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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Allegiant Gold finds lithium-boron in the Big Smoky Valley basin in Nevada

Company geologists believe these patterns connect to fault structures that define the basins

Allegiant Gold finds lithium-boron in the Big Smoky Valley basin in Nevada
Image via Allegiant Gold.

Allegiant Gold Ltd. (TSXV: AUAU) (OTCQX: AUXXF) completed its sediment sampling program at the Travertine Sinter (TS) Prospect, and results confirmed the findings of a lithium-boron anomaly in the Big Smoky Valley basin near Tonopah, Nevada.

The company announced on Wednesday that it received sediment sample assay results from 500 samples from its TS Prospect. The results and interpretation will be used to design the summer-fall drillling program for 2023.

The TS Prospect is located about 2.2 kilometers to the east of the easternmost claims of the Eastside Prospect. The area covered by the claim block is approximately 4.1 kilometers by 2.5 kilometers, or 1,020 hectares.

The claim block is situated near several deposits of travertine sinter, which are believed to be on top of faults that form the western boundary of the Big Smoky Valley Basin. This basin is located around 29 kilometers to the west-northwest of Tonopah, Nevada.

“Although we continue to solely be focused on precious metals at the Eastside District, our geological team were able to identify these targets and anomalies during a routine reconnaissance program,” said Peter Gianulis, CEO of Allegiant Gold.

“Our end goal is to add value for our shareholders, of which, management and insiders continue to be the largest single group.”

The geochemical survey has shown that there are noticeable and overlapping anomalies of Lithium and Boron. These anomalies follow a primarily elongated Northwest-southeast pattern, but there is also a secondary north-south component.

The geologists at Allegiant believe that these patterns are connected to the underlying fault structures that define the basins and the areas where fluids may be flowing. During the survey, many of the samples collected were a type of rock called calcite cemented clay, silt and fine sandstone.

These rocks are similar to reports of lithium-containing occurrences found in other parts of the Big Smoky Valley, which is located to the west of Tonopah, Nevada.

Geochemistry Map – Lithium and Boron Anomalies. Image via Allegiant Gold.

Read more: NevGold CEO inks open letter reassuring shareholders despite recent upheavals

Read more: 2023 will be a ‘very strong’ year for gold mining: NevGold

Nevada’s rich mineral deposits make it attractive to miners

Nevada’s rich mineral deposits, particularly its abundant gold reserves, make it highly attractive for mining companies. Furthermore, Nevada’s pro-mining regulations and streamlined permitting processes create a favorable business environment, encouraging investments in the sector.

Nevada Gold Mines (NGM), a joint venture between Barrick Gold (TSX: ABX) (NYSE: GOLD) and Newmont Corporation (TSX: NGT) (NYSE: NEM), announced the creation of a new Wildlife Endowment earlier this month.

This endowment is an expansion of the company’s employee giving program, the Heritage Fund, and aims to support environmental projects that focus on improving wildlife habitat, preventing wildfires, restoring ecosystems and promoting the health of rivers and streams throughout Nevada.

In addition to the wildlife endowment, Metalla Royalty & Streaming Ltd. (NYSE: MTA) (TSXV: MTA) sold its JR mineral claims in the Pine Valley property to NGM. The claims are located in Eureka County as part of the Cortex complex. The deal closed for $5 million and Metalla will keep a 3 per cent non smelter royalty on the property.

NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) Is a Vancouver-based gold junior also operating out of the Eureka Battle Mountain trend in Nevada.

The company enjoyed a successful first year, making new gold discoveries and expanding the amount of gold in the project. This aligns with the increased activity of other companies in the area. For example, Freeport-McMoran (NYSE: FCX) has been drilling southwest of NevGold, while Centerra Gold (TSX: CG) (NYSE: CGAU) has been drilling adjacent to NevGold in the southeast.

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NevGold is a sponsor of Mugglehead news coverage

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