Allegiant Gold Ltd. announced drill results from a winter exploration drill program at the Castle Prospect within the Eastside Project near the town of Tonopah, Nevada. A reverse circulation (RC) drilling program totaling approximately 2,400 metres was successfully completed at the Castle Prospect, part of a larger ongoing exploration and resource development program underway at the Eastside Project. The assay results returned gold values up to 6.4 g/t Au and silver values up to 38.73 g/t Ag.

The exploration program has identified additional broad areas that require further drilling, potentially adding gold and silver ounces to the existing N.I. 43-101 defined resource at the Castle Prospect. 19 RC holes were successfully drilled to depth and totaled 2,385m with above cut-off grade mineralization encountered in 16 of 19 holes. ES-310 encountered 15 metres of 1.36 g/t Au and 8.2 g/t Ag and ES-301 encountered 1.52 metres of 6.4 g/t Ag and 28.41 g/t Ag.

Assay results have been received for drill holes ES-292 through ES-310; significant results are summarized in Table 2. All results will be combined with the existing resource model and added to the developing geologic model; The resulting data will be used to define future drill targets. New drill targets will be added to the Plan of Operations currently being developed for the Castle Prospect. Development of a combined gold and silver resource model.

The Castle Prospect lies at the south end of the Eastside Project and contains the abandoned Boss Mine and the undeveloped Boss, Berg, Black Rock and Castle Deposits. The 2021 Technical Report states that the Castle Area, including Boss and Berg, has an inferred resource containing 314,000 ounces gold in 19,986,000 tonnes with average grade of 0.49 g/t Au, at a cut-off of 0.15 g/t Au. Silver was either not assayed or records are not available from historic drilling and no silver resource is currently available.

However, considering the silver values reported in the recent drill program were as high as 38.73 g/t Ag, Allegiant believes that the precious metal may provide significant upside to the overall resources.