Mr. Steven Goldman reports

COMSTOCK PROVIDES AN UPDATE ON ITS EXPLORATION PROGRAM FOR ITS RAWHIDE COBALT-SILVER PROJECT IN GOWGANDA AREA, ONTARIO

Comstock Metals Ltd. has provided an update on its 2018 exploration plans for its Rawhide property (which consists of 10 single-cell and 41 boundary-cell mining claims (662 hectares)) located in Northern Ontario.

Comstock will move its Rawhide cobalt-silver project forward this summer and has engaged APEX Geoscience Ltd. to run and manage the program. APEX has sent a four-person team to perform groundwork on the property, including geochemical soil and magnetic geophysical surveys. The team has been working on the property since June 26, 2018.

Steven Goldman, interim president, chief executive officer and a director, stated: "We have worked well with APEX in the past and look forward to continuing this great professional relationship. This early work will help us understand the project better and determine key target for drilling."

APEX Geoscience is a privately owned, independent geological consulting company that provides high-quality, cost-effective and timely geological consulting services to exploration companies worldwide. APEX Geoscience is based out of Vancouver, B.C., as well as Edmonton, Alta.

Comstock's option agreement in the Rawhide property

Comstock has an option agreement whereby it can acquire a 100-per-cent interest in the claims (please see Comstock news release dated April 5, 2018). The company plans to complete an exploration program comprising the collection of surface rock grab and grid humus soil geochemical samples (in addition to the completion of a ground magnetic geophysical survey of approximately 100 line kilometres). Lines for geochemical and geophysical surveys will be spaced at 100-metre intervals, with select detailed 50 m or 25 m line spacing infill over known cobalt-silver mineral occurrences. Surface prospecting and rock sampling will focus on locating and evaluating the reported historic mineral occurrences, and establishing, to the extent possible, their continuity and controls on mineralization. The goal of the phase 1 reconnaissance is to establish high-priority diamond drill targets to be followed by a drilling program anticipated to commence by October of this year.

Mines in the Greater cobalt mining camp produced over 550 million ounces of silver and over 25 million pounds of cobalt in the 1900s. The area is currently undergoing an exploration renaissance with increased market interest in cobalt metal, as it is one of the most prospective areas for cobalt-silver deposits in North America.

This acquisition of the Rawhide property option and the work being conducted to explore the property is Comstock's first step in diversifying its mineral property portfolio, which currently includes two resource-stage Canadian gold projects consisting of its QV gold project in the White Gold district in the Yukon and its Preview SW gold project located in the LaRonge district in Saskatchewan. Comstock is currently evaluating other potential investments in the battery metals space.

More about the Rawhide property

Historical reported work on the Rawhide property includes prospecting, mapping, sampling, geophysics, limited diamond drilling (650 metres), pitting and trenching, and excavation of a number of shafts, including a two-compartment shaft of unknown depth on system of 2.5-centimetre calcite veins. In 15 diamond drill holes (1950s to 1960s), 650 metres were drilled in total. Assays, including 252.8 grams per tonne silver, 1.81 per cent cobalt, 2.85 per cent copper and 1,410 parts per million nickel, were found.

These reported historical results were used to help prioritize the optioning of the Rawhide property. However, the reader is cautioned that the company has not had a qualified person (as that term is defined in National Instrument 43-101) visit the Rawhide property to confirm the results, or their significance, and that proximity to a discovery, past-producing mine or mineral resource does not necessarily indicate that mineralization will occur on the Rawhide property. If mineralization does occur, it will occur in sufficient quantity or grade that would result in an economic extraction scenario. Detailed descriptions of sampling for which assays are reported were not provided in many cases in the historical reports and, therefore, they should not be considered representative.

The Rawhide property is underlain predominantly by a north-south-oriented body of Nipissing diabase (about one kilometre wide), which cuts cobalt group sediments and felsic intrusive rocks. Distribution of the silver-cobalt veins in the Cobalt district is controlled by the contact between the Nipissing diabase sheets and the rocks of the cobalt group. The veins occur in the diabase and in the sedimentary rocks within about 200 metres of their contact with the diabase. They generally dip steeply, extend horizontally (as much as 1,000 metres) and vertically (as much as 120 metres), and vary up to 1.2 metres in width.

Qualified person

Kristopher Raffle, PGeo (APEGBC), principal of APEX Geoscience, is a qualified person as defined by NI 43-101. He has reviewed and approved the scientific and technical disclosure in this news release.

About Comstock Metals Ltd.

Comstock Metals is a Canadian-focused mineral exploration company with two 100-per-cent-owned resource-stage gold projects.

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