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By Austin DeNoce, Benzinga
Austin Gold Corp. (AMEX: AUST) is a dedicated gold exploration and discovery company. Combining the savvy of serial company builders with the insight of serial mine finders, Austin Gold is on a mission to generate value through targeted exploration initiatives. Its projects are Kelly Creek in Humboldt County, Nevada; Lone Mountain in Elko County, Nevada; and Stockade Mountain in Malheur County, Oregon.
At the heart of the companys operational philosophy is the Lassonde Curve, a pivotal concept in the junior mining sector introduced by Pierre Lassonde, co-founder of the pioneering gold royalty company Franco-Nevada. This model outlines the lifecycle stages of mining companies, from exploration to production, while underscoring the potential for value creation and the risks at each juncture.
In a recent update, the company shared that its Stockade Mountain project which Austin Gold has been exploring for its promising gold and silver potential had now witnessed its inaugural diamond drilling campaign, marking a key milestone for the company.
The Stockade Mountain Project
In May 2022, Austin Gold expanded its exploration frontier with the Stockade Mountain Project in Malheur County, Oregon, securing a mineral lease agreement that underscores the areas promising potential for significant gold and silver mineralization. Positioned strategically about 50 miles southeast of Burns, Oregon, and 90 miles southwest of Boise, Idaho, Stockade Mountain is accessible and supported by the necessary infrastructure and workforce, thanks to nearby communities.
The project covers a vast area of over 6,790 acres through 261 unpatented mining claims. Geologically, the area is indicative of a large low-sulfidation hydrothermal system, hinting at economic gold and silver veins at depth. Despite previous explorations in the 1980s and 1990s by other companies, Austin Gold reports that the projects full potential remains untapped, and the company plans to explore for deeper high-grade vein deposits beneath the known mineralization zones.
Recent Update To Drilling Program
In a significant step forward, Austin Gold completed its inaugural diamond drilling campaign at the Stockade Mountain Project, with three exploration holes drilled over the winter season. This initial phase, totaling more than 2,400 feet, culminated with a third hole reaching a depth of 736.7 feet. These efforts mark the commencement of a deeper exploration into the geological formations and mineralization patterns of Stockade Mountain.
The company says the initial two holes confirmed that the mineralizing system at Stockade Mountain is robust and contains significant gold grades, with the strongest intercept of 8.19 grams per ton of gold over 4 feet and several other gold intercepts of interest. The third hole, which contained a high gold value of 9.32 grams per ton of gold from a 2.7 foot interval, continues to demonstrate the strength of the hydrothermal system and the potential for significant gold mineralization within the project area.
Austin Gold plans to follow up these encouraging results with a reverse circulation drilling program, aiming to unearth the high-grade vein deposits that may lie beneath the previously identified lower-grade mineralization. As the company continues to explore gold targets across southwestern United States, the Stockade Mountain Project appears to be a testament to its strategic exploration pursuits and its potential to contribute to the junior mining industry.
A Forward-Looking Venture
Austin Golds exploration activities at Stockade Mountain are directly focused on unearthing gold, but they also represent a strategic foray into realizing the untapped potential of Oregons mineral-rich landscapes. By leveraging the guiding principles of the Lassonde Curve and employing cutting-edge exploration techniques, Austin Gold seems well-positioned to make significant strides in the mining sector. As the company plans for future exploration, the Stockade Mountain Project holds significant potential for gold and silver discoveries, paving the way for new opportunities and growth within the junior mining industry.
Featured photo by Peter Olexa on Unsplash.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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View source version on newsdirect.com: https://newsdirect.com/news/austin-gold-completes-inaugural-diamond-drilling-campaign-at-its-stockade-mountain-project-487216368
Benzinga
COMTEX_451280164/2655/2024-04-23T08:51:08
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