VANCOUVER, BC, Jan. 20, 2022 /CNW/ - MAS Gold
Corp. "MAS Gold" - (TSXV: MAS) and Comstock Metals Ltd. "Comstock"
- (TSXV: CSL) are pleased to announce the commencement of a
drill program on MAS Gold's Preview-North Property and Comstock's
Preview SW Property in the La Ronge Gold Belt, Saskatchewan (Figure 1).
The 8,000-meter (m) program was initiated on the North Lake Deposit
and will also include drilling at both the Preview SW Deposit and
the Point Deposit later in the program.
Drilling on the Preview SW Property is
subject to a proposed agreement to which Comstock has agreed to
sell 100% of its interest in its Preview SW gold deposit and
property ("Preview SW Property") to MAS Gold in consideration of
the issuance of 30,000,000 common shares in MAS Gold (see MAS Gold
Corp news release dated January 17,
2022). The agreement was subject to a number of
conditions, including the execution of a binding definitive
agreement relating to the Proposed Transaction (complete) and Final
TSX Venture Exchange acceptance and shareholder approval
(pending).
Comstock has also been able to obtain the
signed support agreements in favour of this sale transaction from
its shareholders representing an aggregate of 69.2% of Comstock's
outstanding shares.
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 four 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 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.
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
Comstock Metals Ltd.
Steven H. Goldman
President, CEO
& Director
T: (416)-917-1533,
Email: s.goldman@goldmanhine.com
For further information about Comstock Metals please visit
www.comstock-metals.com
Caution Regarding Forward-Looking Information and
Statements:
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance. MAS
Gold cautions that all forward-looking statements are inherently
uncertain and that actual performance may be affected by a number
of material factors, many of which are beyond their respective
control. Such factors include, among other things: risks and
uncertainties relating to MAS Gold's limited operating history, the
need to comply with environmental and governmental regulations,
results of exploration programs on their projects and those risks
and uncertainties identified in each of their annual and interim
financial statements and management discussion and analysis.
Accordingly, actual and future events, conditions and results may
differ materially from the estimates, beliefs, intentions and
expectations expressed or implied in the forward-looking
information. Except as required under applicable securities
legislation, MAS Gold undertakes no obligation to publicly update
or revise forward-looking information.
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 news release.
SOURCE MAS Gold Corp