Austin Gold Corp. provided the following projects updates. The Company has completed its initial drilling program on the Fourmile Basin project, Nye County, Nevada.

Five holes totalling 4,580 feet (1396 m) were drilled on Bureau of Land Management lands in the southern part of the project area. The exploration target was the hypothesized buried source of gold and silver mineralized boulders and float that are concentrated in a 5.5 mi (8.9 km) long zone along the east side of Fourmile Basin. Analytical results for gold were recently received, with high values being 0.106 and 0.065 g/t gold.

Analysis of the data is ongoing to determine the next course of action for the property. Austin previously received the drill permits from the BLM for the Stockade Mountain project, Malheur County, Oregon. The Company is waiting for the Oregon Department of Geology and Mineral Industries to process the Exploration Permit application submitted in November 2022.

Stockade Mountain is a gold and silver exploration-stage project with a history of significant exploration work, most notably by BHP-Utah, Phelps Dodge and Placer Dome in the 1990s, followed by twenty years of little to no work. Austin's drilling program is designed to test beneath the known high-level gold/silver-bearing stockworks mineralization for high-grade vein deposits formed deeper in the hydrothermal system. Historical near-surface drill intercepts include 260 ft (79.2 m) averaging 0.937 g/t Au from 150 - 410 ft (45.7 - 125 m).

Numerous other drill holes returned long intercepts of >0.2 g/t Au. Subject to permitting, weather conditions and drill rig availability, Austin plans to drill Stockade Mountain in the spring. The first phase of drilling will involve drilling up to ten holes over a period of two-to-three months.

Austin continues to advance permitting for a planned drilling program at its Miller Project located at the southern end of the Carlin gold trend in Elko County, Nevada. The exploration target is Carlin-type gold mineralization hypothesized to occur beneath Quaternary gravels and Tertiary volcanic rocks that may be indicated by gold and multi-element biogeochemical anomalies. One of the project vendors is a widely renowned expert on the use of biogeochemistry for exploration in covered areas.

Austin continues data compilation, evaluation, and drill targeting on its Lone Mountain Project, Elko County, Nevada. The Lone Mountain property exposes one of about a dozen lower-plate carbonate windows through the regional Roberts Mountains thrust and related faults. The large Carlin-type deposits at Carlin, Jerritt Canyon, and Cortez are localized in or near such carbonate windows.

Additionally, the Lone Mountain property is an Eocene intrusive complex, and such high-level intrusions have regionally been linked to a wide array of Eocene gold mineralization from Carlin-type and distal disseminated gold deposits to high-temperature Au-Ag-Cu-Zn skarns.