Allegiant Receives Final BLM Approval at Flagship Eastside Project, Increasing Permitted Area by 600%
September 28 2021 - 8:15AM
Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU:
TSX-V) (AUXXF: OTCQX) is very pleased to announce the
receipt of two permits allowing for a significant expansion of
drilling and operations at its Flagship Eastside Project
(
Inferred ounces of 1.4M Au and 8.7M Ag*) near the
town of Tonopah, Nevada. The first permit expands the
Plan-of-Operations (“PoO”) from the previous 600 acres to over
3,676 acres around the Original Pit Zone. The second permit
received amends the existing drill target plan within the Original
Pit Zone and will allow Allegiant to drill up to 14 new diamond
core holes to test the recently discovered high-grade zone
announced on May 26, 2021. Highlights of that announcement
included:
- Strong gold intercepts in Holes
239, 243, 244 and 245
- Mineralization encountered in 7 of
9 holes
- Significant silver in Holes 243 and
239
- Hole 243 included 2.55 g/t
Au over 147.8 metres (3.17 g/t Au over 117.3m)
- Hole 239 included 111.3m of
1.45 g/t Au including 3.1 metres of 39
g/t at the bottom of the hole.
- Hole 244 included 76 metres of
mineralization with best intercept being 6.1m of 1.48 g/t
Au
- Hole 245 included 15.2
metres 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 Zone and the
Castle Zone
Peter Gianulis, CEO of Allegiant
Gold, commented: “The receipt of the two permits is a
major development that will allow us to further expand beyond the
existing Original Pit Zone at Eastside as well as offset drilling
around the recently discovered high-grade zone. We embarked on this
expanded Plan-of-Operations over 18 months ago with the plan of
testing geochemical and geophysical anomalies that have never been
previously drilled. We look forward to executing our business plan
which includes significant drilling.”
The newly approved PoO allows us to build new
roads and access to 160 new drill sites to test gold, arsenic, and
intense hydrothermal alteration zones continuing south and west of
our existing resource for at least 2-3 km. It also allows Allegiant
to drill geophysical anomalies on the pediment east of our existing
resource which are interpreted to be rhyolite domes known to be key
for hosting gold at Eastside. Allegiant plans to provide a
comprehensive update on the business plan and the upcoming 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 conducted by Mine Development Associates
(“MDA”), a division of RESPEC of Reno, Nevada with
an effective date of July 30, 2021. Contained pit-constrained
Inferred Resources (cut-off grade of 0.15 g/t) of 1,090,000
Au ounces in 61,730,000 tonnes at
0.55 g/t Au and 8,700,000 Ag
ounces at 4.4 g/t Ag at the Original Pit
Zone and 314,000 Au ounces in 19,986,000
tonnes at 0.49 g/t Au at the Castle Area.
In accordance with NI 43-101, the MDA Technical Report dated July
30, 2021, will be filed on SEDAR. This report builds on and
supersedes the NI 43-101 reports of Ristorcelli (December 2016),
Ristorcelli (July 2017) and Ristorcelli (January 2020) titled
“Amended Updated Resource Estimate and NI 43-101 Technical Report,
Eastside and Castle Gold-Silver Project, Esmeralda County, Nevada”
prepared for Allegiant with an Effective Date of December 30,
2019.
See Eastside expanded permit area here:
Map 1: Expanded Permit Area
Maphttps://allegiantgold.com/site/assets/files/2209/eastside-expanded-permit-area-map.jpg
QUALIFIED PERSON
Andy Wallace is a Certified Professional
Geologist (CPG) with the American Institute of Professional
Geologists and is the Qualified Person under NI
43-101, Standards of Disclosure for Mineral Projects, who has
reviewed and approved the scientific and technical content of this
press release.
ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective
gold projects in the United States, 7 of which are located in the
mining-friendly jurisdiction of Nevada. Four of Allegiant’s
projects are farmed-out, providing for cost reductions and
cash-flow. Allegiant’s flagship, district-scale Eastside project
hosts a large and expanding gold resource and is located in an area
of excellent infrastructure. Preliminary metallurgical testing
indicates that both oxide and sulphide gold mineralization at
Eastside is amenable to heap leaching.
ON BEHALF OF THE BOARD
Peter Gianulis CEO
For more information contact:
Investor Relations (604) 634-0970 or
1-888-818-1364 ir@allegiantgold.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain statements and information contained in
this press release constitute "forward-looking statements" within
the meaning of applicable U.S. securities laws and “forward-looking
information” within the meaning of applicable Canadian securities
laws, which are referred to collectively as "forward-looking
statements". The United States Private Securities Litigation Reform
Act of 1995 provides a “safe harbor” for certain forward-looking
statements. Allegiant Gold Ltd.’s (“Allegiant”) exploration plans
for its gold exploration properties, the drill program at
Allegiant’s Eastside project, the preparation and publication of an
updated resource estimate in respect of the Original Zone at the
Eastside project, Allegiant’s future exploration and development
plans, including anticipated costs and timing thereof; Allegiant’s
plans for growth through exploration activities, acquisitions or
otherwise; and expectations regarding future maintenance and
capital expenditures, and working capital requirements.
Forward-looking statements are statements and information regarding
possible events, conditions or results of operations that are based
upon assumptions about future economic conditions and courses of
action. All statements and information other than statements of
historical fact may be forward-looking statements. In some cases,
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such as “seek”, “expect”, “anticipate”, “budget”, “plan”,
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these beliefs, estimates and opinions or other circumstances should
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