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Comstock Mining Inc
Tuesday, March 08, 2016

Comstock Mining Announces Best Intercepts and Widths To-Date
Lucerne Underground Intercepts 0.429 opt Au (14.72 g/t) 1.217 opt Ag (41.73 g/t) over 37 ft (11.2m)

VIRGINIA CITY, NV (March 08, 2016) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) is pleased to announce today, some of the highest grade and thickest gold and silver core intercepts, to date, from the higher-grade mineralization hosted in the Quartz Porphyry mass (“PQ Target”). These results represent the completion of the first phase of underground exploration and illustrate an increase in mineralization thickness, grade quality, and continuity as exploration has continued north in this highly-mineralized corridor.  

figure1

Figure 1

These intercepts are currently being modeled to provide grade shells that will contribute to an underground mine plan for the broader Lucerne mineralized resource (Figure 1). 

Corrado De Gasperis, President & CEO, commented: “Initially, drilling from bays 1 & 2 of the PQ Target produced exceptional grades mainly defined by thin widths but as we continue to drill north of the Succor vein, we have continuously identified higher-grade intercepts of thicker widths, consistent with our expectations and strongly supporting continued northerly exploration.  We have defined a second phase of efficient drilling, enabled by our new underground drifts, extending north for evaluation of the PQ and Woodville targets and east for the Succor target.”

In September 2015, the Company began construction of the Harris Portal and Drift on the floor of the Lucerne Mine with two objectives. First, the Harris Drift provides a central platform within Lucerne’s broader geological corridor to conduct an underground drilling and exploration program, targeting a three quarter mile long mineralized corridor that includes the PQ target, Woodville, Succor/Holman and high-grade Chute zone systems. Second, the Harris Drift could also potentially serve as a central haulage level depending on the overall drill results and resultant mine plans.

The initial phase included approximately 12,400 feet of diamond core drilling that is in the form of ‘fans’ that comprise a group of holes having different dips (between -50 and +40 degrees from horizontal). Each drill bay has two or three fans of drill holes extending into the primary target. The core locations and orientations were specifically designed to infill and expand the areas of known, higher-grade mineralization identified from previous surface drilling programs.

The core holes from the first four drill bays were designed to evaluate the southern lobes of the quartz porphyry, and the extent of the fractured and veined environment lying beyond and to the south. The initial drill bays also included a group of holes that targeted and penetrated the Succor structural intersection. In general, the initial southerly oriented drill holes intersected more narrow (2 to 10 feet thick) zones of higher-grade mineralization. The subsequent intercepts continue to illustrate an increase in mineralization thickness, grade quality, and continuity as exploration continues north in this highly mineralized corridor.  The intercepts also tend to lie along the margins of a second, previously un-described intrusive mass of material that is proving more consistent higher-grade results.

The following significant drill intercepts are selected highlights from drill bay 6 only. Additional Lucerne drilling highlights from drill bay 6, totaling 25 intercepts, including those summarized below, can be found in the latter part of this release (Table 1). 

Drill Bay Six Highlights

  • LUGC15-032: 0.429 opt Au (14.72 g/t) and 1.217 opt Ag (41.73 g/t) over 37 ft. (11.3 m).
    • Includes 1.116 opt Au (38.26 g/t) and 2.496 opt Ag (85.55 g/t) over 7 ft. (2.1 m).
    • Includes 0.668 opt Au (22.88 g/t) and 1.141 opt Ag (39.13 g/t) over 8 ft. (2.4 m).
  • LUGC16-043: 0.384 opt Au (13.17 g/t) and 0.858 opt Ag (29.41 g/t) over 20 ft. (6.0 m).
    • Includes 0.473 opt Au (16.22 g/t) and 0.865 opt Ag (29.65 g/t) over 15 ft. (4.5 m).
  • LUGC16-047: 0.894 opt Au (30.65 g/t) and 0.280 opt Ag (9.60 g/t) over 3 ft. (0.9 m)
  • LUGC16-048: 0.321 opt Au (10.99 g/t) and 11.55 opt Ag (395.95 g/t) over 5 ft. (1.5 m)
    • Includes 0.404 opt Au (13.85 g/t) and 17.700 opt Ag (606.79 g/t) over 2.5 ft. (0.8 m)
  • LUGC16-048: 0.346 opt Au (11.85 g/t) and 0.737 opt Ag (25.28 g/t) over 17.5 ft. (5.3 m).
    • Includes 0.352 opt Au (12.07 g/t) and 0.623 opt Ag (21.34 g/t) over 10 ft. (3.0 m).
    • Includes 0.640 opt Au (21.94 g/t) and 0.666 opt Ag (22.81 g/t) over 2.5 ft. (0.8 m).
  • LUGC16-049: 0.716 opt Au (24.56 g/t) and 1.003 opt Ag (34.4 g/t) over 10 ft. (3.0 m).

Mr. De Gasperis continued: “These intercepts reflect the higher grade epithermal mineralization the Comstock is known for and, not coincidently are being targeted by us in the historic Succor and Woodville systems.  Historical production grades from the Succor and Woodville mines averaged over 0.650 and 0.900 opt Au, respectively.”

Table 1

Drill Bay

Hole

From (ft.)

To (ft.)

Interval (ft.)

Au      opt

Ag      opt

From (m)

To          (m)

Interval (m)

Au        g/t

Ag         g/t

AuEq        Oz.

6

LUGC15-029

62.0

63.0

1.0

1.598

16.200

18.9

19.0

0.3

54.78

555.37

1.806

 

6

LUGC15-032

233.0

237.5

4.5

0.102

1.896

71.0

72.4

1.4

3.50

65.00

0.126

 

LUGC15-032

247.0

253.0

6.0

0.173

2.909

75.3

77.1

1.8

5.93

99.72

0.210

 

Includes

250.5

253.0

2.5

0.299

3.600

76.4

77.1

0.8

10.25

123.41

0.345

 

LUGC15-032

263.0

300.0

37.0

0.429

1.217

80.2

91.4

11.3

14.72

41.73

0.445

 

Includes

263.0

270.0

7.0

1.116

2.496

80.2

82.3

2.1

38.26

85.55

1.148

 

Includes

286.0

294.0

8.0

0.668

1.141

87.2

89.6

2.4

22.88

39.13

0.682

 

6

LUGC15-039

170.5

185.0

14.5

0.092

1.835

52.0

56.4

4.4

3.16

62.92

0.116

 

LUGC15-039

212.0

216.5

4.5

0.100

0.359

64.6

65.8

1.4

3.43

12.29

0.105

 

LUGC15-039

224.0

248.0

24.0

0.184

0.500

68.3

75.6

7.3

6.29

17.14

0.190

 

Includes

234.0

237.0

3.0

0.414

0.671

71.3

72.2

0.9

14.19

23.00

0.423

 

6

LUGC16-043

156.0

163.5

7.5

0.157

0.488

47.5

49.7

2.3

5.38

16.72

0.163

 

LUGC16-043

175.0

188.0

13.0

0.323

0.700

53.3

57.3

4.0

11.08

24.01

0.332

 

Includes

181.0

188.0

7.0

0.506

0.668

55.2

57.3

2.1

17.35

22.89

0.515

 

LUGC16-043

198.0

218.0

20.0

0.384

0.858

60.4

66.4

6.1

13.17

29.41

0.395

 

Includes

198.0

213.0

15.0

0.473

0.865

60.4

64.9

4.6

16.22

29.65

0.484

 

6

LUGC16-045

61.0

66.0

5.0

0.091

0.309

18.6

20.1

1.5

3.12

10.59

0.095

 

LUGC16-045

145.0

149.0

4.0

0.126

0.887

44.2

45.4

1.2

4.32

30.39

0.137

 

6

LUGC16-047

92.0

95.0

3.0

0.894

0.280

28.0

29.0

0.9

30.65

9.60

0.898

 

LUGC16-047

203.0

223.5

20.5

0.149

0.604

61.9

68.1

6.2

5.11

20.71

0.157

 

LUGC16-047

241.5

245.5

4.0

0.332

0.793

73.9

74.8

1.2

11.38

27.19

0.342

 

LUGC16-047

248.0

249.0

1.0

0.290

0.805

75.6

75.9

0.3

9.94

27.60

0.300

 

LUGC16-047

251.0

252.0

1.0

0.248

1.138

76.5

76.8

0.3

8.50

39.01

0.263

 

LUGC16-047

305.0

318.5

13.5

0.160

0.314

93.0

97.1

4.1

5.49

10.77

0.164

 

Includes

305.0

309.0

4.0

0.267

0.394

93.0

94.2

1.2

9.15

13.51

0.272

 

6

LUGC16-048

96.5

101.5

5.0

0.321

11.550

29.4

30.9

1.5

10.99

395.95

0.469

 

Includes

96.5

99.0

2.5

0.404

17.700

29.4

30.2

0.8

13.85

606.79

0.631

 

LUGC16-048

149.5

167.0

17.5

0.346

0.737

45.6

50.9

5.3

11.85

25.28

0.355

 

Includes

149.5

159.5

10.0

0.352

0.623

45.6

48.6

3.0

12.07

21.34

0.360

 

Includes

164.5

167.0

2.5

0.640

0.666

50.1

50.9

0.8

21.94

22.81

0.649

 

LUGC16-048

176.0

181.0

5.0

0.169

0.788

53.6

55.2

1.5

5.79

27.01

0.179

 

LUGC16-048

280.0

286.0

6.0

0.126

1.015

85.3

87.2

1.8

4.32

34.78

0.139

 

6

LUGC16-049

134.0

135.0

1.0

0.266

10.200

40.8

41.1

0.3

9.12

349.67

0.397

 

LUGC16-049

177.5

183.0

5.5

0.236

0.515

54.1

55.8

1.7

8.09

17.66

0.243

 

LUGC16-049

185.0

195.0

10.0

0.716

1.003

56.4

59.4

3.0

24.56

34.40

0.729

Reported values are from American Assay Labs (AAL) and Inspectorate American Corporation (Inspectorate) in Reno, NV
AAL and Inspectorate lab methods include standard fire assay with ICP finish and gravimetric finish per each labs internal protocols. Gold Equivalent ratio based on gold to silver price ratio of 78:1 Ag:Au.

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, Including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  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 commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near-term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (Including implementation of methodologies and changes in the board of directors; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; restructuring, recapitalization and other capital structure modifications; capital raising; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K.  Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

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http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
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Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
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