Combined measured and indicated mineral resources for Reward and Bullfrog stand at an estimated 1.64 million ounces Au grading 0.59g/t Au and combined inferred mineral resources are 285,000oz Au grading 0.50g/t Au.

"Reward is a fully permitted, low-risk heap leach project," Augusta's president and CEO Don Taylor said.

"In tandem with our work at Reward we will be completing the required studies for a mine plane of operations for the Bullfrog project scheduled for submission to the regulatory agencies by H1 2023 requesting permits to begin mining operations," he said.

Augusta announced the acquisition of the Reward project—which is seven miles from Bullfrog—from Waterton Nevada Splitter on April 21.

The June 7 MRE is comprised of measured and indicated mineral resources at Reward of 426,700 oz Au grading 0.75g/t Au and inferred mineral resources of 27,100oz Au grading 0.68g/t.

The Bullfrog measured and indicated MRE estimate is of 1.21 million oz Au grading 0.53g/t and a combined inferred mineral resource of 257,900oz Au grading 0.48g/t.

The two are to share infrastructure.

Augusta's share price traded at C$2.12 (US$1.69) on June 7, having risen 6% day on day. The company has a market capitalization of C$150.94 million.