Allegiant Announces Plans to Drill Deep Targets at High-Grade Zone
ALLEGIANT ANNOUNCES PLANS TO DRILL DEEP TARGETS AT HIGH-GRADE ZONE
Tonopah, Nevada /January 14, 2024 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX -
V) (AUXXF: OTCQX) announces plans to drill the High- Grade Zone (“HGZ”) at the McIntosh Zone as well
as results of its 18 -hole, 4,800 metre exploration drill program drilling at its flagship Eastside property
(“Eastside”) near the town of Tonopah, Nevada.
Upcoming Core Drill Program – Expansion of High-Grade Zone – Additional Holes Testing South
Anomaly
Allegiant will be mobilizing a diamond core rig (“DDH”) for a 2,000 -3,000 metre program to further
explore the deeper extension of the High Grade Zone discovered in 2021 that included:
• Hole 239 - 3 Metres of 39.0 g/t gold and 6.1 metres of 113.35 g/t of silver
• Hole 243 - 148 Metres of 2.6 g/t gold (including 14 metres of 21.9 g/t gold) (including 20 metres of 173.8
g/t silver)
• Hole 243 ended in gold mineralization, with the bottom running 12.2m of 2.24 g/t Au (within a 55m interval
of 0.92 g/t Au)
Following the impressive discoveries by Anglogold at Silicon and Kinross at Phase X Round Mountain both
at depth within the Walker Lane, there is a compelling rationale to deepen our 2021 work at the HGZ at
Eastside. To date, no hole at Eastside has been drilled deeper than 420 metres from surface with multiple
holes bottoming in bonanza-grade material.
The 2022 DDH program were a series of angled holes that tested the lateral extensions of the 2021 high
grade discovery, however, the program did not test mineralization at depth. This upcoming program will
seek to drill down to over 600 metres at depth within the HGZ at McIntosh including a step-out hole from
ES-239. A further step -out vertical core hole from ES -243 will also be drilled to test the extensions (see
news release from 2021 below). The 2021 drill program was the most successful program in the
Company’s history. Three additional deep angle core holes are planned as g old mineralization is also
known from previous drilling to be open south of the McIntosh zone and extending below South
Mountain.
* The updated resource estimate (“Updated Resource Estimate and NI 43- 101 Technical Report, Eastside and Castle Gold -
Silver Project Technical Report, Esmeralda County, Nevada”) conducted by Mine Development Associates (“ MDA”) of Reno,
Nevada, with an effective date of July 30, 2021, contained a pit-constrained Inferred Resources (cut -off grade of 0.15 g/t Au)
of 61,730,000 tonnes grading 0.55 g/t Au and 4.4 g/t Ag at the Original Pit Zone (1,090,000 ounces gold and 8,700,000 ounces
silver) and 19,986,000 tonnes grading 0.49 g/t Au at the Castle Area (314,000 ounces gold). A copy of the Eastside Technical
Report can be found on SEDAR at www.sedar.com.
Results of Exploration Program
The Company drilled 18 exploratory reverse circulation (“RC”) drill holes totaling 4,800 metres looking for
additional mineralized zones up to 2km beyond the McIntosh Zone , including 6 shallow holes drilled in
the East Pediment (see map below). Drilling encountered various levels of hydrothermal alteration but
with low gold values. Results from this drilling will be used to guide future exploration to expand beyond
the current open pit shell design at the McIntosh Zone.
Drilling on the pediment cut very strong alteration, quartz stockwork veining, massive replacement
silicification, and heavy iron oxides but carried only weakly anomalous gold. That alteration is untested
north of our new drilling and provides a target for future work.
Drilling north and northwest of the McIntosh zone shows strong hydrothermal alteration in ES -330 and
334 indicating further drilling is warranted in those directions.
Peter Gianulis, CEO of Allegiant Gold, commented: “ Our objective is to drill a series of deeper diamond
core holes targeting the HGZ. Some of our best results during the 2021 discovery ended in multi -ounce
gold per tonne at approximately 400 metres at depth. We expect to drill down to 600 metres in a series
of holes to test the 400 -600 metre zone. We believe this drill program will be the most important drill
program that we have conducted at the McIntosh Zone. Over the coming weeks, we intend on providing
an update on the drill targets and commencement date.”
MAP 1:
https://allegiantgold.com/site/assets/files/3144/layout-_11x17_2024_drillholes_and_geophysical_targets.pdf
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 ALLEGIANT
Allegiant owns five highly prospective gold projects in the United States all of which are in the mining -
friendly jurisdiction of Nevada. Allegiant’s flagship, district -scale Eastside project hosts a large and
expanding gold resource and is 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
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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
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