Significant Resource Update At Bullfrog Gold Project

VANCOUVER - Augusta Gold Corp. reported on the Updated Mineral Resource Estimate (MRE) for its Bullfrog Gold Project located in Nevada. Highlights include: Measured and Indicated Mineral Resources of 1,209,290 ounces of gold (94% oxide); Inferred Mineral Resources of 257,900 ounces of gold (91% oxide); and Studies necessary to de-risk the project and advance the permitting are in progress.

Don Taylor, CEO, said, "The significant increases in the updated resource estimate further confirms our view of the Bullfrog Project and its expansion potential adding substantially more ounces at similar grades while reducing the strip ratio for the currently outlined resource.  We are now focussed on de-risking the project through environmental and engineering studies that will form the foundation for our permit applications."

The updated MRE was based on a total of 1,331 drill holes measuring 885,380 feet and incorporates drill targets under evaluation since the June 2021 maiden mineral resource report, in addition to updated geologic models and database improvements. The updated MRE has an effective date of December 31, 2021, and is presented in the form of a combined global oxide and sulphide Mineral Resource as well as individual tables for the each of the Bullfrog, Montgomery-Shoshone and Bonanza deposits.  The updated MRE confirms a large volume of mineral resource outside of the historic open pits based on the current $1,550 per gold ounce constrained pit shell.

There remains excellent exploration potential within the district and drilling has indicated that mineralized structures and features continue both laterally and vertically along the known mineralized trends.  Specific areas for additional exploration drilling and interpretation include Ladd Mountain and Mystery Hills near the Bullfrog pit; the Polaris vein and related disseminated mineralization near the Montgomery-Shoshone pit; along strike and beneath Bonanza Mountain near the Bonanza pit; and in the prospective Gap area in the northern portion of the property.