Allegiant Gold Ltd. (AUAU:TSX.V; AUXXF:OTCQX) reported in a news release that all 21 reverse circulation holes drilled at its Adaluria Hill project in Nevada demonstrated "hydrothermal alteration and anomalous gold," suggesting further drilling is warranted.
Returned gold grades ranged from 0.02–0.09 grams per ton (0.02–0.09 g/t). Of the 21 holes, 18 contained at least 1.5 meters of gold exceeding 0.1 g/t.
Therefore, at Adaluria Hill, part of the company's Eastside project, Allegiant plans geophysical work, including controlled-source electromagnetics and audiofrequency magnetotellurics and ground magnetics, to find buried structures that then will direct future drilling.
Adaluria Hill was one of the six targets Allegiant recently drilled to determine which offered the greatest prospects for a discovery. Based on the results, the company will drop Red Hills, Hughes Canyon and Silver Dome. It will hold Adaluria Hill and conduct additional drilling at North Brown. Allegiant is still reviewing the last target, Monitor Hills.
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Allegiant Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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 three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. 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.