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Comstock Metals to Acquire Controlling Interest in Walhalla Property, Yukon

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Comstock Metals to Acquire Controlling Interest in Walhalla Property, Yukon

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Comstock Metals Ltd. (TSX VENTURE:CSL)announce that it has entered into a letter of intent with Seafield Explorations Ltd. to acquire Seafield’s 75% interest in a joint venture with Volcanic Minerals Ltd. for the exploration and development of the Walhalla Property located in the White Gold district in Yukon.

Walhalla Property Highlights

—  Ridge-and-Spur and grid soil sampling has returned gold assay from below

    detection limit to 6.26 gt gold (Au), 3.41 gt Au, and 2.16 gt Au.

—  Copper values in soil ranges from below detection limit to 266 ppm Cu

— Silver values in soil range from detection limit to 7.9 gt Silver
— A large breccia system in subcropping bedrock extending approximately 2
km long and 200m wide is in close (?) proximity to soil anomalies
— The breccia and associated silicification is thought to be related to
the Teslin fault structures

The Walhalla Property, consists of 1,988 quartz claims covering approximately 41,800 hectares located 120 km southeast of Dawson City in the Yukon. The property is located in the White Gold District immediately east of and contiguous with Pacific Ridge’s Mariposa Project. Previous work on the property identified strong anomalous gold zones in soils as well as anomalous pathfinder elements such as arsenic and barium. About 1014 ridge-and-spur samples were taken in the western, north-eastern, and south-eastern parts of the property, and significant gold-in-soil anomalies were identified in all areas. Of particular interest was a 3.41 gt gold-in-soil anomaly in the ridge-and-spur sampling, which was followed up by 366 grid soil samples that returned a value of 6.26 gt Au – one of the top ten historically in the entire White Gold District. Copper-in-soils and silver-in-soils are also of interest based on the results received to date. Please refer to the figures posted on the Company’s website under (http:comstock-metals.comprojectswalhalla).

Prospecting identified area of float that appears to outline a large breccia system extending approximately 2 km long and 200 m wide. Some of the high gold-in-soils and coincident copper and silver anomalies are found near the breccia. This area of the property is located along the Teslin Fault, a major regional fault system which splays out on the property and is mid Cretaceous in age, which is the age of most Yukon gold mineralization. Other parts of this large property package are underlain by intrusive and metamorphic rocks similar to those found in the White Gold district to the west, and also those which host the Minto copper-gold mine to the south. A helicopter-borne high-resolution aeromagnetic survey was also flown over the property last year, and data from this survey will be used in conjunction with assay results to identify targets for follow-up work such as grid soil-sampling, trenching, and drilling.

The Walhalla project is considered prospective for discovery of several types of mineralisation, with gold the primary commodity of interest. The White Gold and similar deposits (Kaminak’s Coffee gold deposit), as well as Comstock’s own discovery at the QV Property are located to the southwest and northwest respectively and is the primary target. The property may be prospective for Minto style IOCG type copper-gold mineralisation (located to the southeast), as are VMS type deposits like Touleary, and Comstock intends to evaluate these possibilities also.

Comstock is planning to continue with ridge-and-spur, grid soil sampling and mechanical trenching programs to identify drill targets.

For detailed maps of the property and the locations, please visit the website at: www.comstock-metals.com.

 

Posted August 9, 2012

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