Plan-of-Operations At The Castle Area To Further Expand Permitted Area At Eastside

RENO, NV - Allegiant Gold Ltd. reported on the Plan-of-Operations at the Castle Area within the Flagship Eastside Project near Tonopah, Nevada expanding the potential permitted area to approximately 1,648 acres. The Castle Area is comprised of 130 claims encompassing an area of approximately 2,600 acres, and includes four deposits: Berg, Blackrock, Boss and Castle. The Castle Area denotes the southernmost part of Allegiant’s Eastside Project and is contiguous to the other claims at Eastside. In late 2020 and early 2021, Allegiant drilled 49 reverse circulation (“RC”) holes at the Castle Area for a total of 5,850 meters. The Castle Area hosts an inferred resource of 314,000 gold ounces.

Peter Gianulis, CEO, said, “The commencement of a Plan-of-Operations is an important next step in the development of the Castle Area at Eastside allowing us to dramatically increase drilling and technical work. We have applied to expand the permitted area from 5 acres to over 1648 acres. Our goal at the Castle Area in the next stage of exploration will be to expand the existing resource, upgrade a portion from Inferred to Measured and Indicated, as well as conduct more advanced metallurgical work in anticipation of an eventual preliminary economic assessment.”

The updated resource estimate (“Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report, Esmeralda County, Nevada”) was conducted by Mine Development Associates (MDA) of Reno, Nevada. Contained pit-constrained Inferred Resources (cut-off grade of 0.15 g/t) of 1,090,00 Au ounces at 61,730,000 tonnes at 0.55 g/t Au and 8,700,000 Ag ounces at 4.4 g/t Ag at the Original Pit Zone and 314,000 Au ounces at 19,986,000 tonnes at 0.49 g/t Au at the Castle Area. In accordance with NI 43-101 the MDA Technical Report. This report builds on and supersedes the NI 43-101 reports of Ristorcelli (December 2016), Ristorcelli (July 2017) and Ristorcelli (January 2020) titled “Resource Estimate and Technical Report, Eastside Gold-Silver Project, Esmeralda County, Nevada” prepared for Allegiant with an Effective Date of July 25, 2017.