VANCOUVER, BC, Sept. 14,
2023 /CNW/ - Augusta Gold Corp. (TSX: G) (OTCQB:
AUGG) (FSE: 11B) ("Augusta Gold" or the "Company")
announces that it has negotiated a three-month extension to the
maturity date of its loan with Augusta Investments Inc., the
Company's largest shareholder.
The Company is actively advancing the Reward Project and other
opportunities in the gold sector. Management intends to use the
fully permitted Reward Project and brownfield Bullfrog Project as a
foundation to build a new mid-tier gold company and has the
financial support of its largest shareholders.
The Reward Project and Bullfrog Project host combined measured
and indicated mineral resources of 1,635,990 oz gold and combined
inferred mineral resources of 285,000 oz gold.
Technical Reports
The scientific and technical information contained in this news
release related to the Reward Project is based upon the technical
report titled "Mineral Resource Estimate for the Reward Project,
Nye County, Nevada, USA" with an
effective date of May 31, 2022,
prepared by Michael Dufresne and
Timothy Scott, who are independent
"Qualified Persons" under National Instrument 43-101 - Standards of
Disclosure for Mineral Projects and subpart 1300 of Regulation S-K
under the United States Securities Exchange Act of 1934, as
amended.
The scientific and technical information contained in this news
release related to the Bullfrog Project is based upon the technical
report titled "NI 43-101 Technical Report Mineral Resource
Estimate, Bullfrog Gold Project, Nye
County, Nevada" with an effective date of December 31, 2021, prepared by Russ Downer and Adam
House of Forte Dynamics, who are independent "Qualified
Persons" under National Instrument 43-101 - Standards of Disclosure
for Mineral Projects and subpart 1300 of Regulation S-K under the
United States Securities Exchange Act of 1934, as amended.
Mineral Resource Estimates
The Company's combined mineral resources are comprised of the
below mineral resource estimates for the Reward Project and
Bullfrog Project.
Reward Mineral Resource Estimate
|
Classification
|
Tonnage
(Mt)
|
Average Grade
(g/t)
|
Contained Au
(koz)
|
|
Measured
Indicated
M&I
Total
|
6.19
11.58
17.77
|
0.86
0.69
0.75
|
169.9
256.8
426.7
|
|
Inferred
|
1.23
|
0.68
|
27.1
|
|
Notes
|
|
|
|
1.
|
Oxide estimated Mineral
Resources are reported within a pit shell using the Lerch Grossman
algorithm, a gold price of US$1,700/oz and a recovery of 80% for Au
were utilized.
|
|
2.
|
Mining costs for
mineralized material and waste are US$2.20/tonne.
|
|
3.
|
Processing and general
and administration are US$6.06/tonne and US$0.83/tonne per tonne
processed, respectively.
|
|
4.
|
Due to rounding, some
columns or rows may not compute as shown.
|
|
5.
|
Estimated Mineral
Resources are stated as in situ dry metric tonnes and are partially
diluted.
|
|
6.
|
The estimate of Mineral
Resources may be materially affected by legal, title, taxation,
socio-political, marketing, or other relevant issues.
|
|
7.
|
The effective date of
the Reward mineral resource estimate is May 31, 2022.
|
|
|
|
Bullfrog Mineral Resource Estimate
|
|
|
Classification
|
Tonnes
(Mt)
|
Au grade
(g/t)
|
Ag grade
(g/t)
|
Au Contained
(koz)
|
Ag Contained
(koz)
|
|
Measured
|
30.13
|
0.544
|
1.35
|
526.68
|
1,309.13
|
|
Indicated
|
40.88
|
0.519
|
1.18
|
682.61
|
1,557.49
|
|
Measured and
Indicated
|
71.01
|
0.530
|
1.26
|
1,209.29
|
2,866.62
|
|
Inferred
|
16.69
|
0.481
|
0.96
|
257.90
|
515.72
|
|
Notes:
|
|
|
|
1.
|
Oxide estimated Mineral
Resources are reported within a pit shell using the Lerch Grossman
algorithm, a gold price of US$1,550/oz and a recovery of 82% for Au
and silver price of US$20/oz and a recovery of 20% For
Ag.
|
|
2.
|
Sulphide estimated
Mineral Resources are reported within a pit shell using the Lerch
Grossman algorithm, a gold price of US$1,550/oz and a recovery of
50% for Au and silver price of US$20/oz and a recovery of 12% for
Ag. No sulphide material was reported for Montgomery-Shoshone or
Bonanza.
|
|
3.
|
Mining costs for
mineralized material and waste are US$2.25/tonne.
|
|
4.
|
Processing, general and
administration, and refining costs are US$5.00/tonne,
US$0.50/tonne, and US$0.05/tonne respectively.
|
|
5.
|
Due to rounding, some
columns or rows may not compute as shown.
|
|
6.
|
Estimated Mineral
Resources are stated as in situ dry metric tonnes.
|
|
7.
|
The estimate of Mineral
Resources may be materially affected by legal, title, taxation,
socio-political, marketing, or other relevant issues.
|
|
8.
|
The effective date of
the Bullfrog mineral resource estimate is December 31,
2021.
|
|
|
|
About Augusta Gold
Augusta Gold is an exploration
and development company focused on building a long-term business
that delivers stakeholder value through developing the Reward and
Bullfrog gold projects and pursing accretive M&A opportunities.
The Reward and Bullfrog gold projects are located in the prolific
Bullfrog mining district approximately 120 miles north-west of
Las Vegas, Nevada and just outside
of Beatty, Nevada. The Company is
led by a management team and board of directors with a proven track
record of success in financing and developing mining assets and
delivering shareholder value. For more information, please visit
www.augustagold.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information contained in this new release
constitute "forward-looking statements", and "forward-looking
information" within the meaning of applicable securities laws
(collectively, "forward-looking statements"). These statements
appear in a number of places in this news release and include
statements regarding our intent, or the beliefs or current
expectations of our officers and directors, including that
management intends to use the fully permitted Reward Project and
brownfield Bullfrog Project as a foundation to build a new mid-tier
gold company and has the financial support of its largest
shareholders. When used in this news release words such as
"intends" and similar expressions are intended to identify these
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on
forward-looking statements since the Company can give no assurance
that such expectations will prove to be correct. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to vary materially from
those anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in the Company's
periodic filings with Canadian Regulators and the SEC. Such
forward-looking statements are based on various assumptions,
including assumptions made with regard to assumptions about future
prices of gold, and other metal prices, currency exchange rates and
interest rates, favourable operating conditions, political
stability, obtaining governmental approvals and financing on time,
obtaining renewals for existing licenses and permits and obtaining
required licenses and permits, labour stability, stability in
market conditions, the impact from the pandemic of the novel
coronavirus (COVID-19), availability of equipment, the availability
of drill rigs, the timing of the publication of any updated mineral
resource estimates. While the Company considers these assumptions
to be reasonable, based on information currently available, they
may prove to be incorrect. Except as required by applicable law, we
assume no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained herein to
reflect actual results, future events or developments, changes in
assumptions or changes in other factors affecting the
forward-looking statements. If we update any one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements. You should not place undue importance
on forward-looking statements and should not rely upon these
statements as of any other date. All forward-looking statements
contained in this news release are expressly qualified in their
entirety by this cautionary note.
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SOURCE Augusta Gold Corp.