VANCOUVER, British Columbia, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. (“ALLEGIANT”) (TSX-V:AUAU) is pleased to provide an update on its 100% owned Bolo gold project located 90 km northeast of Tonopah, Nevada.
Gold mineralization at Bolo is Carlin-type, similar to Pinson, Lone Tree/Stonehouse, and Turquoise Ridge/Getchell, all multimillion ounce producers, where gold spreads into wall rocks along high-angle structures. Surface sampling at Bolo has defined widespread gold mineralization, associated with jasperoids and iron-stained structures, along two parallel north-south trending faults known as the Mine Fault and the East Fault. Alteration along the Mine Fault has been traced for 2,750 metres, with outcrop sampling returning gold values up to 8.6 g/t gold. The East Fault has been mapped for 2,200 metres and has returned gold values up to 4.7 g/t gold.
The Mine Fault and the East Fault and dozens of altered outcropping and buried cross-faults at Bolo have had very limited drilling and represent excellent exploration targets. An exploration target map can be found at the following link:
A multi-phase reconnaissance drilling program designed to identify the altered structures on the large Bolo project with the best potential to host good grade pods of Carlin-type gold mineralization is ongoing. Two such pods have been identified so far, and as more pods are uncovered, the focus will eventually shift to definition drilling to establish potential for resources.
In the summer of 2017, one of the many previously undrilled areas at Bolo was targeted with a modest 14-hole reverse-circulation reconnaissance drilling program totaling 2,806 metres. Eleven (11) holes tested the newly acquired Uncle Sam patented claim that covers a 500 metre strike extension of the south zone of the Mine Fault, an area that was previously drilled with excellent results, including hole BL-38 which returned 133 metres of 1.28 g/t gold from the surface (including 30.5 metres of 3.24 g/t gold), hole BL-39 which returned 89.9 metres of 1.0 g/t gold from surface (including 40.9 metres of 2.05 g/t gold), and hole BL-41 which returned 51.8 metres of 1.27 g/t gold from surface. Drilling on Uncle Sam in 2017 returned 19.8 metres of 0.97 g/t gold (hole BL-55), 33.5 metres of 0.96 g/t gold from surface (hole BL-61), and 57.9 metres of 41.13 g/t silver from the surface (including 7.6 metres of 220 g/t silver) (hole BL-54).
In addition to drilling on Uncle Sam, three (3) holes of the 2017 campaign were drilled to test extensions of the Mine Fault to the west and north. Hole BL-65 was drilled approximately 200 metres north of BL-61 and returned 16.8 metres of 0.66 g/t gold. A table of all previous drilling results at Bolo, including significant historical results, 2007 to 2013 drill results, and ALLEGIANT’s 2017 results (holes BL-54 to BL-67) can be found at the following link:
ALLEGIANT is planning additional reconnaissance drilling at Bolo in 2018. Bolo is just one of 10 gold projects that ALLEGIANT plans to drill in 2018, including ALLEGIANT's material Eastside project, where a drill program focused on resource expansion is currently underway.
Further information regarding ALLEGIANT’s projects can be found at www.allegiantgold.com
Qualified Person
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is a Qualified Person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Wallace has reviewed and approved the technical content of this press release.
About ALLEGIANT
ALLEGIANT is led by CEO Andy Wallace, who is credited with discovering a number of multi-million-ounce gold mines in Nevada. ALLEGIANT owns 14 highly-prospective drill-ready gold projects in the United States, 11 of which are located in the mining-friendly jurisdiction of Nevada, and has announced plans to drill 10 projects in 2018, including the Eastside gold project. A drill program is currently underway at Eastside and is focused on resource expansion at the Original Zone, an area within Eastside, which hosts a pit-constrained inferred resource totaling 721,000 gold equivalent ounces1(35,780,000 tons grading 0.63g/t gold equivalent). In addition to the Original Zone deposit, Eastside hosts numerous additional exploration targets and historical resources of 272,153 ounces gold2 (11,177,761 tons grading 0.82g/t gold).
