 

 

Inferred Resource

12,660,000

0.023

0.252

291,000

3,190,000

 

(i) Rounding differences may occur

 

 

Drilling in 2010 also included the East Side Target (east of State Route 342) and intersected very significant mineralization along the northeast striking faults.