Red Hills

Stage

Exploration

Maps

The Red Hills Project is 100% owned by Allegiant, subject to underlying royalties, and is located 56 km northeast of Ely, Nevada.

Red Hills covers the eastern portion of the Red Hills Mining District and historic work and small-scale mining at Red Hills has identified lead, zinc, and silver breccia pipes, and replacements, in the Ordovician Pogonip Limestone, located nearby bodies of intrusive rock. Twelve rotary drill holes, likely from the 1970's, have been identified on the project but no data is available and it is unknown who drilled them.

The project is underlain by northerly striking, generally westerly dipping Cambrian through Ordovician sedimentary rocks which include (from oldest to youngest) the Windfall Formation, Pogonip Group carbonates (Goodwin, Ninemile and Antelope Valley Formations), Eureka Quartzite, Hanson Creek and Lone Mountain Dolomites.

In 2013, Columbus entered into an earn-in agreement with Tojo Minerals/Carnavale Resources Limited. Carnavale sampled, mapped, and drilled 4 rotary and 1 diamond drill hole in 2015. The results were discussed in a Columbus news release dated February 11, 2016. The best drill hole was 15RHR03, highlights below:

Highlights of Drilling Results*: Drill Hole

Length

(m)

From

(m)

To

(m)

Ag

(g/t)

Au

(g/t)

Pb

(%)

Zn

(%)

15RHR03

17

128

145

129

0.15

2.42

0.92

Including

12

129

141

179

0.20

3.29

1.18

including

2

131

133

476

0.27

2.11

2.39

The Tojo/Carnavale earn-in agreement was terminated in August, 2016.

Prior to entering into the earn-in agreement with Tojo/Carnavale, Columbus completed geologic mapping, geochemical sampling, and a ground magnetic survey at Red Hills. Two zones of base and precious metal mineralization have been identified and mapped in the area. In the northern zone, silver, gold and base metal mineralization is hosted in Pogonip carbonates, Eureka Quartzite and in the Hanson Creek and Lone Mountain Dolomites along northerly and easterly trending breccia zones with local bleaching and calc-silicate alteration. Silver is the most significant metal in this area and averaged 124 g/t silver in the samples taken, greater than 34 g/t silver. The highest-grade sample returned 2,445 g/t silver. Gold averaged 0.86 g/t gold in the samples taken, greater than 0.34 g/t gold. Zinc and lead averaged 2.14% and 0.96%, respectively, in the samples taken, greater than 1,000 ppm. In the southern zone, mineralization that appears to be enriched, relative to base metals (at the expense of precious metals), is confined to replacement and calc-silicate altered zones within the Pogonip Group Goodwin Limestone. Silver and gold values are similar in grade to the northern zone but are less abundant in number and extent. However, significant, but erratic amounts of bismuth (up to 538 ppm), copper (up to 7.9%), and molybdenum (up to 350 ppm) are present.

In addition, sampling by Columbus, restricted to the Nine Mile Member of the Pogonip, yielded numerous anomalous gold values ranging from 0.3 to 1.1 g/t gold, with little associated lead and zinc. The gold showings are in jasperoid and weakly silicified platy limestone and siltstone of the Nine Mile Member, which could represent Carlin-type gold mineralization distal to the lead-zinc mineralization.

The ground magnetic survey identified several anomalies, interpreted to be buried intrusive rocks at depth. The base and precious metal anomalies are thought to be related to unexposed intrusive rocks present at depth. The mag survey indicates these bodies could be shallow in some places (less than 60 metres). The buried intrusive rocks present drill targets for porphyry copper/molybdenum, with the margins of the intrusive rocks perspective for base and precious metal skarns and replacements.

ALLEGIANT plans to drill up to 8 rotary holes, totaling up to 2,200 metres, at Red Hills.

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