- Allegiant Gold (TSXV:AUAU) is preparing for a 3,000-metre drill program at its wholly owned Bolo Gold Project in Nevada, USA
- Scheduled to begin in July, New Placer Dome Gold will undertake the program as part of an option agreement to earn a 50.01 per cent interest in the project
- The program will follow-up on an earlier program completed in 2019, also by New Placer Dome Gold, which focused on the South Mine Fault Zone
- Results form this work included 3.34 grams per tonne of gold over 29 metres and 4.97 grams per tonne of gold over 13.7 metres
- Allegiant Gold (AUAU) is currently steady and is trading at C$0.33 per share
Allegiant Gold (TSXV:AUAU) is preparing for a 3,000 metre drill program at its wholly owned Bolo Gold Project in Nevada, USA.
The work will be undertaken by New Placer Dome Gold as part of an option agreement to acquire an initial 50.01 per cent stake.
Under the terms of the deal, New Placer Dome may secure the stake by making share payments to Allegiant totalling roughly C$1.35 million and shouldering approximately $5.43 million in exploration expenses.
Scheduled to begin in July this year, the exploration work will follow-up on the results of earlier drill work completed in 2019, also by New Placer Dome Gold, which focused on the South Mine Fault Zone.
The program will also test the continuity of mineralisation between the South Mine Fault Zone and the Uncle Sam Zone.
Previous outcrop grab sampling at the Uncle Sam Zone returned up to 3.63 grams per tonne of gold and 262 grams per tonne of silver.
Some of the most significant results from New Placer Dome Gold’s 2019 program came from the BL19-04 hole, which intersected two distinguishable high-grade zones.
Originating at a depth of 80.8 metres, the upper-most zone returned 3.25 grams per tonne of gold over 36.6 metres and 3.25 grams per tonne of gold over 15.2 metres.
The lower zone, starting at a depth of 79 metres down hole, returned 3.32 grams per tonne of gold over 12.2 metres.
Both of these zones sit within a wider region of mineralisation averaging a grade of 1.19 grams per tonne of gold over 122 metres. New Placer Dome Gold noted that the results from the BL19-04 holes extend mineralisation from the surface to a known vertical distance of 200 metres, and that it remains open at depth.
Peter Gianulis, CEO of Allegiant Gold, commented on the upcoming drill program.
“The 2019 drilling results demonstrated that good grade, shallow Carlin-style mineralization, can still be found in Nevada. We are very pleased that the next phase of drilling at Bolo is proceeding,” he said.
Allegiant Gold (AUAU) is currently steady and is trading at C$0.33 per share at 10:59am EDT.
