Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF:
OTCQX) is pleased to announce a corporate strategy that is
focused on the following three principles:
- Increase resources at the 100%-owned Eastside project;
- Farm-out of non-core projects; and
- Cost Discipline and Self-Funding
EASTSIDE GOLD PROJECT
The focus over the near term will be to increase
ounces at the 67 km2 Eastside gold project, located approximately
32 kilometers (20 miles) west of Tonopah, Nevada. The
Original Zone deposit, an area within Eastside, hosts a
pit-constrained inferred resource totaling 721,000 gold equivalent
ounces (35,780,000 tonnes grading 0.63g/t gold equivalent)1 and is
an area with excellent infrastructure. Preliminary
metallurgical testing indicates that both oxide and sulphide gold
mineralization at the Original Zone is amenable to heap leaching.
In addition to the Original Zone, Eastside also has numerous
undrilled exploration targets, and hosts historical resources of
272,153 ounces gold (11,177,761 tonnes grading 0.82g/t gold)2.
ALLEGIANT intends to complete an updated
resource estimate at Eastside to include approximately 22
additional holes from the phase-I step-out drill program that was
competed at the Original Zone in the summer of 2018 (see press
release dated August 31, 2018).
Following completion of the updated resource
estimate, ALLEGIANT plans to undertake phase-II step-out and infill
drilling at the Original Zone. The objective of the drilling
will be to significantly increase in-pit resources at the Original
Zone, while significantly reducing the strip ratio. The
Original Zone remains open to the west, south, and to depth, and
possibly to the east and north.
PROJECT FARM-OUTS
In the last 18 months, ALLEGIANT has been one of
the most prolific and active junior gold explorers in Nevada.
During this period, ALLEGIANT carried-out step-out drilling at its
flagship Eastside gold project, and also drill-tested 5
high-quality “discovery opportunities”. This work allowed ALLEGIANT
to consolidate the property portfolio to the 10 projects believed
to host the best potential. The strategy going forward will
be to farm-out all non-core projects while focusing on expanding
gold resources at the flagship Eastside project. Currently,
three projects have been farmed-out (Bolo, Mogollon and Four
Metals) and ALLEGIANT is in the process of evaluating suitable
candidates for the other projects. Bolo is presently being
drilled by Barrian Mining, and work is expected to commence at
Mogollon and Four Metals early next year.
The farm-out strategy will allow ALLEGIANT to
better focus on the Eastside project, in parallel with internally
generating cash-flow.
COST DISCIPLINE and SELF
FUNDING
ALLEGIANT recognizes that exploration companies
must maintain a disciplined cost structure, generate income via
farming out projects where possible and utilize the precious
capital raised to explore and advance projects. It is with
this in mind that ALLEGIANT has made significant cost reductions by
combining management roles, sharing costs with other companies, and
by reducing the project portfolio from 14 to 10 projects.
Further significant savings will be achieved by ALLEGIANT’s
decision to farm-out all projects while focusing exclusively on
Eastside. In addition, the cash and/or shares generated from
farmed-out projects will contribute to paying a majority of
ALLEGIANT’s overhead costs.
Further information regarding ALLEGIANT can be
found at www.allegiantgold.com.
Qualified Person Andy 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.
ON BEHALF OF ALLEGIANT:
Peter L Gianulis President & CEO
For more information contact:
Investor Relations(604) 634-0970
or1-888-818-1364ir@allegiantgold.com
1 Resource completed by Mine Development
Associates (“MDA”) and 43-101 Technical Report available on SEDAR.
For more details, refer to press release dated December 5,
2016.
2 This historical estimate is not in accordance
with NI 43-101. Allegiant is not treating these historical
resources as current mineral resources and cautions that this
estimate should not be relied upon. A Qualified Person has not done
sufficient work to classify the historical resources as current
mineral resources
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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