Ongoing Exploration Program At The QV Gold Project

VANCOUVER, BC - Comstock Metals Ltd. reported an update on its ongoing exploration program at its QV gold project, Yukon. A total of 1788.28 m has been completed in 24 holes since commencing a Rotary Air Blast (RAB) drill program in late August and results for the first 12 holes are reported herein. The RAB drill program has been designed to inexpensively and rapidly screen numerous prospective targets in the VG deposit area, and at the Shadow and Stewart targets, for subsequent f follow-up with a diamond drill program.

The Phase I surface exploration program, carried out in July and August, comprised 5.46 line km of IP/resistivity surveying at the VG, Shadow (12 km northwest of VG) and Stewart (5 km northeast of VG) targets, 359 GT Probe samples along 11 lines at the VG, Shadow and Stewart and a total of 451 soil samples collected at Shadow and Stewart. Comstock would like to acknowledge the assistance of the Yukon Mineral Incentive Program (YMEP) for a grant it provided to the Company to fund a portion of the Phase I program. Results of these surveys were instrumental in refining the RAB drilling targets for the current drilling program.

Comstock is also pleased to report it has increased the size of its QV project by staking an additional 31 quartz claim s to partially fill an internal gap within the property.

At the VG deposit gold mineralization is hosted within units of massive silicified gneiss cut by swarms of quartz vein stockwork and breccia, with disseminated and vein controlled pyrite, and more rarely visible gold. RAB drilling to date has primarily focussed on identifying extensions to the VG deposit, which dips northward at approximately 30°, both to the east (16QVRAB005-016) and west (16QVRAB017-023) along strike. In addition, a number of other targets have been, and will be, tested based on a combination of GT probe results, soil geochemical anomalies and resistivity low anomalies. Resistivity lows in many cases correlated well with mineralized zones intersected in the 2012/13 core drilling program.

Eight of the twelve holes drilled were also surveyed using an optical downhole televiewer. The televiewer collects gyroscopically oriented high resolution imagery down the drill hole for the collection of in situ structural data. Interpretation and analysis of the televiewer data is ongoing and will help refine the geologic interpretation of the area to aid in future drill targeting.