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Tonopah, Nevada – TheNewswire - April 8, 2025 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is providing information on the drilling targets for the upcoming 2,000-3,000 metre diamond core drill program targeting the High-Grade Zone (“HGZ”) within the McIntosh Zone at its flagship Eastside property (“ Eastside ”) near the town of Tonopah, Nevada.
Targeting High Grade Mineralization
The drill program’s primary function will be to follow-up on the successful drill programs of 2021 and 2022 . Eastside mineralization remains open to depth below the deepest holes drilled to date and the drill program will test the extensions of the bonanza-type grades at the bottom of Hole ES-239 and good grades at ES-243, including:
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Hole 239 - 3 Metres of 39.0 g/t gold and 6.1 metres of 113.35 g/t of silver
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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
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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
The targets (see Map 1) were selected based on a comprehensive review of our exploration model incorporating over 60,000 metres of drilling, geophysical, geochemical, lithology and structural data. The exploration model shows a strong correlation between grade and the known structures.
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.
MAP 1: DRILL TARGETS – MCINTOSH ZONE
Peter Gianulis, CEO of Allegiant Gold , commented: “The comprehensive review of the exploration model has improved our understanding of the McIntosh Zone and will allow us to now test multiple structures including the HGZ discovered in 2021. Previous drill programs have never gone materially beyond the 400-metre zone (from surface) although some of our best intercepts (ES-239 and ES-243) showed bonanza-type grades at the bottom of each of these holes at 400 metres. The 2022 follow-up program was successful at showing continued mineralization within the zones but never tested the area immediately below the deepest intercepts. The design of the upcoming drill program should give us the best opportunity to extend the HGZ at depth. If successful, this will make Eastside one of the most compelling development projects in Nevada.”
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.
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