15,000 Meter Drill Program At Eastside To Commence

RENO, NV - Allegiant Gold Ltd. reported that a 15,000 meter, 80 hole drill program is scheduled to commence at the 100% owned Eastside gold project in Nevada. Eastside has significant expansion potential.  The drilling at Eastside is designed to test additional targets, confirm and expand the resources at the Castle Zone, and increase ounces at the Original Zone which currently hosts a current Inferred Mineral Resource of 1,094,000 gold-equivalent (AuEq) ounces.  Eastside also hosts a near surface historical oxide gold resource totaling an additional 273,173 ounces.

Peter Gianulis, CEO, said, “This highly anticipated drilling program has the potential to position Eastside as a leading gold exploration and development project in Nevada.  An updated 43-101 resource estimate will be carried-out immediately following completion of drilling.”  

The 273,173 ounce gold historical resource at Castle does not include any ounces from the mineralization at the Boss pit. During detailed geologic mapping Allegiant recognized that gold mineralization possibly continues into the walls of the pit. Allegiant geologists sampled the pit walls in mid-2020, with a series of 10 feet (3m.) continuous samples taken along the walls and cutting across the more obvious structures as near perpendicular as possible. The upcoming drill program is designed to extend this mineralization both laterally and below the existing pit. Recent 2020 mapping and sampling by Allegiant geologists of the Boss pit walls indicates that more gold mineralization remains at Boss. Continuous chip sampling across several broad structures exposed in the pit walls produced a number of notable results, including: 110 feet (33.3 m.) of width yielded 0.98 g/t gold on a deeper bench in the south/southwest pit wall; 80 feet (24.2 m.) width of 1.93 g/t gold from an upper bench on the south side of the pit; Two zones of 10 feet (3 m.) of 1.71 g/t gold and an additional 50 feet (15.1 m.) of 1.65 g/t gold on the uppermost bench of the east/southeast side of the pit; 40 feet (12.1 m.) of 0.52 g/t gold on the upper bench of the north/northwest side of the pit; & 50 feet (15.1 m.) of 0.76 g/t on the bench just below the above on the north/northwest side of the pit.

In addition, Allegiant mapping and surface sampling (0.1 to 3.9 g/t gold) has indicated a northerly-trending structural zone running along the eastern pit margin and  extending at least 300 meters north of the pit to the edge of alluvial cover, and possibly 200 m. or more south of the pit, also under alluvial cover. This zone will be tested by a series of angled drill holes.  Allegiant plans to complete a minimum of thirty drill holes in the upcoming drilling program near the Boss pit, totaling 5,450 m. Additional drilling may be added with favorable results. Allegiant’s goal is to produce a 43-101 considering the whole Castle area, including Boss, in late 2020. On completion of drilling at Boss, drilling will continue at the Original Zone and several new targets will be tested. The Castle claims cover an area of 9.6 sq. km and are located 13 km south of the Original Zone but still within the Eastside property.  The Castle claims are covered by shallow alluvium of 10-30 metres with potential for increased resources and contain a near surface historical oxidized resource estimate of 273,173 gold ounces.