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On What Basis Did Allegiant (AUXFF) Stock Rise 37%?

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The price of Allegiant Gold Ltd (OTCQX: AUXXF) increased by 36.82 percent on Wednesday to $0.3010. Allegiant stock surged over 33.6% in the last month, with over 104.9K of its shares traded on average. On a three-month performance basis, AUXXF stock has gained over 44.57% and the average volume has been 71.20K. AUXXF stock rose on the discovery of silver and gold grades.

Where has the discovery been made?

A subset of Allegiant’s holdings consists of 10 high-prospective gold projects across the United States, seven of which are in mining-friendly Nevada. AUXXF has outsourced four of its projects which enables it to reduce costs and generate cash. In addition to an expanding gold resource, AUXXF also has an excellent infrastructure. Eastside project is the AUXXF’s flagship project where metallurgical tests indicate that both oxide and sulphide gold concentrations can be heap leached.

Allegiant announced yesterday it had discovered bonanza grades in its best drilling results so far in the Original Pit Zone. In Nevada, the zone is on AUXFF’s 100% owned Eastside gold project. Inferred resources of 996 000 ounces of gold and 7.8 million ounces of silver have been estimated for Eastside using current NI 43-101 pit constraints.

Further at Original Pit Zone:

Allegiant (AUXXF)’s Original Pit Zone hosts gold and silver mostly in young rhyolite domes and dikes cut by andesite flows and lahar, lacustrine tuffs, and rhyodacite flows and plugs. Eighty-five percent of AUXXF’s gold intercepts are within rhyolite rocks. This process involves altering multiple generations of quartz in stockworks, replacing illite, affiliating adularia, and filling fractures mostly with iron oxides.

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