VANCOUVER, British Columbia, Dec. 10, 2019 (GLOBE NEWSWIRE) — Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce its plan to expand the operating permit area at its flagship Eastside project as well as provide an update on the revised resource estimate expected in the coming weeks.
Eastside Resource Estimate & Upcoming Exploration Program
ALLEGIANT is working with Mine Developers Associates (“MDA”) to provide an updated resource estimate on the 100%-owned Eastside project, located 32km from the town of Tonopah, NV. The initial maiden resource estimate (“Resource Estimate and NI 43-101 Technical Report, Eastside Gold-Silver Project Technical Report, Esmeralda County, Nevada”) with effective date of July 25, 2017, contained pit-constrained Inferred resources of 35,780,000 tonnes grading 0.63g gold equivalent per tonne, for a total of 721,000 gold equivalent ounces. Andy Wallace, ALLEGIANT technical advisor, is overseeing the technical aspect of incorporating 18 additional drill holes that were completed in late 2018. “Our goal in updating the initial pit-constrained resource at the original discovery zone at Eastside is to provide us with a clearer idea as to the amount of economic resources as well as potential for expansion of the pit zone,” commented Peter Gianulis, CEO of Allegiant Gold. “We believe that the 67km2 Eastside district has the potential to host numerous pit zones and we will be spending the next year identifying additional zones beyond the existing pit zone in the north and the Boss/Castle resource areas to the south. We have only explored less than 5% of the total property and are very excited for the upcoming exploration program in 2020.”The Board has approved the 2020 exploration budget that will include expanding the permitted operating zone from 601 acres to approximately 3,200 acres. The proposed exploration program will evaluate numerous targets with the end goal of drilling the high priority targets when our permits are received. “We have also identified up to 5 additional areas from alteration mapping and geochemical sampling that warrant further exploration,” stated Mr. Wallace. “I look forward to working closely with ALLEGIANT once again to continue to advance this amazing project.”ABOUT ALLEGIANTALLEGIANT owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Three 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.Further information regarding ALLEGIANT can be found at www.allegiantgold.comQualified PersonAndy 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.ON BEHALF OF THE BOARD,Peter Gianulis
President & CEOFor more information contact:Investor Relations
(604) 634-0970 or
1-888-818-1364
[email protected]
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. Forward-looking statements in this and other press releases include, but are not limited to statements and information regarding: the evaluation of options to form a new exploration team or related M&A; Allegiant’s property holding costs savings or income generated from optioning out certain properties; Allegiant’s drilling and exploration plans for its properties, including farming out, anticipated costs, updating resource estimates and timing thereof and resulting increase of resources, if any; Allegiant’s plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future cost savings, maintenance and capital expenditures, and working capital requirements. 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.
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