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Comstock Metals Ltd (2)
Symbol CSL
Shares Issued 91,847,530
Close 2018-09-18 C$ 0.03
Market Cap C$ 2,755,426
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Comstock Metals samples up to 0.78% Co at Rawhide

2018-09-18 11:51 ET - News Release

Mr. Steven Goldman reports

COMSTOCK METALS FINISHES SURFACE EXPLORATION AT RAWHIDE COBALT-SILVER PROPERTY AND PLANS DRILLING PROGRAM

Comstock Metals Ltd. has released results from its Rawhide cobalt-silver property in Ontario. The soil results are very encouraging because of the presence of multiple high-priority cobalt soil anomalies throughout the property and high-grade cobalt rock samples. Highlighted by several samples of high levels of cobalt just north of the Rawhide shaft area.

During July, 2018, the company's geologic consultant, APEX Geoscience Ltd., completed a surface exploration program comprising the collection of 30 rock grab samples, 381 humus soil geochemical samples and data from 41 line kilometres of ground magnetic geophysical survey on the Rawhide property. Soil samples were collected at 50-metre intervals along 100- or 200-metre-spaced east-west gridlines; with ground magnetic geophysical data collected along 100-metre-spaced east-west-oriented lines.

The Rawhide property is underlain by an approximately one km wide north-south-trending Nipissing diabase sill that is interpreted to dip shallowly to the east subparallel to bedding within Cobalt Group (Gowganda formation) metasedimentary host-rocks. The Rawhide property contains numerous historic mineral occurrences comprising shallow prospect pits, shafts and adits targeting diabase-hosted silver-cobalt-copper-bearing quartz-calcite veins. From south to north these occurrences include the Rawhide shaft, McRae Lake shaft, Shanty Lake pits, Fletcher shaft and pits, and Bloom Lake adit and pits.

The July, 2018, reconnaissance rock grab sampling focused on ground truthing the historic mineral occurrences. Results include five samples returning greater than 0.10 per cent cobalt; and up to 0.78 per cent cobalt (18KBP016) collected from a quartz-calcite vein within a historic prospect pit discovered west of Bloom Lake. Rock sampling at the Rawhide shaft returned values of 0.12 per cent cobalt (18KBP023) and 0.27 per cent cobalt 650 metres to the northeast from the McRae shaft.

These cobalt anomalies are associated with significant copper and silver values. A total of seven rock grab samples returned greater than 1 per cent copper and up to 3.85 per cent copper (18KBP015); and eight samples returning greater than 10 grams per tonne silver and up to 155 g/t silver (18KBP027).

      RAWHIDE 2018 SIGNIFICANT ROCK GRAB SAMPLE RESULTS
  
Sample ID            Prospect  Sample type  Co %  Cu %    Ag (g/t)

18KBP015    Bloom Lake (pits)        Float  0.12  3.85         18
18KBP016                           Boulder  0.78  2.24         12
18KBP017                             Float  0.40  3.03          9
18KBP025                           Outcrop  0.01  1.95         45
18KBP027                           Outcrop  0.05  0.58        155
18KBP018     Fletcher  (pits)      Outcrop  0.09  1.46         11
18KBP029                           Outcrop  0.27  0.72         42
18KBP030                           Outcrop  0.01  1.88          9
18KBP014        McRae (shaft)      Outcrop  0.01  1.43         12
18KBP023      Rawhide (shaft)        Float  0.12  0.03          3
    
Note: Grab samples are selected samples and are not necessarily 
representative of the mineralization hosted on the property.

The cobalt found in the humus soils defines a greater than 20 parts per million (ppm) north-south-trending anomaly, which extends from the Rawhide shaft area in the south for a distance of 4.4 kilometres to the northern Rawhide claim boundary.

There is a clear association of anomalous cobalt (plus multielement silver-copper-lead-zinc) in soil values with a strongly magnetic phase of the diabase unit as indicated by the July, 2018, ground magnetic geophysical survey in the Rawhide property. The cobalt in soil anomaly is also spatially associated with the mapped trace of the north-northeast-trending McRae Lake fault, passing through McRae Lake and Bloom Lake to the north. Cobalt, silver and base metal anomalies are closely associated, and their spatial distribution along north and northeast trends are interpreted to indicate there are strong lithologic and structural controls on mineralization at the Rawhide project.

Of the 381 soil samples, a total of 23 returned greater than 100 ppm cobalt; including four samples returning greater than 0.10 per cent cobalt and up to 0.19 per cent cobalt. Significantly, all four plus 0.10 per cent cobalt soil samples occur along an apparent 600 m by 200 m northeast trend greater than 200 ppm cobalt anomaly proximal to the historic Rawhide and McRae Lake shafts.

The greater than 200 ppm Bloom Lake South cobalt in soil anomaly lies 1.6 km to the north of the Rawhide anomaly and occurs over a 600 m by 200 m north-south trend at the south end of Bloom Lake. A farther two km to the north lies the 400 m by 400 m Bloom Lake North greater than 200 ppm cobalt-in-soil anomaly.

             RAWHIDE 2018 SIGNIFICANT HUMUS SOIL SAMPLE RESULTS
  
Sample ID              Anomaly   Co (ppm) Ag (ppm)   As (ppm)  Cu (ppm)  Pb (ppm) Zn (ppm)

2018KBS102             Rawhide     1,890     1.55        572       208       230      796
2018KBS105                         1,310    17.25         33     3,190     1,625      298
2018KBS099                         1,120        -        461       141         -      687
2018KBS100                         1,085        -        451       145         -      713
2018ALS165                           644     2.38         59       357       929      471
2018KBS096                           395     4.55        156       384       609      399
2018ALS159                           383     1.34         80       434       384      407
2018ALS160                           373     1.36         77       435       379      401
2018ALS161                           240        -         22       104       372        -
2018ALS155                           198     3.86          -     3,400         -        -
2018KBS046                           156     3.98          -       140       132        -
2018ALS178                           127     2.75        395       826       520      160
2018ALS158                            20     4.31          -       191       157        -
2018KBS104                            17        -          -       481       245      201
2018ALS177                             -     2.38         16         -         -        -
2018ALS077    South Bloom Lake       816     1.25         63       112       182      102
2018KBS045                           487     2.07         21       101       234        -
2018ALS118                           270     1.09         11         -         -        -
2018ALS124                           131     3.04         61       537       170        -
2018ALS041                            30     2.77          -       134       160        -
2018KBS050                             -     4.01          -         -       145        -
2018KBS049                             -     4.25          -         -       136      175
2018ALS219    North Bloom Lake       381    16.00        467         -       232        -
2018ALS216                           328        -      365.0         -         -      117
2018ALS220                           273    18.10        294         -       178        -
2018ALS195                           205        -         13       107         -       36

Follow-up exploration plans for fall 2018

Comstock is very encouraged by these results and is in the process of applying for an exploration drill permit to conduct a drill program on the Rawhide property this fall.

Methodology and quality assurance/quality control

The analytical work reported on herein was performed by ALS. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory.

Humus soil samples were subject to screening at 180 microns, and analysis of a 0.5-gram sample digested in aqua regia via multielement ICP-MS (ME-MS41). Rock grab samples were crushed to 70 per cent passing less than two millimetres followed by pulverization of a 250-gram sample split to 85 per cent passing 75 microns, and analyzed for cobalt, copper and nickel via sodium peroxide fusion and ICP-AES (ME-ISP81); gold platinum and palladium via 30-gram fire assays fusion and ICP-AES (PGM-ICP23), and silver via atomic absorption spectroscopy (Ag-AA45 or Ag-AA46).

The company follows industry-standard procedures for the work carried out on the Rawhide cobalt-silver property. Given the reconnaissance nature of the samples submitted (select rock grab and humus soil), the company has relied on the internal quality assurance/quality control (QA/QC) measures of ALS. In addition, one in 20 humus soil samples were collected in duplicate to assess repeatability. Comstock detected no significant QA/QC issues during review of the data.

Qualified persons

Kristopher Raffle PGeo, principal of APEX Geoscience, a qualified person as defined by National Instrument 43-101, supervised the exploration work at the Rawhide cobalt-silver property and reviewed, verified and compiled the data reported herein. Mr. Raffle has reviewed and approved the scientific and technical disclosure in this news release.

About Comstock Metals Ltd.

Comstock Metals is an exploration company with several resource projects located in North America. Presently evaluating opportunities in the battery metal space, Comstock Metals recently secured the Rawhide cobalt-silver project in Ontario, adding to its two advanced gold projects: the Preview project in Saskatchewan and the QV project in the Yukon.

We seek Safe Harbor.

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