Comstock Inc. (NYSE:LODE) ("Comstock" or the "Company") today announced the consolidation of its properties in the historic Comstock and Silver City mining districts, increasing the Company's total owned, published mineral resources to include Measured and Indicated resources containing 605,000 ounces of gold and 5,880,000 ounces of silver, plus additional Inferred resources containing 297,000 ounces of gold and 2,572,000 ounces of silver.
Tonogold Resources Inc ("Tonogold") did not exercise their Option to Purchase the Company's wholly-owned subsidiary, Comstock Mining LLC, owner of the Lucerne properties, prior to the Option's expiration on December 31, 2022, releasing the Lucerne mineral properties back to Comstock. Additionally, Comstock terminated the Tonogold lease-option on the fully permitted processing facility and infrastructure in American Flat, and the mineral exploration lease on the Northern Targets, releasing these assets back to the Company.
The Company now owns or controls twelve square miles of patented mining claims, unpatented mining claims, and surface parcels, covering six and a half miles of strike length along the Comstock and Silver City lodes. The properties span from midway through Virginia City down to US 50 in the south.
"Reconstituting the entire district and consolidating millions and millions of ounces of precious metal resources, with two current SK-1300 technical reports, positions us with a tremendous asset platform and the ability to recognize this value for our shareholders." stated Corrado De Gasperis, Comstock's Executive Chairman and CEO. "We just doubled our SK-1300 compliant gold resources and tripled our silver resources, consolidating significant precious metal resources for our shareholders."