Currently viewing Global edition

Allegiant, Nexus among explorers boasting bonanza drill results

Canada-based explorers have reported bonanza drilling results, timed nicely with the gold price at its highest point since January.
Allegiant, Nexus among explorers boasting bonanza drill results Allegiant, Nexus among explorers boasting bonanza drill results Allegiant, Nexus among explorers boasting bonanza drill results Allegiant, Nexus among explorers boasting bonanza drill results Allegiant, Nexus among explorers boasting bonanza drill results

Shares in explorer Allegiant Gold surged on its latest drilling results

Ngaire McDiarmid

Reporter

Allegiant Gold was a standout, with its share price jumping almost 40% on its discovery of "bonanza gold and silver grades" at the Original Pit Zone at its Eastside project in Nevada.

It reported 148m at 2.6g/t gold from hole 243, which included 20m at 173.8g/t silver; plus 3m at 39g/t gold in hole 239.

"The results from the recent drill programme at Eastside are simply the best received since Allegiant made the initial discovery," CEO Peter Gianulis said.

"We remain focused on executing our business plan and are well on our way to outlining a multimillion-ounce deposit at Eastside."

The project has a pit-constrained inferred resource comprising 996,000 ounces of gold and 7.8 million ounces of silver.

Allegiant said in October it had set a US$2.7 million budget which would include a resource update for the Castle zone and a preliminary economic assessment for Eastside.

Allegiant (TSXV: AUAU) closed up 39.6% to C37c, valuing it at $28.9 million (US$23.8 million).

Maple Gold Mines similarly reported one of its best holes yet, of 132m at 1.58g/t gold at its Douay joint venture with Agnico Eagle Mines in Quebec.

Maple (TSXV: MGM) gained 5.26% to 40c, capitalising it at $128.4 million (US$106 million).

Nexus Gold likewise this week announced significant results from its McKenzie project in Ontario's Red Lake, with a highlight of 136m at 1.25g/t gold including 44.9m at 3g/t.

"Our goal was to improve on the 2020 results, to extend the length of the mineralisation previously encountered in this particular zone, and if possible, better the grades," president and CEO Alex Klenman said.

"So far, we've been able to do that, specifically in hole 19 that returned some significant intercepts."

The company also has drilling underway at its Dakouli 2 gold project in Burkina Faso.

Nexus (TSXV: NXS) has risen from around 6c last week to 7c, putting its market cap at $17.9 million (US$15 million).

Osisko Mining's (TSX: OSK) share price barely shifted on yet more high-grade results from its Windfall project in Quebec.

Results included 2m at 280g/t gold, sending it up 0.58% to $3.44 to capitalise it at $1.2 billion (US$1 billion).

Finally, Solaris Resources (TSX: SLS) rose by the same percentage on news of yet another plus-1km intercept at Warintza in Ecuador, of 1,029m at 0.73% copper-equivalent. 

The intercept, which graded 0.63% copper, 0.02% molybdenum and 0.04g/t gold, also included 422m at 0.83% Cu-eq.

Solaris' close of $12.22 values it at $1.28 billion (US$1.06 billion).