Allegiant receives final BLM approval at Flagship Eastside
RENO, Nevada, September 28, 2021 (GLOBE NEWSWIRE) – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is very pleased to announce the receipt of two permits allowing a significant expansion of the drilling and operations of its flagship Eastside project (Assumed ounces of 1.4M Au and 8.7M Ag *) near the town of Tonopah, Nevada. The first permit extends the plan of operations (“PoO”) from the previous 600 acres to over 3,676 acres around the original mine area. The second permit received amends the existing target drilling plan in the original mine area and will allow Allegiant to drill up to 14 new diamond core holes to test the newly discovered high grade zone announced on May 26, 2021 Highlights from this announcement included:
- Strong gold interceptions in holes 239, 243, 244 and 245
- Mineralization encountered in 7 of the 9 holes
- Significant money in holes 243 and 239
- Hole 243 included 2.55 g / t Au over 147.8 meters (3.17 g / t Au over 117.3 m)
- Hole 239 included 111.3 m of 1.45 g / t Au including 3.1 meters of 39 g / t to bottom of the hole.
- Hole 244 included 76 meters of mineralization, the best interception being 6.1 m of 1.48 g / t Au
- Hole 245 included 15.2 meters of 3.4 g / t Au from relatively shallow depths (177m)
- Eastside remains open in all directions and at depth in both the original pit area and the castle area
Peter Gianulis, CEO of Allegiant Gold, commented: “Obtaining the two permits is a major development that will allow us to expand further beyond the original existing mine area at Eastside as well as offset drilling around the high grade area recently. discovery. We embarked on this expanded plan of operations over 18 months ago with the plan to test geochemical and geophysical anomalies that had never been drilled before. We look forward to implementing our business plan which includes significant drilling. “
The newly approved PoO allows us to build new roads and access 160 new drill sites to test for gold, arsenic and areas of intense hydrothermal alteration extending south and west of our resources. existing for at least 2-3 km. It also allows Allegiant to drill geophysical anomalies on the pediment east of our existing resources which are interpreted as rhyolite domes known to be the key to gold hosting in the Eastside. Allegiant plans to provide a full update on the upcoming business plan and drilling in the near future.
* The updated resource estimate (“Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report, Esmeralda County, Nevada” was performed by Mine Development Associates (“MDA“), a division of RESPEC of Reno, Nevada with an effective date of July 30, 2021. Inferred resources confined in the pit (cut-off grade of 0.15 g / t) of 1,090,000 ounces Au in 61,730,000 tonnes To 0.55 g / t Au and 8,700,000 ounces Ag To 4.4 g / t Ag to the area of the original pit and 314,000 ounces Au in 19,986,000 tons To 0.49 g / t Au in the castle district. In accordance with NI 43-101, MDA’s technical report dated July 30, 2021 will be filed on SEDAR. This report builds on and replaces NI 43-101 reports from Ristorcelli (December 2016), Ristorcelli (July 2017) and Ristorcelli (January 2020) entitled “Amended Updated NI 43-101 Resource Estimate and Technical Report, Eastside and Castle Gold-Silver Project, Esmeralda County, NevadaPrepared for Allegiant with an effective date of December 30, 2019.
See Eastside’s expanded permit area here:
Map 1: Map of the extended permit area
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Disclosure Standards for Mining Projects, who has reviewed and approved the scientific content and technique of this press release.
Allegiant owns 100% of 10 very promising gold projects in the United States, 7 of which are located in the favorable mining jurisdiction of Nevada. Four of Allegiant’s projects are outsourced, reducing costs and generating cash flow. Allegiant’s flagship district-wide project in the Eastside is home to a significant and expanding gold resource and is located in an area with excellent infrastructure. Preliminary metallurgical testing indicates that the oxidized and sulphided gold mineralization at Eastside is suitable for heap leaching.
ON BEHALF OF THE BOARD
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Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable US securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are collectively referred to as “statements. forward-looking “statements.” The US Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Allegiant Gold Ltd.’s exploration plans (“Allegiant”) for its gold exploration properties, the Allegiant Eastside Project drill program, the preparation and publication of an updated resource estimate for the original Eastside Project area, the Allegiant’s future exploration and development plans, including anticipated costs and timing thereof; Allegiant’s growth plans through exploration, acquisition or otherwise; and expectations regarding future maintenance and capital expenditures, and working capital requirements. Forward-looking statements are statements and information about possible events, conditions or results of operations that are based on assumptions about future economic conditions and action plans. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “anticipate” “,” Intend “,” believe “,” predict “,” potential “,” target “,” may “,” could “,” would “,” could “,” will “and similar words or expressions (including negative variations) suggesting future results or statements regarding a prospect. These forward-looking statements are based on a number of important factors and assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or the results of the company. industry, differ materially from those anticipated in these forward-looking statements. information search. You are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Certain of the known risks and other factors that could cause actual results to differ materially from those expressed in forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s application for registration dated January 24, 2018, as filed on the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in these statements. Allegiant assumes no obligation to update or revise any forward-looking statements included in this press release if such beliefs, estimates and opinions or other circumstances change, except as applicable law requires otherwise.