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Nevada's Greatest Silver Bonanza, Finally Consolidated — and Ready to Drill With Modern Equipment

Experts Roundtable Jun 17, 2026

Summary

MacKay Gold & Silver has consolidated most of Nevada's historic Comstock district, giving it a fully funded 20,000-metre drill program starting on the parallel Occidental-Brunswick structure.

Higher calcite and a lower gold-to-silver ratio suggest the Occidental sits near the top of the epithermal system (one formed by hot mineral-rich fluids near surface), leaving untested bonanza-grade potential at depth.

Shallow oxide drilling has already returned 25 metres at 13.5 grams per tonne gold; management targets outlining one to two million ounces within a year, with first assays around late summer.

A USD$60 million financing at $1.40 delivered roughly two to three years of exploration runway, largely royalty-free ground, and a veteran expert panel that could not identify a fatal flaw.

Key points on Anglogold Ashanti

  • The CEO cites AngloGold's Silicon/Arthur project in the Walker Lane as an example of a major epithermal discovery that had no gold at surface until drilled below, supporting Mackay's deeper-target thesis on the Occidental.
  • The CEO notes Jeff Pontius' Corvus was sold to AngloGold in Nevada's Beatty district, part of the team's track record of discoveries bought by majors.

Key points on Newmont

  • The CEO references Moira Smith's involvement in the Long Canyon discovery, whose owner Frontier was sold to Newmont for a couple of billion dollars.
  • Darwin Green says the end game is de-risking the district so it attracts the biggest mining companies, naming Newmont among the potential acquirers.

Adrian Day's takeaways

  • Top takeaway Adrian Day probes the budget and land strategy, drawing out the $10 million initial program budget, the roughly 30-40% patented-claim position, and details on buying out leases and royalties so the Occidental is largely free of third-party royalties.

Darwin Green's takeaways

  • Top takeaway Darwin Green presents Mackay Gold & Silver's consolidation of Nevada's Comstock district as a rare chance to control an entire historic gold-silver system, with a 20,000-meter drill program targeting shallow oxides on the Occidental and deeper bonanza-style veins below the level the 1800s miners reached.
  • He argues the Occidental sits higher in the epithermal system — gold:silver ratio of about 5:1 versus 20:1 on the main lode, plus more calcite and anastomosing veins — so the bonanza portion of the Comstock blueprint should in theory sit a couple hundred meters below surface there.
  • He lays out a timeline of first results in late August/early September 2026, steady news flow every few weeks thereafter, potential expansion to multiple rigs, and a maiden resource within roughly 18 months, with 1-2 million ounces framed as a 12-month oxide target rather than the end game.
  • He says the $60 million raise means Mackay should not need to return to market until the stock is around $5, giving 2-3 years of runway to drill, follow up, and keep buying ground and buying down royalties without dilution.
  • On why the district sat idle, he points to the fixed gold price, pre-1872 fragmented claim ownership, bimodal bonanza-or-waste grades, and pre-drilling-era technology, and he commits to an end-game valuation north of $1 billion by de-risking for major acquirers.

Chen Lin's takeaways

  • Top takeaway Chen Lin, joining for the first time, says he reviewed a small portion of the project years ago under a different company, congratulates the consolidation, and asks for a catalyst timeline, drawing out the August-September first-results schedule and the 18-month maiden-resource target.
  • In the wrap-up he notes drilling should be relatively low risk since the Sutro Tunnel already saw the structure, but says the real question is whether grades run 1-2 g/t or 4-5 g/t, and that he generally prefers entering early-stage names via private placements and might wait out the gold correction until late summer despite it being on his radar.

Lawrence Roulston's takeaways

  • Top takeaway Lawrence Roulston says he tried to assemble the same Comstock ground himself in the 1980s and could not, praising the consolidation job and noting the roughly billion-dollar valuation shows people believe in the story.
  • He asks what milestones could double the share price, and in the wrap-up calls the technical team top notch, notes he is already a shareholder, and says the post-listing sell-off makes it a good time to pick up stock in what he sees as a great exploration play.

Brien Lundin's takeaways

  • Top takeaway Brien Lundin says he has never seen that much demand for a new financing or new listing and asks about liquidity events, drawing out that there is no four-month hold wall and no warrants overhanging the stock.
  • He discloses he came in on the financing himself, calling it a feeding frenzy, and closes by noting all the stock is free-trading yet still holding up well, with financing participants not quick-flip types.

Brent Cook's takeaways

  • Top takeaway Brent Cook opens the questioning by admitting he would love to pick the story apart but cannot find the flaw, and presses on whether open-pit mining is even permitted in the Comstock historic preservation area.
  • He says he was glad to hear calcite and adularia in the veins at the Occidental — good evidence the ground sits high in the system — and calls it unfathomable that no hole deeper than 300 feet has been drilled along a vein with the same orientation as the main Comstock Lode.

Doug Casey's takeaways

  • Top takeaway Doug Casey calls it a great presentation and says that, looking at the chart as a potential buyer — which he says he is — the stock looks attractively priced.
  • He asks about the extent of the historic underground tunnel network and whether old workings will inconvenience future development, drawing out that the Occidental is largely unaffected while upper workings on the main lode are a consideration.

Dominic Frisby's takeaways

  • Top takeaway Dominic Frisby asks about Darwin Green's own background and the company's namesake John Mackay, and why mining stopped in such a rich district, drawing out the story of the fixed gold price, fragmented ownership and bimodal grades.
  • He discloses he is already a shareholder, and in the wrap-up says the CEO tells a good story, that the whole district in Nevada is about as good as it gets, and that the summer sell-off looks like a good entry point.