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Allegiant Announces Completion of Drilling at Bolo Gold Project

Allegiant Gold Ltd has reported that the summer drill program at its Bolo gold project in Nevada has been completed. The drilling was performed by Barrian Mining Corp. and included 10 reverse circulation (RC) drill holes totaling 1838 m.

We are excited that Barrian, who is earning an initial 50.01% interest in Bolo, has completed the stated drilling program which helps validate our strategy of farming-out projects to be advanced. We continue to make progress on our other projects and look forward to the results at Bolo and providing a further update in the near future.

Peter Gianulis, President and CEO, Allegiant Gold

Visible alteration representing the potential for mineralization was seen in all drill holes. The aim of drilling was to expand the envelope of high-grade gold mineralization at the South Main Fault Zone. The program was finished on schedule and on budget, and currently, all drill samples are with ALS Global for multi-element analysis and gold fire assay.

Seven drill holes, spanning 1338 m finished at the South Mine Fault Zone tested the degree of mineralization down-dip and along strike. Earlier RC drill intercepts at the South Mine Fault area comprise drill hole BL-38 that graded 3.24 g/ton gold across 30.5 m within a wider zone of mineralization averaging 1.28 g/ton gold across 133 m.

One drill hole, measuring 177 m, was finished between the South Mine Fault Zone and Northern Extension Zone. This enabled testing the continuity of mineralization along strike between the identified zones, as well as a linear conductive anomaly identified by the 2019 Induced Polarization and Resistivity geophysical survey.

Two drill holes, spanning 323 m, were finished at the historical Uncle Sam patented claim, which has produced high-grade silver together with gold channel rock chip samples comprising 3146 g/ton silver and 1.0 g/ton gold over 2.6 m, and 365 g/ton silver and 1.9 g/ton gold over 3.6 m. Uncle Sam hosts high-grade silver together with gold mineralization at surface and in drill samples, and is the location of historical (circa 1880s) mine workings.

All drill holes finished as part of the summer program intersected zones of visible modification representative of Carlin-type gold deposit mineralization, such as silicification and decalcification of Paleozoic carbonate rocks creating “jasperoids.”

Intervals of intense iron oxide were also intersected, related mainly to structural zones. Anomalous pathfinder element (antimony and arsenic) concentrations detected using handheld X-ray fluorescence (XRF) analysis compare with visible zones of mineralization within the holes examined.


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