Allegiant Gold Provides Corporate Update and Plans for 2021
26 Enero 2021 - 7:45AM
Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V)
(AUXXF: OTCQX) is pleased to provide a corporate update and outline
its goals & objectives for 2021.
Corporate Mission
“Our overriding goal at Allegiant is prove up a
multi-million ounce deposit at Eastside, our Flagship project near
the town of Tonopah, Nevada, while carefully managing costs and
limiting dilution within our share structure,” stated Peter
Gianulis, CEO of Allegiant. “We believe we have all the elements to
continue expanding the resources at Eastside in a disciplined and
methodical manner,” added Mr. Gianulis. Allegiant’s strategy of
focusing on Eastside while farming-out its other attractive and
non-core projects has provided the Company with a source of income
and, thereby, keeping shareholder dilution to a minimum.
The Original Zone at Eastside currently hosts a
current Inferred Mineral Resource of 996,000
gold (“Au”) ounces utilizing a US$1,550/ounce gold
price and a US$19.67/ounce silver price (see table below)*.
Table 1: Original Zone Pit-Constrained
Update Resource Estimate:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2e1a9471-ca4c-4cc0-8029-5eaf7ca31c15
* The updated resource estimate
(“Updated Resource Estimate and NI 43-101 Technical Report,
Eastside and Castle Gold-Silver Project Technical Report, Esmeralda
County, Nevada”) was conducted by Mine Development Associates
(“MDA”) of Reno, Nevada with an effective date of December 30,
2019. Heap leach extractions are expected to be around 70% and 20%
for gold and silver, respectively, using a three- stage crushing
procedure. Milling with a fine grind is expected to result in
extractions over 90% and around 50% for gold and silver,
respectively. Utilizing a 0.15 g/t cut-off for Au, measured gold
was 0.54 g/t and silver was 4.3 g/t. In accordance with NI 43-101
the MDA Technical Report dated January 24, 2020 was filed on SEDAR
on January 29, 2020. This report builds on and supersedes the NI
43-101 reports of Ristorcelli (December 2016) and Ristorcelli (July
2017) titled “Resource Estimate and Technical Report, Eastside
Gold-Silver Project, Esmeralda County, Nevada” prepared for
Allegiant with an Effective Date of July 25, 2017. A copy of the
Eastside Technical Report can be found at www.sedar.com.
Review of 2020
Although the pandemic has negatively affected
many businesses and industries throughout the world, we are
exceptionally proud of the progress we made at Allegiant. 2020 was
a very busy year for the Company and included the following
achievements:
- Updated the Resource Estimate at
Eastside in January 2020 leading to an increase of inferred
resources of over 300,000 Au ounces;
- Initiated studies and application
for expanded permit area at Eastside to increase permit area from
600 acres to over 3,600 acres;
- Completed CDN$3 million private
placement to be used for drill program at Eastside;
- Generated over CDN$1.7 million in
cash from the sale of marketable securities as a result of our
farm-out business model;
- Received amended drill permit at
Boss for a drill program;
- Drilled approximately 40 holes
(6,000 metres at the South Area (Castle/Boss Zone) at
Eastside;
- Farmed-out two additional projects
(Clanton Hills & Mogollon) generating cash flow and work
programs;
- Settled CDN$1.6 million in legacy
debt with Orea Mining Corp. in exchange for shares of Allegiant
issued at a 67% premium to the current market price;
- Executed an investor awareness
campaign leading to a substantial increase in investor enquiries
and conference participation.
2021: Goals &
Objectives
We expect that 2021 will be an even busier year
for the Company than 2020. Over the coming month, we expect to
provide additional information to investors with respect to our
plans and work programs. The main objectives we have set forth
include:
- Castle Zone
Drilling – From September to December 2020, Allegiant
drilled over 40 drill holes at the Boss Zone within the Castle Area
(located in the south part of Eastside – see Graph 1 below). Our
initial goals set-forth prior to drilling were to a.) confirm the
presence of a mineralized area within the Boss Zone, b.) increase
resource ounces at the Castle Area and c.) prove-out our theory of
a low strip-ratio area within the Castle Area. We are working on
interpreting the results and assays and will be providing an update
in the coming weeks;
- Update Resource
Estimate – We expect to incorporate the recent drill
results coupled with our historical drill results to include the
Castle Zone (Boss, Berg, Black Rock and Castle) into a 43-101
Updated Resource Estimate for Eastside, incorporating the resource
into the entire Eastside Resource Estimate;
- Original Pit Zone
Drilling – We expect to continue drilling approximately
5,000 metres at the Original Pit Zone with the objective of
increasing the total resource at the Original Pit Zone and reducing
the strip ratio within that area;
- Initiate Scoping
Study/PEA – Upon completion of the drilling at the
Original Pit Zone, we expect to initiate a scoping study/PEA giving
us an initial insight into the mining economics at Eastside;
- Allegiant Farmed-Out
Project Drilling – 2021 will also see a significant amount
of drilling at Allegiant owned projects including Bolo and Mogollon
which is expected to total over 10,000 metres between the two
projects;
- Farming Out Additional
Projects – One of the major management tenements of
Allegiant is to farm-out projects to generate cash/share payments
while constantly advancing the projects within our portfolio. This
strategy has led to significant cash inflows thereby allowing us to
minimize dilution and utilizing any raised capital to be used to
advance Eastside. We continue to receive tremendous interest on our
projects and will seek to farm-out additional projects during the
course of 2021.
Graph 1: Map of Eastside:
www.allegiantgold.com/nr/2020-01-27-map.pdf
Peter Gianulis added, “We are excited about our
prospects to expand the resource at Eastside in 2021 and look
forward to providing investors with additional information from our
drilling results throughout the year. Very few companies in the
junior gold exploration market allow investors to participate in a
large and growing resource in one of the best mining jurisdictions
in the world. Allegiant is one of those rare exceptions.”
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.
About AllegiantAllegiant owns
100% of 10 highly-prospective gold projects in the United States, 7
of which are located in the mining-friendly jurisdiction of Nevada.
Four 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.
Further information regarding Allegiant can be
found at www.allegiantgold.com.
ON BEHALF OF THE BOARD,
Peter GianulisChief Executive Officer
For more information contact:Investor
Relations+1-786-252-4948ir@allegiantgold.com
Neither the 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’s”) Eastside property or the
Company’s ability to farm-out additional projects or achieve the
goals & objectives set forth in this news release. 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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