Hughes Canyon

Stage

Exploration

Maps

The Hughes Canyon Project is 100% owned by Allegiant, subject to underlying royalties, and consists of 70 unpatented mining claims located approximately 48 km east-southeast of Lovelock, Nevada.

Hughes Canyon is permitted for drilling and Allegiant plans to drill up to 12 holes, totalling 2,600 metres. The geologic setting of Hughes Canyon is analogous to nearby sediment-hosted gold deposits like the Florida Canyon/Standard mine, the Willard prospect, and the Relief Canyon mine

Hughes Canyon displays a broad area of anomalous gold mineralization hosted in complexly faulted and folded Mesozoic limestones and siltstones, a geologic setting that is analogous to nearby sediment-hosted gold deposits, including Florida Canyon/Standard mine (3.2 million ounces gold in past production and reserves), Willard prospect (0.17 million ounces gold reserve), and Relief Canyon mine (0.33 million ounces reserve). The Coeur-Rochester Mine, also located in the area, has produced 1.2 million ounces of gold and 125 million ounces of silver from Mesozoic volcanic rocks. The nearby Spring Valley development project, currently operated by Waterton, hosts 1.45 million ounces gold and 2.16 million ounces of silver.

Historic surface sampling at Hughes Canyon by Noranda, Independence Mining (Freeport), and a local prospector has yielded gold assays up to 4.9 g/t gold in both altered shales and jasperoids replacing limestone. Gold mineralization can occur over widths exceeding 60 metres, as demonstrated by the fifty continuous channel samples taken by Noranda in a road cutting which averaged 0.25 g/t gold and ranged from 0.04 g/t to 1.1 g/t gold.

Although Independence Mining (Freeport) and Noranda did intercept gold in some of their drill programs, drill hole RP-7 returned 6 metres of 1.37 g/t gold (including 2.8 metres of 4.32 g/t gold), the holes were drilled vertically. Allegiant believes that the higher-grade gold mineralization at Hughes Canyon is related to several high-angle structures and that angled drilling across these structures, as opposed to vertical holes, represents excellent exploration targets. In addition to the high-angle structures, Allegiant has identified another exploration target at Hughes Canyon. A CSMT geophysical survey identified a circular anomaly under the covered flat just off the range front, anticipated to be less than 20 metres thick. The anomaly is a zone of conductivity that is coincident with a broad geochemical anomaly of arsenic with low gold values detected by Columbus in a grid sampling program.

Drilling by Allegiant will include angle holes designed to cross the known mineralized high-angle structures. In addition, Allegiant plans to test the coincident geochemical and CSAMT anomaly under the covered flat.

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