VANCOUVER, BC, March 7,
2022 /CNW/ - Comstock Metals Ltd. (TSX-V:
CSL) ("Comstock") and MAS Gold Corp. ("MAS
Gold") (TSX.V: MAS) are pleased to provide a corporate
update.
Comstock is pleased to report that, at its Annual General and
Special Meeting held on March 4,
2022, all of the resolutions proposed by management were
overwhelmingly approved by shareholders, including:
- the re-appointment of Comstock's directors until its next
annual general meeting;
- the approval of Comstock's rolling stock option plan;
- the re-appointment of Dale Matheson Carr-Hilton LaBonte LLP,
Chartered Professional Accountants as auditor of Comstock;
- a special resolution approving the sale of all or substantially
all of the assets of Comstock (the "Transaction"), comprised of
Comstock's Preview SW Property in the La Ronge Gold Belt,
Saskatchewan (the "Preview SW
Property") to MAS Gold.
The details of the Transaction are set out in the joint Comstock
and MAS Gold press release dated January 17,
2022 in which the parties announced that they had signed a
definitive agreement pursuant to which Comstock agreed to sell 100%
of its interest in its Preview SW Property to MAS Gold in
consideration of the issuance of 30,000,000 common shares in the
capital of MAS Gold.
It is anticipated that the closing of the Transaction will occur
on or about March 22, 2022.
MAS Gold and Comstock 8,000 Meter Drilling Program
Update:
As previously announced in its January 20, 2022 press release, MAS Gold and
Comstock have made substantial progress in advancing the 8,000
meter drilling program on the Preview SW Property.
The 8,000-meter program began last week on Comstock's Preview SW
Deposit. Comstock expects to have spent $200,000 in drilling and exploration on the
Preview SW Property by March 15, 2022
in accordance with the terms of the definitive agreement entered
into with MAS Gold.
Winter Drilling Program Summary
North Lake Deposit
(MAS Gold)
The 4,500 meter (m) drill program at the North Lake deposit is designed to:
- Follow up on promising near surface mineralization intersected
in NL21-064 (850 m).
- Extend mineralization to the Northeast with aggressive drill
strategy (550 m).
- Infill drilling with a 50 m x
25 m spacing targeting near surface
gaps in the resource (2,400 m).
- Twin up to 4 historic drill holes with robust QAQC protocols to
upgrade the resource (700 m).
Preview SW Property (Comstock)
The drill program at the Preview SW Property is anticipated to
complete 2,700 meters which will include expenditures from
Comstock. The program is designed to:
- Further define the historical resource at the Preview SW
Deposit.
- Extend mineralization at the North Zone.
- Test historical mineralization at the C Zone.
- Test mineralization at the A Zone.
Point Deposit (MAS Gold)
The 800 meter drill program at the Point Deposit is designed
to:
- Test three high-priority targets identified during 2019
drilling program.
- Test high priority anomaly identified in the 2021 summer field
program.
- Extend mineralization to the south with strategically planned
drill holes.
Figure 1: MAS Gold Corp. and Comstock Metals Ltd. claim
holdings,
La Ronge Gold Belt, Saskatchewan
Qualified Person
The scientific and technical information contained in this news
release has been prepared, reviewed and approved by David Tupper, P.Geo. (British Columbia), MAS Gold's VP Exploration
and Darren Slugoski, P.Geo.
(Saskatchewan and Ontario), of Axiom Exploration Group Ltd., and
Kristopher J. Raffle, P.Geo.(British
Columbia) Principal and Consultant of APEX Geoscience Ltd.
of Edmonton, AB, each a Qualified
Person within the context of Canadian Securities Administrators'
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (NI 43-101).
About MAS Gold Corp.
MAS Gold Corp. is a Canadian mineral exploration company focused
on gold exploration projects in the prospective La Ronge Gold Belt
of Saskatchewan. MAS Gold operates
four properties in the belt, including the Preview-North, Greywacke
Lake, Elizabeth Lake and Henry Lake
Properties that extend along segments totaling roughly 60
kilometres of the geologically prospective La Ronge, Kisseynew and Glennie Domains that
make up the La Ronge Gold Belt.
MAS Gold's current projects include the North Lake, Greywacke North, Bakos (Contact
Lake) and Point gold deposits and the historically defined
Elizabeth Lake copper-gold
volcanic-hosted massive sulphide deposit within four properties
totalling 34,703.4 hectares (85,753.8 acres).
The North Lake deposit located
at the Preview-North Property is estimated to contain an Inferred
Mineral Resource of 18,100,000 t grading 0.85 g/t Au, hence 494,000
contained ounces of gold (Godden, S, Thomas, D. Tupper, D.
Technical Report on the Mineral Resource Updates, North Lake and Greywacke North Gold Projects,
La Ronge Gold Belt, Saskatchewan,
Canada.; effective date December
1, 2021)*. The Technical Report about the updated Mineral
Resource estimate was filed on SEDAR January, 12, 2022.
The Greywacke North deposit, which hosts multiple known
stratabound, high-grade gold-bearing zones, has an updated,
combined open pit and underground Indicated Mineral Resource of
645,000 t averaging 4.90 g/t Au for 101,000 insitu ounces of gold
(600,000 t at 4.89 g/t Au, and 45,000t at 5.03 g/t Au,
respectively), plus a combined open pit and underground Inferred
Mineral Resource of 410,000 t averaging 4.12 g/t Au for 55,000
insitu ounces of gold (35,000 t at 1.97 g/t Au, and 375,000 t at
4.33 g/t Au, respectively). The Indicated and Inferred Mineral
Resources were estimated using open pit and underground cut-off
grades of 0.65 g/t Au and 1.75 g/t Au, respectively (Godden, S,
Thomas, D. Tupper, D. Technical Report on the Mineral Resource
Updates, North Lake and Greywacke
North Gold Projects, La Ronge Gold Belt, Saskatchewan, Canada.; effective date
December 1, 2021). The Technical
Report about the updated Mineral Resource estimate was filed on
SEDAR January 12, 2022.
About Comstock Metals Ltd.
Comstock Metals has been advancing the Preview SW Gold Project,
a resource-stage gold project in the La
Ronge district of Saskatchewan (see Figure 1). The Preview
SW deposit hosts a historical Indicated Mineral Resource containing
158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au)
and a historical Inferred Mineral Resource containing 270,800
ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both
based on a 0.50 g/t Au cut-off grade (see Comstock news release
dated December 14, 2021). During 2017
and 2018, Comstock completed diamond drilling campaigns targeting
the Preview-North zone and the Preview SW deposit comprising 24
holes totaling 4,700 metres. Several additional, relatively
untested targets remain on the Property, including the A, B, C, and
Clearwater zones.
Comstock has filed on SEDAR the 43-101 Technical Report, Preview
SW Gold Project, La Ronge,
Saskatchewan, prepared for Comstock Metals Ltd. by
Ronald G. Simpson, P.Geo., Geosim
Services Inc., Effective Date September 27,
2016.
MAS Gold Corp.
Jim Engdahl
President & CEO
For further information about MAS Gold please
visit www.masgoldcorp.com.
Comstock Metals Ltd.
Steven H. Goldman
President, CEO & Director
For further information about Comstock Metals please visit
www.comstock-metals.com.
Forward Looking Statements
This news release includes
forward-looking information and statements, which may include, but
are not limited to, information and statements regarding or
inferring the future business, operations, financial performance,
prospects, and other plans, intentions, expectations, estimates,
and beliefs of the MAS Gold and Comstock (the "Companies"). Such
statements include statements regarding the timing of the closing
of the Transaction and the exploration on the Companies'
properties. Forward-looking information and statements
involve and are subject to assumptions and known and unknown risks,
uncertainties, and other factors which may cause actual events,
results, performance, or achievements of the Companies to be
materially different from future events, results, performance, and
achievements expressed or implied by forward-looking information
and statements herein. Although the Companies believe that any
forward-looking information and statements herein are reasonable,
in light of the use of assumptions and the significant risks and
uncertainties inherent in such information and statements, there
can be no assurance that any such forward-looking information and
statements will prove to be accurate, and accordingly readers are
advised to rely on their own evaluation of such risks and
uncertainties and should not place undue reliance upon such
forward-looking information and statements. Any forward-looking
information and statements herein are made as of the date hereof,
and except as required by applicable laws, the Companies assume no
obligation and disclaim any intention to update or revise any
forward-looking information and statements herein or to update the
reasons that actual events or results could or do differ from those
projected in any forward looking information and statements herein,
whether as a result of new information, future events or results,
or otherwise, except as required by applicable laws.
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.
SOURCE MAS Gold Corp
