Four mile Basin Project Drilling Program Initiated

VANCOUVER - Austin Gold Corp. has initiated a drilling program on the Fourmile Basin project, Nye County, Nevada. Four to five holes are planned in this program to test for 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. The first hole was completed to a depth of 1,200 ft (366 m) and the second hole to a depth of 1,000 ft (305 m). The campaign has been suspended for the seasonal break and is expected to resume in early 2023.

Austin has received the drill permits from the Bureau of Land Management ("BLM") for the Stockade Mountain project, Malheur County, Oregon. The Company has now applied to the State of Oregon for its required drilling permit. 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 system. Historical near-surface drill intercepts include 260 ft (79.2 m) averaging 0.937 g/t Au from 150 - 410 ft (45.7 - 125 m), and numerous other drill holes returned long intercepts of >0.2 g/t Au.

Receipt of the necessary permits is expected within one to two months. Subject to permitting, weather conditions and drill rig availability, Austin plans to drill Stockade Mountain in early 2023. The first phase of drilling will involve drilling up to ten holes over a period of two-to-three months.

Austin continues to advance permitting for planned drilling programs at its Miller Project located at the southern end of the Carlin gold trend in Elko County, Nevada. The Company is also continuing the process of compiling and interpreting data for the Lone Mountain Project, Elko County, Nevada.