Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF)
(“Revival Gold” or the “Company”), a growth‐focused gold
exploration and development company, is pleased to announce a
significant expansion to the planned drilling program this year at
the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”)
located in Lemhi County, Idaho.
Highlights
- The initial 5,000-meter core
drilling program with Boart Longyear Limited at Beartrack-Arnett
has been expanded to 10,000 meters and now includes four target
areas;
- Drilling in the Haidee area at
Arnett will include 3,000 meters (10-15 holes) of resource
expansion drilling along strike from the existing Arnett Mineral
Resource and an additional 2,000 meters (8-10 holes) of infill
drilling to expand and upgrade the Inferred resource at
Haidee;
- Drilling in the previously untested
Rabbit area will help establish the scale of the mineralized system
at Beartrack beyond its current 5.6-kilometer strike with
approximately 2,000 meters (2-4 holes) of drilling. Targets are
located two and three kilometers south and on trend of the existing
Beartrack Mineral Resource;
- Drilling in the Joss area will
follow up on prior high-grade gold intercepts in drill hole
BT18-211 (see details below) and test the area between the North
Pit and South Pit areas with a total of approximately 3,000 meters
(4-6 holes); and,
- In addition to expanding the
planned drilling campaign, Revival Gold has expanded its planned
geophysics program to 21 line-kilometers of gradient array induced
polarization-resistivity (“IP-RES”) at Haidee, 13 line-kilometers
of gradient array IP-RES at Joss and five line-kilometers of
dipole-dipole IP-RES at Rabbit.
“Revival Gold has ramped up to complete the
biggest exploration program to be undertaken at Beartrack-Arnett
since the 1990’s,” said Hugh Agro, President & CEO. “We will
spend approximately $6 million on exploration and we will test
several potential game-changing targets on the project. At the same
time, we expect to deliver a Preliminary Economic Assessment on the
existing open pit heap leachable resource before year-end and will
advance other technical study work on both heap leach and mill
material as recommended in the company’s February 2020 Technical
Report.”
Expanded 2020 Exploration
Program
Last month Revival Gold mobilized Boart Longyear
Limited for an initial 5,000-meter core drilling program at
Beartrack-Arnett. Subsequently, following the close of the
Company’s recent $15 million equity financing, Revival Gold’s Board
of Directors approved an expanded program of 10,000 meters of core
drilling.
The 10,000 meter 2020 drilling program is
intended to expand the leachable resource in the Haidee area at
Arnett along strike in both directions, upgrade the 2020 Inferred
resource at Haidee to an Indicated category and continue to build
the scale of the known gold system at Beartrack beyond its current
5.6 kilometer known strike with drilling in three locations. The
program will consist of approximately 5,000 meters of drilling at
Arnett and 5,000 meters at Beartrack. An overview of all planned
2020 drill hole collar locations is depicted in Figure 1 below.
Figure 1 accompanying this
announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a262c8a-3f53-4d2a-84df-677e1d51aeee
Of the 5,000 meters of core drilling planned for
Arnett, an estimated 3,000 meters (10-15 holes) is designated for
resource expansion. Resource expansion drilling will be completed
along strike in both directions and up-dip of the current resource
in the Haidee area. Resource expansion drill holes will be drilled
to an approximate depth of 150 meters on 60 meter spacing.
The remainder of the planned Arnett drilling
(approximately 2,000 meters in 8-10 holes) is infill drilling
intended to upgrade the 2020 Inferred resource at Haidee to the
Indicated category. Resource upgrade infill drill holes will be
drilled to an approximate depth of 150 meters on 30 meter spacing.
All planned 2020 Arnett drill holes in the Haidee area are approved
for drilling.
Figure 2 below is a plan view of the Arnett
Haidee area and this year’s planned drilling in the area.
Figure 2 accompanying this
announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/31378a37-54b6-461b-9edf-f909546a1b00
In addition to drilling at Arnett, Revival
Gold’s 2020 drill program will include 5,000 meters of core
drilling targeted to continue to build on the scale of
mineralization at Beartrack. The current targets of greatest
exploration interest at Beartrack are in the Rabbit area, the
southern end of the Joss area and between the North and South Pit.
Figure 3 illustrates the planned program at Beartrack in the Rabbit
and Joss areas.
Figure 3 accompanying this
announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d5501db1-2a22-4e52-a27c-1e36b6d3cdeb
The Rabbit area has been targeted by Revival
Gold based on an airborne magnetics anomaly and property-wide
mapping. This undrilled target area is located beneath
post-mineralization cover and represents a high value opportunity
given its position within, or proximity to, the Panther Creek Shear
Zone (“PCSZ”) and its intersection with interpreted cross faulting
structures such as the Coiner Fault. Structural intersections
represent attractive exploration targets because they are areas of
increased rock fracturing, which is favorable for the flow of
hydrothermal fluids that can deposit minerals such as gold.
Approximately 2,000 meters (2-4 holes) are planned in the Rabbit
area.
The target area between the North and South pits
lies along the PCSZ between two mineralized bodies and has largely
been untested by drilling at depth.
In the Joss area drilling has been planned to
continue to test the southern extension of the existing Mineral
Resource and to follow up several intriguing high-grade gold
intersections encountered east of the PCSZ in core hole BT18-211D
(see Table 1 below).
Table 1: BT18-211D Intersections East of
the PCSZ
Hole Number |
Area |
Azimuth(deg.) |
Dip(deg.) |
From (m) |
To (m) |
Drilled Width
(m) |
Est. True Width1 (m) |
Fire Assay Gold Grade (g/t) |
BT18-211D |
Joss |
303 |
-53 |
102.7 |
103.9 |
1.2 |
0.7 |
9.29 |
|
|
|
|
158.3 |
159.8 |
1.5 |
0.9 |
6.98 |
|
|
|
|
188.5 |
190.0 |
1.5 |
0.9 |
7.87 |
|
|
|
|
198.4 |
200.9 |
2.4 |
1.3 |
7.48 |
Incl. |
|
|
|
198.4 |
199.7 |
1.3 |
0.7 |
10.3 |
|
|
|
|
217.9 |
222.1 |
4.2 |
2.4 |
5.37 |
Incl. |
|
|
|
217.9 |
219.2 |
1.2 |
0.7 |
12.35 |
Incl. |
|
|
|
220.7 |
221.2 |
1.4 |
0.8 |
4.91 |
|
|
|
|
237.1 |
241.4 |
4.3 |
2.4 |
5.13 |
Incl. |
|
|
|
238.7 |
239.6 |
0.9 |
0.5 |
12.85 |
1 True width estimates based on a vertically
dipping mineral zone. Drill holes typically steepen during drilling
so the inclination of the drill hole at depth may not be the same
as the inclination in the mineralized zone.
The intervals in Table 1 were previously
reported in 2018 (press release dated December 4th, 2018) within
broader mineralized intervals but individual high-grade gold
intercepts outside the PCSZ are, at present, poorly understood.
Drilling and geophysics (details below) this year are intended to
clarify the relationship of these intervals with respect to the
PCSZ.
Approximately 3,000 meters (4-6 holes) are
planned in the Joss area between the North Pit and South Pit. These
drill holes are all approved for drilling.
In addition to core drilling, Revival Gold is
planning a ground geophysical program to follow up airborne
magnetics and soil sampling completed in 2019. The geophysics has
been contracted to Geofisica TMC, S.A. de C.V. under the direction
of Revival Gold’s consulting geophysicist Craig Beasley Ph.D., Wave
Geophysics LLC.
At Arnett, two square kilometers (21
line-kilometers) of gradient array IP-RES are proposed for the
Haidee area. The geophysical grid will cover the Haidee resource
area, extending to the southeast into an area known as the
Midlands. Much of the area to be covered by the gradient array
IP-RES at Arnett is at least partially covered by post-mineral
deposits that obscure surface indications of mineralization. Gold
anomalies identified during Revival Gold’s 2019 soil sampling
program suggest that the mineralized structure at Haidee, and/or
structures parallel to it, may continue under the post-mineral
cover. The gradient array IP-RES is intended to identify structures
in these covered areas.
At Beartrack, one square kilometer (13
line-kilometers) of gradient array IP-RES is planned for the
southern end of the Joss resource area. The intention is to
identify secondary structures that could be controlling
mineralization at Joss, specifically the higher-grade intersections
encountered in hole BT18-211D east of the PCSZ (see table
above).
Two dipole-dipole IP-RES lines (five
line-kilometers) are planned over the magnetic low on the Coiner
Fault in the Rabbit area. Dipole-dipole IP-RES lines at Rabbit are
intended to identify possible mineralization at depth and to help
estimate the depth to the geophysical target.
Revival Gold has a robust health and safety
program which includes a strong policy with respect to COVID-19.
The policy is designed to keep Revival Gold employees and
contractors safe as well as to protect the local community. Revival
Gold’s COVID-19 policy includes plans to prevent infection, to
limit the spread of infection should a team member become infected
and a contingency plan should a temporary shutdown be
necessary.
Steven T. Priesmeyer, C.P.G., Vice President
Exploration, Revival Gold Inc., is the Company’s designated
Qualified Person for this news release within the meaning of
National Instrument 43-101 Standards of Disclosure for Mineral
Projects and has reviewed and approved its scientific and technical
content.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold
exploration and development company. The Company has the right to
acquire a 100% interest in Meridian Beartrack Co., owner of the
former producing Beartrack Gold Project located in Lemhi County,
Idaho. Revival Gold also owns rights to a 100% interest in the
neighboring Arnett Gold Project.
Beartrack-Arnett is the largest past-producing
gold mine in Idaho and hosts the second largest known deposit of
gold in the state. A Preliminary Economic Assessment is underway on
the potential re-start of a phase one open-pit heap leach operation
and exploration continues focused on expanding the current
Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold
containing 1.35 million ounces of gold and Inferred Mineral
Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64
million ounces of gold. The mineralized trend at Beartrack extends
for over 5 km and is open on strike and at depth. Mineralization at
Arnett is open in all directions. For further details, including
key assumptions, parameters and methods used to estimate the
Mineral Resources, please see the Company’s technical report titled
“Technical Report on the Beartrack-Arnett Gold Project, Lemhi
County, Idaho, USA” dated February 21, 2020.
Revival Gold has approximately 70.2 million
shares outstanding and a current cash balance of approximately
$14.4 million. Additional disclosure including the Company’s
financial statements, technical reports, news releases and other
information can be obtained at www.revival-gold.com or on
SEDAR at www.sedar.com.
For further information, please contact:
Hugh Agro, President & CEO or Adam
Rochacewich, CFO Telephone: (416) 366-4100 or Email:
info@revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. Technical
information in this news release has been reviewed and approved by
Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival
Gold Inc. a Qualified Person within the meaning of National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
This News Release includes certain
“forward-looking statements” which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company, or management,
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes, but is not limited to, the Company’s
intentions regarding its objectives, goals or future plans and
statements. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, the Company’s ability to predict or counteract the
potential impact of COVID-19 coronavirus on factors relevant to the
Company’s business, failure to identify mineral resources, failure
to convert estimated mineral resources to reserves, the inability
to complete a feasibility study which recommends a production
decision, the preliminary nature of metallurgical test results,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital, operating and reclamation costs
varying significantly from estimates and the other risks involved
in the mineral exploration and development industry, and those
risks set out in the Company’s public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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