Allegiant Gold Ltd. (AUAU:TSX.V; AUXXF:OTCQX) announced in a news release that the company is drilling on the Red Hills project, completed drilling at the North Brown project, and has received all the assay results for Hughes Canyon.
The drilling at Hughes Canyon consisted of 12 rotary holes over 2,139 meters. Results show that 10 of the holes encountered a hydrothermal alteration "in several different stratigraphic units in a faulted and folded Mesozoic sedimentary package," noted the release. Findings also demonstrated the presence of gold and silver mineralization, with gold grades greater than 0.1 grams per ton.
The company reported that while drill results at Hughes Canyon "are encouraging and suggest more drilling is necessary," the property will "be abandoned." The company stated that given its sizable portfolio of prospective properties, it will be better served by using its capital elsewhere.
Final assays for the third property drilled, North Brown, are expected in a week, the company noted. Around the same time, Allegiant will resume its drill program, next targeting Monitor Hills, the fourth property.
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