Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF:
OTCQX) is pleased to announce that a 3,000 metres RC
drilling campaign is scheduled to commence in July at ALLEGIANT’S
100% owned, Carlin-style, Bolo gold project in Nevada.
The program is being carried-out by New Placer
Dome Gold Corp. (formerly Barrian Mining Corp.),
(“NGLD”) which can earn an initial 50.01% interest
in Bolo by making share payments to ALLEGIANT totaling US$1 million
and completing US$4 million in exploration expenditures.
“The 2019 drilling results demonstrated that
good grade, shallow Carlin-style mineralization, can still be found
in Nevada,” commented Peter Gianulis, CEO of
ALLEGIANT. “We are very pleased that the next phase of
drilling at Bolo is proceeding.”
The program will follow-up on the results of
2019 drilling by NGLD at the South Mine Fault Zone, and will also
test the continuity of mineralization between the South Mine Fault
Zone and the Uncle Sam Zone. Grab sampling of outcrop by NGLD at
Uncle Sam in 2019 yielded up to 3.63 g/t gold, and
262 g/t silver in an area with no prior sampling
(see NGLD press release dated November 4, 2019).
Results from 2019 drilling reported by NGLD at
the South Mine Fault Zone include:
Hole
BL19-01, which yielded 3.34 grams-per-tonne gold
over 29.0 meters1, including a higher-grade zone of
4.97 g/t gold over 13.7 m2. The intercept occurs
within a broader envelope of mineralization averaging 1.37
g/t gold over 84 m1 starting from surface. NGLD reported
that these intercepts expand the footprint of gold mineralization
approximately 35 m vertically below the previous drilling on
section. Mineralization remains open at depth (see NGLD press
release dated October 28, 2019);
Hole
BL19-02, intersected 32 m of 2.01 g/t
gold1 starting at 67 metres down hole, within a broader
zone of mineralization averaging 1.01 g/t gold over 85
m1 starting at 49 metres down hole. NGLD reported that
these results extend the footprint of gold mineralization
approximately 60 metres vertically below the previous drilling on
section (see NGLD press release dated October 21, 2019);
Hole
BL19-03, intersected 2.37 g/t gold over 12.2
m1 within a broader envelope of mineralization
averaging 0.81 g/t gold over 65.5 m1. NGLD
reported that these intercepts expand gold mineralization
approximately 40 to 50 m vertically below the previous drilling and
indicate gold mineralization remains open below 150 m vertical
depth on section (see NGLD press release dated November 7, 2019);
and
Hole
BL19-04, intersected two high-grade gold zones: an upper
zone of 2.10 g/t over 36.6 m1 starting
at 80.8 m down hole, including 3.25 g/t gold over 15.2
m1 starting at 96 m down hole; and a lower zone
of 3.32 g/t gold over 12.2 m1 starting
at 79 m down hole. The upper and lower zones occur within a broader
envelope of mineralization averaging 1.19 g/t gold
over 122 m1 starting at 79 m down hole. NGLD reported
that the results extend mineralization from surface down to a 200 m
vertical distance that remains open at depth (see NGLD press
release dated October 23, 2019).
1 The true width of
mineralization is estimated to be approximately 60-70% of drilled
width.2 The true width of the lower gold zone is
unknown.
A Bolo property map showing the relative
locations of the South Mine Fault Zone and the Uncle Sam Zone, can
be viewed by clicking here:
www.allegiantgold.com/nr/2020-06-24-map-zones.pdf
ABOUT ALLEGIANT ALLEGIANT owns
100% of 9 highly-prospective gold projects in the United States, 6
of which are located in the mining-friendly jurisdiction of Nevada.
Two 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.
ABOUT NEW PLACER DOME GOLDNew
Placer Dome Gold Corp. is a gold exploration company focused on
acquiring and advancing gold projects in Nevada. New Placer Dome’s
flagship Kinsley Mountain Gold Project, located 90 km south of the
Long Canyon Mine (currently in production under the Newmont/Barrick
Joint Venture), hosts Carlin-style gold mineralization, previous
run of mine heap leach production, and NI 43-101 indicated
resources containing 418,000 ounces of gold grading 2.63 g/t Au
(4.95 million tonnes) and inferred resources containing 117,000
ounces of gold averaging 1.51 g/t Au (2.44 million tonnes). The
Bolo Project, located 90 km northeast of Tonopah, Nevada, is
another core asset, similarly hosting Carlin-style gold
mineralization. New Placer Dome can earn an initial 50.01% interest
in Bolo by making share payments totaling US$1 million and
completing US$4 million in exploration expenditures; and can earn
up 75% by spending an additional US$4 million in exploration by
2024. New Placer Dome also holds an option to acquire 100% of the
Troy Canyon Project, located 120 km south of Ely, Nevada. New
Placer Dome is run by a strong management and technical team
consisting of capital market and mining professionals with the goal
of maximizing value for shareholders through new mineral
discoveries, committed long-term partnerships, and the advancement
of exploration projects in geopolitically favorable
jurisdictions.
QUALIFIED PERSONThe scientific
and technical information contained in this news release as it
relates to the Bolo Gold Project has been reviewed and approved
by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant
of APEX Geoscience Ltd. of Edmonton, AB., a “Qualified Person” as
defined in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects. Mr. Raffle verified the data
disclosed which includes a review of the analytical and test data
underlying the information and opinions contained therein.
Further information regarding ALLEGIANT can be
found at www.allegiantgold.com
ON BEHALF OF THE BOARD,
Peter Gianulis Chief Executive Officer
For more information contact:
Investor Relations1-888-818-1364ir@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
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 timing of, or amount of, drilling at
Allegiant Gold Ltd.’s (“Allegiant”) Bolo property. 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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