Augusta Gold (CSE: G) has commenced drilling under its previously announced 110,000 metre exploration program at its Bullfrog Gold project, located in Nevada. The program, with a budget of up to $20 million, is to focus on five targets across the 7,800 acre property owned by the company.
The current program outlines a total $20.0 million budget to conduct 110,000 metres of reverse circulation and diamond drilling on the property. Two drill rigs are presently on the property to commence the program, while the operation is expected to increase to five rigs by April.
The program is focused on mineral resource expansion as well as targeting a new discovery. The program is to take place in two phases on five targets which includes the proposed drilling as well as groundwork that includes archaeological studies, geophysics surveys, and geologic mapping.
Five targets have been outlined for the program initially, with the company indicating that more targets are expected to be added in the future. The key reference point here is the Bullfrog Target, which is a past-producing open pit mine that operated for ten years until 1999 when it halted production due to depressed gold prices.
Also included in the program is the Montgomery-Shoshone Target, an underground mine located to the north of Bullfrog, which is historic underground mine that ceased production in 1997, as well as the Gap Target, located even further north, which has the potential to be a new discovery.
The Bonanza Mountain target meanwhile is located to the east of Bullfrog, which only had four benches mined historically before low gold prices stopped production. Finally, to the southeast of Bullfrog is the Paradise Ridge target, which has identical rocks to that of Bullfrog, with significant features and surface samples containing gold.
Data collected is to be utilized in conjunction with 254,542 metres of drilling within 1,287 drill holes that have been conducted in the Bullfrog mine region of the property.
Augustus Gold last traded at $2.65 on the CSE.
Information for this briefing was found via Sedar and Augusta Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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