Mr. Peter Gianulis reports

ALLEGIANT COMMENCES 2023 EXPLORATION PROGRAM AT GOLDFIELD WEST

Allegiant Gold Ltd. has begun its 2023 exploration program at the Goldfield West project that lies just outside of Goldfield, Nev.

The exploration program will consist of mapping and sampling of selected target areas to follow up on the geophysical surveys conducted in the fall of 2022 and include airborne magnetic and surface CSAMT (controlled source audio-magnetotelluric) surveys. After the results have been analyzed and interpreted, Allegiant plans to drill test several targets that have been identified from the fieldwork.

Peter Gianulis, chief executive officer of Allegiant Gold, commented: "We have spent the past year preparing for the upcoming drill program at Goldfield West, including a detailed geophysics survey completed late last year. The resulting sampling program and subsequent assays will be used to determine the location of our drill program set to commence in the summer of 2023. Goldfield West is situated in one of the most prospective and exciting gold districts in Nevada, including the Gemfield project. We look forward to the upcoming results and the start of the drill program."

Goldfield West project

Allegiant's Goldfield West project is located in the Goldfield district in Esmeralda county, Nevada, a few miles from the Gemfield gold project owned by Centerra Gold. Goldfield West 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 1.9 kilometres. Historical drilling along this zone shows mineralized intercepts in many of the drill holes over a 1.2-kilometre strike length. Drilling by U.S. Borax/Kennecott, in this area, showed gold values up to 8.7 grams per tonne and up to 18.6 grams per tonne silver over 1.5 metres 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-chip sampling for assaying and spectral analyses. The spectral analysis will identify zone 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 drill program later this year.

Qualified person

Alan Roberts is a certified professional geologist (CPG) with the American Institute of Professional Geologists and is the qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release.

About Allegiant Gold Ltd.

Allegiant owns seven highly prospective gold projects in the United States, five of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant's projects are currently farmed out, providing a combination of cash flow potential and work programs. 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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