Business
Austin Gold Provides Projects Update
Summary AUST has completed an initial drilling program on the Fourmile Basin Project, Nye County, Nevada; AUST has received drill permits from the BLM for the S
About this update from Austin Gold Corp.
[{"type":"text","content":" Summary AUST has completed an initial drilling program on the Fourmile Basin Project, Nye County, Nevada; AUST has received drill permits from the BLM for the Stockade Mountain Project, Malheur County, Oregon, but is waiting for the State of Oregon to process the Exploration Permit that was submitted in November 2022; AUST plans to drill Stockade Mountain in the spring, subject to permitting, weather conditions, and drill rig availability; AUST continues to advance drill permitting for its Miller Project, Elko County, Nevada. AUST plans to drill the Miller Project in the spring or early summer 2023, subject to weather and ground conditions, and drill rig availability; AUST continues data compilation, evaluation, and drill targeting on its Lone Mountain Project, Elko County, Nevada; AUST is fully funded for the planned exploration programs discussed herein. Vancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - Austin Gold Corp. (NYSE American: AUST) (\"Austin\" or the \"Company\") provides the following projects updates. The Company has completed its initial drilling program on the Fourmile Basin project, Nye County, Nevada. Five holes totalling 4,580 feet (1396 m) were drilled on Bureau of Land Management (\"BLM\") lands in the southern part of the project area. The exploration target was the hypothesized buried source of gold and silver mineralized boulders and float that are concentrated in a 5.5 mi (8.9 km) long zone along the east side of Fourmile Basin. Analytical results for gold were recently received, with high values being 0.106 and 0.065 g/t gold. Analysis of the data is ongoing to determine the next course of action for the property. Austin previously received the drill permits from the BLM for the Stockade Mountain project, Malheur County, Oregon. The Company is waiting for the Oregon Department of Geology and Mineral Industries to process the Exploration Permit application submitted in November 2022. Stockade Mountain is a gold and silver exploration-stage project with a history of significant exploration work, most notably by BHP-Utah, Phelps Dodge and Placer Dome in the 1990s, followed by twenty years of little to no work. Austin's drilling program is designed to test beneath the known high-level gold/silver-bearing stockworks mineralization for high-grade vein deposits formed deeper in the hydrothermal...