A method of coating a metal substrate such as the components in second and third stages of gas turbine engines in order to increase the oxidation and corrosion resistance of the metal substrate under high temperature operating conditions, the method including the steps of forming a powdered mixture of a high-melt superalloy or MCrAlY component, where M comprises Fe, Ni and/or Co, and a low-melt component containing about 2-5 wt. % silicon, boron or hafnium, applying the powdered mixture to the surface of the metal substrate at room temperature using an atomized spray to form a uniform surface coating, and then heating the coated substrate surface under vacuum conditions to a temperature in the range of about 1900° F. to 2275° F. to obtain a uniform coating composition providing oxidation resistance to the underlying substrate.