On June 22, 2026, Mackay Gold and Silver Corp. (MACK:TSXV; MKGSF:OTCMKTS) announced it had entered into a purchase agreement with Comstock Mining Inc. (LODE:NYSE) to acquire 100% of Comstock's mining assets in Storey County and Lyon County, Nevada, U.S. These properties, known as the Silver City Lode properties (SCL) expand Mackay's land package by 70% to 4,343 hectares — the largest in the history of the district. The SCL properties are contiguous with the southern boundary of Mackay's existing land package and include several past-producing gold-silver mines, as well as two gold-oxide deposits with resource estimates completed in 2022.
Mackay will pay Comstock US$20 million and offer the company 2,000,000 common shares, with a further US$7 million payable within 18 months in a combination of cash and shares, plus contingent future consideration. Comstock will retain a net smelter returns (NSR) royalty on the sold properties. Mackay will be able to purchase 100% of the NSR royalty for US$3.5 million if the seven-year payment period for the remaining US$7 million has passed.
"Land consolidation has been central to unlocking modern exploration of the Comstock District. By removing the property boundaries that have long fragmented this camp, we can test targets and structural continuations that previous operators could never pursue. This is a district that historically produced a large amount of gold and silver at very high grades, and that has seen remarkably little modern exploration, a rare combination that offers an attractive opportunity for significant new discoveries," stated Darwin Green, CEO and Director of Mackay.
"In this one transaction, we are simultaneously unifying the main lodes (veins) in the Comstock District under single ownership for the first time, adding significant ounces and infrastructure, and de-risking the future of the project by securing development site optionality. As we integrate this new highly prospective land package into our medium to long-range exploration planning, the near-term focus for Mackay remains squarely on our initial 20,000-meter drilling program at the Occidental-Brunswick Lode that is just now getting underway."
Mackay is an exploration company focused on finding gold and silver deposits in Nevada, U.S.
Gold on the Rebound
In January 2026, gold surged to a record high, hitting over US$5,000 per ounce, but has recently fallen due to a rise in inflation and a stronger U.S. dollar. However, after a deep dip below US$4,000 per ounce yesterday, prices have risen to US$4,046.20 per ounce on June 26. Anjana Anil of Reuters reported that, "Markets project an 80% chance of a rate hike in December, compared with an 85% chance before the release of the PCE data and a 61% chance before the Fed's policy statement last week," before adding that, "The main focal point will still remain inflationary pressures moving forward. That's some of the reason why we've seen gold deteriorate over the course of the last several sessions."
In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."
Despite the volatility of gold and silver, the sector as a whole is only showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has predicted that overall global metals prices will rise by 17% in 2026, which would mark the first overall market increase since 2022.
Experts Await Assay Results
On June 23, 2026, Chen Lin of What is Chen Buying? What is Chen Selling? discussed the acquisition, saying: "MACK.v consolidated most of the district! This is Comstock, which I visited many years ago. I am pleased that MACK successfully consolidated the district. The next step is summer drilling."
On June 17, 2026, Doug Casey of The Experts Roundtable called Mackay's next moves "an exploration bet", noting that ". . . The Occidental, the focus of initial drilling, has no resource on it yet. The historical production and the century-old estimate on the main lode are exactly that — historical, not bankable ounces. Not yet." Casey continued: "First assays are expected around late summer. After that, the drilling does the talking."
Streetwise Ownership Overview*
Mackay Gold and Silver Corp. (MACK:TSXV;MKGSF:OTCMKTS)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 04/24/26 | DVX.P | 3 | MACK | 1 |
A 2026 Drill Program to Begin
Mackay is planning a systematic exploration of the Occidental Lode, according to its investor presentation. A 15,000-meter reverse circulation drill campaign targeting shallow, high-grade oxide gold mineralization may turn up 1-2 million ounces at 1-2 g/t gold oxide, the company hopes.
In July or August 2026, a 5,000-meter core drilling campaign will test the depth projection of the Occidental Lode around the Sutro Dewatering Tunnel, where the company hopes to find a new Bonanza gold-silver discovery.
Ownership & Share Information1
Mackay Gold & Silver Corp. has a market cap of CA$238.29 million, with 85.72 million shares outstanding. The company's 52-week range is CA$1.96-CA$5.00.
Management & Insiders own 2.26% of shares, and the remaining 97.74% of shares are held by Retail.
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Important Disclosures:
- Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
