Drilling At Eastside Confirms Significant At-Surface Oxide Gold Mineralization

RENO, NV - Allegiant Gold Ltd. reported the results of 49 exploration RC drill holes, totaling 5,850 meters, drilled in the Castle Zone around the former producing Boss pit, located within the Eastside gold project. Eastside hosts a current NI 43-101 pit-constrained Inferred resource of 1,094,000 ounces gold equivalent from 57,050,000 tonnes grading 0.60 g/t AuEq*, however, the Eastside resources estimate which was carried-out in 2020, did not include the Castle Zone.

The shallow at surface mineralization and good gold grade at the Castle Zone are a game-changer for the Eastside project for the following reasons: Potential significant increase in contained ounces; Potential significant decrease in strip-ratio; and Obvious starter-pit for a potential future Eastside mine.

All assays have now been received and interpretation is continuing within the greater Castle Zone. Some of the highlights include: 47 holes encountered mineralization within 45m from surface; Significant intercepts included: 5m of 1.85 g/t from Hole ES-196; 14m of 1.08 g/t from Hole ES-202; 4.5m of 2.32 g/t from Hole ES-211; 3.6m of 2.00 g/t from Hole ES-216; and 1.5m of 3.86 g/t from Hole ES-222.

The Drilling encountered very shallow gold best described as a blanket-like zone which commences at an approximate depth of between 0-30 meters, and consistently continues for 20-40 meters in thickness. Gold is hosted in Tertiary andesite and rhyolite tuff, associated with quartz stockworks, iron oxides along fractures, argillization, and occasionally massive silicification. The Tertiary volcanic rocks overlie Paleozoic rocks of the Palmetto Formation which were encountered at depth in nearly all the drill holes. Drill intercepts (using a 0.1 g/t cutoff gold) for the 49 holes are shown in an attachment form. Most of the holes were angle holes drilled in a variety of directions at 45 degrees. Essentially all of the mineralization in drilling is deemed as “oxide” visually.

Peter Gianulis, CEO, said, “We continue to be pleased by the ongoing results and advancement at Eastside. Given the favorable location of the project, superior access to infrastructure, the shallow nature of the mineralization in the Castle Zone, and the potential for a low strip ratio, the results present a major leap forward for the Eastside project. Next steps planned at Castle will include expansion drilling, metallurgy, a resource estimate and a scoping study.”