Drilling Underway at ALLEGIANT’s Red Hills Project
22 Agosto 2018 - 7:00AM
Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF:
OTCQX) is pleased to announce that drilling is underway at
ALLEGIANT’S 100% owned Red Hills project, located 56 km northeast
of Ely, Nevada. A ground magnetic survey conducted at Red
Hills has identified a large anomaly, interpreted to be buried
intrusive rock, which ALLEGIANT plans to test with eight reverse
circulation drill holes, totaling up to 2,200 metres.
A Red Hills map can be found at the following link:
www.allegiantgold.com/nr/2018-08-22-map.pdf
“We’re very pleased to announce the start of
drilling at Red Hills,” said Robert Giustra, Chairman and CEO of
ALLEGIANT. “Red Hills kicks off an exciting exploration
program that will see six projects drilled over the next 10 to 12
months.”
The magnetic anomaly at Red Hills has never been
drilled before and represents a highly-prospective porphyry
copper-molybdenum target, with the margins of the anomaly having
potential for base and precious metal skarns and
replacements. Red Hills is underlain by northerly striking,
generally westerly dipping Cambrian through Ordovician sedimentary
rocks which include (from oldest to youngest) the Windfall
Formation, Pogonip Group carbonates (Goodwin, Nine Mile and
Antelope Valley Formations), Eureka Quartzite, Hanson Creek and
Lone Mountain Dolomites.
After Red Hills and over the next 10 to 12
months, ALLEGIANT plans to also drill the following five projects:
Hughes Canyon, Monitor Hills, North Brown, Silverdome and Adularia
Hill (a new target located approximately 12.5 kilometres south of
the Original Zone gold deposit at the Eastside gold project).
ABOUT ALLEGIANTALLEGIANT owns
100% of 14 highly-prospective drill-ready gold projects in the
United States, 11 of which are located in the mining-friendly
jurisdiction of Nevada. Six of the projects will be drilled
over the next 10 to 12 months and all offer excellent discovery
opportunity. ALLEGIANT’s flagship Eastside project hosts a
large and expanding gold resource, is district scale, 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.
QUALIFIED PERSONAndy Wallace VP
and Director of Allegiant Gold (U.S.) Ltd., is a Certified
Professional Geologist (CPG) with the American Institute of
Professional Geologists and is a Qualified Person as defined under
National Instrument 43-101 - Standards of Disclosure for
Mineral Projects. Mr. Wallace has reviewed and approved the
technical content of this press release.
ON BEHALF OF THE BOARD,
Robert F. Giustra Chairman & CEO
For more information contact:
Investor Relations(604) 634-0970
or1-888-818-1364ir@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
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and other press releases include but are not limited to statements
and information regarding: Allegiant Gold Ltd.’s (“Allegiant”)
drilling and exploration plans for its properties 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. 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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