(TheNewswire)
Reno, Nevada – TheNewswire - June 21, 2022 - Allegiant Gold Ltd.(“Allegiant” or the “Company”) (TSXV:AUAU) (OTC:AUXXF) is pleased to announce the commencement of ourdiamond core drilling program (“Core”) at Eastside which willconsist of 4,000+ metres. In addition, the Company has recentlycompleted the previously announced 6,700 metre reverse-circulation(“RC”) drilling program at Eastside.
Commencement of Diamond Core DrillProgram
Allegiant expects to drill 7-9 diamond core holes inthis program with an average depth of 600 metres for a total of4,000-5,000 metres. The hole locations and design were jointlyselected together with the exploration team at Kinross. The Coreholes will be located in the High Grade Zone (“HGZ”) discoveredduring 2021 drill program completed within the Original Pit Zone(“OPZ”) at Eastside that yielded the following results:
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Hole 243 included 2.55 g/t Au over 147.8 metres ( 3.17 g/t Au over 117.3m)
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Hole 239 included 111.3m of 1.45 g/t Au including 3.1 metres of 39 g/t Au at the bottom of thehole.
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Hole 244 included 76 metres of mineralization with bestintercept being 6.1m of 1.48g/t Au
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Hole 245 included 15.2 metres of 3.4 g/t Au from relatively shallow depths (177m)
MAP 1: DRILL TARGETS
https://allegiantgold.com/site/assets/files/2209/auau_eastside_2021-2022_drill_holes.jpg
Completion of RC Program atEastside
In June 2022, Allegiant completed a 32-hole, 6,703metre drill program designed to test new exploration targets atEastside focusing on the East Pediment (21 holes) and the West Anomaly(11 holes). The targets lie to the east and west of the OPZ and werebased on geophysical and geochemical anomalies. Drilling wasconducted by Boart Longyear using a Foremost MPD 1500, track-mountedrig. Given the current high demand for assays in the Western U.S.,the Company is still awaiting the results from this program, but theywill be released upon receipt and evaluation.
Peter Gianulis, CEO of AllegiantGold , commented: “We areexcited to have started our much-anticipated diamond core drilling tofollow up on our successful drill program last year that led to thediscovery of the HGZ. We also look forward to the results of ourrecently completed RC drill program and have tentatively scheduled thereturn of our RC rig for October 2022 in order to continue drillingadditional targets based on assays. Together with the Core program,we would expect to be drilling for the remainder of this year.”
QUALIFIED PERSON
Andy Wallace 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 100% of 10 highly-prospective goldprojects in the United States, seven of which are located in the mining-friendlyjurisdiction of Nevada. Three of Allegiant’s projects arefarmed-out, providing for cost reductions and cash-flow. Allegiant’sflagship, district-scale Eastside project hosts a large and expandinggold resource and is located in an area of excellent infrastructure.Preliminary metallurgical testing indicates that both oxide andsulphide gold mineralization at Eastside is amenable to heapleaching.
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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