(TheNewswire)
Tonopah, Nevada – TheNewswire - March 16, 2023 - Allegiant Gold Ltd.(“Allegiant” or the “Company”) (TSXV:AUAU) (OTC: AUXXF ) announces that CopAur Minerals, Inc.(“CopAur”) has completed the terms of the option agreement toearn-into 50.01% of Allegiant Bolo project (“Bolo”) and haselected the option to acquire 75% of the project.
Allegiant was informed by CopAur that it had met theUS$1.5 million work requirement on Bolo for calendar year 2022,thereby having met all terms of the option agreement signed betweenAllegiant and Barrian Mining Corp in 2018. Barrian (later renamed“New Placer Dome Mining”) was acquired by CopAur in December 2022and assumed the option agreement. The original terms of theagreement required CopAur to spend a total of US$4 million on a workprogram at Bolo while making staged option payments to Allegiant for atotal of US$1 million in order to earn-into a 49.99% working interest. CopAur could subsequently elect the option to acquire an additional25% of Bolo (a total of 75% working interest) by spending anadditional US$4 million within two years. By electing this option,CopAur is granted an additional 0.02% working interest for a total of50.01% and is the current operator of the project.
Peter Gianulis, CEO of AllegiantGold, commented: “We welcome CopAur as anequity partner in our Bolo project and look forward to the upcomingwork program over the coming years. Since our initial discovery ofBolo in 2016, we believe Bolo to be one of the best prospectiveprojects in the State of Nevada. This is a testament to the successof our farm-out business model that has provided Allegiant, andthereby our investors, with various paths to non-dilutive financingswhile our partners advance our projects. We continue to advanceEastside, our flagship project, and believe that Allegiant hasmultiple paths to continue adding shareholder value.”
ABOUT ALLEGIANT
Allegiant owns seven highly-prospective gold projectsin the United States, five of which are located in the mining-friendlyjurisdiction of Nevada. Three 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 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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