ALLEGIANT Announces Updated Inferred Resource Estimate of 1.1 million Gold-Equivalent Ounces, an increase of 52% at Flagship Eastside Project in Nevada - Seite 2

A copy of the Eastside Technical Report can be found on SEDAR at www.sedar.com. 

Andy Wallace, ALLEGIANT technical advisor, oversaw the incorporation of the additional 22 drill holes into the updated resource estimate.  “We continue to be pleased with the progress being made at Eastside and are looking forward to expanding the operating permit. This will allow us to explore the additional targets we have outlined with the goal of increasing resources. We will also continue to explore the areas immediately adjacent to the Original Zone as the deposit is still clearly open to the south, west, and at-depth, and possibly east and north.,” commented Mr. Wallace.

Table 1: Eastside Inferred Gold Equivalent Resources 
The resources in the table below reflect the estimate of Inferred gold equivalent resources at Eastside at a base case cut-off grade of 0.15 g/t gold as well as other cut-off grade levels which approximates anticipated economic cutoffs based on preliminary metallurgical test work and operations cost estimates for an envisioned open-pit with combined heap-leach and milling scenario. To determine the "reasonable prospects for eventual economic extraction" MDA chose to report the resource considering per tonne mining costs of US$1.35 and G&A costs of US$0.50 respectively. Heap-leach and milling costs used were US$4.60 and US$10.40, respectively. The prices of gold and silver were US$1,550 and US$19.67 per ounce, respectively, with gold equivalent ounces using a silver/gold ratio of 80:1.  MDA ran a series of optimized pits using variable gold and silver prices, mining costs, processing costs and processing scenarios.

Table 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb4e8511-ee60-4b32 ...

Notes to table of resources:

• Contained ounces may not add due to rounding. 
• These Mineral Resources occur in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. 
• It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to at least Indicated Mineral Resources with continued drilling. 
• Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. 
• The Qualified Person for the above resource estimate is Steven J. Ristorcelli, CPG of MDA, however, gold-equivalent ounces were calculated by ALLEGIANT.

The Eastside area drilling database contains 33,028 gold assays and 12,601 silver assays used for the estimation of the resources reported herein. The assigned densities range from 2.2g/cm3 for volcaniclastic sedimentary rocks and steam-heated altered rhyolite, to 2.6g/cm3 for undifferentiated basement Paleozoic rocks. The principal rhyolite host rock was assigned a density value of 2.35g/cm3.