First Two Drill Holes Completed At The Stockade Mountain Project

First Two Drill Holes Completed At The Stockade Mountain Project

VANCOUVER – Austin Gold Corp. has received gold assay results from the first two drillholes at its Stockade Mountain Project located in Malheur County, Oregon. These holes confirm that the mineralizing system at Stockade Mountain is robust and contains significant gold grades, with the strongest intercept of 8.19 g/t over 4 feet (1.2 m) and several other gold intercepts of interest.

Stockade Mountain is a classic low-sulfidation/hot springs gold and silver exploration-stage project with a history of significant exploration work in the late 1980s and early 1990s. At that time, targeted mineralization was near-surface gold deposits minable by open pit methods. The last hole drilled at Stockade was in 1993 by Placer Dome, and until Austin’s current drill program, no drilling had targeted high-grade veins minable by underground methods that are hypothesized to occur below the known lower grade stockwork mineralization.

Austin’s drilling program is designed to begin systematically testing beneath the gold/silver-bearing stockwork mineralization for high-grade vein deposits using a conceptual model that is widely used in epithermal vein exploration. The conceptual cross-section shown below illustrates the relationship between the ground surface at the time the hot springs were active, the higher-level (nearer to the surface) stockwork mineralization, and the deeper high-grade veins that are found in many districts.