ALLEGIANT Completes Red Hills Drill Program and Begins Drilling at Hughes Canyon; Nevada

VANCOUVER, British Columbia, Oct. 02, 2018 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. TSX OTCQX is pleased to report on the progress of its high-impact discovery drilling campaign.  A total of six (6) projects located principally in the world-class gold mining jurisdiction of Nevada are slated for drilling over a 10-12 month period; drilling commenced at the Red Hills project in August 2018 (see press release of August 22, 2018).

ALLEGIANT completed the Red Hills drill program on September 20, 2018.  Nine (9) holes were drilled for a total of 2,342 meters.  Seven of the holes were drilled in a covered flat targeting a buried intrusive and its margin.  Two holes were drilled to test a northwest-trending structure cutting Paleozoic sedimentary rocks on the south end of Red Hills where surface sampling had returned high trace elements and encouraging gold grades.  Assays are pending.

Drilling has commenced at ALLEGIANT's Hughes Canyon gold project located 50 km east of Lovelock, Nevada.  Twelve drill holes totaling 2,550 meters, are planned.  Holes will be drilled on the pediment immediately west of the Hughes Canyon gold showing along the western margin of the Stillwater Range.  Drill holes will target both geophysical and geochemical anomalies in Mesozoic sedimentary rocks.

Qualified Person

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.  Mr. Wallace has reviewed and approved the technical content of this press release.

ABOUT ALLEGIANT
ALLEGIANT owns 100% of 14 highly-prospective drill-ready gold projects in the United States, 11 of which are located in the mining-friendly jurisdiction of Nevada.  Six of the projects are slated for near-term drilling and all offer excellent discovery opportunity.  ALLEGIANT's flagship Eastside project hosts a large and expanding gold resource, is district scale, and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

Further information regarding ALLEGIANT can be found at www.allegiantgold.com.

ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman & CEO

For more information contact:

Investor Relations

(604) 634-0970 or

1-888-818-1364

ir@allegiantgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding Allegiant Gold Ltd.'s ("Allegiant") drilling and exploration plans for its properties, including anticipated timing thereof.  Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled "Risk Factors" in Allegiant's Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant's profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.