Announcement • Jun 30

Mackay Gold & Silver Corp Commences 20,000 Metre Drill Program At Comstock District Property In Nevada

Mackay Gold & Silver Corp. announced that the first drill rig has been mobilized to site and the Company's initial 20,000-metre drill program has commenced at its 100%-owned Comstock District property in Nevada. The Phase 1 drill program marks a significant milestone for Mackay, the start of the first ever large-scale, systematic exploration drilling along the Occidental-Brunswick Lode, a multi-kilometre vein system running parallel to the historic Comstock Lode. Plans for this Phase 1 program include: Shallow RC drilling over a 1,000 m x 400 m area at Occidental South, targeting a zone of high-grade oxide gold-silver mineralization associated with strong gold-in-soil geochemistry. Deeper core drilling to test the depth projection of the Occidental-Brunswick Lode near to where the historic Sutro Dewatering Tunnel reportedly crossed a 30 m thick interval of the lode at a vertical depth of approximately 450 m below surface. The Phase 1 drill program is planned for between 80 to 100 drill holes with capacity to expand. The Phase 1 program consists of approximately 15,000 metres of Reverse Circulation (RC) drilling and 5,000 metres diamond core drilling. The RC drill rig arrived on site June 17th, and drilling is now underway. The core drill rig is scheduled to arrive in early August. Assays will be reported as they are received, compiled, and verified, with reporting of first assay results currently projected for late summer. At Occidental South, drilling will include step-outs at 50 m to 100 m spacing along 1000 meters of strike and 300 meters down dip of a zone of oxide gold-silver mineralization as defined in outcrop and limited drilling by previous operators (between 2018 and 2021). No prior modern exploration occurred in this area due to property boundary impediments and limitations. The mineralized zone is supported by strong gold-in-soil geochemistry across the entire length of an approximately 1,000 m long detailed soil grid. Majority of the RC drilling is planned with hole depths from 100 m to 250 m. Initial core drilling is designed to test the depth projection of the Occidental vein-structure at 100 m spacing, testing above, below, and either side of the historic Sutro Dewatering Tunnel intersection with the Occidental-Brunswick lode. The 4-mile tunnel was built in the late 1870's and connected to the 1,640-foot level of the main Comstock mines, allowing gravity flow drainage from the mines. The tunnel, which was oriented perpendicular to the strike of the main lodes, crosscut a 100 ft (30 m) wide interval of the Occidental-Brunswick Lode that was reportedly mineralized but considered below the cut-off grade at the time (estimated at approximately 8 g/t gold equivalent). The tunnel is no longer accessible and has never been drill-tested.

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Mackay Gold & Silver Corp Commences 20,000 Metre Drill Program At Comstock District Property In Nevada

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