Allegiant increases Eastside resource

Eastside gold property. Credit: Allegiant Gold.

Allegiant Gold has released an updated resource estimate for the Original zone at its flagship 67-sq.-km Eastside project. The update features 57.1 million inferred tonnes grading 0.6 g/t gold-equivalent for a total of 1.1 million oz. and is based on an additional 22 holes drilled at the Original zone.

This updated resource represents a 52% increase in ounces over the inferred resource of 35.8 million tonnes grading 0.63 g/t gold-equivalent totaling 720,650 oz. published previously.

The resource remains open for expansion with work planned for this year aimed at expanding the Original zone.

This updated resource represents a 52% increase in ounces over the inferred resource

"We are very pleased with the continued results at Eastside. We have merely scratched the surface at Eastside, having only explored less than 5% of the property and believe that Eastside will deliver significantly more upside in the coming years," Peter Gianulis, the company's president and CEO said in a release.

Exploration work at Eastside has generated new targets within a continuous, 5.5 km-long zone of hydrothermal alteration. The Original zone is contained in this area.

In December, the board approved an expansion of the operating permit to 15 sq. km which would allow exploration of these additional targets to grow the resource inventory.

In addition, the Castle claim block at the property features a historical gold resource of 273,173 oz. Allegiant plans to work towards an updated resource estimate for this area.

(This article first appeared in the Canadian Mining Journal)