Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF:
OTCQX) is pleased to announce that it has optioned-out
three projects. Two projects, Bolo and Mogollon, have been
optioned to Barrian Mining Corp. (“
Barrian”) and
one project, Four Metals, has been optioned to Barksdale Capital
Corp. (“
Barksdale”) (BRO: TSX-V).
“With our focus in the foreseeable future
clearly dedicated to our high-impact 6 project discovery drilling
campaign, optioning-out certain projects will ensure they are
advanced with exploration spending”, said Robert Giustra,
Chairman & CEO of ALLEGIANT. “In addition,
ALLEGIANT’s annual property holding costs may be reduced by up to
$600,000 during the option periods, and the deals could generate up
to approximately $3 million in option payments to ALLEGIANT.”
BOLO OPTION AGREEMENTALLEGIANT
has granted Barrian, a private gold exploration company in the
process of completing an IPO, the option to acquire up to a 75%
interest in the Bolo gold project, located in Nevada. Barrian
can earn an initial 50.01% interest in Bolo by issuing common
shares valued at US$1.0 million to ALLEGIANT over a 3-year period,
and by incurring exploration expenditures of at least US$4.0
million by December 31, 2022. Barrian can earn an additional
24.99% interest in Bolo, for a total of 75%, by incurring an
additional US$4.0 million in exploration expenditures within 2
years of earning the initial 50.01% interest. If Barrian does
not earn an additional 24.99% interest in Bolo, it will transfer
0.02% back to ALLEGIANT such that ALLEGIANT will hold a 50.01%
interest in Bolo.
Gold mineralization at Bolo is Carlin-type,
similar to Pinson, Lone Tree/Stonehouse, and Turquoise
Ridge/Getchell, all multi-million-ounce producers, where gold
spreads into wall rocks along high-angle structures. Surface
sampling at Bolo has defined widespread gold mineralization,
associated with jasperoids and iron-stained structures, along two
parallel north-south trending faults known as the Mine Fault and
the East Fault. Alteration along the Mine Fault has been
traced for 2,750 metres, with outcrop sampling returning gold
values up to 8.6 g/t gold. The East Fault has been mapped for
2,200 metres and has returned gold values up to 4.7 g/t gold.
The Mine Fault and the East Fault and dozens of
altered outcropping and buried cross-faults at Bolo have had very
limited drilling and represent excellent exploration targets.
An exploration target map can be found at the following
link:
www.allegiantgold.com/nr/2019-01-22-targets.pdf
Bolo has the potential to host good grade pods
of Carlin-type gold mineralization. At least two such pods
have been identified with drilling so far, and as more pods are
uncovered, the focus will eventually shift to definition drilling
to establish potential for resources.
MOGOLLON OPTION
AGREEMENTALLEGIANT has also granted Barrian an option to
acquire a 100% interest in the Mogollon gold project, located in
New Mexico. Barrian can earn a 100% interest in Mogollon by
issuing common shares valued at US$1.0 million to ALLEGIANT over a
3-year period.
Mogollon covers an extensive, silver-gold
bearing epithermal vein field on a caldera margin of the Tertiary
Bursum volcanic center. A number of historical silver-gold
deposits are hosted at Mogollon in classic epithermal veins, which
demonstrate good continuity of grade and thickness for strike
lengths of up to 4,000 ft (1,219 m) in the Little Fanny and Last
Chance mines, and through a remarkably consistent,
elevation-controlled vertical range of about 1,000 ft (305 m).
There are two sets of veins at Mogollon, an east-west set
represented by the productive Little Fanny and Last Chance veins,
and a north-south set represented by the Queen vein developed in
the Consolidated Mine.
Significant intercepts of gold and silver have
been encountered in past drilling at Mogollon. Excellent
resource expansion potential exists at Mogollon as only 4.8 km of
the total 72 km epithermal vein system has been developed.
FOUR METALS OPTION AGREEMENTIn
April, 2018 ALLEGIANT granted Barksdale the option to acquire 100%
of its interest in the Four Metals project, located in
Arizona. To earn the interest, Barksdale must make cash and
share payments totaling US$450,000 to ALLEGIANT and its partner
MinQuest Ltd., on a 50/50 basis, over a five-year period.
The Four Metals project is located in the
Patagonia District 16 km (10 miles) north of Nogales, Santa Cruz
County. The Patagonia Range contains a number of undeveloped
porphyry copper, breccia copper, and polymetallic vein and
replacement deposits within the famous Arizona Porphyry Copper Ore
Province.
The Four Metals claims cover the historical Four
Metals copper mine which has been intermittently investigated since
the 1960's. Past programs have included underground
development, surface and underground core drilling, resource
estimates, metallurgical test work, and various investigations of a
leach copper mining operation at the site.
The Four Metals copper deposit is hosted within
a crudely circular breccia pipe, about 305 m (1,000 ft) in
diameter, intruding batholitic granite rocks. Mineralization
consists of a shallow zone of supergene enriched chalcocite
mineralization underlain by a larger body of primary mineralization
containing chalcopyrite, pyrite, and molybdenite.
Various resource estimates have been carried out
at Four Metals. The project has the potential for near term
development of a small, low capital, copper mine in an area of
favorable infrastructure and markets.
Qualified PersonAndy Wallace 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.
ABOUT ALLEGIANT ALLEGIANT owns
100% of 12 highly-prospective drill-ready gold projects in the
United States, 9 of which are located in the mining-friendly
jurisdiction of Nevada. 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.
ABOUT BARRIANBarrian Mining
Corp is a private junior exploration company focused on acquiring
proven gold assets in the United States. Barrian is composed of
successful public market entrepreneurs whose goal is to create
value for shareholders through the drill bit. Barrian has entered
into an earn in agreement with ALLEGIANT to acquire up to a 75%
interest in the proven and highly prospective Carlin type Bolo
asset located about 90 km north of Tonopah Nevada and a 100%
interest in a second asset located in New Mexico. Barrian will
trade under the symbol BARI upon completion of its IPO.
Further information regarding ALLEGIANT can be
found at www.allegiantgold.com
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.
Forward Looking Statements
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: Allegiant Gold Ltd.’s (“Allegiant”)
property holding costs savings or income generated from optioning
out certain properties; Allegiant’s drilling and exploration plans
for its properties, including anticipated costs and timing thereof;
the potential of hosting good grade gold mineralization or
expansion; Allegiant’s plans for growth through exploration
activities, acquisitions or otherwise; and expectations regarding
future maintenance and capital expenditures, working capital
requirements; and Barrian’s plan to complete an initial public
offering and its acquisition of certain properties. 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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