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The estimate featured a measured and indicated resource of 52.3 million tonnes grading 1.42 grams per tonne silver and 0.52g7t gold for 2.4Moz silver and 880,000oz gold, and an inferred resource of 9Mt grading 0.84g/t silver and 0.45g/t gold for 244,000oz silver and 130,000oz gold.
The estimate is based on 254,542m of drilling in 1,287 holes and metal price assumptions of US$1,550/oz gold and $20/oz silver.
"The robust resource, with over 85% of the mineralised material categorized as measured and indicated, represents a large pit-constrained mineralized resource that is amenable to low-cost heap leaching," said VP exploration Scott Burkett.
Augusta was formed in late 2020 through a transaction including Bullfrog Gold, Barrick Gold and Augusta Group near Beaty where Barrick formerly operated the Bullfrog mine.
Bullfrog is to the south and adjacent to the North Bullfrog deposit of Corvus Gold, which is subject to a takeover bid from AngloGold Ashanti.
Shares in Augusta Gold are trading at C$1.67, valuing the company at $118 million.
