Austin Gold Corp. (NYSE:AUST) shares rose Tuesday, on providing this update on activities at its Lone Mountain Project, Elko County, Nevada.
The Lone Mountain Project area 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.
The project is located 20 miles northeast of the Carlin Trend (where more than 90 million ounces of gold has been produced) and is on the southern end of the Independence-Jerritt Canyon Trend (where more than eight million ounces of gold has been produced).
Although significant historical exploration has been conducted at Lone Mountain, large areas of the property remain untested, or minimally tested, by drilling. Historical soil and stream sediment sampling programs reveal areas with strongly anomalous arsenic, antimony and mercury in structurally complex zones that have not been drilled.
AUST shares gathered four cents, or 4.9%, to 85 cents.
