(TheNewswire)
HONORING EARLY WORK BY LARRYMCINTOSH
Tonopah, Nevada – TheNewswire - June 29, 2023 - Allegiant Gold Ltd.(“Allegiant” or the “Company”) (TSXV: AUAU ) (OTC: AUXXF ) announces thenaming of the McIntosh Zone, formerly known as the Original Pit Zone(“OPZ”), after Larry McIntosh, the exploration geologist who madethe original discovery and provides further clarity on thenomenclature applied to the Eastside District (“Eastside”) as awhole.
Larry’s prospecting and sampling led Allegiant intoEastside, and then the drilling program that generated the discoveryin 2011 for Cordex and Allegiant Gold (formerly Columbus Gold). Overthe subsequent years, Eastside has grown to district-scale and is nowthe flagship project for Allegiant. Larry earned a Bachelor of Science inGeological Engineering from the Mackay School of Mines. Larry was amember of the Geological Society of Nevada and enjoyed a long careeras a geologist in gold exploration. Larry passedaway on June 7, 2018.
Peter Gianulis, CEO of AllegiantGold , commented: “I hadthe honor to meet Larry back in 2012 when I was a member of the Boardof Directors, and after the first discovery hole. It is our honor tobestow the name of such an inquisitive and kind person to this golddeposit. We will continue to build on Larry’s initial discovery andendeavor to make the McIntosh Zone into a producing mine.”
EASTSIDE DISTRICT
Eastside, Allegiant’s flagship project, hosts anexisting low-grade, bulk tonnage, low sulfidation epithermal resource(NI43-101 Technical Report dated July 30, 2021) associated withrelatively young rhyolite intrusive and volcanic rocks. There areindications that the mineralized zones at Eastside in the McIntoshZone extend vertically over several hundreds of meters and areconsistent with other rhyolite-hosted systems in the Walker-Lanestructural trend; probably the most comparable deposit currently beingmined is Equinox’s Castle Mountain mine; the project also bears somesimilarities to Las Crucitas in Costa Rica.
Allegiant will begin referring to Eastside as theentire district encompassing over 1,100 claims within over 21,000acres (85 km 2 ) and hosts the McIntosh Zone, part of the Eastside Project,as well as the Castle Project (“Castle”). The Castle Project,approximately 15 kilometers south of the Eastside Project, contains 4known low- to moderate-sulfidation epithermal gold-silver deposits:Boss, Berg, Black Rock and Castle. An inferred resource was definedbased upon historic drilling through 2020; this was followed byresource expansion drilling in early 2023 which demonstrated that theCastle Project was under-drilled, and that further exploration andresource expansion drilling could bring significant additionalmineralization to the resource.
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. Eastside,Allegiant’s flagship, hosts a large and expanding gold resource andis in an area of excellent infrastructure.
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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