Allegiant Announces Amendment of Bolo Option Agreement
ALLEGIANT ANNOUNCES AMENDMENT OF BOLO OPTION AGREEMENT
Reno, Nevada /February 8, 2022 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF:
OTCQX) is pleased to announce the continuation of the option agreement at its 100%-owned Bolo Project with
New Placer Dome Gold Corp (“New Placer Dome”).
New Placer Dome 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. New Placer Dome made a share payment of
US$250,000 in December 2021 to complete the aggregate US$1 million share payment required under the
agreement. Furthermore, New Placer Dome had commenced drilling and an IP/resistivity geophysical survey in
2021 but was unable to fulfill the entire exploration expenditure requirements for the year. The parties agreed to
amend the Bolo option agreement leading to an additional US$400,000 pa yment to Allegiant through a
combination of US$250,000 in cash and US$150,000 in shares of New Placer Dome. New Placer Dome will have to
spend US$1.5 million in the calendar year of 2022 in order to meet the remaining exploration expenditure
requirement to earn into an initial 50.01% interest.
Peter Gianulis, CEO of Allegiant Gold, commented: “We are very pleased to have successfully resolved and
amended the Bolo Option Agreement with New Placer Dome. This new amendment will allow for an aggressive
drilling program at Bolo by New Placer Dome thereby advancing the project even further. Equally important, the
amendment provided Allegiant with US$650,000 in share and cash payments in the month of December validating
our business model of funding the Company with our option agreements while we continue to advance and
develop Eastside, our flagship gold project near the town of Tonopah, NV.”
ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven 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. 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 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”, “p lan”, “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 out look. 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.