Comstock Metals Finishes Surface Exploration at Rawhide Cobalt-Silver Property and Plans Drilling Program

Tickers: XTSX:CSL
Tags: Mining

Vancouver, BC / TheNewswire / September 18, 2018 - Comstock Metals Ltd. (TSX-V: CSL) ("Comstock" or the "Company") is pleased to report results from its Rawhide Cobalt-Silver Property, Ontario. The soil results are very encouraging because of the presence of multiple high priority Cobalt soil anomalies throughout the property and high-grade cobalt rock samples. Highlighted by several samples of high levels of cobalt just north of the Rawhide shaft area.

During July 2018 the Company's geologic consultants, APEX Geoscience Ltd. (APEX) completed a surface exploration program comprising the collection of 30 rock grab samples, 381 humus soil geochemical samples, and data from 41 line-km of ground magnetic geophysical survey on the Rawhide Property (Figure 1). Soil samples were collected at 50 metre intervals along 100 or 200 metre spaced east-west gridlines; with ground magnetic geophysical data collected along 100 metre spaced east-west oriented lines.

The Rawhide Property is underlain by an approximately 1 km wide north-south trending Nipissing diabase sill that is interpreted to dip shallowly to the east subparallel to bedding within Cobalt Group (Gowganda Formation) metasedimentary host-rocks. The Rawhide Property contains numerous historic mineral occurrences comprising shallow prospect pits, shafts, and adits targeting diabase-hosted silver-cobalt-copper bearing quartz-calcite veins. From south to north these occurrences include: The Rawhide shaft; McRae Lake shaft; Shanty Lake pits; Fletcher shaft and pits; and Bloom Lake adit and pits.

The July 2018 reconnaissance rock grab sampling focused on ground truthing the historic mineral occurrences. Results include five (5) samples returning greater than 0.10% cobalt; and up to 0.78% cobalt (18KBP016) collected from a quartz-calcite vein within an historic prospect pit discovered west of Bloom Lake (See Table 1). Rock sampling at the Rawhide shaft returned values of 0.12% cobalt (18KBP023), and 0.27% cobalt 650 metres to the northeast from the McRae shaft.

These cobalt anomalies are associated with significant copper and silver values. A total of 7 rock grab samples returned greater than 1% copper, and up to 3.85% copper (18KBP015); and 8 samples returning greater than 10 grams-per-tonne (g/t) silver, and up to 155 g/t silver (18KBP027).

Table 1: Rawhide 2018 Significant Rock Grab Sample Results

Note: grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.

The cobalt found in the humus soils defines a greater than 20 parts-per-million (ppm) north-south trending anomaly which extends from the Rawhide shaft area in the south for a distance of 4.4 km to the northern Rawhide claim boundary (See Map at Figure 1).

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There is a clear association of anomalous cobalt (plus multi-element silver-copper-lead-zinc) in soil values with a strongly magnetic phase of the diabase unit as indicated by the July 2018 ground magnetic geophysical survey in the Rawhide Property. The cobalt in soil anomaly is also spatially associated with the mapped trace of the north-northeast trending McRae Lake fault, passing through McRae Lake and Bloom Lake to the north. Cobalt, silver and base metal anomalies are closely associated, and their spatial distribution along north and northeast trends are interpreted to indicate there are strong lithologic and structural controls on mineralization at the Rawhide Project.

Of the 381 soil samples, a total of 23 returned greater than 100 ppm cobalt; including 4 samples returning greater than 0.10% cobalt and up to 0.19% cobalt (See Table 2). Significantly, all 4 plus 0.10% cobalt soil samples occur along an apparent 600 x 200 metre northeast trend greater than 200 ppm cobalt anomaly proximal to the historic Rawhide and McRae Lake shafts.

The greater than 200 ppm Bloom Lake South cobalt in soil anomaly lies 1.6 km to the north of the Rawhide anomaly and occurs over a 600 x 200 metre north-south trend at the south end of Bloom Lake. A further 2 km to the north lies the 400 x 400 metre Bloom Lake North greater than 200 ppm cobalt in soil anomaly.

Table 2: Rawhide 2018 Significant Humus Soil Sample Results

Follow up exploration plans for fall 2018

Comstock is very encouraged by these results and is in the process of applying for an exploration drill permit to conduct a drill program on the Rawhide Property this fall.

Methodology and QA/QC

The analytical work reported on herein was performed by ALS. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited Geoanalytical laboratory.

Humus soil samples were subject to screening at 180 microns, and analysis of a 0.5 gram sample digested in aqua-regia via multi-element ICP-MS (ME-MS41). Rock grab samples were crushed to 70% passing <2mm followed by pulverization of a 250 gram sample split to 85% passing 75 microns and analyzed for cobalt, copper and nickel via sodium peroxide fusion and ICP-AES (ME-ISP81); gold platinum, and palladium via 30 gram fire assays fusion and ICP-AES (PGM-ICP23), and silver via atomic absorption spectroscopy (Ag-AA45 or Ag-AA46)

The Company follows industry standard procedures for the work carried out on the Rawhide Cobalt-Silver Property. Given the reconnaissance nature of the samples submitted (select rock grab and humus soil) the Company has relied on the internal quality assurance/quality control (QA/QC) measures of ALS. In addition, 1 in 20 humus soil samples were collected in duplicate to assess repeatability. Comstock detected no significant QA/QC issues during review of the data.

Qualified Persons

Kristopher Raffle P.Geo., Principal, of APEX Geoscience Ltd., a Qualified Person as defined by National Instrument 43-101, supervised the exploration work at the Rawhide Cobalt-Silver Property and reviewed, verified, and compiled the data reported herein. Mr. Raffle has reviewed and approved the scientific and technical disclosure in this news release.

About Comstock Metals Ltd.

Comstock Metals Ltd. is an exploration company with several resources projects located in North America. Presently evaluating opportunities in the battery metal space Comstock recently secured the Rawhide Cobalt-Silver Project in Ontario adding to its 2 advanced gold projects: Preview Project in Saskatchewan and QV Project in the Yukon.

Forward Looking Statements

This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

For more information about Comstock Metals Ltd., please visit www.comstock-metals.com or contact:

Steven H. Goldman

President, CEO and Director

COMSTOCK METALS LTD.

Phone: (416) 867-9100

Email: s.goldman@goldmanhine.com

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 Release.

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