Allegiant Gold Ltd. (AUAU:TSX.V; AUXXF:OTCQX) is on the cusp of launching a drill campaign that will test six high-priority gold projects in Nevada that "offer excellent discovery opportunity," a news release noted. The program, scheduled to begin within 30 days, will last 10 to 12 months.
The first target will be Red Hills, where a rig should arrive by mid-month. There, up to 2,200 meters in eight reverse circulation holes will be drilled. After Red Hills, Allegiant will drill test at Hughes Canyon, Monitor Hills, North Brown, Silverdome and Adularia Hill. Adularia Hill is a new target about 12.5 kilometers south of the Original zone at the Eastside project.
Proceeds from a nonbrokered private placement will fund the drill program. Allegiant has closed its first tranche, about CA$2.8 million; it should close the second one in the next two weeks.
In another development, Allegiant's Andy Wallace has stepped down as CEO, to focus solely on exploration. He will continue as vice president of exploration for the company and director of Allegiant Gold Holding Ltd., a wholly owned subsidiary of Allegiant. Robert Giustra, Allegiant's chairman, has been appointed CEO.
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