Drilling at ALLEGIANT’s Eastside Gold Project Extends Original Zone 400 Metres to the South
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NEWS RELEASE
Drilling at ALLEGIANT’s Eastside Gold Project Extends Original Zone
400 Metres to the South
Vancouver, BC, Canada, August 31, 2018, Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX -V) (AUXXF:
OTCQX) is pleased to announce the remaining 13 drill holes, holes 156-168, from the 22-hole phase 1
resource expansion drill program , totaling 8,265 metres, at its 100% owned Eastside gold project ,
located 32 kilometres west of Tonopah, Nevada.
Highlights:
The phase 1 resource expansion drill program was successful in extending the Original Zone ,
an area within Eastside, 300 metres to the west and 400 metres to the south , where it still
remains open in both directions.
Further, a ll of the holes were drilled in areas currently classified as waste in the pit -
constrained resource estimate , which currently stands at 721,000 gold equivalent ounces 1,
below the planned pit or below the pit layback.
Drill hole 147 returned 42.7 metres of 2.49 g/t gold, including 9.1 metres of 9.03 g/t gold.
Drill hole 151 returned thick zones of gold and silver mineralization bottoming in 79.2 metres
of 1.03 g/t gold.
Drill hole 161 returned 74.7 metres of 0.89 g/t gold.
“We’re very pleased with the results of the phase 1 resource expansion drill program,” said Robert
Giustra, Chairman & CEO of ALLEGIANT. “The results demonstrate that our objectives of doubling the
in-pit ounces and significantly reducing the strip ratio at the Original Zone remain in sight. Further, the
results verify that the Original Zone is a very large gold system . Drilling to date has not constrained
the boundaries of the deposit and it remains open in almost every direction.”
A drill plan map can be found at the following link:
www.allegiantgold.com/nr/2018-08-31-drillplan.pdf
Two cross sections , comparing mineraliz ed shells from MDA’s 2016 report versus the interpreted
mineralized shells from the phase 1 resource expansion drill program , can be found at the following
link:
Allegiant Gold Ltd.
1090 Hamilton Street
Vancouver, BC V6B 2R9, Canada
www.allegiantgold.com
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www.allegiantgold.com/nr/2018-08-31-xsections.pdf
A table of Eastside drill results, including drill holes 156-168, can be found at the following link:
www.allegiantgold.com/nr/2018-08-31-table.pdf
ALLEGIANT will continue to build on the results phase 1 drill program with the objective of doubling
the in-pit resource and significantly reducing the strip ratio at the Original Zone. The Original Zone
remains open to the west, south, and to depth, and possibly to the east and north. It is important to
note that due to difficult drilling conditions, seven of the 13 drill holes had to be abandoned, several
of which terminated in gold mineralization.
ALLEGIANT plans to initiate a phase 2 resource expansion drill program at the Original Zone after it
completes the high-impact discovery drill program that will see six projects drilled over the next 10 -
12 months . The high -impact discovery drill program is currently underway with Red Hills the first
project to be drilled, see news release dated August 22, 2018. However, included in the six-project
drill program is Adularia Hill, a new prospecting discovery at Eastside.
Adularia Hill
Adularia is located approximately 12 kilometres south of the Original Zone deposit and just north of
the Castle, Berg and Black Rock Zone, which host historic resources of 272,153 ounces gold 2
(11,177,761 tons grading 0.82g/t gold) . Adularia represents just one of the many high -quality
exploration targets that exist at the district -scale Eastside . Adularia’s location in relation to the
Original Zone and the Castle, Berg and Black Rock Zone can be found at the following link:
www.allegiantgold.com/nr/2018-08-31-map.pdf
Qualified Person
Andy Wallace VP and Director of Allegiant Gold (U.S.) Ltd., is a Certified Professional Geologist (CPG)
with the American Institute of Professional Geologists and is a Qualified Person as defined under
National Instrument 43 -101 - Standards of Disclosure for Mineral Projects . Mr. Wallace has reviewed
and approved the technical content of this press release.
ABOUT EASTSIDE
Eastside is district scale – over 67 s quare kilometres in size , and is located approximately 32
kilometres west of Tonopah, Nevada, in an area of excellent infrastructure. The Original Zone
deposit, an area within Eastside, hosts a pit -constrained inferred resource totaling 721,000 gold
equivalent ounces 1 (35,780,000 tonnes grading 0.63g/t gold equivalent). Preliminary metallurgical
testing indicates that both oxide and sulphide gold mineralization at the Original Zone is a menable to
heap leaching. In addition to the Original Zone , Eastside also has numerous undrilled exploration
targets, and hosts historical resources of 272,153 ounces gold 2 (11,177,761 tonnes grading 0.82g/t
gold).
ABOUT ALLEGIANT
ALLEGIANT owns 100% of 14 highly -prospective drill-ready gold projects in the United States, 11 of
which are located in the mining -friendly jurisdiction of Nevada. Six of the projects will be drilled over
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the next 10 to 12 months and all offer excellent discovery opportunity. ALLEGIANT’s flagship Eastside
project hosts a large and expanding gold resource, is district scale, 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.
Further information regarding ALLEGIANT can be found at www.allegiantgold.com
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman & 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.
1 For more information, see the NI 43 -101 technical report entitled “Resource Estimate and NI 43 -101 Technical Report, Eastside
and Castle Gold-Silver Project, Esmeralda County, Nevada” prepared by Steven J. Ristorcelli CPG of Mine Development Associates
for Allegiant Gold Ltd. with an Effective Date of July 25, 2017, dated September 1, 2017, and filed on SEDAR under the profile of
Allegiant Gold Ltd. on January 24, 2018.
2 The historical resource estimate for the Eastside gold project was completed by Jame s 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 Presi dent
of Rayrock Mines, Inc. This report and data used in its preparation has been recent ly reviewed by Andy B. Wallace for the
purpose of this press release under his obligations a Qualified Person as defined under NI 43-101 who has reviewed and approved
the technical contents of this press release. Drill data used for Greybeck’s report was f rom Cordex Exploration Co., Kennecott
Exploration, Houston Oil and Minerals, Falcon Exploration, and Mintek Resources which data is on file in the offices of Corde x
Exploration Co. The data is judged relevant and reliable by Andy B. Wallace. The resource w as termed a “Geologic Resource” at
the time of Greybeck’s report, which was in line with current practice for the time. Mr. 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. A qualified person has not performed sufficient work to classify the historical estimate as current
mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or
mineral reserves. For more information, see news releases entitled “Columbus Acquires Claims Hosti ng a Historical Estimate of
272,000 Ounces of Gold Resources Contiguous with its Eastside Gold Project in Nevada” dated and filed under the profile of
Columbus Gold Corp. on SEDAR on January 20, 2017.
Forward Looking Statements
Certain statements and in formation 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 colle ctively 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”, “t arget”,
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“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: Allegiant G old Ltd.’s (“Allegiant”) objectives of doubling the in -pit ounces and
significantly reducing the strip ratio at the Original Zone; Allegiant’s plans to initiate a phase 2 drill program at the Original Zone;
Allegiant’s drilling and exploration plans for its properties, including anticipated costs and timing thereof; Allegiant’s pl ans for
growth through exploration activities, acquisitions or otherwise; and expectations regarding future 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 oth er 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.
ES-151
EXPLANATION
Pre-Existing Roads/4wd
Existing Road/Pad
Reclaimed Road
Existing Drill Site
2018 Drilling
Current Resource
Pit Outline ($1,300 Gold)
ES-113
Pit Outline
Current Resource
ES-161
ES-167
ES-168
ES-165
ES-156
ES-157
ES-158
ES-162
ES-163
ES-160
ES-159
ES-166
ES-164
1800m
1700m
1600m
1500m
1400m
1300m
1200m
445,600E
445,800E
446,000E
446,200E
446,400E
446,600E
– Looking North –
0.04 - 0.40 g/t Au
≥0.40 g/t Au
$1,300 PIT
$1,300 PIT
ES-153
W E
ES-168
ES-147
Section Shows $1,300 Pit Outline and Ore Shells within Pit as Determined by MDA in 2016
Section 4,228,740N
Original Zone Deposit, Eastside Gold Project
ES-151
1800m
1700m
1600m
1500m
1400m
1300m
1200m
445,600E
445,800E
446,000E
446,200E
446,400E
446,600E
– Looking North –
0.04 - 0.40 g/t Au
≥0.40 g/t Au
$1,300 PIT
$1,300 PIT
ES-153
W E
ES-147
ES-168 ES-151
Section 4,228,740N
Original Zone Deposit, Eastside Gold Project
Section Shows Ore Shells as Interpreted from 2018 Drilling
1800m
1700m
1600m
1500m
1400m
1300m
1200m
445,600E
445,800E
446,000E
446,200E
446,400E
446,600E
– Looking North –W E
0.04 - 0.40 g/t Au
≥0.40 g/t Au
$1,300 PIT
$1,300 PIT
ES-165 ES-155 ES-154
Section Shows $1,300 Pit Outline and Ore Shells within Pit as Determined by MDA in 2016
Section 4,228,900N
Original Zone Deposit, Eastside Gold Project