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Allegiant Provides Update on Ongoing Drill Program at Eastside Gold Project

Allegiant Gold Ltd. has announced that the first nine drill holes, 147 to 155, are in progress as part the ongoing drill program at its 100% owned Eastside gold project, which is situated at 32 km west of Tonopah, Nevada.

Highlights

  • In drill holes 147, 151, 152, 154, and 155, drilling was carried out up to 300 meters to the west of the Original Zone deposit. Gold mineralization was found in all of these holes.
  • For holes 147, 151, 152, 154, and 155, drilling was conducted in areas either currently categorized as waste in the pit-constrained resource estimate, which presently stands at 721,000 gold equivalent ounces or less than the planned pit.
  • Drill hole 147 returned 42.7 meters of 2.49 g/t gold, which includes 9.1 meters of 9.03 g/t gold.
  • Drill hole 151 contained thick zones of gold and silver mineralization bottoming in 79.2 meters of 1.03 g/t gold lying just beneath the planned pit.
  • As part of the drill program, the western extension of the Original Zone, which remains open, will be tested.
  • The southern extension of the eastern part of the Original Zone, which remains open, will be tested by adding a second drill rig.

As part of the current drill program, the Original Zone has been extended another 300 meters to the west, where it remains open. Also, the southern extension of the Original Zone, which also remains open, will be tested by adding a second drill rig, a diamond drill rig. The diamond drill holes planned will extend up to 400 meters from the southern edge of the presently defined Original Zone and test regions with strong alteration and surface gold values which are presently categorized as waste, well outside the pit outline, and regions just beneath the southern pit layback. In addition, the Original Zone remains open to depth, to the east, perhaps to the north,

These results confirm our geological model and validate our objectives to double the in-pit ounces and significantly reduce the strip ratio at the Original Zone. The Original Zone has the hallmarks of a very large gold system and is just one of many exploration targets that exist at Eastside.

Robert Giustra, Chairman of Allegiant

The following link shows the drill plan:

www.allegiantgold.com/site/assets/files/3144/2018-03-05-drillplan.pdf

The following link lists all Eastside drill results, including that of drill holes 147-155 from the ongoing drill program:

www.allegiantgold.com/site/assets/files/3144/2018-03-05-table.pdf

Drilling at the Eastside gold project, containing up to 20,000 meters in 48 core and rotary drill holes, is underway and will continue into 2018’s third quarter. For the Original Zone deposit, Allegiant plans to report an updated resource estimate by the end of 2018.

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