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QV Project


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Highlights

Strong exploration results propel fast-track approach to new gold discovery- The VG Zone.

 

  • July 2014- Mineral Resource Estimate of the VG Zone.

VG zone Inferred Mineral Resource Estimate Reported using a 0.5 g/t gold cut-off grade

Deposit

Category

Tonnes

Gold Grade (g/t)

Contained Gold (ounces)

VG

Inferred

4,390,000

1.65

230,000

 

 

To demonstrate the relatively low sensitivity of the Inferred Mineral Resource estimate to changes in cut-off grade (COG), tabulations at various COGs are listed below with the base case at a cut-off grade of 0.5 g/t gold highlighted.

VG Zone Inferred Mineral Resource Estimate at a 0.5 g/t Gold cut-off grade

Cut-off Grade Gold (g/t)

Tonnes

Gold Grade (g/t)

Contained Gold (Ounces)

0.3

4,480,000

1.62

230,000

0.4

4,420,000

1.64

230,000

0.5

4,390,000

1.65

230,000

0.6

4,340,000

1.66

230,000

0.8

3,970,000

1.75

220,000

1.0

3,520,000

1.86

210,000

1.2

2,990,000

1.99

190,000

1.5

2,210,000

2.22

160,000

2.0

1,130,000

2.72

100,000

 
  • June 2013- Drilling

                - Nine core holes completed totalling 2,088 meters- eight at VG, one major step out to the west.

                - Drill hole QV13-012 returned 36.4 m of 2.06 g/t gold.

  • September 2012- Drilling

                - Eight core holes completed totalling 1,334 meters.

                - Drill hole QV12-004 intersected 45.5 m of 3.04 g/t gold.

  • August 2012- Trenching

                - Up to 3.31 g/t Gold over 95 m

 

The VG Zone discovery is similar in style and geology to Kinross's million-ounce Golden Saddle Deposit (10 km to the south)

  • Up to 50 meter-thick zones of quartz-sericite altered gneiss and prophyry dyke, as

                 - Zones of massive silification and breccia contain traces of pyrite, sometimes with visible gold.

  • VG mineralization dips at a shallow angle (30°) beneath a low-rising hill.
  • Early days with only 17 holes at VG compared to 208 holes (54733m) at Golden Saddle.

Maiden Targets- multiple parallel structures suggest potential for added discoveries.

 

2013 Exploration and Drill Program

The first phase of the 2013 diamond-drill program concluded at the end of June.  The program completed 2,088 meters in nine drill holes including one significant step-out drill hole 650 m along strike.  Highlights returned from the first four core drill-holes (QV13-009 to QV13-012) included 2.06 grams/tonne gold (g/t Au) over 36.40 meters (m) from 8.6 m depth (QV13-012).  Results extend the footprint of the VG zone to 350 m by 350 m and the zone remains open in all directions. Assay results for the five remaining drill holes are pending.

Results to date are summarized in the table below:

Hole Number       Intercept Length* (m) Gold (g/t Au) Depth Below Surface (m) Comments                                        
QV13-013 10.95 1.90   Establishes eastern continuation
QV13-012 36.40 2.06 8.6 130 m step-out strike direction
Including 11.30 3.24 21.96  
QV13-011 42.60 1.41 186 350 m step-out down-dip
Including 12.54 3.40 210  
QV13-010 30.50 0.50 129 Step-out dip direction
QV13-009 47.70 1.05 125 Step-out dip direction

*Intercepts determined with a 0.2 g/t Au cut-off, maximum 3.05 m internal dilution at 0.06 g/t Au.

2012 Exploration and Drill Program

The Company discovered the VG Zone in 2012 through systematic soil-sampling and trenching followed by an eight-diamond-drill program. Seven out of eight diamond-drill holes intersected near-surface gold mineralization, and hole QV12-004 drilled 2.34 grams per tonne gold (g/t Au) over 89.85 metres (m) starting at 43.75 m, including 3.04 g/t Au over 45.5 m.

The 2012 drilling program at QV consisted of eight core holes totaling 1,334 metres.  The drill program was designed to test strong gold enrichment discovered in trenches at the VG Zone, including 3.31 g/t gold over a 95 m sample length from trench QVTR12-06 and 3.77 g/t gold over 45 m in QVTR12-15.
 

Hole Number From –to...
(metres)
Core Length
(metres)
Gold
(grams/tonne)
QV12-001
Including
and
20.0 – 102.0
26.0 – 31.9
55.0 – 58.1
82.0
5.9
3.1
1.02
6.07
2.33
QV12-002
including
including
and
and
18.0 – 74.4
21.0 – 36.2
27.0 – 30.0
45.0 – 50.1
73.6 – 74.4
56.4
15.2
3.0
5.1
0.8
1.28
2.75
4.92
2.30
3.15
QV12-003
including
and
including
9.0 – 57.0
9.0 – 13.1
23.5 – 30.0
27.0 – 29.0
48.0
4.1
6.5
2.0
1.11
2.44
3.04
5.33
QV12-004
including
and
including
43.75 – 133.6
43.75 – 47.1
72 – 117.5
75.1 – 88.0
89.85
3.35
45.5
12.9
2.34
9.98
3.04
4.89
QV12-005 20.73 – 25.50 4.77 0.61
QV12-006
including
75.0 – 135.8
101.50 – 116.43
60.00
14.93
1.45
3.76
 QV12-007
Including
68.20 – 77.50
68.20 – 72.00
9.3
3.8
1.44
2.92
 QV12-008
including
89.50 – 119.95
94.00 – 100.00
30.45
6.0
1.94
3.84

 

Grooming New Targets

Working closely with our Yukon-based consultants we are continuing to recognize new targets at QV through the use of both conventional and innovative technologies and techniques. Airborne magnetic surveys define VG Zone-style breaks, which are covered by soil sampling surveys. If the soil samples show elevated levels of “pathfinder elements” such as antimony, molybdenum, mercury, silver and arsenic then the anomalous sites are either trenched using a Can-Dig mini-back hoe (manufactured for farmers) or tested with a lightweight pneumatic sampling drill called a Geoprobe. Samples of bedrock are collected for assay, but initially they are analysed by a semi-quantitative XRF technique. If these rock samples are anomalous then the sampling is tightened-up until a mineralized structure is found. At the same time an airborne photographic topography survey is flown using a drone aircraft or high definition induced polarization geophysical surveys are done.

Near the VG we have detected two new targets – one 2,000 metres north and another 600 metres south. Both are returning encouraging results. The VG Zone structure itself has been traced over 700 metres to the west and at least 1000 metres east. Other new targets have been found well east of the VG, such as the Shadow Zone and Stewart Grid, 12 kilometres (km) and 7 km respectively. Limited trenching has returned anomalous gold and pathfinder geochemistry, additional mapping, trenching, and IP surveying required before drilling.

Property Geology:

Comstock Metals’ QV Property is situated in the Tintina Gold Belt, a highly prospective cluster of gold mines, prospects and developments stretching from southwestern Alaska into southern Yukon. Since 1985 exploration companies have discovered over 160 million ounces of gold in this belt, with the White Gold District forming the latest hotspot since Underworld Resources captured national attention with its Golden Deposit discovery in 2009.

The QV Property is underlain by units of highly deformed Late Paleozoic schist and gneiss, derived by the metamorphism of volcanic and sedimentary strata, and cut by stocks and sills of Mesozoic and Tertiary-aged intrusive rocks. The gneiss units of volcanic origin (metavolcanics) are important host to mineralization, and the same units that host Golden Saddle can be traced 10 kilometres north to QV. Faults are an important feature in the district as the Tintina Gold Belt is demarked by long-lived, deep crustal structures of all scales and types. At QV, Comstock Metals has recognized sets of east to northeast-trending, shallowly north-dipping faults that display strong shearing and fracturing of the metavolcanic gneisses that are the focus of gold mineralization and alteration.

At the VG Zone a wide band of felsic (quartz-feldspar) gneiss is the preferred host. The full extent of this unit is not known, however narrow bands of mafic gneiss (biotite-hornblende-quartz-feldspar) occur in the eastern portion of the zone where it has returned lower grades and narrower mineralized intercepts. Recent drilling (Hole QV2013-13) has re-established both the felsic gneiss and the zone of mineralization east of this band, leaving the target room for continued expansion.

Gold mineralization at the VG is hosted in a unit of massive grey and white quartz and siliceous breccia that lies underneath the east-trending fault. Pyrite occurs as disseminated crystals, sometimes as fine-grained micro-veins, often with traces of molybdenite. Gold grains have been noted in a number of core samples, but is usually too fine-grained to be seen unaided, and the presence of gold can only be reliably determined by fire assay. Strong potassic feldspar alteration and sericite is common beneath the quartz, rarely as lenses within it. Deeper in the system strong alteration is seen in zones of fracturing and veining marked by hematite, albite and quartz. The predictable nature of the controlling fault structures, the spectacular quartz veining and brecciation, plus the intensity of alteration at VG coupled with its strong zonation has allowed Comstock Metal geologists to rapidly understand the mineralizing controls at VG, and to apply this knowledge to expansion drilling elsewhere on the property.

Comstock Option:

The QV claims (14,180 hectares or 35,000 acres), located 78 km south of Dawson City in Yukon Territory, were optioned from Yukon prospector Shawn Ryan in June 2010. All exploration expenditures under the option agreement have been completed with one property payment June 22, 2014 remaining to acquire 100% of the QV Property. Shawn Ryan was instrumental in the discovery of Kinross Gold's Golden Saddle Deposit, which hosts measured and indicated resources of 1,005,000 ounces grading 3.19 g/t gold and inferred resources of 578,000 ounces of gold. He also assisted Kaminak Gold in the discovery of their flagship Coffee Project in the Yukon. Kinross's Golden Saddle Deposit is 10 km to the southeast and Kaminak Gold's Coffee projects are 40 km to the south.

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