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Allegiant Gold Ltd
Symbol AUAU
Shares Issued 77,195,108
Close 2020-11-23 C$ 0.28
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Supernova drills two holes to date at Clanton Hills

2020-11-23 10:01 ET - News Release

See News Release (C-SUPR) Supernova Metals Corp

Mr. Sean McGrath of Supernova reports

SUPERNOVA METALS PROVIDES CLANTON HILLS SILVER PROPERTY DRILLING UPDATE

Supernova Metals Corp. has provided an update on its maiden exploration drill program at the Clanton Hills silver property. To date, the company has completed two high-priority reverse circulation (RC) drill holes totalling 381 metres (1,250 feet).

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 down dip 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 stepout farther 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 totalling up to 1,400 metres of drilling is anticipated to be completed 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 23 metres downhole 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.

Sean McGrath, chief executive officer of Supernova, commented: "This is a drill campaign that we've been very much looking forward to since we first acquired the rights to Clanton Hills in September, 2020. A unique and untested target identified by a legendary prospector in a silver-rich jurisdiction in North America is rare to find. Management believes in the prospective nature of Clanton Hills, and it has personally been a high-priority exploration target of mine since I took the helm of Supernova at the beginning [of] this year."

About Clanton Hills

The Clanton Hills property, which was optioned from Allegiant Gold Ltd. in September, 2020, 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 kilometres west of Phoenix, Ariz.

Most of the property is low lying and covered by alluvium with a central outcrop measuring approximately 25 metres by 90 metres in size, consisting of silicified breccias in contact with calcareous sediments.

Historic mapping and sampling of the outcrop area have resulted in the identification of both high-grade silver values, up to 242 grams per tonne 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 channel that returned 35 grams per tonne silver over 15 metres in brecciated calcareous sediments.

The mineralization at Clanton Hills in many ways resembles a low-sulphidation, 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 Metals Corp.

Supernova Metals 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 Mineral Projects. Dr. Ausburn verified the data disclosed, which include 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 are historical in nature and are taken from exploration reports completed by past operators on the property and therefore should not be relied upon as current.

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