Allegiant Gold Commences Drilling at Eastside Original Pit Zone

Rhea-AI Summary

Allegiant Gold Ltd. has commenced drilling at the Original Pit Zone of its flagship Eastside project, located 30 km northwest of Tonopah, NV. The program will include 10-13 holes, totaling about 5,000 meters, aiming to expand the inferred resource base of 57 million tonnes grading 0.54 g au/t, equating to approximately 1 million gold ounces. Results from this drilling will be incorporated into an updated NI 43-101 resource estimate. The drilling is managed by Boart Longyear, signaling a strategic move to strengthen Allegiant's resource potential.

Positive

• Initiation of a drilling program at Eastside project's Original Pit Zone.
• Targeting approximately 5,000 meters in drilling to expand the inferred resource.
• Current inferred resource of 57 million tonnes grading 0.54 g au/t (approx. 1 million gold ounces) presents strong growth potential.

Negative

• None.

RENO, Nev., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is very pleased to announce that drilling has started at the Original Pit Zone at Eastside, our flagship project, 30 km northwest of Tonopah, NV.

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very excited to commence drilling at the Original Pit Zone where we plan to drill approximately 10-13 holes totalling approximately 5,000 metres. As we announced in January 2021, our plan is to continue drilling at Eastside with the possibility to expand upon our inferred resource base of 57 million tonnes grading 0.54 g au/t (approx. 1 million gold ounces inferred) at Eastside. Upon completion of this drilling, we expect to incorporate these results with our recently completed, 6,000 metre drilling campaign at the Castle Area in the south of Eastside and to file an updated NI 43-101 resource estimate.”

Allegiant has retained Boart Longyear to complete the drill program.

Graph 1: Map of Eastside

www.allegiantgold.com/nr/2020-01-27-map.pdf

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, 7 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. 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 the drilling program at Allegiant Gold's Eastside project (AUXXF)?

The drilling program at the Eastside project aims to expand the inferred resource, currently at 57 million tonnes grading 0.54 g au/t, potentially increasing the company's gold resource base.

How many holes will Allegiant Gold drill at the Original Pit Zone?

Allegiant Gold plans to drill approximately 10-13 holes totaling about 5,000 meters at the Original Pit Zone.

Who is managing the drilling program for Allegiant Gold's Eastside project?

The drilling program is being managed by Boart Longyear, a well-known drilling contractor.