BULLFROG GOLD PROJECT

Overview

The Bullfrog Gold Project is located in the prolific Walker Lane Trend approximately 120 miles north-west of Las Vegas, Nevada and 4 miles west of Beatty, Nevada. The Company controls approximately 7,800 acres of mineral rights including the Bullfrog and Montgomery-Shoshone deposits and has further identified significant additional mineralization around the existing pits and defined several exploration targets that could further enhance the Project. Extensive project infrastructure and attributes that allow fast paced development include suitable access roads and pit ramps, powerline and substation on-site and a paved state highway that crosses the property.

[](https://www.augustagold.com/_resources/images/Map-of-area.png)

Exploration

With significant exploration opportunities on its land package within this prolific gold district the Company has re-invigorated its exploration program. Key priority targets include:

• Montomery-Shoshone
• Gap Target
• Bullfrog
• Bonanza Mountain
• Paradise Ridge

[](https://www.augustagold.com/_resources/images/Land-concession-map-v2.jpg)

Geology & Mineralization

The Project is located in the southern Walker Lane trend within brittle upper-plate volcanic host rocks that were severely broken from dominant detachment faulting and associated dip-slip and strike-slip displacements. Epithermal solutions permeating the broken host rocks in the M-S and Bullfrog deposits precipitated micron-sized but relatively high-grade gold (Au) within major quartz-calcite veins and disseminated gold in associated stock works. The veins contain very little gangue minerals other than quartz, calcite and manganese oxides, the latter of which contributes to silver (Ag) recoveries that are lower than gold.

The highest grades in the Bullfrog deposit typically correlate with zones of black manganese-rich material, where much of the early manganiferous calcite has been leached out, rendering the vein a rubble zone of quartz, calcite and wad. Veins continue up dip and down dip, but the gold grades and thicknesses diminish rapidly above and below these elevations. The veins and vein breccias associated with the mineralization are generally associated with the MP Fault and its immediate hanging wall. Mineralization also occurs in upper and lower Stockwork zones that are subparallel to the high-grade brecciated vein within the main fault structure.

Mineral Resource Estimate

The Mineral Resource estimate has an effective date of June 26, 2021, and is presented for each deposit area and in the form of a combined global oxide and sulphide Mineral Resource table below.

Notes:

• Oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 82% for Au and silver price of US$20/oz and a recovery of 20% For Ag.
• Sulphide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 50% for Au and silver price of US$20/oz and a recovery of 12% for Ag. No sulphide material was reported for Montgomery-Shoshone or Bonanza. Figures are rounded to the appropriate level of precision for the reporting of Mineral Resources.
• Due to rounding, some columns or rows may not compute as shown.
• Estimated Mineral Resources are stated as in situ dry metric tonnes.
• The estimate of Mineral Resources may be materially affected by legal, title, taxation, socio-political, marketing, or other relevant issues.
• The Mineral Resource estimates are reported in compliance with the definitions and guidelines for the reporting of Exploration Information, Mineral Resources and Mineral Reserves in Canada, “the CIM Definition Standards on Mineral Resources and Reserves – Definitions and Guidelines” dated May 10, 2014 (CIM, 2014).

QA/QC

To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes.

Sample preparation (crushing and pulverizing) has been performed at Paragon Geochemistry (“Paragon”), an independent ISO/IEC accredited lab located in Sparks, Nevada. Paragon prepares a pulp of all samples for analysis at their analytical lab. Paragon analyzes the pulp sample by 30 g fire assay with an aqua regia digestion and ICP-OES finish, samples in which gold is greater than 3 ppm are re-run using fire assay with a gravimetric finish, reported in ppm. All samples are analyzed by multi-element aqua regia digestion (35AR-OES for 35 elements) with an ICP – OES finish.

In addition, the Company validated the historic gold and silver values by comparing the historic analytical certificates to the digital assay database. All available downhole surveys were digitized and utilized to properly plot analytical data down-hole. Drill holes with questionable data were omitted from the database and were not used to generation the mineral resource estimate. The results of the validation program indicate that the sample database is of sufficient accuracy and precision to be used for the generation of mineral resource estimates.

Cautionary Note to United States Investors Regarding Estimates of Resources and Reserves: The terms “Mineralized Materials” and "Measured," "Indicated" and "Inferred" mineral resources, are defined in Canadian Institute of Metallurgy guidelines, the guidelines widely followed to comply with NI 43-101.We advise U.S. investors that these terms are not recognized by the US SEC. The estimation of measured and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. Mineral resources are not mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. U.S. investors are cautioned not to assume that measured or indicated mineral resources will be converted into reserves. Inferred mineral resources have a high degree of uncertainty as to their existence and their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource might exist or be economically or legally viable. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment under certain circumstances.