Vancouver, British Columbia - Mackay Gold & Silver Corp. (TSXV: MACK) (OTCQB: MKGSF) ('Mackay' or the 'Company') is pleased to announce initial drill results from the Company's inaugural 20,000-meter drill program at its 100%-owned Comstock District property in Nevada, USA.
'We started the program with bold, 150 to 250-meter step-outs to the north of the closest historical drilling at Occidental South and have been rewarded with thick intersections at very good grades for oxide gold in Nevada,' stated Darwin Green, CEO and Director. 'These results confirm a strong correlation between gold-in-soil geochemistry and near-surface gold mineralization in bedrock and demonstrate the potential to expand the footprint of mineralization at Occidental South, which we have already nearly doubled in length with just these first few holes. Most of the 20,000-meter Phase 1 program is focused on the gold-in-soil anomaly, which currently measures approximately 1,000 m x 400 m and remains open in all directions. We look forward to reporting additional results in the coming weeks and months.'
Drilling Details
The Phase 1 drill program consists of approximately 15,000 meters of shallow reverse circulation ('RC') drilling at Occidental South and 5,000 meters of deep diamond core drilling at the Sutro Tunnel intersection. Both areas test the Occidental-Brunswick Lode, a three-mile-long (5-km) mineralized structure located east of, and parallel to, the Comstock Lode. The Occidental-Brunswick Lode shares the same strike, dip, and overall geological setting and character as its better-known neighbor.
At Occidental South, drill plans include 50 to 100-meter spaced drill holes over an approximately 1,000 x 400-meter initial gold in soil target area. The drilling is on trend of an approximately 300-meter-long zone of oxide gold-silver mineralization as defined in outcrop and limited drilling by previous operators.
The area north of this zone had not previously been explored with modern methods. The target is supported by strong gold-in-soil geochemistry across the entire length of an approximately 1,000-meter-long detailed soil grid which is being expanded to the north.
Today's results include the first 7 drill holes completed from the Phase 1 program and are the first holes to be drilled by Mackay Gold & Silver. The drill holes are located 150 to 250 meters along strike to the north of the Occidental South mineralized zone, which is defined by 10 drill holes completed between 2018 and 2021. Drill holes 26MGS001, 26MGS005 and 26MGS007 all intersected thick intervals (approximately 50 to 60 meters) of strong gold mineralization. These intersections, each spaced 50-meters apart, demonstrate consistent mineralization and continuity across approximately 100 meters of strike length and extend the total strike length of the Occidental South mineralized zone to approximately 550 meters. Occidental South is open to expansion in all directions.
Today's drill results provide immediate validation of the prospectivity of the Occidental-Brunswick Lode which is undrilled over most of its 5-km length.
Approximately 35 drill holes for 5,700 meters have been completed to date as part of the planned 20,000-meter 100-hole drill program. The Company anticipates providing regular updates for the next several months as additional assay results are received.
Mackay Gold & Silver Corp.
Mackay Gold & Silver Corp. is a Nevada-focused gold and silver exploration company with 100% control of a large, consolidated land package totaling 4,747 hectares (47.5 km-2) in one of America's richest, productive and oldest mining districts. With an estimated 8.2 million ounces of historical gold production and 192 million ounces of silver produced between 1859 and 1926 from so called 'bonanza' orebodies that averaged 35 g/t gold and 726 g/t silver, the Comstock district is recognized as one of America's highest grade epithermal systems and an attractive setting for modern discovery. Led by an experienced team with a strong track record of discovery, development, and value creation, Mackay is well funded and committed to delivering shareholder value through disciplined exploration and responsible resource development.
Contact:
Darwin Green
Tel: 604-283-0798
Email: info@mackaycorp.com
Web: mackaycorp.com
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute 'forward-looking information' within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' or similar expressions and includes, among other things, information regarding: the Company's exploration plans and objectives for the Comstock District; the ability of the Company to carry out its Comstock District drilling program as currently contemplated; the potential expansion of mineralization at Occidental South and the Company's future business and exploration plans.
Readers are cautioned that forward-looking information is not based on historical facts but instead reflects the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are, among other things, the following: the results of the Comstock District drilling program (including drilling of the Occidental-Brunswick Lode and other areas in the Comstock District); the timing and scope of future exploration activities; the interpretation of exploration results; future business and exploration plans of the Company; changes in general economic, business and market conditions; changes in the price of gold, silver and other metals; changes in applicable laws and regulations; stock market volatility that may adversely affect the price of the Company's securities; the availability of financing and the receipt of regulatory approval. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. These forward-looking statements are made as of the date of this press release, and the Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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