Austin Gold Corp. Options the Stockade Mountain Project
24 May 2022 - 11:15PM
Business Wire
Austin Gold Corp. (“Austin” or the “Company”) is pleased to
announce that it has signed a mineral lease and option agreement
with Bull Mountain Resources LLC ("BMR") to lease a 100% interest
in the Stockade Property located in southeastern Oregon.
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the full release here:
https://www.businesswire.com/news/home/20220524005529/en/
Austin Gold's Stockade project -
hydrothermal/hot springs vent breccia (Photo: Business Wire)
The Stockade Property consists of 261 unpatented lode mining
claims that cover an area of over 6,790 acres, located in Malheur
County, Oregon, approximately 85 kilometers southeast of Burns,
Oregon, or 150 kilometers southwest of Boise, Idaho.
The property is a classic large epithermal/hot springs
alteration system associated with rhyolite intrusions and doming
focused along a major NW-trending structural corridor. Exploration
programs conducted by BHP, Phelps Dodge and Placer Dome in the
1980s and 1990s included shallow exploration holes targeting bulk
tonnage potential, with no efforts to target deeper high-grade
gold/silver vein deposits. Many of these short holes returned
significant lengths of strongly anomalous gold mineralization, with
the best intercept being 79.2 m (260 ft) averaging 0.937 g/t
gold from 45.7 - 125 m (150 – 410 ft). Within that interval is
24 m averaging 1.560 g/t gold from 58 to 82.3 m (190 – 270
ft). Numerous other holes returned long intercepts of >0.2
g/t gold, including:
- 3 m (10 ft) averaging 1.1 g/t gold;
- 1.5 m (5 ft) @1.14 g/t gold;
- 4.6 m (15 ft) averaging 1.1 g/t gold; and
- 4.6 m (15 ft) that averaged 1.385 g/t gold.
The Company plans to initiate a systematic exploration program
to include drilling beneath the known high-level
gold/silver-bearing stockworks mineralization that will target high
grade vein deposits formed deeper in the hydrothermal boiling zone
along feeder conduits.
Mineral Lease and Option Agreement Terms
Under the terms of the mineral lease and option agreement, the
Company has the right to use the property for exploration and
mining for a minimum of 50 years provided it continues to make
pre-production payments and satisfies the work and royalty
commitments. The term of the agreement may continue after 50 years
provided active mining operations are being conducted on the
property.
Robert M. Hatch, the Qualified Person for Austin Gold as defined
by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects, has approved the scientific and technical information in
this news release.
About Austin Gold Corp.
Austin Gold is a gold exploration company focused on gold
targets and making district-scale gold discoveries in the
southwestern United States.
Austin Gold has four projects in Nevada, located on the Battle
Mountain—Eureka (Cortez) gold trend in Humboldt County, Nevada
(Kelly Creek Project), the Independence-Jerritt Canyon gold trend
in Elko County, Nevada (Lone Mountain Project), on the Carlin gold
trend in Elko County, Nevada (Miller Project), and in Nye County,
Nevada situated in Oligocene volcanic rocks that are roughly the
same age as those that host the large Round Mountain gold deposit
(Fourmile Basin Project). Collectively, these Nevada properties
comprise 136.8 km2 of unpatented and patented mining claims and
mineral tenure.
Safe Harbor / Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation, the
Company's expectations, strategies and plans for the Stockade
Property, including the Company's planned expenditures and
exploration activities.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Company to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking
information.
The Company cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220524005529/en/
Investors: Darcy Higgs, Corporate Secretary
604-644-6580 darcy.higgs@austin.gold
Website: www.austin.gold
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