(TheNewswire)
Tonopah, Nevada / TheNewswire / May 11, 2023 - Allegiant Gold Ltd.(“Allegiant” or the “Company”) (TSXV: AUAU ) (OTC: AUXXF ) is very pleased toannounce that an initial sediment sampling program over approximatelyhalf of its recently staked TS Prospect has indicated a significantLithium-Boron anomaly along the western margin of the Big Smoky Valleybasin.
Allegiant has received very encouraging sample assayresults from 250 samples taken over the northern half of the TSProspect (see Map 1). The Company is continuing the program on theclaims covering the southern half of the project. The aggregatedresults and interpretation will be used to design areverse-circulation (RC) drill program planned to occur later thisyear.
TS Prospect Highlights
-
Approximately 1km long coincident Lithium (Li) andBoron (B) anomalies in sediments (see Map 2).
-
Sample assays up to 342ppm Li and 171ppmBoron.
-
Anomaly trends indicate a primary northwest–southeastand secondary north-south trend that may be associated with buriedstructures.
-
Sampling has begun covering the remainder of the TSclaims.
Peter Gianulis, CEO of AllegiantGold , commented: “The TSClaims evolved as a result of our exploration efforts at Eastsidewhere we continue to grow our gold and silver resource. We are verymuch aware of the immense amount of lithium exploration activityaround our projects. We have been pleasantly surprised by theLithium values from near surface which are comparable to other lithiumresults by companies from drilling. We lookforward to providing the market with additional information over thecoming months.”
MAP 1: TS CLAIMS MAP
https://allegiantgold.com/site/assets/files/2209/eastside_project_and_ts_claims_2023_03_20.jpg
MAP 2: GEOCHEMISTRY MAP
https://allegiantgold.com/site/assets/files/3327/alg_eastside_tsclaims_samples_lippm_230502v3.jpg
TS Prospect
The TS (Travertine Sinter) Prospect lies approximately2.2 kilometres east of the eastern-most claims of the EastsideProspect; the claim block covers an area of approximately 4.1kms by2.5kms, or 1,020 hectares. The claim block is located around severaltravertine sinter occurrences that are believed to overly basinbounding faults on the western edge of the Big Smoky Valley Basinapproximately 29kms west-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 250 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.
Sampling will include an additional ~250 samples andcontinue across the rest of the TS claim block; once results arereceived and interpreted Allegiant plans an aggressive RC drilltesting program to identify the potential source of the near surfaceanomalies.
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.
Copyright (c) 2023 TheNewswire - All rights reserved.