Allegiant Outlines Exploration Drilling Strategy FOR 2023; 12,715+ Metres of Additional Drilling – Resource Expansion and New Targets
ALLEGIANT OUTLINES EXPLORATION DRILLING STRATEGY FOR 2023;
12,715+ METRES OF ADDITIONAL DRILLING – RESOURCE EXPANSION AND NEW TARGETS
Tonopah, Nevada / May 24, 2023 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V)
(AUXXF: OTCQX) is very pleased to provide a detailed update of our exploration drilling program for the
remainder of 2023.
Allegiant plans to drill a total of 15,115 metres of Reverse Circulation (“RC”) and Diamond Core Drilling
(“DDH”) for 2023. The Company completed a 19-hole, 2,400 metre RC drill program in February 2023 at
the Castle Project, Eastside District. Allegiant has already received most of the necessary drill permits and
expects the remainder in the next fiscal quarter.
Peter Gianulis, CEO of Allegiant Gold, commented: “2023 will be another busy year with the Company
targeting four distinct areas including two drill programs at the Eastside District, and initial drill programs
at Goldfield West, one of the top prospects in our portfolio, and our recently acquired TS Project. Our
goal continues to be the same; the efficient allocation of capital directly into the ground while we seek to
expand our existing resources and make new discoveries. In addition to funding our own programs, we
are also expecting additional exploration programs at our other projects, Mogollon and Bolo, which are
being funded by Summa Silver and Copaur, respectively. Together, Allegiant will be one of the most active
exploration companies in the sector.””
Allegiant plans to conduct the following programs during the remainder of the 2023 calendar year:
EASTIDE PROJECT - EASTSIDE
• 11-Hole, 4,015 Metre RC Drill Program
• 2-Hole, 800 Metre DDH Drill Program
• Targeting resource expansion and new targets to the south of the current resource area
CASTLE PROJECT - EASTSIDE
• 28-Hole, 3,500 Metre RC Drill Program
• 4-Hole, 800m Metre DDH Drill Program
• Resource expansion and exploration drilling
• Structural and gold distribution data collection
GOLDFIELD WEST
• 8-Hole, 2,000 metre RC Drill Program
• Phase 1 exploration drilling to establish the potential for hosting moderate-high sulfidation
epithermal gold-silver mineralization
TS PROJECT – PROSPECTIVE FOR LITHIUM/BORON
• 9-hole, 1,250 metre RC Drill Program
• 1-hole, 350 metre DDH Drill Program
• Targets sub-horizontal basin sedimentary sequences for Lithium-Boron hosting sediments
• Sedimentological and geochemical data analysis to establish potential for Lithium and Boron
mineralization
EASTSIDE PROJECT – EASTSIDE DISTRICT
The Eastside Project, Allegiant’s flagship project, hosts an existing low -grade, bulk tonnage, low
sulfidation epithermal resource (NI43-101 Technical Report dated July 30, 2021*) associated with
relatively young rhyolite intrusive and volcanic rocks. Unlike typical low sulfidation epithermal deposits
there are indications that the mineralized zones extend vertically over several hundreds of meters and is
consistent with other rhyolite-hosted systems in the Walker-Lane structural trend; probably the most
comparable deposit currently being mined is Equinox’s Castle Mountain mine; the project also bears
some similarities to Las Crucitas in Costa Rica.
The goal of the 2023 exploration and drilling program, including both reverse circulation and diamond
core drilling, is to expand the existing resource into South Eastside; the area to the north known as the
Original Pit Zone (“OPZ”) or Eastside Resource will be known as the North Easts ide Resource. South
Eastside has not been drilled sufficiently to define a resource; however, historic drilling indicates the
potential for higher elevation, that is nearer surface, low-grade mineralization with high-grade zones.
Mineralization at Eastside has been identified as low sulfidation epithermal with predictable low-grade
gold-silver mineralization but controls on the distribution of gold have not been sufficient to move
resource to indicated or measured. Allegiant’s additional goal with the 2023 program is to identify how
distribution of gold and silver mineralization, especially in the high-grade areas, is controlled by lithology,
structure, and alteration; the greater understanding of these controls will lead to more accurate targeting
of zones of potentially high-grade gold-silver mineralization. The 2022 core drilling program went a long
way in identifying some of the controls, but more drilling is required to be definitive. This goal is being
assisted by geochemical and structural mapping, and analysis, as well as 3D modeling in Leapfrog, and
resource estimation and planning in MineSight.
CASTLE PROJECT – EASTSIDE DISTRICT
The Castle Project, approximately 20 kilometers south of the Eastside Project, contains 4 known low- to
moderate-sulfidation epithermal gold-silver deposits: Boss, Berg, Black Rock and Castle. An inferred
resource was defined based upon historic drilling through 2020; this was followed by resource expansion
drilling in early 2023 which demonstrated that the Castle Project was under-drilled, and that further
exploration and resource expansion drilling could bring significant additional mineralization to the
resource*.
To achieve this goal Allegiant has identified areas of both exploration and expansion drilling to complete
the objective of identifying additional target areas. Allegiant has already drilled 19 holes in early 2023 and
will drill an additional 30-32 holes using both reverse circulation and diamond core drilling.
Allegiant is in the process of completing all the necessary planning and environmental steps to enable the
filing of a Plan of Operation that will include an extensive drilling program to upgrade the resource from
inferred to indicated and measured resources, steps necessary for mine planning and permitting.
* 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.
GOLDFIELD WEST PROJECT
Allegiant’s Goldfield West project is located in the Goldfield District, Esmeralda County Nevada, and
shows epithermal alteration associated with highly anomalous to ore-grade gold mineralization both at
the surface and in drill intercepts from the late 1980s.
A north-northeast trending zone of alteration in the southern portion of Allegiant’s claim block extends
for 1900 m. Historical drilling along this zone shows mineralized intercepts in many of the drill holes over
a 1200 m strike length. Drilling by US Borax/Kennecott, in this area, showed gold values up to 8.7 g/t and
up to 18.6 g/t silver over 1.5 m hosted in volcanic rocks. Geophysical surveys conducted in 2022 show
north-northeast structural trends which suggest these structures are the conduits for mineralizing fluids.
Allegiant has designed a program of geochemical rock chips for assaying and spectral analyses; the
program will also include several soil sediment sample lines to establish whether mineralizing trends
continue beneath alluvial cover. The spectral analysis will identify zones of higher temperature minerals
indicating areas of mineralizing fluids. Results from the rock chip sampling (both assays and spectral
mineral identification), geophysical surveys, geologic mapping and historical drilling results will be
compiled to identify drill targets for a reverse circulation drill program of approximately 2,000m later this
year.
TS CLAIMS
The TS Claims is a stand-alone land package comprising 126 federal lode mining claims approximately
5kms east of the Eastside District claim block. Discovered in 2022 by Allegiant geologists the TS Claims
have shown indications of the potential, from surface sampling, to host both gold-silver mineralization
and lithium-boron mineralization.
Allegiant’s geologists are currently working on a geochemical sediment survey to identify anomalous
element trends and, to date, results have shown (NR dated May 11, 2023) that there is a distinct lithium-
boron trend across the claim block consistent with basin-bounding normal- and strike-slip fault structures
that were identified from analysis of topography and regional geophysical surveys.
The results of the geochemistry will be combined with geophysics and other surface studies to define drill
targets that will include both reverse circulation and diamond core drilling in 2023.
QUALIFIED PERSON
Alan Roberts 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 six highly prospective gold projects in the United States, five of which are in the mining-
friendly jurisdiction of Nevada. Two of Allegiant’s projects are currently 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 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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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 "forwar d-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,
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