Allegiant Amends Option Agreement and Announces Work Program at Goldfield WEST
ALLEGIANT AMENDS OPTION AGREEMENT AND ANNOUNCES WORK
PROGRAM AT GOLDFIELD WEST
Reno, Nevada /March 21, 2022 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF:
OTCQX) is pleased to announce that it has reached an agreement with Anchor Minerals (“Anchor”) to amend the
existing option agreement on the 80 claims and the initiation by Allegiant of a 5-year, US$1.5 million work program
at Goldfield West.
The Goldfield West property (“Goldfield West” or the “Property”) operated by Allegiant Gold consists of 185
unpatented claims (80 claims optioned from Anchor Minerals) located near the historic town of Goldfield. The
Property is nearby the Goldfield District Project (aka Gemfield Mine) recently acquired by Centerra Gold from
Waterton Global Resources for approximately US$206 million (see map below). The Property is situated nearby a
main highway and has access to excellent infrastructure.
Map 1: Goldfield Property Map
https://allegiantgold.com/site/assets/files/3081/map-westgoldfield-regional-mineral-prod-2017-08-08-1.jpg
The original option agreement signed on January 28, 2019, between Allegiant and Anchor on the 80 unpatented
claims called for advanced royalty payments to be made by Allegiant during the life of the agreement. The new
agreement suspends the advanced royalty payments to Anchor in return for a one-time, lump-sum payment to
Anchor of US$140,000 consisting of US$60,000 in cash and US$80,000 in Allegiant shares. After five years, a new
advanced royalty payment will commence at US$50,000 with an annual adjustment tied to inflation. Allegiant has
also agreed to initiate a US$1.5 million work program at Goldfield West over the next five years.
Peter Gianulis, CEO of Allegiant Gold, commented: “We are very pleased to have reached an agreement with
Anchor Minerals to amend the option agreement at Goldfield West. This new agreement provides material
financial savings and the incentive for Allegiant to now conduct the required exploration program necessary to
further advance the project. Goldfield West is currently in the middle of one of the most sought-after districts in
Nevada and has always been one of the highest ranked projects in our portfolio. We look forward to providing our
shareholders with additional information on our exploration efforts over the coming months.”
The closing of this transaction is subject to final TSX Venture Exchange approval.
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.
ON BEHALF OF THE BOARD
Peter Gianulis
CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364
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. Allegiant Gold Ltd.’s (“Allegiant”) exploration plans for its gold exploration properties, the drill program
at Allegiant’s Eastside project, the preparation and publication of an updated resource estimate in respect of the Original Zone at the Eastside
project, Allegiant’s future exploration and development plans, including anticipated costs and timing thereof; Allegiant’s plans for growth
through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, and
working capital requirements. 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
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