Drilling Commences at Allegiant’s Bolo Property

VANCOUVER, British Columbia, July 23, 2020 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce that drilling has commenced at ALLEGIANT’S 100% owned, Carlin-style, Bolo gold project in Nevada. 

The program is being carried-out by New Placer Dome Gold Corp. (formerly Barrian Mining Corp.), (“NGLD”) which can earn an initial 50.01% interest in Bolo by making share payments to ALLEGIANT totaling US$1 million and completing US$4 million in exploration expenditures.

“Bolo is an exciting emerging discovery located in one of the greatest mining jurisdictions in the world. We are thrilled that the initial drill program was expanded and commenced ahead of schedule,” commented Peter Gianulis, CEO of ALLEGIANT.

An initial 12 high-priority RC drill holes totaling 3,500 metres will target the Mine Fault and other mineralized structures that host the South Mine Fault, Uncle Sam and Norther Extension.

According to New Placer Dome:

Drilling at Bolo will focus on testing Carlin-style gold mineralization at depth in the South Mine Fault Zone where gold-silver mineralization remains open and untested along strike and at depth. The 2020 program will expand and step-out on results from the 2019 program (see New Placer Dome news release dated November 7, 2019 available on www.sedar.com) including: 

• 84 metres of 1.37 g/t gold in hole BL19-01¹, and
• 122 metres of 1.2 g/t gold in hole BL19-04, and
• New discovery of 12.2metres of 3.32 g/t gold in hole BL19-04

The 2020 program will also test the continuity of mineralization between the South Mine Fault Zone and Uncle Sam Silver Zone, where a 2019 outcrop sample yielded 3.63 g/t gold with 262 g/t silver.

The combined 2019 and historical RC drilling at Bolo defines a 1.2 kilometer north-south trending corridor of gold-silver mineralization containing the South Mine Fault Zone, Uncle Sam, and Northeast Extension zones. Gold mineralization at Bolo exhibits characteristics of classic Carlin-type mineralization, including strong subvertical structural control in addition to evidence of gold mineralization extending laterally at low angles within favorable silty carbonate units. The relatively untested 500 m strike length South Mine Fault-Uncle Sam segment is particularly prospective and is the main focus of New Placer Dome’s 2020 exploration designed to prove-out these compelling structural and stratigraphic gold targets.