Latest News Release -
V.AUAU

(TheNewswire)

Allegiant Gold Ltd.

Tonopah, Nevada / TheNewswire / January 14, 2024 - Allegiant Gold Ltd. (“Allegiant& or the “Company&) (AUAU: TSX-V) (AUXXF: OTCQX) announces plans to drill the High-Grade Zone (“HGZ&) at the McIntosh Zone as well as results of its 18-hole, 4,800 metre exploration drill program drilling at its flagship Eastside property (“Eastside&) near the town of Tonopah, Nevada.

Upcoming Core Drill Program – Expansion of High-Grade Zone – Additional Holes Testing South Anomaly

Allegiant will be mobilizing a diamond core rig (“DDH&) for a 2,000-3,000 metre program to further explore the deeper extension of the High Grade Zone discovered in 2021 that included:

  • Hole 239 - 3 Metres of 39.0 g/t gold and 6.1 metres of 113.35 g/t of silver

  • Hole 243 - 148 Metres of 2.6 g/t gold (including 14 metres of 21.9 g/t gold) (including 20 metres of 173.8 g/t silver

  • Hole 243 ended in gold mineralization, with the bottom running 12.2m of 2.24 g/t Au (within a 55m interval of 0.92 g/t Au

Following the impressive discoveries by Anglogold at Silicon and Kinross at Phase X Round Mountain both at depth within the Walker Lane, there is a compelling rationale to deepen our 2021 work at the HGZ at Eastside. To date, no hole at Eastside has been drilled deeper than 420 metres from surface with multiple holes bottoming in bonanza-grade material.

The 2022 DDH program were a series of angled holes that tested the lateral extensions of the 2021 high grade discovery, however, the program did not test mineralization at depth. This upcoming program will seek to drill down to over 600 metres at depth within the HGZ at McIntosh including a step-out hole from ES-239. A further step-out vertical core hole from ES-243 will also be drilled to test the extensions (see news release from 2021 below). The 2021 drill program was the most successful program in the Company&s history. Three additional deep angle core holes are planned as gold mineralization is also known from previous drilling to be open south of the McIntosh zone and extending below South Mountain.

* The updated resource estimate (“Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report, Esmeralda County, Nevada&) conducted by Mine Development Associates (“MDA&) of Reno, Nevada, with an effective date of July 30, 2021, contained a pit-constrained Inferred Resources (cut-off grade of 0.15 g/t Au) of 61,730,000 tonnes grading 0.55 g/t Au and 4.4 g/t Ag at the Original Pit Zone (1,090,000 ounces gold and 8,700,000 ounces silver) and 19,986,000 tonnes grading 0.49 g/t Au at the Castle Area (314,000 ounces gold). A copy of the Eastside Technical Report can be found on SEDAR at www.sedar.com.

Results of Exploration Program

The Company drilled 18 exploratory reverse circulation (“RC&) drill holes totaling 4,800 metres looking for additional mineralized zones up to 2km beyond the McIntosh Zone, including 6 shallow holes drilled in the East Pediment (see map below). Drilling encountered various levels of hydrothermal alteration but with low gold values. Results from this drilling will be used to guide future exploration to expand beyond the current open pit shell design at the McIntosh Zone.

Drilling on the pediment cut very strong alteration, quartz stockwork veining, massive replacement silicification, and heavy iron oxides but carried only weakly anomalous gold. That alteration is untested north of our new drilling and provides a target for future work.

Drilling north and northwest of the McIntosh zone shows strong hydrothermal alteration in ES-330 and 334 indicating further drilling is warranted in those directions.

Peter Gianulis, CEO of Allegiant Gold, commented: “Our objective is to drill a series of deeper diamond core holes targeting the HGZ. Some of our best results during the 2021 discovery ended in multi-ounce gold per tonne at approximately 400 metres at depth. We expect to drill down to 600 metres in a series of holes to test the 400-600 metre zone. We believe this drill program will be the most important drill program that we have conducted at the McIntosh Zone. Over the coming weeks, we intend on providing an update on the drill targets and commencement date.&

MAP 1:

https://allegiantgold.com/site/assets/files/3144/layout-_11x17_2024_drillholes_and_geophysical_targets.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 five highly prospective gold projects in the United States all of which are in the mining-friendly jurisdiction of Nevada. Allegiant&s flagship, district-scale Eastside project hosts a large and expanding gold resource and is 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

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.

Copyright (c) 2025 TheNewswire - All rights reserved.

Tags:

Investment Disclosure



The content provided on this website and in Mine$tockers episodes is for informational purposes only and should not be considered as an offer, solicitation, recommendation, or determination by Mine$tockers Inc. for the sale of any financial product or service or the suitability of an investment strategy for any investor.

Investors are advised to consult a financial professional to determine the appropriateness of an investment strategy based on their objectives, financial situation, investment horizon, and individual needs. This information is not intended to serve as financial, tax, legal, accounting, or other professional advice, as such advice should always be tailored to individual circumstances.

The products discussed herein are not insured by any government agency and carry risks, including the potential loss of the principal amount invested. Any information provided is based on both internal and external sources and should not be construed as an endorsement or conclusion regarding a company's financial prospects, resources, or management. Opinions expressed may change and should not be relied upon. It is crucial to seek personalized investment advice for your unique situation.

Natural resources investments are generally volatile, with higher headline risk than other sectors. They tend to be more sensitive to economic data, political and regulatory events, and underlying commodity prices. The prices of natural resources investments are influenced by factors such as the costs of underlying commodities like oil, gas, metals, and coal. These investments may trade on various exchanges and experience price fluctuations due to short-term demand, supply, and investment flows.

Natural resource investments often respond more sensitively to global events and economic data, including natural disasters, political turmoil, pandemics, or the release of employment data.

Investing in foreign markets may carry greater risks than domestic markets, including political, currency, economic, and market risks. It is essential to evaluate if trading in low-priced and international securities is appropriate for your circumstances and financial resources. Past performance does not guarantee future results.

Mine$tockers Inc., its affiliates, family, friends, employees, associates, and others may hold positions in the securities it covers. Some of the companies covered may be paying clients of the production.

No investment process is risk-free, and profitability is not guaranteed; investors may lose their entire investment. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification does not ensure a profit or protect against loss. Investing in foreign securities involves risks not associated with domestic investments, such as currency fluctuations, political and economic instability, and differing accounting standards, potentially leading to greater share price volatility. The prices of small- and mid-cap company stocks generally experience higher volatility than large-company stocks and may involve higher risks. Smaller companies may lack the management expertise, financial resources, product diversification, and competitive strengths needed to withstand adverse economic conditions.

logo

Studio


Toronto Ontario Canada

Email


kevin@MineStockers.com

Phone


+1 (905) 967-2519