Vancouver-based Allegiant, spun out of Columbus Gold Corp, has worked with Cordex (Cordilleran Exploration Company) since 2005 and engaged it to oversee generative project work and identify acquisition opportunities in Nevada and other parts of the United States. Wallace served briefly as Allegiant CEO when it was spun out of Columbus in 2017.
Allegiant said this week the generative-JV business model pursued by the partnership under which it funded exploration and other work for 100% ownership and Cordex retained an NSR royalty was profitable, "as a result of numerous option payments received from farm-outs and from the proceeds of property sales".
"[Since 2005] dozens of projects were staked from prospecting and generative activities; about 34 projects were farmed-out to 21 companies, including Agnico, Barrick and Newmont; and more than 50 drill programs were carried-out by either Columbus, Allegiant or by their farm-out partners," the junior said.
Founded by Livermore, who discovered the Carlin mine in Nevada and a new type of gold mineralization now known as ‘Carlin-type', "Cordex is considered by many in the mining industry to be one of the most successful gold exploration groups in the United States", Allegiant said. "Cordex is credited with an unprecedented nine gold discoveries in Nevada."
Wallace joined Cordex at the height of the Nevada gold rush in 1974, becoming a full-time geologist in 1978 and eventually manager of exploration in 1985.
"My personal associations with Andy Wallace and the late John Livermore have truly been one of the highlights of my career," said Allegiant CEO Robert Giustra.
"Their integrity and ethical business practices resonate throughout the whole Cordex organization, and serve as a beacon for the entire gold exploration and mining industry.
"On behalf of the board of directors I would like to thank Andy Wallace for our many years of friendship and our business relationship, and congratulate him for his outstanding achievements over a nearly 50-year career."
Wallace said in an interview in 2017: "My mentor in geology and exploration was John S Livermore, who was my boss in my early days at Cordex, and then later my partner. He made the original big gold discovery in Nevada in 1960, for Newmont Mining Corp. at what is now known as the Carlin mine. He was recognized as one of the pre-eminent exploration geologists in the gold business. He was also widely recognized for his integrity and ethics. John died a few years ago at age 94 and worked with me until he was about 90."