(TheNewswire)
Reno, Nevada / TheNewswire / December 7, 2022 - Allegiant Gold Ltd.(“Allegiant” or the “Company”) ( TSXV: AUAU) ( OTC: AUXXF) is pleased toannounce the results of its recently completed seven-hole, 3,457-meterdiamond core drill program (“ DDH ”) within the High-Grade Zone(“ HGZ ”) at Eastside.
Eastside Drilling Highlights:
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9.9 g/t Au over 1.5m (including 23 g/tAg ) and 5.3 g/t Au over 1.5m within a broaderintercept of 0.63g/t Au over 99m at HoleES-280
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1 g/t Au over 12m atHole ES-281
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1 g/t Au over 49m atHole ES-282
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2 g/t Au over 9m atHole ES-285 within a broader intercept of 0.46 g/ t over 105m
Diamond core drilling has confirmed the occurrence ofhigh-grade zones within the Eastside Deposit’s rhyolite host rockand that high grade gold is associated directly with high grade silvervalues (Table 1). The drilling has also confirmed both the lateral andvertically extensive nature of the low-grade gold-silvermineralization around these high-grade zones. The drilling confirmsthe high-grade mineralization that was observed in reverse circulation( “ RC ”) drill holesES-239 and ES-243 and provided high quality rock samples for furtheranalysis.
Peter Gianulis, CEO of AllegiantGold , commented: “Theinitial results of our diamond core drill program continue to showmineralization at Eastside, which is still open to the South and East,and at depth. The DDH program has also given us more confidence inthe system and is vitally important for the follow-up drill programswe have planned. We currently are integrating this new data, with ourexisting drill information and geophysics, into our exploration model. Eastside continues to surprise us with its potential to host a verylarge gold/silver deposit in one of the most prolific producingregions in the world. Over the coming months, we will be seeking tocontinue drilling, targeting the release of an updated NI 43-101resource estimate in 2023 that expands on the 1.4 million Ounces Auand 9.0 million Ounces Ag inferred resource estimate contained in July30, 2021 report.”
The drill program targeted deeper high-grade Au-Agmineralization within the core of the Eastside Rhyolite complex aswell as deeper portions of the contact between the rhyolite complexand the surrounding volcanic host rocks. The program followed up onthe high-grade results identified in 2021 RC drilling including holesES-243 and ES-239 (see news release dated May 26, 2021).
The results of the core drilling program have confirmedthe high-grade gold-silver mineralization that was observed in earlierdrill holes ES-239 and ES-243, and throughout the low-grade resourceas defined in the Technical Report dated July 30, 2021*. Themineralization is hosted by a tectonically fractured, flow-bandedrhyolite and occurs dominantly within veins containing quartz andhematite within an envelope of lower grade mineralization consistingof millimeter scale stockworks of quartz and iron-oxide veins as wellas in fracture-fill. At lower levels below the oxide/sulfide boundarythe quartz veins are seen to contain varying amounts of pyrite,marcasite and stibnite; the host rock rhyolite also contains arelatively high proportion (up to 5%) of fine grained, millimeterscale, disseminated sulfides including pyrite, marcasite andstibnite.
Table 1: Drill Hole AssaySummary
[ANNOTATION:
BY 'Gordon Bogden'
ON '2022-12-06T11:47:00' GB
NOTE: 'Change to g/t' ]
Map 1: Location Map with Drill HoleLocations
https://allegiantgold.com/site/assets/files/3144/alg_eastside_project_221201v2.jpg
* The updatedresource estimate (“Updated Resource Estimate and NI 43-101Technical Report, Eastside and Castle Gold-Silver Project TechnicalReport, Esmeralda County, Nevada”) conducted by Mine DevelopmentAssociates (“ MDA ”) of Reno, Nevada, with an effective date of July 30,2021, contained a pit-constrained Inferred Resources (cut-off grade of0.15 g/t Au) of 61,730,000tonnes grading 0.55 g/t Au and 4.4 g/t Ag at the Original Pit Zone (1,090,000 ounces gold and8,700,000 ounces silver) and 19,986,000 tonnes grading 0.49 g/t Au at theCastle Area (314,000 ounces gold). A copy of the Eastside TechnicalReport can be found on SEDAR at www.sedar.com.
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 100% of 7 highly-prospective goldprojects in the United States, 5 of which are located in themining-friendly jurisdiction of Nevada. Four of Allegiant’s projectsare farmed-out, providing for cost reductions and cash-flow.Allegiant’s flagship, district-scale Eastside project hosts a largeand expanding gold resource and is located in an area of excellentinfrastructure. Preliminary metallurgical testing indicates that bothoxide and sulphide 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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