Allegiant Gold (TSXV: AUAU; US-OTC: AUXXF) has reported drill results for the remaining 13 holes of its 22-hole (8,000-metre) phase one resource expansion drill program at its 100%-owned, district-scale Eastside gold project in Nevada.
The phase one holes were drilled west and south of the Original zone in areas currently classified as waste rock, or below the planned open pit, with the objective of increasing resources and reducing the strip ratio of a potential open pit mine.
Results are highlighted by hole 147, which returned 43 metres grading 2.5 grams gold per tonne including 9 metres at 9 grams gold. Drill hole 151 returned 80 metres at 1 grams gold.
The company said it abandoned 7 of 13 holes due to difficult drilling conditions.
The results extend the Original zone 300 metres west and 400 metres south; it remains open in both directions. The company plans to focus on these areas in next year’s 66-hole (25,000-metre) second phase drilling program.
Eastside has a pit-constrained inferred resource totaling 36 million tonnes grading 0.6 gold-equivalent grams for a contained 721,000 gold-equivalent ounces. Preliminary metallurgical testing indicates the company could heap leach both oxide and sulfide mineralization in the Original zone.
Allegiant owns 13 other gold exploration prospects, ten of which are in Nevada.
Shares of Allegiant are currently trading at 48¢ per share with a 52-week range of 33¢ to 72¢. The company has a $30 million market capitalization.
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