Austin Gold Projects Update

Summary

• AUST has completed an initial drilling program on the Fourmile Basin Project, Nye County, Nevada;
• AUST has received drill permits from the BLM for the Stockade Mountain Project, Malheur County, Oregon, but is waiting for the State of Oregon to process the Exploration Permit that was submitted in November 2022;
• AUST plans to drill Stockade Mountain in the spring, subject to permitting, weather conditions, and drill rig availability;
• AUST continues to advance drill permitting for its Miller Project, Elko County, Nevada.
• AUST plans to drill the Miller Project in the spring or early summer 2023, subject to weather and ground conditions, and drill rig availability;
• AUST continues data compilation, evaluation, and drill targeting on its Lone Mountain Project, Elko County, Nevada;
• AUST is fully funded for the planned exploration programs discussed herein.

Vancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - Austin Gold Corp. (NYSE American: AUST) ("Austin" or the "Company") provides 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 ("BLM") 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.

Austin Gold Corp. is fully funded for all planned exploration programs, having completed its initial public offering in May 2022. Furthermore, Austin is actively reviewing other projects that have exceptional discovery potential for economic gold/silver deposits.

Robert M. Hatch, the Qualified Person for Austin Gold as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has approved the scientific and technical information in this news release.

About Austin Gold Corp.

Austin Gold is a gold exploration company focused on gold targets and making district-scale gold discoveries in the southwestern United States.

Austin Gold has four projects in Nevada. The Kelly Creek Project is located on the Battle Mountain-Eureka (Cortez) gold trend in Humboldt County, the Lone Mountain Project is on the Independence-Jerritt Canyon gold trend in Elko County, the Miller Project is on the Carlin gold trend in Elko County, and the Fourmile Basin Project is in Nye County, Nevada and situated in Oligocene volcanic rocks that appear to be roughly the same age as those that host the large Round Mountain gold deposit. Collectively, these Nevada properties comprise 136.3 km² of unpatented and patented mining claims and mineral tenure. In Oregon, the Stockade Mountain Project consists of approximately 27.5 km² of unpatented mining claims situated in a geological environment that appears the same as the nearby Grassy Mountain Deposit that is being permitted for underground mining.

For further information, please contact:

Darcy A. Higgs, Corporate Secretary
604-644-6580
darcy.higgs@austin.gold
Website: www.austin.gold

Safe Harbor / Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbors created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, the Company's expectations, strategies and plans for the Fourmile Basin project, the Stockade Mountain Property, the Miller Project, and the Lone Mountain Project including the Company's planned expenditures and exploration activities.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance, or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance, or achievements expressed or implied by such forward-looking information.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156865