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Allegiant amends option contract and announces work program at Goldfield West in Canadian Business Journal

March 21, 2022 (GLOBE NEWSWIRE), Reno, Nevada — Allegiant Gold Ltd. (“Allegiant” or “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) We are pleased to announce that we have reached an agreement with Anchor Minerals (“anchor”) Amends the existing option agreement for 80 claims and Allegiant’s start of a five-year US $ 1.5 million work program at Goldfield West.

Goldfield West Property (“Goldfield West” or “propertyAllegiant Gold operates 185 unpatented claims (80 claims selected from anchor minerals) near the historic town of Goldfield. The property is located near the Goldfield District Project (also known as Gemfield Mine), which Centerra Gold recently acquired from Waterton Global Resources for approximately US $ 206 million (see map below). The property is located near the main highway and has access to excellent infrastructure.

Map 1: Goldfield Property Map

https://allegiantgold.com/site/assets/files/3081/map-westgoldfield-regional-mineral-prod-2017-08-08-1.jpg

The original option agreement for 80 unpatented claims, signed between Allegiant and Anchor on January 28, 2019, required Allegiant to prepaid royalties during the term of the agreement. .. The new agreement suspends prepaid loyalty payments to Anchor and, in return, makes a one-time lump sum payment of $ 140,000 consisting of $ 60,000 in cash and $ 80,000 in Allegiant shares. Five years later, new advanced royalty payments will begin at US $ 50,000 with annual adjustments related to inflation. Allegiant also agreed to launch a US $ 1.5 million work program at Goldfield West over the next five years.

Peter Gianulis, CEO of Allegiant GoldComment: “We are very pleased to have reached an agreement with Anchor Minerals to amend the option contract in Goldfield West. This new contract implements the exploration program needed to further advance the project. To provide Allegiant with significant financial savings and incentives. Goldfield West is currently one of the most popular districts in Nevada and has always been one of the highest ranked projects in its portfolio. We look forward to providing our shareholders with additional information about our exploration efforts over the coming months. “

Completion of this transaction requires final approval from the TSX Venture Exchange.

About Allegiant

Allegiant owns 100% of the 10 promising gold projects in the United States, seven of which are in Nevada’s mining-friendly jurisdictions. Three of Allegiant’s projects are being developed to provide cost savings and cash flow. Allegiant’s flagship district-scale Eastside project hosts large-scale and expanding gold resources and is located in an area of ​​superior infrastructure. Preliminary metallurgical tests have shown that the mineralization of both oxide and sulfide gold on the east side is susceptible to heap leaching.

On behalf of the board

Peter Januris
CEO

For more information, please contact:

Investor public relations
(604) 634-0970 or
1-888-818-1364
ir@allegiantgold.com

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

The specific statements and information contained in this press release constitute “forward-looking statements” in the sense of applicable US securities law and “information on future prospects” in the sense of applicable Canadian securities law. , These are collectively called “future prospects”. statement”. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Allegiant Gold Ltd. (“Allegiant”) Gold Exploration Property Exploration Plan, Drill Program in Allegiant’s Eastside Project, Preparation and Publishing of Updated Resource Estimates for the Eastside Project’s Original Zone, Allegiant’s Future Exploration Expected Costs And a development plan that includes its timing. Allegiant’s growth plans through exploration activities, acquisitions, or other means. Expectations for future maintenance and capital investment, and working capital requirements. Forward-looking statements are statements and information about possible events, circumstances, or operating results based on assumptions about future economic conditions and policies of conduct. All statements and information other than historical fact statements may be forward-looking statements. In some cases, forward-looking statements include “seek,” “expect,” “expect,” “budget,” “plan,” “estimate,” “continue,” “predict,” and “. Intention, “believe”, “predict”, “possible”, “target”, “may”, “done”, “may”, “may”, “do”, And similar words and phrases (including negative variations) Statements regarding future outcomes or prospects. Such forward-looking statements are based on many key factors and assumptions, including known and unknown risks, uncertainties, and actual results, performance or outcomes, or industry results. Includes other factors that may differ materially from your expectations. The information you are looking for. Please be careful not to place excessive reliance on the forward-looking statements contained in this press release. Some of the known risks and other factors that may cause actual results to differ materially from those expressed in the forward-looking statement are entitled “Risk Factors” in the Allegiant’s Listing Application dated 24 January 2018. It is described in the section. The TSX Venture Exchange is available on SEDAR under the Allegiant profile at www.sedar.com. Actual results and future events may differ materially from those expected in such a statement. Allegiant is obliged to update or revise any forward-looking statements contained in this press release if these beliefs, estimates, opinions, or other circumstances change, except as required by applicable law. I will not bear it.


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Allegiant amends option contract and announces work program at Goldfield West in Canadian Business Journal

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