This news release provides an update on the drilling and the results for the Montgomery-Shoshone target.
Exploration continues at the site with four drill rigs tasked to expand the resource and collect required geotechnical and metallurgical samples as we advance the Bullfrog project to development.
The Montgomery-Shoshone target is located approximately 1.5 km north-east 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.
For further information, refer to the technical report titled “NI 43-101 Technical Report Mineral Resource Estimate Bullfrog Gold Project, Nye County Nevada” with an effective date of February 22, 2021.
Quality Assurance and Quality ControlTo 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.
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 has been reviewed, verified and approved by Scott Burkett, Vice President, Exploration of Augusta Gold who is a “Qualified Person” under National Instrument 43-101- Standards of Disclosure for Mineral Projects.
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.
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.
Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority.
Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard.