Austin Gold Corp. announced that the Company has received gold assay results from the first two drillholes at its Stockade Mountain Project located in Malheur County, Oregon. These holes confirm that the mineralizing system at Stockade Mountain is robust and contains significant gold grades, with the strongest intercept of 8.19 g/t over 4 feet (1.2 m) and several other gold intercepts of interest.

Significant intervals are tabulated in the following chart: Hole ID, From, To, Interval, From, To, Inter Val, Gold, (ft), (ft), (m), (m), g/t, SM-23-01, 155, 293, 137.9, 47.2, 89.3, 42.1, 0.636, Incl., 161.4, 166.4, 5, 49.2, 50.7, 1.7, 1.713, Incl., 279, 283, 4, 85.0, 86.3, 1.2, 28.1, 102.8, 8.7, 8.7, 0.326, Incl., 308.8, 312.1, 3.3, 94.1, 95.1, 1.0, 2.7, 116.6, 117.7, 1.1, 2.472, SM-23-02, 47, 63, 16, 14.3, 19.2, 4.9, 0.368, Incl., 60.3, 63, 2.7, 18.4, 19.2, 0.8, 0.762, 254, 273.7, 19.7, 79.3, 83.4, 4.1, 0.417, Incl., 254, 260.3, 6.3, 77.4, 1.9, 1.9, 0.752, 296.5, 304.5, 90.5, 92.8, 2.3, 2.3, 0.513, 698.5, 706.6, 8.1, 212.9, 215.4, 2.5, 2.5, 0.752, Incl., 698.5, 701.4, 2.9, 212.9, 213.8, 0.9, 0.9, 1.276, 771.5, 2.7, 2.5, 234.4, 235.2, 0.7, 0.8, 1.718. Stockade Mountain is a classic low-sulfidation/hot springs gold and silver exploration-stage project with a history of significant exploration work in the late 1980s and early 1990s. At that time, targeted mineralization was near-surface gold deposits minable by open pit methods.

The last hole drilled at Stockade was in 1993 by Placer Dome, and until Austin's current drill program, no drilling had targeted high-grade veins minable by underground methods that are hypothesized to occur below the known lower grade stockwork mineralization. Historical near-surface drill intercepts in the stockworks zone included long intercepts of >0.2 g/t Au, with some highlights being: 79.2 m (260 ft) averaging 0.937 g/t gold, which includes 24 m averaging 1.560 g/t gold; 3 m (10 ft) averaging 1.1 g/t gold;3 m (10 ft) averaging1 g/t gold.