08:30 AM EDT, 09/05/2024 (MT Newswires) -- Augusta Gold ( AUGG ) reported Thursday the results of a feasibility study for its 100% owned and "construction-ready" Reward project in Nevada.

Among highlights, the study outlined proven and probable reserves of near 15.1 million tons grading 0.025 ounces per ton of gold for 370,000 ounces of contained gold. The project is expected to have a mine life of 7.6 years with pre-production capital cost estimated at $89.7 million.

The company said the project has all required permits in place to commence construction.

Thursday's statement noted the company's Bullfrog Project is located seven miles to the northwest and hosts Measured and Indicated Mineral Resources of 1,209,290 oz gold grading 0.53 g/t gold and Inferred Mineral Resources of 257,900 oz gold grading 0.48 g/t gold. It said "significant" synergies from the Reward Project are expected to be realized for the company's larger Bullfrog project located across the valley.

Following the release of the study, Augusta said it initiated a strategic review process to evaluate alternative opportunities to maximize shareholder return. The company has agreed in principle with its lender to extend the term of its loan with the Lender through to February 28, 2025.

"The Reward project is construction-ready, strategically located and anticipated to be our first development in the district and will help support the development of our larger Bullfrog project located seven miles away. The Reward Project could be in production within 12 months of commencing full-scale construction, in a rapidly growing and highly prolific district," President and CEO Don Taylor said.