(TheNewswire)
Tonopah, Nevada – TheNewswire - March 23, 2023 - Allegiant Gold Ltd.(“Allegiant” or the “Company”) ( TSV: AUAU) ( OTC: AUXXF) is verypleased to announce that it has completed the staking of 126 federallode mining claims over gold and lithium anomalies adjacent to itsEastside Property within the Big Smoky Valley.
Allegiant has staked 126 federal lode mining claims(map 1), comprising the TS Prospect, to the east of its EastsideProperty. Allegiant has identified anomalous gold and lithium inoutcrops of travertine sinter that occur at the edge of the Big SmokyValley. The origin of the travertine sinter outcrops is to bedetermined but they are coincident with structures identified fromairborne and ground geophysics that indicate a north-south structure,or series of structures, believed to be basin-bounding faults.
A geochemical orientation survey that will comprise agrid of sediment samples has begun that will cover the entire claimblock. The results of the survey will be combined with geophysics andfield observations to define targets for drill testing this summer2023.
TS Prospect Highlights
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126 Federal Lode Mining Claims staked coveringapproximately 1,020 Hectares on BLM managed lands.
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Samples results from outcrop of Travertine Sinterreturned up to 0.18 g/t Gold and 144ppm Lithium.
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Gold values are above 0.15g/t Au cut-off used forEastside Resource calculations.
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Lithium values up to 144pmm are well above backgroundvalues that typically 10ppm Li
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Airborne-magnetic and ground-based gravity surveysindicate north-south structures and a potential shallow embaymentfeature.
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Geochemical orientation survey of approx. 500 sampleson a 200m x 100m grid has begun.
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All results will be integrated to provide targets fordrilling in Summer 2023.
Peter Gianulis, CEO of AllegiantGold , commented: “Ourtechnical team has identified numerous gold and lithium anomalieswithin Big Smoky Valley, a few miles from the edge of our flagshipEastside gold/silver project. We were also very intrigued by some ofthe lithium samples we discovered at the eastern side of Eastsidewhich led us to stake additional ground nearby. Our early samplingnot only showed Li well above background values but also gold valueswhich are above the typical cut-off grade used at Eastside. Thesenew claims warrant a further work program and wewill be designing a small initial program in conjunction with thesubmission of an NOI to the BLM in the coming weeks.”
MAP 1: TS CLAIMS MAP
https://allegiantgold.com/site/assets/files/2209/eastside_project_and_ts_claims_2023_03_20.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 islocated around several travertine sinter occurrences that are believedto overly basin bounding faults on the western edge of the Big SmokyValley approximately 29kms east-northeast 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.
Sampling of the travertine sinters has revealedelevated gold values up to 0.18g/t Au that represents values equitablewith that of low-grade ore compared to the cut-off value of 0.15g/t Aufor the Eastside and Castle Resources* (NI 43-101 Technical Reportdated July 30, 2021).
Anomalous lithium values up to 144 ppm Li from samplesrepresent significantly elevated values from an average background ofless than 10ppm Li within the rhyolite volcanics at Eastside;mineralized and altered rhyolite rocks from Eastside do not containsuch elevated lithium values, typically around the average of lessthan 10ppm Li. Whereas the Lithium values from the travertine sintersare not economic they present interesting exploration targets as theyare 10 to 15 times enriched over the background in rhyolite countryrocks to the East, and significantly greater than the average crustalabundance of 17-20ppm.
It should be noted that the gold and lithium anomalies,though coming from the same outcrops, are not coincidental. Samplesthat returned anomalous gold did not return anomalous lithium, andvice versa, suggesting that two potential processes are operating –one process to concentrate the gold and another to concentrate thelithium.
A geochemical orientation survey on an initial 200m by100m sampling grid has begun that will collect sediment samples frombelow the effects of surface weathering, typically 30-45 cm belowsurface, within the unconsolidated sediments. The goal of the surveyis to attempt to identify whether upwelling basinal brines orhydrothermal fluids have migrated into the overburden sedimentsadjacent to the country rock – basin sediment contact, along thefaults identified from the geophysics, and formed the north-southtrend of sinter deposits.
If successful, the integration of the geochemicalsurvey with the geophysical surveys will be used to define targetsthat will be tested with drilling in the summer-fall of 2023.
* The updatedresource estimate (“Updated Resource Estimate and NI 43-101Technical Report, Eastside and Castle Gold-Silver Project TechnicalReport, Esmeralda County, Nevada”) conducted by Mine DevelopmentAssociates (“ MDA ”) of Reno, Nevada, with an effective date of July 30,2021, contained a pit-constrained Inferred Resources (cut-off grade of0.15 g/t Au) of 61,730,000tonnes grading 0.55 g/t Au and 4.4 g/t Ag at the Original Pit Zone (1,090,000 ounces gold and8,700,000 ounces silver) and 19,986,000 tonnes grading 0.49 g/t Au at theCastle Area (314,000 ounces gold). A copy of the Eastside TechnicalReport can be found on SEDAR at www.sedar.com.
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 seven highly prospective gold projectsin the United States, five of which are 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 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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