Allegiant Drilling at Eastside Confirms Significant at-Surface Oxide GOLD Mineralization
ALLEGIANT DRILLING AT EASTSIDE CONFIRMS SIGNIFICANT AT-SURFACE
OXIDE GOLD MINERALIZATION
Reno, Nevada / May 18, 2021 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF:
OTCQX) is very pleased to announce the results of 49 exploration RC drill holes, totalling 5,850 metres, drilled in
the Castle Zone around the former producing Boss pit, located within the Eastside gold project. Eastside hosts a
current NI 43-101 pit-constrained Inferred resource of 1,094,000 ounces gold equivalent from 57,050,000 tonnes
grading 0.60 g/t AuEq*, however, the Eastside resources estimate which was carried-out in 2020, did not include
the Castle Zone.
See Eastside property map (Map 1) here:
www.allegiantgold.com/nr/2020-01-27-map.pdf
The shallow at surface mineralization and good gold grade at the Castle Zone are a game-changer for the Eastside
project for the following reasons:
• Potential significant increase in contained ounces
• Potential significant decrease in strip-ratio
• Obvious starter-pit for a potential future Eastside mine
All assays have now been received and interpretation is continuing within the greater Castle Zone. Some of the
highlights include:
• 47 holes encountered mineralization within 45m from surface;
• Significant intercepts included:
o 5m of 1.85 g/t from Hole ES-196
o 14m of 1.08 g/t from Hole ES-202
o 4.5m of 2.32 g/t from Hole ES-211
o 3.6m of 2.00 g/t from Hole ES-216
o 1.5m of 3.86 g/t from Hole ES-222
The Drilling encountered very shallow gold best described as a blanket-like zone which commences at an
approximate depth of between 0-30 meters, and consistently continues for 20-40 meters in thickness. Gold is
hosted in Tertiary andesite and rhyolite tuff, associated with quartz stockworks, iron oxides along fractures,
argillization, and occasionally massive silicification. The Tertiary volcanic rocks overlie Paleozoic rocks of the
Palmetto Formation which were encountered at depth in nearly all the drill holes. Drill intercepts (using a 0.1 g/t
cutoff gold) for the 49 holes are shown in an attachment form (Table 1). Most of the holes were angle holes drilled
in a variety of directions at 45 degrees. Essentially all of the mineralization in drilling is deemed as “oxide” visually.
Table 1: Boss Drilling Results
https://allegiantgold.com/site/assets/files/2207/castle_area_boss_zone_-_2020_drilling_intercepts.pdf
Map 2: Boss Drilling Map & Hole Locations
https://www.allegiantgold.com/site/assets/files/2209/allegiant_boss_mine_area_january_2021.png
Peter Gianulis, CEO of Allegiant Gold, commented: “We continue to be pleased by the ongoing results and
advancement at Eastside. Given the favorable location of the project, superior access to infrastructure, the shallow
nature of the mineralization in the Castle Zone, and the potential for a low strip ratio, the results present a major
leap forward for the Eastside project. Next steps planned at Castle will include expansion drilling, metallurgy, a
resource estimate and a scoping study.”
* 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. Contained pit-constrained Inferred Resources of 1,094,000 AuEq
ounces at 57,050,000 tonnes at 0.60 g/t AuEq (gold-equivalent ounces were calculated by ALLEGIANT using a silver/gold ratio
of 80:1). 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 will be filed on SEDAR. 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 on SEDAR at www.sedar.com.
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 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. 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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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
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