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Allegiant Gold Presents Latest Update on Gold Mineralization at Bolo

Allegiant Gold Ltd. is pleased to present an update on its 100% owned Bolo gold project based 90 km northeast of Tonopah, Nevada.

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Gold mineralization at Bolo is Carlin-type, similar to Lone Tree/Stonehouse, Turquoise Ridge/Getchell, and Pinson, all multimillion ounce producers, where gold is found to spread into wall rocks along high-angle structures.  Surface sampling at Bolo has defined extensive gold mineralization, linked with jasperoids and iron-stained structures, together with two parallel north-south trending faults called the East Fault and the Mine Fault. Modification along the Mine Fault has been traced for 2,750 m, with outcrop sampling returning gold values up to 8.6 g/t gold.  The East Fault has been mapped for 2,200 m and has returned gold values up to 4.7 g/t gold.

The East Fault and the Mine Fault and dozens of altered outcropping and buried cross-faults at Bolo have had extremely limited drilling and represent exceptional exploration targets. An exploration target map can be found online:

https://www.allegiantgold.com/site/assets/files/3144/2018-02-05-targets.pdf

A multi-phase reconnaissance drilling program designed for identifying the modified structures on the huge Bolo project with the finest potential to host good grade pods of Carlin-type gold mineralization is ongoing.  Two such pods have been detected so far, and as more pods are discovered, the focus will ultimately shift to definition drilling in order to establish potential for resources.

In the summer of 2017, one of the many earlier undrilled areas at Bolo was targeted with a modest 14-hole reverse-circulation reconnaissance drilling program totaling 2,806 m. Eleven (11) holes tested the newly attained Uncle Sam patented claim that covers a 500 m strike extension of the south zone of the Mine Fault, an area that was earlier drilled with exceptional results, including hole BL-38 which  returned 133 m of 1.28 g/t gold from the surface (including 30.5 m of 3.24 g/t gold), hole BL-39 which returned 89.9 m of 1.0 g/t gold from surface (including 40.9 m of 2.05 g/t gold), and hole BL-41 which returned 51.8 m of 1.27 g/t gold from surface. Drilling on Uncle Sam in 2017 returned 19.8 m of 0.97 g/t gold (hole BL-55), 33.5 m of 0.96 g/t gold from surface (hole BL-61), and 57.9 m of 41.13 g/t silver from the surface (including 7.6 m of 220 g/t silver) (hole BL-54).

Besides drilling on Uncle Sam, three (3) holes of the 2017 campaign were drilled for testing extensions of the Mine Fault to the west and north.  Hole BL-65 was drilled almost 200 m north of BL-61 and returned 16.8 m of 0.66 g/t gold.  A table of all earlier drilling results at Bolo, including major historical results, 2007 to 2013 drill results, and ALLEGIANT’s 2017 results (holes BL-54 to BL-67) can be viewed at the following link:

https://www.allegiantgold.com/site/assets/files/3144/2018-02-05-table.pdf

A drill plan of the 2017 drilling program is available at the following link:

https://www.allegiantgold.com/site/assets/files/3144/2018-02-05-drillplan.pdf

ALLEGIANT is planning  to carry out further reconnaissance drilling at Bolo in 2018.  Bolo is only one of 10 gold projects that ALLEGIANT intends to drill in 2018, including ALLEGIANT's material Eastside project, where a drill program focused on resource expansion is presently in progress.

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