UPDATE: Comstock Metals Reports Yukon Gold Discovery; Shares Surge After Halt

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Comstock Metals Ltd. (CSL.V) today announced initial results from its trenching programme on the QV Project located in the heart of the White Gold district, Yukon Territory.

Shares came off a halt at 1 pm ( ET ) and immediately spiked to 23 cents, but have since retreated to 18 cents, which is still up 28.5%.

Highlights:


- 3.74 grams/tonne gold (g/t Au) over the entire 75 m length of QVTR12-06

- 0.85 g/t Au over 45 m in QVTR12-03 205 m along strike of QVTR12-06

- mineralization consists of quartz veins, stockwork, silicification and weak brecciation, accompanied by minor pyrite

- a minimum 265 m strike extent for the gold-bearing structure-Northeasterly gold trend is consistent with other deposit(s) in the district

In comparison, initial trench results of Kinross Gold Corporation's White Gold deposit, 15 km to the south of the QV, returned 1.3 g/t Au over 37.5 m from the Golden Saddle zone; initial trench results from the Coffee Project of Kaminak Gold Corporation included 2.3 g/t Au over 21.0 m and 11.45 g/t Au over 5.0 m



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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