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Allegiant Announces Completion of Phase 1 Option by Summa Silver, Acquires 75% of the Mogollon Project
(TheNewswire) Tonopah, Nevada - TheNewswire - August 17, 2023 - Allegiant Gold ...
About this update from A2 Gold Corp.
[{"type":"text","content":"Allegiant Announces Completion of Phase 1 Option by Summa Silver, Acquires 75% of the Mogollon Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tonopah, Nevada -\n \n \n TheNewswire -\n \n \n August 17, 2023 -\n \n \n Allegiant Gold Ltd.\n \n \n (“Allegiant” or the “Company”)\n(TSX-V:AUAU) (OTC:AUXXF)\n \n \n is very pleased to\nannounce the completion of the Phase I Option of the Option Agreement\nwith Summa Silver for the Mogollon Project (“Mogollon”) in New\nMexico, USA.\n \n \n \n \n In connection with Summa's option and joint venture\nagreement dated August 21, 2020, Summa intends to pay US$100,000 in\ncash and issue, subject to approval from the TSX Venture Exchange,\n4,398,831 common shares at a deemed price of $0.5047 per common share\nin order to satisfy the US$1,750,000 third anniversary payment. The\ncommon shares issued will have a statutory hold period of four months\nand one day from the date of issuance. Upon completion of the share\nissuance, Summa will have satisfied phase one of the option and joint\nventure agreement and have earned a 75% interest in the Mogollon\nproject.\n \n \n \n \n Peter Gianulis, CEO of Allegiant\nGold\n \n \n , commented:\n \n \n “It has\nbeen a pleasure to have worked with Summa Silver the past three years.\n They have proven to be an excellent partner in helping develop a\nhigh-quality asset such as our Mogollon Project.  We believe that\nMogollon has the potential to be one of the premier underground\ngold/silver projects in the United States.  Over the past four years,\nAllegiant has received approximately  $7 million in cash and share\npayments from our farm-out partners, which has led to our ability to\nfinance our company and projects with minimal dilution.  We look\nforward to continue advancing our Eastside District project and\nworking closely with our farm-out partners.”\n \n \n \n \n ABOUT ALLEGIANT\n \n \n \n \n Allegiant owns six highly prospective gold projects in\nthe United States, five of which are in the mining-friendly\njurisdiction of Nevada. Two of Allegiant’s projects are currently\nfarmed-out, providing for cost reductions and cash-flow. Allegiant’s\nflagship, district-scale Eastside project hosts a large and expanding\ngold resource and i...