ALLEGIANT Provides a Corporate Update, Announces Date for AGM and Grant of RSUs
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NEWS RELEASE
ALLEGIANT Provides a Corporate Update, Announces Date for AGM and Grant
of RSUs
Vancouver, BC, Canada, March 19, 2020, Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF:
OTCQX) is pleased to provide a corporate update with the following highlights:
• Eastside – Permitting continues to advance on the expansion of the operating zone from the
current 601 acres to approximately 3,600 acres. Geological sampling and mapping have
commenced and will continue over the coming months.
• Eastside/Castle Claims - Working on incorporating the Castle Claim Block historical * oxide gold
resource totaling 273,173 ounces into the recently announced 1.1 million Au-Eq ounce inferred
resource in the Original Zone at Eastside.
• Bolo – Plans for an expanded drill campaign by Barrian Mining Corp. (“Barrian”) on ALLEGIANT’s
100%-owned Bolo project in Nevada following up on a successful 10-hole drill campaign in 2019.
• Corporate Update – ALLEGIANT sets May 19, 2020 for Annual General Meeting (“AGM”) and
grants 3,000,000 Restricted Stock Units (“RSU”) to certain insiders and consultants
Eastside Update
As announced in January 2020, ALLEGIANT provided an updated resource estimate (“Updated Resource
Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report,
Esmeralda County, Nevada”) on Eastside with 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). A copy of the news release can be found at
the following: https://www.allegiantgold.com/en/news/2020/allegiant-announces-updated-inferred-
resource-estimate-of-1.1-million-gold-equivalent-ounces-an-increase-of-52-at-flagship/.
A map of the Eastside project can be viewed at the following link:
www.allegiantgold.com/nr/2020-01-27-map.pdf
ALLEGIANT continues to make permitting progress to increase the operating zone from the current 601
acres to approximately 3,600 acres. Our goal is to have multiple drill targets to test additional zones
as well as potentially further development work in the original pit zone. Surface sampling and detailed
alteration mapping started in January 2020 at Eastside and is focusing on three areas that will be drilled
once the expanded operating permit is received. Most sampling will be in a 2 by 2 km block of land
Allegiant Gold Ltd.
1090 Hamilton Street
Vancouver, BC V6B 2R9, Canada
www.allegiantgold.com
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directly south and southwest of the Original Target drilling. Previous sampling in this block had yielded
several gold and pathfinder trace element anomalies (0.1 to 1.5 g/t Au), hosted both in rhyolite and
adjacent, massively silicified andesite with quartz and adularia veining. Additional sampling, along with
detailed alteration mapping, in these areas will allow proper drill placement. The second area with
sampling focus is both small outcrops and float from the 2 by 2.5 km pediment area due east of the
Original Target. Alluvial cover is thought to be less than 15 meters in this pediment area. A CSAMT
geophysical program is also planned on the pediment later in the 2020. The third area being sampled
is about three km west of the Original Target drilling where reconnaissance sampling has yielded good
grade gold values (from 1.5 to 28 g/t Au) from narrow quartz veins cutting altered dacite and ash flow
tuff in an area at least 0.5 km by 0.5 km. This area of veining and alteration is also scheduled for
excavator trenching and drilling when the expanded permit is received. Allegiant is planning on drilling
at least 100 rotary holes following receipt of the expanded permit.
ALLEGIANT has commenced evaluating the possibility of incorporating the near surface historical*
oxidized resource estimate of 273,173 gold ounces* into the Eastside NI 43-101-compliant inferred
resource estimate measuring 1,094,000 AuEq ounces at 57,050,000 tonnes at 0.60 g/t AuEq. The
Castle claim block covers an area of 9.6 sq. km, located 13 km south of the Original Zone but still within
the Eastside property and are covered by shallow alluvium of 10-30 metres in depth.
* The historical resource estimate for the Castle claims was completed by James D. Greybeck, Senior
Geologist for Cordex Exploration Co. in April 1999, under the direction of Andy B. Wallace, then
Manager of Cordex Exploration Co. and Vice President of Rayrock Mines, Inc. This report and data used
in its preparation has been recently reviewed by Andy B. Wallace for the purpose of this press release
under his obligations a Qualified Person for ALLEGIANT. Drill data used for Greybeck's report was from
Cordex Exploration Co., Kennecott Exploration, Houston Oil and Minerals, Falcon Exploration, and
Mintek Resources which data is on file in the offices of Cordex Exploration Co. The data is judged
relevant and reliable by Andy B. Wallace. The resource was termed a "Geologic Resource" at the time
of Greybeck's report, which was in line with current practice for the time. Greybeck prepared geological
cross sections and calculated the resource by hand, using a polygonal method with a lower cut-off of
.005 opt Au (0.17 g/t Au). Where drilling was closely spaced gold values were interpolated between
cross sections using weighted averages projected 50 feet on either side of the cross section. ALLEGIANT
plans additional drilling to confirm Greybeck's interpretations and to fill in gaps in the drilling. A
qualified person has not done sufficient work to classify the historical estimate as current mineral
resources or mineral reserves. ALLEGIANT is not treating the historical estimate as current mineral
resources or mineral reserves.
Bolo Update
Barrian, per our earn-in agreement, is expected to spend US$750,000 on drilling and exploration in its
next phase work program on ALLEGIANT’s 100%-owned Bolo Project in Nevada. The work program will
be designed to test various zones and targets in order to expand beyond the initial discovery zone. In
2019, Barrian completed ten (10) reverse circulation (“RC”) drill holes totaling 1,838 metres as part of
their work program. “The next few months will be an exciting period for ALLEGIANT and Bolo as
multiple targets will be tested in an effort to expand the initial discovery zone. We look forward to the
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drilling campaign and subsequent results,” commented Peter Gianulis, President & CEO of Allegiant
Gold.
Barrian 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. According to Barrian, “The
combined 2019 and historical RC drilling at Bolo defines a 1.2 kilometer north-south trending corridor
of gold-silver mineralization containing the South Mine Fault Zone, Uncle Sam, and Northeast Extension
zones. Gold mineralization at Bolo exhibits characteristics of classic Carlin-type mineralization,
including strong subvertical structural control in addition to evidence of gold mineralization extending
laterally at low angles within favorable silty carbonate units. The relatively untested 500 metre strike
length South Mine Fault-Uncle Sam segment is particularly prospective and is expected to be the main
focus of Barrian’s 2020 exploration in an effort to prove-out emerging structural and stratigraphic gold
targets within the zone (See figure below)”.
Figure 1: Long Section South Mine Fault-Uncle Sam Gold Targets
Annual General Meeting Date & RSU Grants
ALLEGIANT announces that it will hold its Annual General Meeting (“AGM”) of Shareholders on
Tuesday, May 19, 2020 at 9:00 a.m. PT. All registered shareholders are welcome to attend at 1090
Hamilton Street, Vancouver, Canada. In conjunction with the Meeting, ALLEGIANT will be filing its
Information Circular and related proxy materials which will be available for download under its profile
on both SEDAR and EDGAR. ALLEGIANT has also granted an aggregate of 3,000,000 restricted share
units (“RSUs”) to officers, directors and key employees and consultants with a three-year vesting period
in accordance with the Company’s 2020 RSU Plan which was approved by the Board in December 2019.
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The RSU plan and any grants made thereunder remain subject to the approval of the TSX Venture
Exchange and shareholders at the upcoming AGM.
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. Three 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.
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.
The NI 43-101 updated resource estimate for the Eastside gold-silver deposit was prepared under the
direction of Steven J. Ristorcelli, CPG of MDA, a Qualified Person under NI 43-101, who has reviewed
and consented to the information in this news release that relates to the reported resources.
Further information regarding ALLEGIANT can be found at www.allegiantgold.com
ON BEHALF OF THE BOARD,
Peter Gianulis
President & 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. 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", "plan", "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 outlook. Forward-looking statements in this and other
press releases include, but are not limited to statements and information regarding: the evaluation of options to form a new
exploration team or related M&A; Allegiant's property holding costs savings or income generated from optioning out certain
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properties; Allegiant's drilling and exploration plans for its properties, including farming out, anticipated costs, updating
resource estimates and timing thereof and resulting increase of resources, if any; Allegiant's plans for growth through
exploration activities, acquisitions or otherwise; and expectations regarding future cost savings, maintenance and capital
expenditures, and working capital requirements. 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.