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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.