Mackay Gold & Silver (MKGSF) completed its acquisition of the Big Bonanza Properties, consolidating ownership of the entire Comstock Lode. The company acquired 100% of the mining properties of Consolidated Virginia Mining Company and Marshall Earth Resources. The acquisition adds 392 hectares, increasing Mackay's holdings from 4,355 to 4,747 hectares and uniting the lode's entire 6-km length.
Mackay paid US$2.0 million at closing and issued 934,575 common shares valued at US$2.0 million. Another US$2.3 million is payable on the first anniversary of closing. The seller retained a 2% net smelter returns royalty, a share of proceeds from mineral sales after specified deductions, excluding ground already subject to an existing royalty. Mackay may repurchase half for US$2.0 million. The TSX Venture Exchange approved the transaction; no finder's fee or commission was payable.
Mackay Gold & Silver (MKGSF) reported gold grading 2.30 grams per tonne in its second batch of Occidental South drilling results. That intersection spans 67.06 meters in hole 26MGS014, including 17.93 grams per tonne over 4.57 meters. Hole 26MGS015 returned 1.48 grams per tonne over 97.54 meters; 26MGS013 returned 1.17 grams per tonne over 70.10 meters.
The eight-hole batch comes from the company's wholly owned Comstock District property in Nevada. Mineralization has been defined continuously across 550 meters of tested strike length and traced 150 meters down the inclined zone, remaining open along strike and at depth. Approximately 45 holes totaling 9,300 meters are complete within the planned 20,000-meter, 100-hole program; assays are pending for 30 holes. Drilling has moved to an eastern line testing up to 300 meters down the zone. Two reported holes stopped short of the projected main mineralized zone.
Mackay Gold & Silver (MKGSF) reported initial drill results from its inaugural 20,000-meter program at the 100%-owned Comstock District property in Nevada, extending the Occidental South mineralized strike length to about 550 meters.
The first 7 reverse circulation holes, drilled 150 to 250 meters north of historic work, returned thick near-surface oxide gold and silver intervals, including 1.00 g/t gold over 59.4 m and 9.45 g/t silver in hole 26MGS007, 1.15 g/t gold over 47.2 m in hole 26MGS005 (with 7.57 g/t gold over 4.6 m), and 0.97 g/t gold over 48.8 m in hole 26MGS001. Drill hole 26MGS007 bottomed in mineralization, with the last 1.5 m grading 1.79 g/t gold. Approximately 35 holes totaling 5,700 meters have been completed out of the planned 100-hole, 20,000-meter Phase 1 program, with assays pending for all but these first seven holes.
Mackay Gold & Silver (MKGSF) agreed to acquire additional Comstock District properties in Nevada for total consideration of US$6.3 million.
The 392-hectare property package, including historic Big Bonanza mines, will expand Mackay’s land position to 4,747 hectares (47.5 km2) and consolidate the entire 6 km Comstock Lode under single ownership. Consideration comprises US$2.0 million in cash and US$2.0 million in 934,575 Mackay shares at closing, plus US$2.3 million cash on the first anniversary of closing, secured by a deed of trust and bearing 6% interest on overdue amounts. The seller will retain a 2.0% net smelter returns royalty, half of which Mackay may repurchase for US$2.0 million. Closing is subject to TSX Venture Exchange approval and other conditions, with an outside date of November 30, 2026, extendable for a non‑refundable US$300,000 payment.
Mackay Gold & Silver (OTCQB: MKGSF, TSXV: MACK) has completed the acquisition of 100% of Comstock Inc.’s Nevada mining assets in Storey and Lyon Counties, known as the Silver City Lode Properties, via its subsidiary Mackay Precious Metals. The deal expands Mackay’s land position by 70% to 4,343 ha (43 km²), creating the largest consolidated claim package in Comstock District history and uniting the Silver City, Occidental-Brunswick and Comstock lode systems under single ownership.
Consideration includes US$20 million cash at closing, 2,000,000 Mackay shares, a secured US$7 million second tranche due by December 21, 2027, and a conditional US$10 million contingent payment. Comstock also assigned about US$4 million in reclamation bond collateral and retains a net smelter returns royalty that Mackay can fully buy back. The transaction has conditional, but not yet final, TSX Venture Exchange approval.
Mackay Gold & Silver (TSXV: MACK, OTCQB: MKGSF) has mobilized a second, diamond core drill rig to its 100%-owned Comstock District project in Nevada, launching the ~5,000 m core component of a planned 20,000 m Phase 1 drill program alongside an existing reverse circulation (RC) rig.
The core rig will initially test the historic Sutro Tunnel intersection of the three-mile (5 km) Occidental-Brunswick Lode at depth, where late-1870s tunnelling reportedly crosscut a 100-foot (30 m) wide vein interval about 1,500 feet (450 m) below surface that has never been drill-tested. Core holes are planned on ~100 m spacing around this target to define structure and grade distribution. To date, about 4,000 m across 25 RC holes have been completed at Occidental South, targeting shallow oxide-gold mineralization. Assays for all holes are pending, and the company reports it is fully funded after raising approximately US$60 million in April 2026.
Mackay Gold & Silver (OTCQB: MKGSF) has started its inaugural 20,000-metre Phase 1 drill program at its 100%-owned Comstock District property in Nevada. The program targets the multi-kilometre Occidental-Brunswick Lode with 15,000 m RC and 5,000 m core drilling, testing both near-surface oxide and deeper high-grade-style mineralization. The RC rig began drilling June 17, with a core rig expected in early August and first assay results projected for late summer.
Mackay Gold & Silver (OTCQB: MKGSF) agreed to acquire 100% of Comstock's Nevada mining assets for US$20M cash and 2,000,000 shares at closing, plus US$7M within 18 months and a US$10M contingent payment.
The deal expands Mackay's land by 70% to 4,343 ha, unites the Comstock, Silver City and Occidental-Brunswick lodes, adds Lucerne and Dayton oxide deposits with 2022 S-K 1300 historical estimates, and includes the fully permitted American Flats heap-leach and Merrill-Crowe facility (~4,500 tpd). Comstock retains an NSR royalty, and Mackay may buy it out for US$3.5–7M.
Mackay Gold & Silver (OTCQB: MKGSF) began trading on the OTCQB Venture Market in the U.S. on May 22, 2026. The company also trades on the TSX Venture as MACK.
Mackay reports it is well funded with about US$62 million in cash and plans to start a 20,000-metre drill program in mid-June at the Occidental Lode in Nevada’s Comstock District.