Allegiant Gold Ltd. announced drilling results at the Castle Project ("Castle") within the Eastside District in Nevada. Highlights from the drilling program include: High-grade gold values up to 5.04 g/t Au from drill hole ES-315 and 204.0 g/t Ag in drill hole ES-312. Broad zones of low-grade gold & silver mineralization in the Boss and Castle deposits including 24 meters at 0.51 g/t Au and 1.33 g/t Ag as well as 29.6 meters of 0.39 g/t Au and 2.85 g/t Ag from drill hole ES-315.

Quartz veins occur within intensely altered and oxidized host volcanic rocks. Boss mine dumps containing gold and silver values up to 0.44 g/t Au & 10.4 g/t Ag. Allegiant has completed a six-hole, 1,200-meter, core drilling program at its Castle Project including the Boss Mine on the Eastside Property.

Three core holes were completed at the Boss Mine deposit and three holes at the northern end of the Castle deposit. Assay results have confirmed that there is significant additional resource potential at the northern end of the Castle deposit. The published resource estimate showed an area in the north of Castle where the planned open-pit mine splits into two separate pits; the drilling completed at the end of March 2024 confirms that oxidized gold-silver mineralization occurs between the two pits.

The combining of the two smaller pits into one larger pit could significantly increase the overall resource at the Castle Project. Additionally, core drilling has confirmed the presence of high-grade gold mineralization, relative to the average grade at Castle of 0.49 g/t gold per the inferred resource in the technical report. Assay results show gold values up to 5.04 g/t Au, part of a mineralized interval of fully oxidized tertiary volcanic rocks containing epithermal quartz veins that returned at average grade of 0.51 g/t gold and 1.33 g/t silver over 79ft (24m) at a depth of 311ft (94m).

Further drilling of this northern portion of the Castle deposit will be required to enable Allegiant to add the mineralization to the resource, as well as potentially upgrading the resource from an inferred to indicated resource category. The core drilling has provided the Company with a much better understanding of the character of mineralization at the Castle Project as a whole. Analysis of the core has shown that potentially economic gold-silver mineralization occurs in two principal forms: 1) Massive gray quartz veins and veinlets in a sub-vertical orientation hosted by intensely propylitic altered and silicified, fully oxidized tertiary volcanic rocks including rhyolite, dacite and andesite.

Gold values typically return >0.5 g/t Au. 2) An envelope or halo of anomalous to low-grade (<0.5 g/t Au) mineralization hosted by iron-oxide filled fractures in oxidized and altered volcanic rocks with little evidence of visible quartz veins. Silver values returned from the analysis of the core have shown that the volcanic and underlying Paleozoic sedimentary rocks are anomalous in Silver.

It has been interpreted that the silver values are related to hydrothermal fluids that have pervasively altered both the volcanic and sedimentary rocks and indicate the mineralization at Castle is related to a very large hydrothermal system. The 2024 drill program confirms in drill core many of the interpretations concluded from the early 2023 reverse-circulation drill program but provided a much better understanding of the overall geology and character of mineralization. One of the core drill holes was set-up on top of the mine dumps from the formerly operating Boss Mine; it was believed that the rocks within the waste rock piles may contain low grade gold values, an interpretation from comparison with rocks sampled from dumps that returned gold values up to 22.2 g/t gold.

Assays returned values up to 0.44 g/t gold and 10.4 g/t Silver within an interval of 72ft (21.9m) averaging 0.14 g/t Au and 2.0 g/t Ag. Further testing of the dumps will be needed as well as metallurgical testing of the dump material to establish its economic viability. Initial estimates of the size of the dumps indicate that there may be as much as 1.6 million tonnes of processable material with an additional 765,000 tonnes of material from the leach pad.