ALLEGIANT to Expand Operating Permit Area at Eastside
10 Diciembre 2019 - 7:00AM
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 ProgramALLEGIANT 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 ALLEGIANT
ALLEGIANT 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.com
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. The maiden NI 43-101 Mineral Resource estimate for
the Eastside gold-silver deposit was prepared under the direction
of Steven J. Ristorcelli, CPG of MDA, a Qualified Person under NI
43-101, who has reviewed and consented to the information in this
news release that relates to the reported resources.
ON BEHALF OF THE BOARD,
Peter Gianulis President & 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
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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: 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
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working capital requirements. Such forward-looking statements are
based on a number of material factors and assumptions and involve
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cause actual results, performance or achievements, or industry
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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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