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Drilling at Nevada Site Extends Gold Mineralization
News Update

Source:

The company reported drill results for 13 holes.

Allegiant Gold Ltd. (AUAU:TSX.V; AUXXF:OTCQX) announced the drill results from the remaining 13 holes, holes 156-168, from the 22-hole phase 1 resource expansion drill program, totaling 8,265 meters, at its 100%-owned Eastside gold project, located 32 kilometers west of Tonopah, Nevada.

"The phase 1 resource expansion drill program was successful in extending the Original Zone, an area within Eastside, 300 metres to the west and 400 metres to the south, where it still remains open in both directions," noted the company. "Further, all of the holes were drilled in areas currently classified as waste in the pit-constrained resource estimate, which currently stands at 721,000 gold equivalent ounces1, below the planned pit or below the pit layback. Drill hole 147 returned 42.7 metres of 2.49 g/t gold, including 9.1 metres of 9.03 g/t gold. Drill hole 151 returned thick zones of gold and silver mineralization bottoming in 79.2 metres of 1.03 g/t gold. Drill hole 161 returned 74.7 metres of 0.89 g/t gold."

"We're very pleased with the results of the phase 1 resource expansion drill program," said Robert Giustra, chairman and CEO of Allegiant. "The results demonstrate that our objectives of doubling the in-pit ounces and significantly reducing the strip ratio at the Original Zone remain in sight. Further, the results verify that the Original Zone is a very large gold system. Drilling to date has not constrained the boundaries of the deposit and it remains open in almost every direction."

"The Original Zone remains open to the west, south, and to depth, and possibly to the east and north. It is important to note that due to difficult drilling conditions, seven of the 13 drill holes had to be abandoned, several of which terminated in gold mineralization," the company noted.

Allegiant said it plans to begin a phase 2 resource expansion drill program at the Original Zone after completing the high-impact discovery drill program to see six projects drilled over the next 1012 months. The high-impact discovery drill program is currently underway with Red Hills the first project to be drilled. However, included in the six-project drill program is Adularia Hill, a new prospecting discovery at Eastside.

Adularia is a drill site located approximately 12 kilometers south of the Original Zone deposit and just north of the Castle, Berg and Black Rock Zone, which host historical resources of 272,153 ounces gold.

"Adularia represents just one of the many high-quality exploration targets that exist at the district-scale Eastside," stated the company.

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Disclosure:
1) John McPhaul compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an employee. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Allegiant Gold, a company mentioned in this article.




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