Updated Technical Report On Eastside Project

RENO, NV - Allegiant Gold Ltd. has filed an updated technical report on its Eastside project entitled “Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report (MDA Technical Report), Esmeralda County, Nevada” prepared by Mine Development Associates.

The MDA Technical Report incorporates information from drilling and exploration work conducted by the Company at Eastside, including approximately 9,000 meters of RC drilling, since the date of the last technical report on the property in January of 2020. The work has resulted in a significant increase in Inferred resources at its district-scale flagship, Eastside and Castle property near Tonopah, Nevada. The updated resource now incorporates a resource at the Castle Area and 9 additional holes at the Eastside Original Pit Zone. Highlights include: Includes 1.09 million gold ounces at 0.55 grams per tonne (“g/t”) at Eastside Original Pit Zone and an inferred resource of 314,000 gold ounces at 0.49 g/t at the Castle Area, both within pit-constrained models at a cut-off grade of 0.15 g/t gold, US$1,750/ounce gold price and a US$21.88 silver price; The updated Eastside Resource estimate represents a 41% increase in gold ounces over the previous Eastside resource report, an increase of 408,000 gold ounces; and The Eastside resource is open to the south and west and at depth; the Castle resources are open in all directions. The planned work program for 2021-2022 will focus on the recent high-grade discovery in the Eastside Original Pit Zone as well as expansion and exploration drilling to the south, west and east.

The Original Pit Zone drilling database contains 36,923 gold assays and 14,163 silver assays used for the estimation of the resources reported herein. The assigned densities range from 2.15g/cm3 for volcaniclastic sedimentary rocks and steam-heated altered rhyolite, to 2.6g/cm3 for undifferentiated basement Paleozoic rocks. The principal rhyolite host rock was assigned a density value of 2.35g/cm. The Castle Area drilling database on which the deposit is modeled has 455 historical drill holes and 49 RC drill holes completed by the Company. The drilling database from which the estimate was made has 11,402 gold assays. Silver was not modeled. The assigned densities range from 2.4g/cm3 to 2.6g/cm3 and the overlying gravels were assigned 1.8g/cm.

At Eastside, preliminary metallurgical studies conducted by Kappes, Cassiday and Associates, in Reno, Nevada, indicate the mineralization is amenable to recovery by cyanidation. Heap-leach extractions are expected to be around 70% and 20% for gold and silver, respectively, but likely would require crushing. Milling with a fine grind is expected to result in extractions over 90% for gold and approximately 50% silver.