Allegiant Gold Ltd announces the completion of phase two of the option and joint venture agreement with Summa Silver Corp for the Mogollon Property in New Mexico, USA. In connection with the Option Agreement Summa has issued common shares to satisfy the option payment and, thereby have completed the acquisition of 100% ownership of Mogollon. The shares issued to Allegiant will have a statutory hold period of four months and one day from the date of issuance.
As a result of this payment, Allegiant now holds over 13.6M shares of Summa. Including all previous payments from Summa, Allegiant has received approximately US$6.2 million in cash proceeds and shares of Summa for the acquisition of Mogollon under the Option Agreement.
Peter Gianulis, CEO of Allegiant Gold, commented: “We are pleased to have owned Mogollon for close to 15 years and now turn it over to a great management and technical team in Summa Silver. It truly has been a joy working with them the past four years.
I am confident that they will be able to maximize the value in the property and, as a large shareholder in Summa, we look forward to the advancement and development of Mogollon. Over four years ago, we embarked on our current strategy of focusing on our Flagship Project, Eastside, with over 1.4 million ounces of gold and close to 9 million ounces of silver in the inferred category.
We have been able to double the inferred resource over this period of time while keeping dilution to one of the lowest in our peer group over that period of time. We continue to advance Eastside and strongly believe that we have the potential to significantly increase the resource size and, more importantly, increase the profitable ounces in ground while keeping dilution to a minimum. This, in our opinion, is the single best way to increase shareholder value.”
The updated resource estimate conducted by Mine Development Associates of Reno, Nevada, with an effective date of July 30, 2021, contained a pit-constrained Inferred Resources of 61,730,000 tonnes grading 0.55 g/t Au and 4.4 g/t Ag at the Original Pit Zone, 1,090,000 ounces gold and 8,700,000 ounces silver and 19,986,000 tonnes grading 0.49 g/t Au at the Castle Area, 314,000 ounces gold.
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