(TheNewswire)
Reno, Nevada – TheNewswire - May 5, 2022 - Allegiant Gold Ltd.(“Allegiant” or the “Company”) (TSXV:AUAU) ( OTC: AUXXF) is pleased to announce that SummaSilver Corp. (“Summa”) announced drill results from the first sixholes drilled at the Mogollon Property (“Mogollon”) in the Stateof New Mexico. Summa is currently working to earn a 75% interest inMogollon by making share and cash payments totaling US$3 million andspending an additional US$3 million in work commitments.
According to the May 3, 2022 news release issued bySumma, the following key highlights were reported:
-
31.0 metres at 459 grams per tonnesilver equivalent* (3.88 g/t gold, 129 g/tsilver) including 0.5 m at6,311 g/t silver equivalent (66.8 g/t Au, 638g/t Ag) and two m at 1,223 g/t silver equivalent (9.32 g/t Au, 431 g/tAg) in MOG22-05 where total grade thickness through all mineralizationis 14,233 g/t AgEq*m;
-
Aggressive step-out: Hole MOG22-05 is a 270-metre step-out frompreviously reported MOG22-04 which intersected 11.6 m at 450 g/t silverequivalent (2.7 g/t Au, 220 g/t Ag);
-
Open in all directions: The newly drilled mineralizedzone at the Consolidated Extension target remains open to expansion inall directions;
-
Aggressive drill plan: The company anticipates aminimum of 25,000 m of drilling in 50 holes is necessary for a spacingof approximately 50 m between holes covering an area of approximately500 by 300 m to publish its first resource estimate on this firstMogollon property target;
-
Work just beginning: The Consolidated Extension targetrepresents only 1.5 per cent of the total prospective vein andstructure length present on the property. All other prospective areasremain largely unexplored;
-
Drilling to resume at Mogollon: The company is planningto resume drilling at Mogollon within 30 days and after the completionof required continuing wildlife surveys;
*Silver equivalent (AgEq) based on an Ag/Au ratio of85:1 at Mogollon, true widths are unknown.
Full details of the results can be seen in the Summanews release dated May 3, 2022, inclusive of QA/QC procedures.
Peter Gianulis, CEO of AllegiantGold , commented: “We areexcited about the recent drill results reported by Summa and lookforward to the aggressive ongoing drilling program they have outlinedat Mogollon, one of the best projects in our portfolio. Summa hasproven to be an excellent partner with strong technical capabilitiesand qualifications that will prove invaluable in proving up one of thebest underground silver/gold projects remaining in the U.S.”
ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective goldprojects in the United States, seven of which are located in the mining-friendlyjurisdiction of Nevada. Three of Allegiant’s projects arefarmed-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.
Copyright (c) 2022 TheNewswire - All rights reserved.