The Eastside Gold Project hosts a NI 43-101 Inferred Resources at the Original Zone located in the northern part of the property and remains open to the north, south, to the west and at depth. Eastside also contains Historical Resources at the Castle Zone located at the southern boundary of the property.
Allegiant Gold announced a Maiden Resource estimate on the Original Zone on December 5, 2016 with an updated resource estimate published on January 24, 2020.
At a cut-off grade of 0.15g gold per tonne and a US$1,550 gold price, Allegiant Gold calculates from the estimated resources that Eastside contains pit-constrained Inferred resources of 57,050,000 tonnes grading 0.54 g/t gold and 4.3 g/t silver, for a total of 996,000 ounces of gold and 7.8 million ounces of silver or a total of 1,094,000 gold-equivalent ounces grading 0.60 g/t utilizing a silver to gold equivalent ratio of 80:1. The results and sensitivities are summarized in Table 1.
Table 1: Eastside Inferred Gold Resources
Notes to table of resources:
- Contained ounces may not add due to rounding.
- These Mineral Resources occur in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.
- It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
- The Qualified Person for the above resource estimate is Steven J. Ristorcelli, CPG of Mine Development Associates.
Allegiant Gold announced the acquisition of Historical Resources at the Castle Zone on February 22, 2017.
The Castle Zone covers an area of 9.6 sq km and is located 13 km south of the Original Zone, where substantially all Eastside drilling has occurred to date, and 6.5 km south of Target 5 where drilling is currently underway. The newly acquired Castle Zone contains a near surface Historical* oxide gold estimate of 272,153 ounces in three different zones as follows:
Grade opt Au
Grade g/t gold
Black Rock Zone
*The historical resource estimate for the Castle claims was completed by James D. Greybeck, Senior Geologist for Cordex Exploration Co. in April, 1999, under the direction of Andy B. Wallace, then Manager of Cordex Exploration Co. and Vice President of Rayrock Mines, Inc. This report and data used in its preparation has been recently reviewed by Andy B. Wallace for the purpose of this press release under his obligations a Qualified Person for Columbus Gold (US) Corp. Drill data used for Greybeck's report was from Cordex Exploration Co., Kennecott Exploration, Houston Oil and Minerals, Falcon Exploration, and Mintek Resources which data is on file in the offices of Cordex Exploration Co. The data is judged relevant and reliable by Andy B. Wallace. The resource was termed a "Geologic Resource" at the time of Greybeck's report, which was in line with current practice for the time. Greybeck prepared geological cross sections and calculated the resource by hand, using a polygonal method with a lower cut-off of .005 opt Au (0.17 g/t Au). Where drilling was closely spaced gold values were interpolated between cross sections using weighted averages projected 50 feet on either side of the cross section. Columbus plans additional drilling to confirm Greybeck's interpretations and to fill in gaps in the drilling. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Columbus is not treating the historical estimate as current mineral resources or mineral reserves.
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical content of this project description. Mr. Wallace is the President of Columbus Gold and the principal of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.