The Browns Canyon project is 100% owned by Allegiant, subject to underlying royalties, and is located in the highly prospective Battle Mountain Gold Trend of Nevada, which hosts some two dozen gold mines and over 100 million ounces of gold, approximately 20 km southwest of Waterton’s Archimedes/Ruby Hill open pit gold mine. Browns Canyon consists of 29 unpatented mining claims.
Mineralization at Browns Canyon is Carlin-style, hosted in Devonian and Mississippian limestones, shales and siltstones. A geologic mapping and geochemical grid sampling program taken along a silicified zone in 2011 defined a gold anomaly (from 10 ppb to 3 g/t gold) that is approximately 2,000 metres long and up to 390 metres wide. However, the gold anomaly may be even larger as the anomaly disappears under cover to the north, for approximately 600 metres, before reappearing, albeit more weakly and less coherent, for another 900 metres. The gold anomaly could be as long as 3,500 metres if it continues beneath the covered area.
In 1985 Cordex drilled seven vertical holes, ranging from 38 metres to 168 metres, at Browns Canyon and returned up to 9 metres of 0.82 g/t gold. However, the holes were drilled prior to the geochemical grid sampling program that identified the gold anomaly in 2011 and most of the holes were drilled to the south of where the gold anomaly is most prominent. In January 2012, Columbus commenced a drilling program consisting of 3,461.89 metres in 17 RC drill holes. This drilling program established that gold mineralization at Browns Canyon appears stratiform and occurs along two gently dipping, stratigraphic horizons, one at the contact of clastic Mississippian siltstones and sandstones and the underlying Devonian limestone, and another along the top of a limestone interbed in the Mississippian clastic rocks, 30 metres above the Devonian contact. The mineralization, as drilled, extends for approximately 900 metres of strike, down dip for 100-150 metres from the surface, and remains open to the northwest on strike. Geologic mapping indicates that higher gold values may be related to steeper beds and structures that would be better tested with angled drill holes.