Allegiant Gold Ltd (AUXXF)

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Allegiant Gold Ltd.

ALLEGIANT owns 100% of 12 highly-prospective drill-ready gold projects in the US, 9 of them in Nevada. The majority of the drill targets have been identified by Andy Wallace, credited with multiple gold mine discoveries.

The gold mining guru, Andy Wallace, has retired. This may explain the drop in price. This was .20 a year ago. Andy Wallace was as good as it gets.

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July 03, 2019 08:00 ET | Source: Allegiant Gold Ltd.
VANCOUVER, British Columbia, July 03, 2019 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF: OTCQX) announces that its agreement with Cordilleran Exploration Company ("Cordex"), to design, initiate and carry-out generative and mineral exploration activities in Nevada and elsewhere in the United States on behalf of ALLEGIANT, has expired, and is not being renewed due to the retirement of Andy Wallace, a principal of Cordex.

Cordex’s mandate included the identification of prospective acquisition opportunities for ALLEGIANT, and to design and carry-out exploration programs on ALLEGIANT’s portfolio of properties. Pursuant to the agreement between Cordex and ALLEGIANT, all activities were funded by ALLEGIANT whom retained a 100% ownership of new projects staked, and Cordex benefited from an NSR royalty.

Cordex operated as ALLEGIANT’s and previously as Columbus Silver Corp.’s, and Columbus Gold Corp.’s (ALLEGIANT was spun-out of Columbus Gold), exclusive exploration partner since 2005. During this period, 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. In the first seven years of the Cordex relationship, the generative-JV business model pursued by the partnership was profitable, as a result of numerous option payments received from farm-outs and from the proceeds of property sales.

Cordex is considered by many in the mining industry to be one of the most successful gold exploration groups in the United States. Cordex was founded by the legendary John Livermore, who discovered the Carlin Mine in Nevada and a new type of gold mineralization that is now referred to as "Carlin-Type". The discovery of the Carlin Mine transformed the gold mining industry in the United States and perhaps the world. At the height of the Nevada gold rush, in 1974, Andy Wallace joined Cordex, becoming a full-time geologist in 1978, and eventually Manager of Exploration in 1985. Cordex is credited with an unprecedented nine gold discoveries in Nevada.