Allegiant Announces Commencement and Expansion of Drilling Program at Eastside

Rhea-AI Summary

Allegiant Gold Ltd. (AUXXF) announced the arrival of a reverse circulation drill rig at its Eastside project in Nevada, expanding its drill program from 12,000 to over 14,000 meters. The plan includes drilling 30 holes in the East Pediment area and 10 holes in the West Anomaly area, targeting geophysical and geochemical anomalies associated with gold deposits. The recent strategic investment from Kinross Gold facilitated the drill program expansion. CEO Peter Gianulis expressed optimism about the potential to enhance existing resources at Eastside.

Positive

• Expansion of drill program from 12,000 to over 14,000 meters.
• Targeting high-potential geophysical and geochemical anomalies in two new areas.

Negative

• None.

RENO, Nev., April 04, 2022 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce the arrival of a reverse circulation (“RC”) Drill Rig at Eastside and commencement of drilling. Furthermore, the Company is expanding the drill program from the originally planned 12,000 meters to over 14,000 metres.

Following up on the recently received permitted area expansion, Allegiant plans to drill up to 30 RC holes in the East Pediment area immediately to the east of the Original Pit Zone (“OPZ”) to an average depth of 200 metres. In addition, the Company intends to move the rig to the West Anomaly area of Eastside where approximately 10 RC holes will be drilled to an average depth of 300 metres. The East Pediment drilling targets resistivity highs under shallow, alluvial cover (2-20 m). These resistors have the same geophysical signature as the rhyolite domes hosting most of the gold and silver in the area of past drilling at the Original Pit Zone. The West Anomaly drilling is targeting geochemical anomalies detected by surface sampling where gold values range from 0.5 g/t - 24 g/t gold with attendant pathfinder trace element signatures. To date, there has been no previous drilling on the East Pediment or the West Anomaly.

MAP 1: DRILL TARGETS

https://allegiantgold.com/en/projects/eastside/maps/

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very excited to start the follow-up drill program at Eastside. The recent strategic investment from Kinross Gold has made it possible for us to expand our 2022 drill program to more than 14,000 metres. The commencement of this much anticipated RC program will provide us with an excellent opportunity to expand the existing resource beyond the Original Pit Zone.”

QUALIFIED PERSON

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release.

ABOUT ALLEGIANT

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Four of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

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 its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities 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 drill program at Allegiant’s Eastside project, the preparation and publication of an updated resource estimate in respect of the Original Zone at the Eastside project, Allegiant’s future exploration and development plans, including anticipated costs and timing thereof; Allegiant’s plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, and working capital requirements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of 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 (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

FAQ

What is the significance of Allegiant Gold's increased drill program at Eastside?

The increased drill program aims to enhance resource estimates by targeting high-potential areas, following strategic investment from Kinross Gold.

How many drill holes are planned in the East Pediment and West Anomaly areas?

Allegiant plans to drill 30 holes in the East Pediment area and 10 holes in the West Anomaly area.

What are the expected depths for the drill holes at Eastside?

Drill holes in the East Pediment area will average 200 meters, while those in the West Anomaly area will average 300 meters.

What is the importance of the recent investment from Kinross Gold for Allegiant Gold?

The strategic investment from Kinross Gold allowed Allegiant to expand its drilling program at Eastside, enhancing exploration potential.