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A service for mining industry professionals · Thursday, June 20, 2019 · 488,532,899 Articles · 3+ Million Readers

ALLEGIANT Reports Results from Drilling at Adularia Hill

VANCOUVER, British Columbia, June 11, 2019 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF: OTCQX) reports results from drilling at its Adularia Hill gold project located in Nevada; drilling consisted of 21 RC holes totaling 3,170 meters.

Nearly all the holes displayed hydrothermal alteration and anomalous gold (0.02-0.09 g/t) from top to bottom, irrespective of the lithology of the host rock. Eighteen of the 21 holes contained at least 1.5 meters of gold exceeding 0.10 g/t Au. The presence of gold in many drill holes over such a large area clearly suggests more drilling is warranted. ALLEGIANT is planning a geophysical program, including CSAMT and a ground magnetics, to locate buried structures as a guide for future drilling.

Since August 2018, ALLEGIANT carried-out exploration on a total of six “discovery potential” projects; 5 of which were located in the world-class gold mining jurisdiction of Nevada. Drilling commenced at the Red Hills project, and followed at Hughes Canyon, North Brown, Monitor Hills, and then Adularia Hill. Field work at Silver Dome concluded that drilling is not warranted.

The principal purpose of the 6-project exploration campaign was to identify which of the early stage projects has the best discovery potential for a larger future drilling program, with the secondary aim of reducing the number of projects held, and hence resulting in a reduction in ALLEGIANT’s annual holding costs. Based on the results obtained, ALLEGIANT will drop Red Hills, Hughes Canyon and Silver Dome. Adularia Hill which forms part of ALLEGIANT’s Eastside project will be held, and additional drilling is planned to be carried-out at North Brown, which now because of additional staking forms part of the Browns Canyon project. Monitor Hills is still under review.

ALLEGIANT now owns 100% of 11 highly-prospective drill-ready gold projects in the United States, 9 of which are located in the mining-friendly jurisdiction of Nevada. ALLEGIANT’s flagship Eastside project hosts a large and expanding gold resource, is district scale, and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

Qualified Person
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Wallace has reviewed and approved the technical content of this press release.

Further information regarding ALLEGIANT can be found at www.allegiantgold.com

/EIN News/ -- ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
ir@allegiantgold.com 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include, but are not limited to statements and information regarding: Allegiant's property holding costs savings or income generated from optioning out certain properties; Allegiant's drilling and exploration plans for its properties, including anticipated costs and timing thereof; the potential of hosting good grade gold mineralization or expansion; Allegiant's belief with respect to North Brown anomalies and the related transportation of mineralized fragments, including the discovery of the source of the mineralized breccia fragments; indications of mineralization that is amenable to heap leaching; Allegiant's plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, and working capital requirements. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled "Risk Factors" in Allegiant's Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant's profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

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