(TheNewswire)
Tonopah, Nevada - TheNewswire - July 12, 2023 - Allegiant Gold Ltd. (“Allegiant” or the “Company”)(AUAU:TSX-V) (AUXXF:OTCQX) is very pleased toannounce that it has completed its sediment sampling program over theTS Prospect and the results confirmed the initial finding of asignificant Lithium-Boron anomaly along the western margin of the BigSmoky Valley basin, near Tonopah, Nevada.
Allegiant has received very encouraging sediment sampleassay results from 500 samples collected over its TS Prospect (see Map1). The aggregated results and interpretation will be used to designa core drilling program planned to occur in the summer-fall 2023.
TS Prospect Highlights
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Greater than 2km long coincident Lithium (Li) and Boron(B) anomalies in sediments (see Maps 2 3).
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Sample assays up to 342ppm Li and 194ppmBoron.
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Coincident Ca anomaly consistent with calcite cementedclaystone’s that host Li B (see Map 4) in the Tonopaharea.
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Anomaly trends indicate a primary northwest–southeastand secondary north-south trend that may be associated with buriedstructures.
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Core Drill testing planned for summer-fall 2023 oncenecessary permits have been obtained.
Peter Gianulis, CEO of AllegiantGold , commented: “We areextremely encouraged by the initial results of our sampling programand look forward to drilling these targets in the near future. Although we continue to solely be focused on precious metals at theEastside District, our geological team were able to identify thesetargets and anomalies during a routine reconnaissance program. Our endgoal is to add value for our shareholders, of which, management andinsiders continue to be the largest single group. ”
MAP 1: TS CLAIMS MAP
https://allegiantgold.com/site/assets/files/3340/alg_eastside_tscalims_samples_capct_230627.jpeg
MAP 2 & 3: GEOCHEMISTRY MAP –LITHIUM & BORON ANOMALIES
https://allegiantgold.com/site/assets/files/3340/alg_eastside_tscalims_samples_lippm_230620.jpeg
https://allegiantgold.com/site/assets/files/3340/alg_eastside_tscalims_samples_bppm_230620.jpeg
TS Prospect
The TS (Travertine Sinter) Prospect lies approximately2.2 kms east of the eastern-most claims of the Eastside Prospect; theclaim block covers an area of approximately 4.1kms by 2.5kms, or 1,020hectares. The claim block is located around several travertine sinteroccurrences that are believed to overly basin bounding faults on thewestern edge of the Big Smoky Valley Basin approximately 29kmswest-northwest Tonopah, Nevada.
The main travertine sinter occurrence outcrops as asmall hill and is associated with a series of roughly north-southtrending smaller travertine sinter outcrops. The north-south nature ofthe outcrops is coincident with features identified from airbornemagnetometer surveys and ground-based gravity surveys and are believedto represent north-south Big Smoky Valley basin-bounding normalfaults. These surveys also identified an embayment feature that mayrepresent a shallow, fault bounded paleo-lakebed within theunconsolidated sediments that overlie the older volcanic andsedimentary “basement” rocks.
The geochemical sediment survey collected 500 samplesand included duplicates, blanks and standards as part of QA/QC.Samples were taken from unconsolidated sediments from a depth of 30-to 45 centimeters below the surface; the reasoning for this was to getbelow the immediate weathering and sediment transport surface, andinto the less disturbed near-surface sediment layer. In this region,due to the drainage patters, there is virtually no well-developed soilhorizon from which to collect “C-horizon” sediments. Samples wereanalyzed by ALS Global; sample preparation was carried out at thelaboratory in Sparks, NV; final analysis was carried out at theirlaboratory in Vancouver, Canada. The analysis method applied uses a25g sample charge; the sample is digested with aqua regia and then 53elements analyzed by super-trace ICP-MS, including Au, Ag, Pt, Pd, Liand B that are not routinely analyzed for by ICP “wet”geochemistry.
The geochemical survey approach has successfullyindicated distinct and coincident Lithium and Boron anomalies thatform a primary, elongate Northwest-southeast trend that also appearsto have a second north-south component. Allegiant’s geologistsbelieve that these trends are related to the underlying basin boundingand inter-basin fault structures, and may be indicative of potentialareas of fluid flow. Many of the samples collected were calcitecemented clay-, silt- and fine sandstone that are like reports oflithium bearing occurrences from elsewhere in the Big Smoky Valley,west of Tonopah, NV.
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 six highly prospective gold projects inthe United States, five of which are in the mining-friendlyjurisdiction of Nevada. Two of Allegiant’s projects are currentlyfarmed-out, providing for cost reductions and cash-flow. Allegiant’sflagship, district-scale Eastside project hosts a large and expandinggold resource and is 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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