ALLEGIANT Provides a Corporate Update, Announces Date for AGM and Grant of RSUs - Seite 2

ALLEGIANT has commenced evaluating the possibility of incorporating the near surface historical* oxidized resource estimate of 273,173 gold ounces* into the Eastside NI 43-101-compliant inferred resource estimate measuring 1,094,000 AuEq ounces at 57,050,000 tonnes at 0.60 g/t AuEq. The Castle claim block covers an area of 9.6 sq. km, located 13 km south of the Original Zone but still within the Eastside property and are covered by shallow alluvium of 10-30 metres in depth. 

* The historical resource estimate for the Castle claims was completed by James D. Greybeck, Senior Geologist for Cordex Exploration Co. in April 1999, under the direction of Andy B. Wallace, then Manager of Cordex Exploration Co. and Vice President of Rayrock Mines, Inc. This report and data used in its preparation has been recently reviewed by Andy B. Wallace for the purpose of this press release under his obligations a Qualified Person for ALLEGIANT. Drill data used for Greybeck's report was from Cordex Exploration Co., Kennecott Exploration, Houston Oil and Minerals, Falcon Exploration, and Mintek Resources which data is on file in the offices of Cordex Exploration Co. The data is judged relevant and reliable by Andy B. Wallace. The resource was termed a "Geologic Resource" at the time of Greybeck's report, which was in line with current practice for the time. Greybeck prepared geological cross sections and calculated the resource by hand, using a polygonal method with a lower cut-off of .005 opt Au (0.17 g/t Au). Where drilling was closely spaced gold values were interpolated between cross sections using weighted averages projected 50 feet on either side of the cross section. ALLEGIANT plans additional drilling to confirm Greybeck's interpretations and to fill in gaps in the drilling. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. ALLEGIANT is not treating the historical estimate as current mineral resources or mineral reserves.

Bolo Update
Barrian, per our earn-in agreement, is expected to spend US$750,000 on drilling and exploration in its next phase work program on ALLEGIANT’s 100%-owned Bolo Project in Nevada.  The work program will be designed to test various zones and targets in order to expand beyond the initial discovery zone.  In 2019, Barrian completed ten (10) reverse circulation (“RC”) drill holes totaling 1,838 metres as part of their work program. “The next few months will be an exciting period for ALLEGIANT and Bolo as multiple targets will be tested in an effort to expand the initial discovery zone.  We look forward to the drilling campaign and subsequent results,” commented Peter Gianulis, President & CEO of Allegiant Gold.