Drilling Scheduled to Commence IN July at Allegiant’S Bolo GOLD Project IN Nevada
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NEWS RELEASE
DRILLING SCHEDULED TO COMMENCE IN JULY AT ALLEGIANT’S BOLO GOLD
PROJECT IN NEVADA
Vancouver, BC, Canada, June 24, 2020, Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-
V) (AUXXF: OTCQX) is pleased to announce that a 3,000 metres RC drilling campaign is
scheduled to commence in July at ALLEGIANT’S 100% owned, Carlin-style, Bolo gold
project in Nevada.
The program is being carried-out by New Placer Dome Gold Corp. (formerly Barrian
Mining Corp.), (“NGLD”) which 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.
“The 2019 drilling results demonstrated that good grade, shallow Carlin -style
mineralization, can still be found in Nevada ,” commented Peter Gianulis, CEO of
ALLEGIANT. “We are very pleased that the next phase of drilling at Bolo is proceeding.”
The program will follow-up on the results of 2019 drilling by NGLD at the South Mine
Fault Zone, and will also test the continuity of mineralization between the South Mine
Fault Zone and the Uncle Sam Zone. Grab sampling of outcrop by NGLD at Uncle Sam in
2019 yielded up to 3.63 g/t gold, and 262 g/t silver in an area with no prior sampling
(see NGLD press release dated November 4, 2019).
Results from 2019 drilling reported by NGLD at the South Mine Fault Zone include:
Hole BL19-01, which yielded 3.34 grams-per-tonne gold over 29.0 meters1,
including a higher-grade zone of 4.97 g/t gold over 13.7 m2. The intercept occurs
within a broader envelope of mineralization averaging 1.37 g/t gold over 84 m1
starting from surface. NGLD reported that these intercepts expand the footprint
of gold mineralization approximately 35 m vertically below the previous drilling
on section. Mineralization remains open at depth (see NGLD press release dated
October 28, 2019);
Allegiant Gold Ltd.
1090 Hamilton Street
Vancouver, BC V6B 2R9, Canada
www.allegiantgold.com
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Hole BL19-02, intersected 32 m of 2.01 g/t gold1 starting at 67 metres down hole,
within a broader zone of mineralization averaging 1.01 g/t gold over 85 m1
starting at 49 metres down hole. NGLD reported that these results extend the
footprint of gold mineralization approximately 60 metres vertically below the
previous drilling on section (see NGLD press release dated October 21, 2019);
Hole BL19-03, intersected 2.37 g/t gold over 12.2 m1 within a broader envelope
of mineralization averaging 0.81 g/t gold over 65.5 m1. NGLD reported that these
intercepts expand gold mineralization approximately 40 to 50 m vertically below
the previous drilling and indicate gold mineralization remains open below 150 m
vertical depth on section (see NGLD press release dated November 7, 2019); and
Hole BL19-04, intersected two high-grade gold zones: an upper zone of 2.10 g/t
over 36.6 m1 starting at 80.8 m down hole, including 3.25 g/t gold over 15.2
m1 starting at 96 m down hole; and a lower zone of 3.32 g/t gold over 12.2
m1 starting at 79 m down hole. The upper and lower zones occur within a broader
envelope of mineralization averaging 1.19 g/t gold over 122 m1 starting at 79 m
down hole. NGLD reported that the results extend mineralization from surface
down to a 200 m vertical distance that remains open at depth (see NGLD press
release dated October 23, 2019).
1 The true width of mineralization is estimated to be approximately 60-70% of drilled width.
2 The true width of the lower gold zone is unknown.
A Bolo property map showing the relative locations of the South Mine Fault Zone and
the Uncle Sam Zone, can be viewed by clicking here:
www.allegiantgold.com/nr/2020-06-24-map-zones.pdf
ABOUT ALLEGIANT
ALLEGIANT owns 100% of 9 highly-prospective gold projects in the United States, 6 of
which are located in the mining-friendly jurisdiction of Nevada. Two 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.
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ABOUT NEW PLACER DOME GOLD
New Placer Dome Gold Corp. is a gold exploration company focused on acquiring and
advancing gold projects in Nevada. New Placer Dome’s flagship Kinsley Mountain Gold
Project, located 90 km south of the Long Canyon Mine (currently in production under
the Newmont/Barrick Joint Venture), hosts Carlin-style gold mineralization, previous run
of mine heap leach production, and NI 43-101 indicated resources containing 418,000
ounces of gold grading 2.63 g/t Au (4.95 million tonnes) and i nferred resources
containing 117,000 ounces of gold averaging 1.51 g/t Au (2.44 million tonnes). The Bolo
Project, located 90 km northeast of Tonopah, Nevada, is another core asset, similarly
hosting Carlin-style gold mineralization. New Placer Dome can earn an initial 50.01%
interest in Bolo by making share payments totaling US$1 million and completing US$4
million in exploration expenditures; and can earn up 75% by spending an additional US$4
million in exploration by 2024. New Placer Dome also holds an option to acquire 100%
of the Troy Canyon Project, located 120 km south of Ely, Nevada. New Placer Dome is
run by a strong management and technical team consisting of capital market and mining
professionals with the goal of maximizing value for shareholders through new mineral
discoveries, committed long-term partnerships, and the advancement of exploration
projects in geopolitically favorable jurisdictions.
QUALIFIED PERSON
The scientific and technical information contained in this news release as it relates to
the Bolo Gold Project has been reviewed and approved by Kristopher J. Raffle, P.Geo.
(BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB., a “Qualified
Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral
Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical
and test data underlying the information and opinions contained therein.
Further information regarding ALLEGIANT can be found at www.allegiantgold.com
ON BEHALF OF THE BOARD,
Peter Gianulis
Chief Executive Officer
For more information contact:
Investor Relations
1-888-818-1364
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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 timing of, or amount of, drilling at Allegiant Gold Ltd.’s (“Allegiant”) Bolo property. 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 undert akes 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.