ALLEGIANT Announces Updated Inferred Resource Estimate of 1.1 million Gold-Equivalent Ounces, an increase of 52% at Flagship Eastside Project in Nevada
VANCOUVER, British Columbia, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce a significant increase in
inferred resources at its district-scale flagship, Eastside project near Tonopah, Nevada. The updated resource incorporates an additional 22 holes drilled at the Original Zone. Highlights
include:
- Updated Eastside Inferred Mineral Resource estimate (as of December 30, 2019) of 1,094,000 gold-equivalent (“AuEq”) ounces at 0.60 grams per
tonne (“g/t”) within a pit-constrained model using a cut-off grade of 0.15 g/t gold, US$1,550/ounce gold price and a US$19.67/ounce silver price;
- The updated Eastside Resource estimate represents a 52% increase over the previous Eastside resource report, an increase of 373,000 gold-equivalent ounces within the pit at the
Original Zone;
- The resource is open in all directions. The planned work program for 2020 will focus on expansion of the Original Zone to the south, north, west and east;
- The updated resource at the Original Zone is separate and distinct from the Castle claim block at Eastside, which hosts near surface historical* oxide gold totaling 273,173 ounces.
A map of the Eastside project can viewed at the following link:
www.allegiantgold.com/nr/2020-01-27-map.pdf
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Eastside Resource Estimate
The updated resource estimate (“Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report, Esmeralda County, Nevada”) was conducted by Mine
Development Associates (“MDA”) of Reno, Nevada with an effective date of December 30, 2019. Contained pit-constrained Inferred Resources of 1,094,000 AuEq
ounces at 57,050,000 tonnes at 0.60 g/t AuEq (gold-equivalent ounces were calculated by ALLEGIANT using a silver/gold ratio of 80:1) In
accordance with NI 43-101 the MDA Technical Report dated January 24, 2020 will be filed on SEDAR. This report builds on and supersedes the NI 43-101 reports of Ristorcelli (December 2016) and
Ristorcelli (July 2017) titled “Resource Estimate and Technical Report, Eastside Gold-Silver Project, Esmeralda County, Nevada” prepared for Allegiant with an Effective Date of July 25,
2017.