Allegiant Completes Sale of Mogollon Property to Summa Silver Receives Additional US$3 Million Payment
ALLEGIANT COMPLETES SALE OF MOGOLLON PROPERTY TO SUMMA SILVER
RECEIVES ADDITIONAL US$3 MILLION PAYMENT
Tonopah, Nevada / October 25, 2023 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-
V) (AUXXF: OTCQX) is pleased to announce the completion of phase two of the option and joint venture
agreement (the Option Agreement”) with Summa Silver Corp. (“Summa”) for the Mogollon Property
(“Mogollon”) in New Mexico, USA.
In connection with the Option Agreement dated August 21, 2020, Summa has issued 8,912,884 common
shares at a deemed price of $0.4579 per common share in order to satisfy the US$3,000,000 phase two
option payment and, thereby have completed the acquisition of 100% ownership of Mogollon. The shares
issued to Allegiant will have a statutory hold period of four months and one day from the date of issuance.
As a result of this payment, Allegiant now holds over 13.6M shares of Summa. Including all previous
payments from Summa, Allegiant has received approximately US$6.2 million in cash proceeds and shares
of Summa for the acquisition of Mogollon under the Option Agreement.
Peter Gianulis, CEO of Allegiant Gold, commented: “We are pleased to have owned Mogollon for close
to 15 years and now turn it over to a great management and technical team in Summa Silver. It truly has
been a joy working with them the past four years. I am confident that they will be able to maximize the
value in the property and, as a large shareholder in Summa, we look forward to the advancement and
development of Mogollon. Over four years ago, we embarked on our current strategy of focusing on our
Flagship Project, Eastside, with over 1.4 million ounces of gold and close to 9 million ounces of silver in
the inferred category.* We have been able to double the inferred resource over this period of time while
keeping dilution to one of the lowest in our peer group over that period of time. We continue to advance
Eastside and strongly believe that we have the potential to significantly increase the resource size and,
more importantly, increase the profitable ounces in ground while keeping dilution to a minimum. This,
in our opinion, is the single best way to increase shareholder value.”
* 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.
ABOUT ALLEGIANT
Allegiant owns five highly prospective gold projects 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
(604) 634-0970 or
1-888-818-1364
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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, wh ich 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
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