Columbus Gold Corp. (CGT:TSX; CBGDF:OTCQX) has spun out its U.S. properties into Allegiant Gold Ltd. (AUAU:TSX.V), which begins trading on Tuesday under the symbol AUAU on the TSX Venture Exchange. The new exploration company has 14 projects in the U.S., 11 in Nevada and the remainder in Utah, New Mexico and Arizona.
According to the company, in 2018, Allegiant plans to drill 10 projects, including the flagship Eastside project. "A drill program is currently underway at Eastside and is focused on resource expansion at the Original Zone, which hosts a pit-constrained Inferred resource totaling 721,000 gold equivalent ounces. In addition to the Original Zone, Eastside hosts numerous exploration targets and historical resources of 272,153 ounces gold," Allegiant announced.
"Allegiant CEO Andy Wallace is the principal of Cordex, which is credited with eight gold mine discoveries in Nevada." – Nick Hodge
Nevada is considered a mining-friendly jurisdiction; in the Fraser Institute Annual Survey of Mining Companies 2016, the state is ranked fourth on its worldwide Investment Attractiveness Index.
Allegiant is being led by CEO Andy Wallace, "who has discovered a number of multi-million-ounce gold mines in Nevada," the company noted.
Nick Hodge wrote in Nick's Notebook on Jan. 26 that "The team is important. CEO Andy Wallace is the principal of Cordex, which is credited with eight gold mine discoveries in Nevada. Five of them occurred under Andy's watch, including the 5 million ounce Marigold Mine, the 12 million ounce Stonehouse/Lone Tree Mine, and the Daisy Mine."
Allegiant's board of directors features an experienced team, including Allegiant Chairman Robert Guistra, who also serves as chairman of Columbus Gold; Russell Ball, former CFO of Goldcorp and Newmont; Norm Pitcher, former president of Eldorado Gold; and Peter Gianulis, president of Carrelton Asset Management, a firm that specializes in natural resource investment.
Columbus Gold is maintaining its interest in the Montagne d'Or gold deposit in French Guiana that the company is developing with Nordgold. The company was recently named to the 2018 OTCQX Best 50 list, based on its performance in 2017.
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Additional disclosures:
Disclosures from Nick Hodge, Nick's Notebook, Jan. 26, 2018
Nick Hodge owns shares of Allegiant Gold.