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• The Castle Project was approved for a multi-year exploration program, clearing the path for 145+ drill pads and large-scale work.
• Allegiant consolidated full ownership of the Bolo Project by acquiring the remaining 49.99% interest from CopAur Minerals.
• The Company is expected to close on a $10.5M upsized financing shortly, supporting an 18,000m drill program at Eastside.
• We are increasing our target price to $1.20/share (prev. $1.00/share)
This morning, Allegiant Gold Ltd. (AUAU:TSXV, AUXXF:OTC) announced that it has received formal approval from the Bureau of Land Management (BLM) and the Nevada Division of Environmental Protection (NDEP) for its Environmental Assessment (EA) and Plan of Operations for the Castle Project. Beyond today’s announcement, the Company previously announced the acquisition of the remaining interest in the Bolo Gold Project and has expanded its partnership with Dahrouge Geological Consulting.
Allegiant is expected to have a news-heavy fall as it starts to deploy the $10.5M upsized private placement, which we anticipate closing in the near term, on top of the $3.5M raised in June. AUAU is planning a large-scale geophysics program, structural mapping initiatives, and up to an 18,000m RC and diamond drill program. Shares have responded positively to the recent news flow, rising over 100% in the last three months. We are maintaining our BUY rating and increasing our target price to $1.20/share (previously $1.00) on Allegiant Gold.
Allegiant has secured approval for a comprehensive, multi-year exploration program that permits up to 50 acres of surface distribution for the Castle Project, located in Esmeralda County, Nevada. The program includes multiple drill phases, as well as the construction of roads, drill pads, sumps, staging areas, and trenching across a highly prospective gold-bearing zone, leading the way for a more comprehensive large-scale exploration.
AUAU: Castle BLM Approval & Bolo Consolidation; Increasing TP
What you need to know:• The Castle Project was approved for a multi-year exploration program, clearing the path for 145+ drill pads and large-scale work.
• Allegiant consolidated full ownership of the Bolo Project by acquiring the remaining 49.99% interest from CopAur Minerals.
• The Company is expected to close on a $10.5M upsized financing shortly, supporting an 18,000m drill program at Eastside.
• We are increasing our target price to $1.20/share (prev. $1.00/share)
This morning, Allegiant Gold Ltd. (AUAU:TSXV, AUXXF:OTC) announced that it has received formal approval from the Bureau of Land Management (BLM) and the Nevada Division of Environmental Protection (NDEP) for its Environmental Assessment (EA) and Plan of Operations for the Castle Project. Beyond today’s announcement, the Company previously announced the acquisition of the remaining interest in the Bolo Gold Project and has expanded its partnership with Dahrouge Geological Consulting.
Allegiant is expected to have a news-heavy fall as it starts to deploy the $10.5M upsized private placement, which we anticipate closing in the near term, on top of the $3.5M raised in June. AUAU is planning a large-scale geophysics program, structural mapping initiatives, and up to an 18,000m RC and diamond drill program. Shares have responded positively to the recent news flow, rising over 100% in the last three months. We are maintaining our BUY rating and increasing our target price to $1.20/share (previously $1.00) on Allegiant Gold.
Allegiant has secured approval for a comprehensive, multi-year exploration program that permits up to 50 acres of surface distribution for the Castle Project, located in Esmeralda County, Nevada. The program includes multiple drill phases, as well as the construction of roads, drill pads, sumps, staging areas, and trenching across a highly prospective gold-bearing zone, leading the way for a more comprehensive large-scale exploration.
Underlying
ALLEGIANT GOLD
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Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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