Drilling Scheduled to Commence in July at Allegiant’s Bolo Gold Project in Nevada
VANCOUVER, British Columbia, June 24, 2020 (GLOBE NEWSWIRE) — Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce that a 3,000 metres RC drilling campaign is scheduled to commence in July 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.“The 2019 drilling results demonstrated that good grade, shallow Carlin-style mineralization, can still be found in Nevada,” commented Peter Gianulis, CEO of ALLEGIANT. “We are very pleased that the next phase of drilling at Bolo is proceeding.”The program will follow-up on the results of 2019 drilling by NGLD at the South Mine Fault Zone, and will also test the continuity of mineralization between the South Mine Fault Zone and the Uncle Sam Zone. Grab sampling of outcrop by NGLD at Uncle Sam in 2019 yielded up to 3.63 g/t gold, and 262 g/t silver in an area with no prior sampling (see NGLD press release dated November 4, 2019).Results from 2019 drilling reported by NGLD at the South Mine Fault Zone include:Hole BL19-01, which yielded 3.34 grams-per-tonne gold over 29.0 meters1, including a higher-grade zone of 4.97 g/t gold over 13.7 m2. The intercept occurs within a broader envelope of mineralization averaging 1.37 g/t gold over 84 m1 starting from surface. NGLD reported that these intercepts expand the footprint of gold mineralization approximately 35 m vertically below the previous drilling on section. Mineralization remains open at depth (see NGLD press release dated October 28, 2019);Hole BL19-02, intersected 32 m of 2.01 g/t gold1 starting at 67 metres down hole, within a broader zone of mineralization averaging 1.01 g/t gold over 85 m1 starting at 49 metres down hole. NGLD reported that these results extend the footprint of gold mineralization approximately 60 metres vertically below the previous drilling on section (see NGLD press release dated October 21, 2019);Hole BL19-03, intersected 2.37 g/t gold over 12.2 m1 within a broader envelope of mineralization averaging 0.81 g/t gold over 65.5 m1. NGLD reported that these intercepts expand gold mineralization approximately 40 to 50 m vertically below the previous drilling and indicate gold mineralization remains open below 150 m vertical depth on section (see NGLD press release dated November 7, 2019); andHole BL19-04, intersected two high-grade gold zones: an upper zone of 2.10 g/t over 36.6 m1 starting at 80.8 m down hole, including 3.25 g/t gold over 15.2 m1 starting at 96 m down hole; and a lower zone of 3.32 g/t gold over 12.2 m1 starting at 79 m down hole. The upper and lower zones occur within a broader envelope of mineralization averaging 1.19 g/t gold over 122 m1 starting at 79 m down hole. NGLD reported that the results extend mineralization from surface down to a 200 m vertical distance that remains open at depth (see NGLD press release dated October 23, 2019).1 The true width of mineralization is estimated to be approximately 60-70% of drilled width.
2 The true width of the lower gold zone is unknown.