The company reported drill results for 13 holes.
Allegiant
Gold Ltd. (AUAU:TSX.V; AUXXF:OTCQX) announced the drill results from the remaining 13 holes, holes 156-168, from
the 22-hole phase 1 resource expansion drill program, totaling 8,265 meters,
at its 100%-owned Eastside gold project, located 32 kilometers west of
Tonopah, Nevada.
"The phase 1 resource expansion drill program was successful in
extending the Original Zone, an area within Eastside, 300 metres to the west
and 400 metres to the south, where it still remains open in both
directions," noted the company. "Further, all of the holes were
drilled in areas currently classified as waste in the pit-constrained
resource estimate, which currently stands at 721,000 gold equivalent ounces1,
below the planned pit or below the pit layback. Drill hole 147 returned 42.7
metres of 2.49 g/t gold, including 9.1 metres of 9.03 g/t gold. Drill hole
151 returned thick zones of gold and silver mineralization bottoming in 79.2
metres of 1.03 g/t gold. Drill hole 161 returned 74.7 metres of 0.89 g/t
gold."
"We're very pleased with the results of the phase 1 resource
expansion drill program," said Robert Giustra, chairman and CEO of
Allegiant. "The results demonstrate that our objectives of doubling the
in-pit ounces and significantly reducing the strip ratio at the Original Zone
remain in sight. Further, the results verify that the Original Zone is a very
large gold system. Drilling to date has not constrained the boundaries of the
deposit and it remains open in almost every direction."
"The Original Zone remains open to the west, south, and to depth, and
possibly to the east and north. It is important to note that due to difficult
drilling conditions, seven of the 13 drill holes had to be abandoned, several
of which terminated in gold mineralization," the company noted.
Allegiant said it plans to begin a phase 2 resource expansion drill
program at the Original Zone after completing the high-impact discovery drill
program to see six projects drilled over the next 10–12 months. The
high-impact discovery drill program is currently underway with Red Hills the
first project to be drilled. However, included in the six-project drill
program is Adularia Hill, a new prospecting discovery at Eastside.
Adularia is a drill site located approximately 12 kilometers south of the
Original Zone deposit and just north of the Castle, Berg and Black Rock Zone,
which host historical resources of 272,153 ounces gold.
"Adularia represents just one of the many high-quality exploration
targets that exist at the district-scale Eastside," stated the company.
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