Augusta Gold Corp (OTCMKTS:AUGG) is up 52% in a month after announcing an agreement to purchase Reward Projected, which is only seven miles from its Bullfrog Project located in Nevada.
Trading Data
On Thursday, AUGG stock fell 1.30% to $1.55 with more than 10K shares, compared to its average volume of 36K shares. The stock moved within a range of $1.5000 – 1.5500 after opening trade at $1.54.
Augusta Gold Acquires Fully Permitted Low-Cost Heap Leach Gold Project Seven Miles From Its Bullfrog Project In Nevada
Historical estimates of the Reward Project’s indicated and measured mineral resources are around 416,8002 ounces of oxide gold grading 0.022 oz/t gold. Also, a historical estimate of probable and proven reserves is 377,0003 ounces of gold grading 0.024 oz/t gold. The company will start developing the project immediately after the update of historical estimates.
The test work for the historical projection estimated gold recoveries of almost 81%. The Reward Project complements the Bullfrog Project, which has tested and noted mineral reserves of 1,209,000 oz of gold at a grade of 0.53 g/t gold and implied mineral deposits of 258,000 oz of gold at a grade of 0.48 g/t gold. Substantial synergies between both projects are expected to be realized. So investors should keep an eye on AUGG in the coming days.
Key Quote
Don Taylor, President and CEO commented: “We are pleased to bring the Reward Project into our ongoing operations being advanced at the Bullfrog Project. Once we have updated past studies, we anticipate that the Reward Project will be a shovel ready, low-risk oxide gold project in close proximity to our Bullfrog Project that will enable the Company to be a near-term producer while we complete the permitting process at Bullfrog.”
Technical Data
AUGG stock is trading above the 20-Day and 50-Day Moving averages of $1.33 and $1.05 respectively. Moreover, the stock is trading above the 50-Day moving average of $1.09.
