Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today
announced a new, historic era of breakthrough mineral exploration
with the successful launch of GENMAT-1, Quantum Generative
Materials’ (GenMat) Hyperspectral Remote Sensing Imaging (HRSI)
system to explore optimizing future mineral exploration for the
Comstock mineral estate (“Comstock Mining”) via their proprietary
physics-based artificial intelligence (AI) and cutting-edge
hyperspectral sensing technology. The GENMAT-1 is one of the most
powerful, commercially available Hyperspectral imagers of its kind,
enabling higher resolution detection of chemical and physical
information invisible to the naked eye. Hyperspectral imaging
collects and processes information from across the electromagnetic
spectrum using contiguous band. The GENMAT-1 has a resolution per
pixel of 5 meters and over 400 spectral bands ranging from 440
nanometers to 900 nanometers. Comstock Mining is pioneering the
testing and use of these two GenMat technologies by combining their
physics-based AI with Comstock’s existing geologic data and the new
GENMAT-1 HRSI system data.
GENMAT-1 was successfully launched and
manifested via Maverick Space Systems, an end-to-end satellite
deployment and mission integration services company, aboard a
SpaceX Falcon 9 Transporter rocket from Vandenberg Space Force Base
in Lompoc, California on November 11, 2023, 10:49 a.m. PST. The
Company congratulates its strategic partner, GenMat, for attaining
safe, sustained lunar orbit over 500 kilometers (equivalent to 310+
miles) above the surface of the Earth and for confirming beacon
communications transmission. The satellite will continue to circle
the planet every 90 minutes continuously to capture and transmit
hyperspectral image data of minerals and surface persistent matter,
with an initial mission of capturing hyperspectral data of the
Comstock Lode.
Comstock’s hyperspectral data, to be acquired
and transmitted within the next 3 months, will be integrated with
150+ years of current and historical geological data to test and
improve GenMat’s geophysics-based machine learning models. The
models are part of GenMat’s proprietary generative artificial
intelligence platform (ZENO) that are currently being developed for
the next generation geologic and geostatistical analysis of
Comstock Mining’s gold and silver mineral estate, with the target
goal of increasing Comstock’s categorized mineral resources to over
2 million ounces of gold.
Comstock consolidated and now owns or controls
the most significant portions of the historic, world-class Comstock
Lode gold and silver mining District comprising 12 square miles of
owned consolidated properties, patented mining claims, unpatented
mining claims, and surface parcels that encompasses 6.5 miles of
continuous mineral strike targets. The Company recently published a
third-party S-K 1300 technical report1 estimating the Dayton
Development Area (“Dayton”) contains measured and indicated mineral
resources containing 293,000 ounces of gold and 2,120,000 ounces of
silver. The Dayton also contains additional inferred mineral
resources containing 90,000 ounces of gold and 480,000 ounces of
silver. Properties in the Lucerne Development Area (“Lucerne)
contain additional a historic resource of indicated mineral
resources containing 312,000 ounces of gold and 3,760,000 ounces of
silver. Lucerne also contains additional inferred mineral resource
containing 207,000 ounces of gold and 2,092,000 ounces of
silver.
“We are excited to apply our geophysics-informed
models via GenMat’s ZENO platform to the combined GENMAT-1
Hyperspectral Data and Comstock’s extensive historic data,” said
Deep Prasad, GenMat’s Founder and Chief Executive Officer. “We hope
and believe the Comstock collaboration will be historically
significant and representative of the rich innovation and impact
made by the Comstock Lode on northern Nevada, San Francisco,
Silicon Valley and the Western U.S. Beyond just proving the
applications of Physics AI to sensing, we see our journey here as a
continuation of the rich Comstock legacy.”
“This strategic partnership is ushering in the
next generation of industrial mining innovations within a district
and community rich with mining heritage,” said Comstock Inc.
Executive Chairman and Chief Executive Officer Corrado De Gasperis.
“This initiative not only has the potential to optimize the value
of our owned, leased, permitted and revenue generating Comstock
mineral estate, but to transform global mineral exploration. The
new energy economy is dependent upon critical metals and minerals,
central to electrification, so efficiency and speed to resource
definition, while demonstrating greater environmental stewardship
and systemic decarbonization is mission driven. GenMat is the ideal
collaboration partner to explore these new frontiers.”
About Comstock Inc.
Comstock (NYSE: LODE) commercializes
technologies that enable systemic decarbonization and accelerate
the energy transition by efficiently converting under-utilized
natural resources into renewable energy products, and by leveraging
physics based artificial intelligence for more efficient and
effective mineral and materials discovery. To learn more, please
visit www.comstock.inc.
About Comstock Mining
Comstock Mining LLC, and its affiliates, are a
Nevada-based, gold and silver mining operation located in the
historic Comstock Lode district. Comstock Mining leverages
proprietary, physics-based artificial intelligence (AI) and
advanced data collecting and sensing technologies to transform
mineral exploration, and is a wholly owned subsidiary of Comstock
Inc. To learn more, please visit www.comstockmining.com.
About GenMat
GenMat is building an end-to-end ecosystem of
solutions and quantum-empowered technology that enables their
clients to carry out materials discovery all the way to raw
materials procurement, all driven by the power of artificial
intelligence. For more information about Quantum Generative
Materials, please visit www.genmat.xyz. GenMat is a strategic
investment of Comstock Inc.
Forward-Looking
Statements
This press release and any related calls or
discussions may include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical facts, are
forward-looking statements. 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. Forward-looking statements include statements about
matters such as: future market conditions; future explorations or
acquisitions; future changes in our research, development and
exploration activities; future financial, natural, and social
gains; future prices and sales of, and demand for, our products and
services; land entitlements and uses; permits; production capacity
and operations; operating and overhead costs; future capital
expenditures and their impact on us; operational and management
changes (including changes in the Board of Directors); changes in
business strategies, planning and tactics; future employment and
contributions of personnel, including consultants; future land and
asset sales; investments, acquisitions, joint ventures, strategic
alliances, business combinations, operational, tax, financial and
restructuring initiatives, including the nature, timing and
accounting for restructuring charges, derivative assets and
liabilities and the impact thereof; contingencies; litigation,
administrative or arbitration proceedings; environmental compliance
and changes in the regulatory environment; offerings, limitations
on sales or offering of equity or debt securities, including asset
sales and associated costs; business opportunities, growth rates,
future working capital, needs, revenues, variable costs, throughput
rates, operating expenses, debt levels, cash flows, margins, taxes
and earnings. 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, many of which are unforeseeable and beyond our
control and 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 set forth in our filings with the SEC and
the following: adverse effects of climate changes or natural
disasters; adverse effects of global or regional pandemic disease
spread or other crises; global economic and capital market
uncertainties; the speculative nature of gold or mineral
exploration, and lithium, nickel and cobalt recycling, including
risks of diminishing quantities or grades of qualified resources;
operational or technical difficulties in connection with
exploration, metal recycling, processing or mining activities;
costs, hazards and uncertainties associated with precious and other
metal based activities, including environmentally friendly and
economically enhancing clean mining and processing technologies,
precious metal exploration, resource development, economic
feasibility assessment and cash generating mineral production;
costs, hazards and uncertainties associated with metal recycling,
processing or mining activities; contests over our title to
properties; potential dilution to our stockholders from our stock
issuances, recapitalization and balance sheet restructuring
activities; potential inability to comply with applicable
government regulations or law; adoption of or changes in
legislation or regulations adversely affecting our businesses;
permitting constraints or delays; challenges to, or potential
inability to, achieve the benefits of business opportunities that
may be presented to, or pursued by, us, including those involving
battery technology and efficacy, quantum computing and generative
artificial intelligence supported advanced materials development,
development of cellulosic technology in bio-fuels and related
material production; commercialization of cellulosic technology in
bio-fuels and generative artificial intelligence development
services; ability to successfully identify, finance, complete and
integrate acquisitions, joint ventures, strategic alliances,
business combinations, asset sales, and investments that we may be
party to in the future; changes in the United States or other
monetary or fiscal policies or regulations; interruptions in our
production capabilities due to capital constraints; equipment
failures; fluctuation of prices for gold or certain other
commodities (such as silver, zinc, lithium, nickel, cobalt,
cyanide, water, diesel, gasoline and alternative fuels and
electricity); changes in generally accepted accounting principles;
adverse effects of war, mass shooting, terrorism and geopolitical
events; potential inability to implement our business strategies;
potential inability to grow revenues; potential inability to
attract and retain key personnel; interruptions in delivery of
critical supplies, equipment and raw materials due to credit or
other limitations imposed by vendors; assertion of claims, lawsuits
and proceedings against us; potential inability to satisfy debt and
lease obligations; potential inability to maintain an effective
system of internal controls over financial reporting; potential
inability or failure to timely file periodic reports with the
Securities and Exchange Commission; potential inability to list our
securities on any securities exchange or market or maintain the
listing of our securities; and work stoppages or other labor
difficulties. 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. Except
as may be required by securities or other law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Neither this press release nor any related calls or
discussions constitutes an offer to sell, the solicitation of an
offer to buy or a recommendation with respect to any securities of
the Company, the fund, or any other issuer. Neither this press
release nor any related calls or discussions constitutes an offer
to sell, the solicitation of an offer to buy or a recommendation
with respect to any securities of the Company, the fund, or any
other issuer.
Contact Information:
For investor inquiries, contactRB Milestone
GroupTel (203) 487-2759ir@comstockinc.com
For press inquiries or questions, contact Zach
SpencerComstock Inc.Tel (775) 847-7532questions@comstockinc.com
Source: Comstock Inc.
1 Technical Report Summary, Dayton Consolidated Project, Lyon
County, Nevada, USA. November 30, 2022, Behre Dolbear &
Company.
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