Supernova Provides Drilling Update ON Allegiant’S Clanton Hills Silver Property
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SUPERNOVA PROVIDES DRILLING UPDATE ON
ALLEGIANT’S CLANTON HILLS SILVER PROPERTY
Reno, Nevada, November 23 , 2020, Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX -V) (AUXXF:
OTCQX) is pleased to provide an update on Allegiant’s 100% owned, Clanton Hills silver project in
Arizona. Supernova can acquire up to a 70% interest (subject to a 2% NSR royalty) in Clanton Hills by
issuing Allegiant two -million common shares making additional sub sequent payments of cash and
common shares totaling US$550,000 and incurring exploration expenditures of US$1,500,000 over a
three-year period. Two high priority reverse circulation (“RC”) drill holes totaling 381 meters (1,250
feet) have been completed to date, and drilling is ongoing with a total of 10 holes in the current
program.
According to Supernova:
The first hole of the program was drilled under the discovery outcrop to test if the surface
mineralization continues at depth. The hole was successful in intersecting similar geology downdip of
the outcrop and based on the mineralized intercept encountered , the Company elected to drill a
second hole off the same drill site with a different orientation to test the continuation of the zone along
strike to the north. The third hole of the program currently being drilled is an approximately 250 metre
step-out further to the north along strike from the outcrop and along the trend of the geophysical
anomaly that appears to represent the mineralized zone present in outcrop. An additional seven holes
totaling up to 1,400 meters of drilling is anticipated to be compl eted over the coming weeks to
complete the program’s goal of identifying a new bulk tonnage primary silver discovery.
Samples from the first hole were shipped last week to Skyline Labs in Tucson on an expedited basis for
gold and silver fire assay analysis. Furthermore, hand-held portable X -ray Fluorescence (“XRF”),
providing qualitative analysis of the RC drill samples, has confirmed the presence of pathfinder
elements that are a potential indicator of the presence of gold and silver mineralization. In particular,
elevated zinc, manganese and lead values were identified intermittently from 23m down hole through
to the end of the hole at 168 metres. The XRF is an effective real-time targeting tool being used during
the 2020 Clanton Hills drill campaign.
About Clanton Hills
The Clanton Hills property represents a unique opportunity for a near surface primary silver discovery
with the potential to host a bulk tonnage silver resource.
The property consists of 32 mineral claims located in Yuma County approximately 112 km west of
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Phoenix, Arizona. Most of the property is low lying and covered by alluvium with a central outcrop
measuring approximately 25 meters by 90 meters in size, consisting of silicified breccias in contact with
calcareous sediments.
Historic mapping and sampling of the outcrop area has resulted in the identification of both high-grade
silver values, up to 242 g/t silver from grab samples related to discrete quartz -carbonate vein/shear
structures in the outcrop, as well as lower grade silver mineralization in brecciated wall rock with silica-
carbonate matrix over substantial widths. This is demonstrated by several historic chip channel
samples taken in several places across the outcrop which have returned significant thicknesses of
continuous mineralization, highlighted by one c hannel which returned 35 g/t silver over 15 metres in
brecciated calcareous sediments.
The mineralization at Clanton Hills in many ways resembles a low -sulfidation, epithermal mineral
occurrence typical of the Great Basin and Desert Southwest, however, it is somewhat unusual in that
silver values are present over considerable widths in the wide breccia zones of the mineralized
structures. This presents a drill target with the potential to host large volumes of lower -grade silver
mineralization in the walls of the structures, in addition to the conventional higher -grade
mineralization over the narrower widths in the veins that are typical of the district.
About SUPERNOVA
SUPERNOVA is a growth -oriented exploration company focused on acquiring and advancing natural
resources opportunities within North America. SUPERNOVA has a growing and diversified portfolio of
assets, including Lithium, Vanadium, Silver and Gold assets, as well as revenue generating oil
production.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Clanton Hills
silver project has been reviewed and approved by Dr. Kent Ausburn, PhD, PG, a qualified person as
defined in National Instrument 43 -101 - Standards of Disclosure for Miner al Projects. Dr. Ausburn
verified the data disclosed which includes a review of the analytical and test data underlying the
information and opinions contained therein. The sampling and interpretation of the geology and
mineralization of the Clanton Hills property presented in this news release is historical in nature and is
taken from exploration reports completed by past operators on the property and therefore should not
be relied upon as current.
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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.
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
+1-786-252-4948
Neither the 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 securitie s 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 regardi ng
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’s”) Clanton Hills 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 mater ially 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 Alle giant’s profile at
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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 t hese beliefs,
estimates and opinions or other circumstances should change, except as otherwise required by applicable law.