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Augusta Gold Corp
Symbol G
Shares Issued 70,472,270
Close 2021-07-13 C$ 1.62
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Augusta releases Bullfrog NI 43-101 estimate

2021-07-14 07:23 ET - News Release

Mr. Scott Burkett reports

AUGUSTA GOLD ANNOUNCES MAIDEN RESOURCE ESTIMATE AT BULLFROG GOLD PROJECT

Augusta Gold Corp. has released the results of the maiden mineral resource estimate for its Bullfrog gold project located in Nevada.

Highlights:

  • Maiden mineral resource estimate for Bullfrog gold project in Nevada supported by large data set, including 254,542 metres of drilling in 1,287 holes, underpins brownfield heap leach development opportunity and sets baseline for expansion;
  • Measured and indicated mineral resources of 880,000 ounces (95 per cent oxide);
  • Inferred mineral resources of 130,000 ounces (92 per cent oxide);
  • Future drill testing will target potential high-grade structurally controlled vein material adjacent to historical underground mining;
  • Company continues to collect necessary data for geotechnical, metallurgical and hydrological characterization for accelerated permitting activities of this brownfields site.

Scott Burkett, vice-president, exploration, commented: "The robust resource, with over 85 per cent of the mineralized material categorized as measured and indicated, represents a large pit-constrained mineralized resource that is amenable to low-cost heap leaching. Additionally, there are several exploration targets under evaluation which were not included in the current mineral resource estimate and which have the potential to increase the mineral resource."

The mineral resource estimate includes mineralized material along strike and downdip of three historically mined deposits: Bullfrog, Montgomery-Shoshone and Bonanza. The mineral resource estimate demonstrates there is a large volume of gold-mineralized material outside of the historic open pits. These mineralized zones remain open and have the potential to add additional resources within and adjacent to the current $1,550-per-gold-ounce constrained pit shell. Drilling continues at Bullfrog with three drills testing exploration targets and collecting necessary data for geotechnical, metallurgical and hydrological characterization for accelerated permitting activities. These activities are well under way and, as a past producer with access to excellent infrastructure and on land that has patented claims, the company remains on track to rapidly advance the project through development with its plan of operations expected to be submitted in early 2022.

Mineral resource estimate

The mineral resource estimate has an effective date of June 26, 2021, and is presented for each deposit area and in the form of a combined global oxide and sulphide mineral resource table.

                               COMBINED GLOBAL RESOURCE -- OXIDE AND SULPHIDE     
                     
Classification                  Tonnes      Ag grade        Au grade       Ag contained       Au contained
                                  (mt)         (g/t)           (g/t)              (koz)              (koz)

Measured                         24.14          1.56            0.54           1,210.45             418.21
Indicated                        28.15          1.30            0.51           1,180.18             461.58
Measured and indicated           52.29          1.42            0.52           2,390.63             879.79
Inferred                          9.02          0.84            0.45             243.56             129.98

Notes
Oxide estimated mineral resources are reported within a pit shell using the Lerch Grossman algorithm, a 
gold price of $1,550 (U.S.) per ounce and a recovery of 82 per cent for Au and silver price of $20 
(U.S.)/oz and a recovery of 20 per cent for Ag.
Sulphide estimated mineral resources are reported within a pit shell using the Lerch Grossman algorithm, 
a gold price of $1,550 (U.S.)/oz and a recovery of 50 per cent for Au and silver price of $20 (U.S.)/oz 
and a recovery of 12 per cent for Ag. No sulphide material was reported for Montgomery-Shoshone or 
Bonanza. Figures are rounded to the appropriate level of precision for the reporting of mineral 
resources.
Due to rounding, some columns or rows may not compute as shown.
Estimated mineral resources are stated as in situ dry metric tonnes.
The estimate of mineral resources may be materially affected by legal, title, taxation, socio-political, 
marketing or other relevant issues.
The mineral resource estimates are reported in compliance with the definitions and guidelines for the 
reporting of exploration information, mineral resources and mineral reserves in Canada, the CIM 
(Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards on Mineral Resources and 
Reserves -- Definitions and Guidelines dated May 10, 2014.

                                         MINERAL RESOURCE -- BULLFROG 

Redox                      Classification   Tonnes    Ag grade  Au grade    Ag contained     Au contained
                                              (mt)       (g/t)     (g/t)           (koz)            (koz)

Oxide                            measured    17.87        1.33      0.54          763.11           311.71
                                indicated    23.89        1.20      0.51          924.92           391.63
                   measured and indicated    41.75        1.26      0.52        1,688.03           703.34
                                 inferred     8.07        0.76      0.43          196.95           112.05
Sulphide                         measured     0.87        1.12      0.70           31.36            19.49
                                indicated     1.39        1.27      0.62           56.74            27.63
                   measured and indicated     2.26        1.21      0.65           88.10            47.12
                                 inferred     0.46        1.06      0.67           15.72             9.94
Total -- oxide
and sulphide                     measured    18.74        1.32      0.55          794.47           331.20
                                indicated    25.27        1.21      0.52          981.66           419.26
                   measured and indicated    44.01        1.26      0.53        1,776.13           750.46
                                 inferred     8.53        0.78      0.44          212.67           122.00

                                      MINERAL RESOURCE -- MONTGOMERY-SHOSHONE  
                              
Redox             Classification      Tonnes        Ag grade       Au grade      Ag contained      Au contained
                                        (mt)           (g/t)          (g/t)             (koz)             (koz)

Oxide                   measured        3.01            3.74           0.56            362.00             53.78
                       indicated        1.66            3.26           0.49            174.10             26.24
          measured and indicated        4.67            3.57           0.53            536.10             80.02
                        inferred        0.25            3.57           0.53             23.12              4.20

                                           MINERAL RESOURCE -- BONANZA     
                                 
Redox            Classification       Tonnes        Ag grade       Au grade      Ag contained     Au contained
                                        (mt)           (g/t)          (g/t)             (koz)            (koz)

Oxide                  measured         2.39            0.70           0.43             53.99            33.23
                      indicated         1.21            0.63           0.41             24.42            16.08
         measured and indicated         3.61            0.68           0.43             78.41            49.32
                       inferred         0.24            1.00           0.49              7.77             3.77

Quality assurance and quality control

To ensure reliable sample results, the company has a rigorous QA/QC program in place that monitors the chain of custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes.

Sample preparation (crushing and pulverizing) has been performed at Paragon Geochemistry, an independent ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) accredited lab located in Sparks, Nev. Paragon prepares a pulp of all samples for analysis at its analytical lab. Paragon analyzes the pulp sample by 30-gram fire assay with an aqua regia digestion and ICP-OES (inductively coupled plasma optical emission spectroscopy) finish, samples in which gold is greater than three ppm are rerun using fire assay with a gravimetric finish, reported in ppm. All samples are analyzed by multielement aqua regia digestion (35AR-OES for 35 elements) with an ICP-OES finish.

In addition, the company validated the historic gold and silver values by comparing the historic analytical certificates to the digital assay database. All available downhole surveys were digitized and utilized to properly plot analytical data downhole. Drill holes with questionable data were omitted from the database and were not used to generation the mineral resource estimate. The results of the validation program indicate that the sample database is of sufficient accuracy and precision to be used for the generation of mineral resource estimates.

Qualified person

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information, have been reviewed, verified and approved by Mr. Burkett, who is a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The data were verified using data validation and quality assurance procedures under high industry standards.

About Augusta Gold Corp.

Augusta Gold is a rapidly growing exploration and development company focused on building a long-term business that delivers stakeholder value through developing the Bullfrog gold project and pursing accretive merger and acquisition opportunities. The Bullfrog gold project is located in the prolific Bullfrog district approximately 120 miles northwest of Las Vegas, Nev., and four miles west of Beatty, Nev. The company controls approximately 7,800 acres of mineral rights including the Bullfrog and Montgomery-Shoshone deposits and has further identified significant additional mineralization around the existing pits and defined several exploration targets that could further enhance the project.

We seek Safe Harbor.

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