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Augusta Gold Corp
Symbol G
Shares Issued 59,626,035
Close 2021-02-10 C$ 2.65
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Augusta Gold starts exploration program at Bullfrog

2021-02-11 09:21 ET - News Release

Ms. Maryse Belanger reports

AUGUSTA GOLD COMMENCES 2021 EXPLORATION PROGRAM AT ITS BULLFROG GOLD PROJECT

Augusta Gold Inc. has commenced its 110,000-metre exploration program for 2021 at its highly prospective wholly owned Bullfrog gold project located in Nevada, United States. The strategic land package comprises approximately 7,800 acres.

Highlights

  • 2021 exploration program of up to $20-million;
  • 110,000 metres of diamond drilling and reverse circulation planned;
  • Two drill rigs actively drilling at site expected to increase to five by April;
  • Five key exploration targets to be drilled in a two-phase approach;
  • Advancing development in parallel with the drill program including archaeological studies, geologic mapping, geotechnical drilling and a geophysics survey.

Maryse Belanger, president and chief executive officer, commented: "We are excited to have commenced our multitargeted exploration program in the heart of the prolific Bullfrog district. With an exploration budget of up to $20-million, we are focused on mineral resource expansion, increasing the confidence level in our current mineral resource and targeting a brand-new discovery. The program contemplates two phases on five key exploration targets that have been identified to date, with more expected in the future as we advance our program. With a large land package of approximately 7,800 acres that has three historical operating pits and a current open mineral resource we see significant exploration potential."

The exploration and development potential of the strategic land position is strongly supported by a large database including detailed information on 254,542 metres of drilling in 1,287 holes in the Bullfrog mine area.

There are currently two drill rigs on-site with a total of five expected on-site by April. There is expected to be three diamond drills and two reverse circulation drills. Concurrent with the proposed drilling, a variety of additional exploration and development activities are planned to help advance the Bullfrog gold project. These will include archaeological studies, geologic mapping, geotechnical drilling and a geophysics survey. Details of the phase two program will be finalized following a review of the results of the first phase of drilling.

The five key exploration targets in the exploration program include:

  • Montgomery-Shoshone target -- located approximately 1.5 kilometres northeast of the Bullfrog pit, it was historically operated as an underground mine and subsequently an open pit until low gold prices caused operations to cease in 1997;
  • Gap target -- located five km north of the Bullfrog pit, it has the potential to be a completely new discovery. To date, there has been no drilling of the target;
  • Bullfrog target -- the Bullfrog open pit and underground operated from 1989 until 1999 when it ceased operations as a result of low gold prices;
  • Bonanza Mountain target -- located two km east of the Bullfrog pit, it historically had four benches mined before it ceased operations due to a low gold price;
  • Paradise Ridge target -- located two km southeast of the Bullfrog pit, it has very limited work completed to date with veins showing at surface that require further exploration. The Paradise Ridge target has host rocks that are identical to those in the Bullfrog deposit with significant structural features and surface samples containing gold.

The company will release drill results as received, compiled and interpreted.

Qualified person

The technical information contained in this news release has been reviewed and approved by Scott Burkett, vice-president of exploration of Augusta Gold who is a qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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 M&A 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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