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Allegiant Gold Ltd
Symbol AUAU
Shares Issued 74,003,342
Close 2020-09-15 C$ 0.49
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Allegiant optionee drills 38.1 m of 1.08 g/t Au at Bolo

2020-09-16 10:16 ET - News Release

Mr. Peter Gianulis reports


Allegiant Gold Ltd. has released New Placer Dome Gold Corp.'s drilling results for the first reverse circulation (RC) drill hole at Allegiant's 100-per-cent-owned, Carlin-style Bolo gold-silver project in Nevada. New Placer can earn an initial 50.01-per-cent interest in Bolo by making share payments to Allegiant totalling $1-million (U.S.) and completing $4-million (U.S.) in exploration expenditures.

As reported by New Placer, drill hole BL20-01, located in the south mine fault zone, intersected 1.08 grams per tonne gold and 26 grams per tonne silver over 38.1 metres, including 1.8 g/t gold over 12.2 metres (see an attached table). The BL20-01 intercept expands gold mineralization approximately 40 metres vertically below 2019 drill hole BL19-04, which intersected 122 metres of 1.2 g/t gold in hole BL19-041, and delivers on one of the key goals of the 2020 Bolo project drill campaign, which is to test Carlin-style gold mineralization at depth in the south mine fault zone, where it remains open and untested.

To date, eight reverse circulation drill holes, totalling 2,301 metres, have been drilled as part of the 2020 Bolo project drill program currently under way. New Placer and Allegiant expect continued news flow over the coming weeks and months as assay results are received from the laboratory.

RC drilling at Bolo has defined a 1.2-kilometre, north-south-trending corridor of gold-silver mineralization containing the south mine fault zone, the Uncle Sam zone and the northeast extension zone. 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 favourable silty carbonate units. The relatively untested, 500 m strike length south mine fault zone/Uncle Sam segment is particularly prospective and is the focus of New Placer Dome's 2020 exploration, designed to prove out these compelling structural and stratigraphic gold targets.

Methodology and quality assurance/quality control

As reported by New Placer, the analytical work reported on herein was performed by ALS Global, Vancouver, Canada. ALS is an ISO/IEC 17025:2017-accredited and ISO 9001:2015-accredited geoanalytical laboratory and is independent of New Placer Dome and the qualified person. RC drill samples were subject to crushing at a minimum of 70 per cent passing two micrometres, followed by pulverizing a 250-gram split to 85 per cent passing 75 micrometres. Gold determination was via standard atomic absorption finish and 30-gram fire assay analysis, in addition to 48-element ICP-MS geochemistry. New Placer Dome follows industry-standard procedures for the work carried out on the Bolo gold-silver project with a quality assurance/quality control program. Blank, duplicate and standard samples were inserted into the sample sequence sent to the laboratory for analysis. New Placer Dome detected no significant quality assurance/quality control issues during the review of the data. New Placer Dome is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

About Allegiant Gold Ltd.

Allegiant owns 100 per cent of 10 highly prospective gold projects in the United States, six 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 gold mineralization and sulphide gold mineralization at Eastside are amenable to heap leaching.

Qualified person

The scientific and technical information contained in this news release as it relates to the Bolo project has been reviewed and approved by Kristopher J. Raffle, PGeo (British Columbia), principal and consultant of Apex Geoscience Ltd. of Edmonton, Alta., a director of New Placer Dome, and Christopher Livingstone, PGeo (British Columbia), project geologist of Apex Geoscience of Edmonton, Alta., qualified persons as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Raffle and Mr. Livingstone verified the data disclosed, including a review of the analytical and test data underlying the information and opinions contained therein.

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