Mackay Gold & Silver Corp. has entered into a definitive agreement to acquire 100% of the mining properties held by Consolidated Virginia Mining Company and Marshall Earth Resources, Inc. in the Comstock District of Nevada, uniting the entire 6-kilometre vein structure under single ownership for the first time in its 167-year history.

The transaction adds 392 hectares to Mackay’s land holdings, bringing the total package to 4,747 hectares. The newly acquired ground covers the northern section of the Comstock Lode and encompasses several historical past-producing mines, including the Consolidated Virginia, California, Ophir, Mexican, Union, Sierra Nevada, and Utah. Among these, the Consolidated Virginia and California hosted the legendary "Big Bonanza," which produced 1,131,900 tonnes of ore at a calculated average assay grade of 87.4 g/t gold and 1,834 g/t silver between 1872 and 1882.

Total consideration for the property is US$6.3 million. This comprises US$2.0 million in cash and US$2.0 million in Mackay common shares payable upon closing, alongside a 2.0% net smelter returns royalty reserved by the seller. A final US$2.3 million cash payment is due on the first anniversary of closing, secured by a deed of trust over the properties in Storey and Lyon counties.

“The Big Bonanza was the crown jewel of the many rich 'bonanza' orebodies mined on the Comstock Lode,” stated Darwin Green, CEO and Director of Mackay. “This acquisition adds the very productive northern section of the Comstock Lode to our existing extensive land package, and for the first time in the district's 167-year history the entirety of the 6-km long vein structure is now consolidated under a single owner – Mackay Gold & Silver. It is an immense privilege to secure this opportunity, and I would like to acknowledge the vision and dedication of Mr. Hugh Roy Marshall in carrying out the original consolidation around the Big Bonanza that he initiated some 40-years ago.”

Completion of the acquisition remains subject to TSX Venture Exchange approval and the satisfaction of closing conditions by November 30, 2026. Mackay holds the option to extend this deadline by up to three months by paying a US$300,000 non-refundable fee credited against the anniversary payment.

Read the full announcement: Mackay Gold & Silver to Acquire the Historic Big Bonanza, Consolidating the Entire 6 km Length of the Comstock Lode, Nevada, USA