(TheNewswire)
Tonopah, Nevada / April 19, 2023 -Allegiant Gold Ltd. (“Allegiant” or the “Company”)( TSXV: AUAU) ( OTC: AUXXF) is very pleased to announce that it hasbegun its 2023 exploration program at the Goldfield West Project thatlies just outside of Goldfield, Nevada.
The exploration program will consist of mapping andsampling of selected target areas to follow-up on the geophysicalsurveys conducted in the fall of 2022 and included airborne magneticand surface CSAMT (controlled source audio-magnet—telluric) surveys.After the results have been analysed and interpreted, Allegiant plansto drill test several targets that have been identified from the fieldwork.
Peter Gianulis, CEO of AllegiantGold , commented: “We have spent the past yearpreparing for the upcoming drill program at Goldfield West including adetailed geophysics survey completed late last year. The resultingsampling program and subsequent assays will be used to determine thelocation of our drill program set to commence in the summer of 2023.Goldfield West is situated in one of the most prospective and excitinggold districts in Nevada, including the Gemfield project. We lookforward to the upcoming results and the start of the drillprogram.”
GOLDFIELD WEST PROJECT
Allegiant’s Goldfield West project is located in theGoldfield District, Esmeralda County Nevada a few miles from theGemfield Gold Project owned by Centerra Gold. Goldfield West showsepithermal alteration associated with highly anomalous to ore-gradegold mineralization both at the surface and in drill intercepts fromthe late 1980s.
A north-northeast trending zone of alteration in thesouthern portion of Allegiant’s claim block extends for 1.9km. Historical drilling along this zone shows mineralized intercepts inmany of the drill holes over a 1.2km strike length. Drilling by USBorax/Kennecott, in this area, showed gold values up to 8.7 gpt and upto 18.6 gpt silver over 1.5 m hosted in volcanic rocks. Geophysicalsurveys conducted in 2022 show north-northeast structural trends whichsuggest these structures are the conduits for mineralizingfluids.
Allegiant has designed a program of geochemical rockchip sampling for assaying and spectral analyses. The spectralanalysis will identify zone of higher temperature minerals indicatingareas of mineralizing fluids. Results from the rock chip sampling(both assays and spectral mineral identification), geophysicalsurveys, geologic mapping and historical drilling results will becompiled to identify drill targets for a drill program later thisyear.
QUALIFIED PERSON
Alan Roberts is a Certified Professional Geologist(CPG) with the American Institute of Professional Geologists and isthe Qualified Person under NI 43-101, Standards of Disclosure forMineral Projects, who has reviewed and approved the scientific andtechnical content of this press release.
ABOUT ALLEGIANT
Allegiant owns seven highly-prospective gold projectsin the United States, five of which are located in the mining-friendlyjurisdiction of Nevada. Three of Allegiant’s projects are currentlyfarmed-out, providing a combination of cash-flow potential and workprograms. Allegiant’s flagship, district-scale Eastside projecthosts a large and expanding gold resource and is located in an area ofexcellent infrastructure. Preliminary metallurgical testing indicatesthat both oxide and sulphide gold mineralization at Eastside isamenable 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 itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release .
Certain statements and informationcontained in this press release constitute "forward-lookingstatements" within the meaning of applicable U.S. securities lawsand “forward-looking information” within the meaning of applicableCanadian securities laws, which are referred to collectively as"forward-looking statements". The United States PrivateSecurities 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 drillprogram at Allegiant’s Eastside project, the preparation andpublication of an updated resource estimate in respect of the OriginalZone at the Eastside project, Allegiant’s future exploration anddevelopment plans, including anticipated costs and timing thereof;Allegiant’s plans for growth through exploration activities,acquisitions or otherwise; and expectations regarding futuremaintenance and capital expenditures, and working capitalrequirements. Forward-looking statements are statements andinformation regarding possible events, conditions or results ofoperations that are based upon assumptions about future economicconditions and courses of action. All statements and information otherthan statements of historical fact may be forward-looking statements.In some cases, forward-looking statements can be identified by the useof words such as “seek”, “expect”, “anticipate”,“budget”, “plan”, “estimate”, “continue”,“forecast”, “intend”, “believe”, “predict”,“potential”, “target”, “may”, “could”, “would”,“might”, “will” and similar words or phrases (includingnegative variations) suggesting future outcomes or statementsregarding an outlook. Such forward-looking statements are based on anumber of material factors and assumptions and involve known andunknown risks, uncertainties and other factors which may cause actualresults, performance or achievements, or industry results, to differmaterially from those anticipated in such forward-looking information.You are cautioned not to place undue reliance on forward-lookingstatements contained in this press release. Some of the known risksand other factors which could cause actual results to differmaterially from those expressed in the forward-looking statements aredescribed in the sections entitled “Risk Factors” in Allegiant’sListing Application, dated January 24, 2018, as filed with the TSXVenture Exchange and available on SEDAR under Allegiant’s profile atwww.sedar.com. Actual results and future events could differmaterially from those anticipated in such statements. Allegiantundertakes no obligation to update or revise any forward-lookingstatements included in this press release if these beliefs, estimatesand opinions or other circumstances should change, except as otherwiserequired by applicable law.
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