Revival Gold Drilling Program Now 25% Complete; Third Drill Rig Secured for Beartrack-Arnett
September 14 2020 - 6:30AM
Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF)
(“Revival Gold” or the “Company”), a growth‐focused gold
exploration and development company, reports on the status of
exploration and development activities at the Company’s
Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi
County, Idaho.
Following a successful C$15 million equity
financing in August, Revival Gold doubled its planned drilling
program to 10,000 meters with two drill rigs covering four target
areas. The Company today reports that the expanded drill program is
now 25% complete and that a third drill rig will soon be mobilized.
Meanwhile, Revival Gold’s Preliminary Economic Study (“PEA”) on the
potential restart of heap leach operations at Beartrack-Arnett is
progressing through trade-off studies and remains on track for
completion and release by year end.
“Revival Gold’s exploration team has made solid
progress to-date with this year’s drilling at Beartrack-Arnett. The
project hosts 10-11 km of favourable structure and the addition of
a third drill rig will accelerate the pace of the remaining program
this year,” said President and CEO Hugh Agro. “We are also
encouraged by the progress being made by Wood plc on Revival Gold’s
heap leach PEA,” Agro added.
Details
- 15 holes totaling approximately
2,450 meters have been completed this season to-date at the Haidee
target at Arnett. Drilling to-date amounts to approximately 25% of
the 10,000 meters of drilling planned for Beartrack-Arnett in the
current program. Assay results from the first batch of drill holes
this season are expected to be released by mid-October;
- A third Boart Longyear core drill
rig has been secured and is due to arrive on site in late
September. Drilling this year at Beartrack-Arnett will continue,
weather and access dependent, through to the end of December;
- Revival Gold’s geophysical
contractor, Geofisica TMC, S.A. de C.V., arrived on site in late
August. Twenty-one line-kilometers of gradient array induced
polarization-resistivity (“IP-RES”) geophysical survey has been
completed at Arnett and the geophysical crew has moved on to
initiate planned surveys at Beartrack;
- The program of geologic mapping and
sampling at Arnett that commenced in July is expected to be
completed by the end of September. The program has covered
approximately 19 square kilometers to date. Over the past year,
geologic work on the Arnett property has clarified several
important geologic relationships including expanding Revival Gold’s
understanding of potential host rocks for gold mineralization and
clarifying the structural model for the district. The result of
this work has been the identification of new conceptual targets for
potential future testing, and;
- The Beartrack-Arnett heap leach PEA
is on track for completion and release by year-end. Wood plc, the
principal consultant for the study, is completing trade-off studies
this month. Trade-off study work has focused on trucking ore from
Arnett to a heap leach pad at Beartrack, crusher configurations at
Beartrack, mining equipment selection, and grade optimization in
the early part of the mine life. Engineering work will now focus on
completing capital and operating cost estimates and finalizing the
project financial model.
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 71.2 million
shares outstanding and a current cash balance of approximately
$13.9 million as at September 1st, 2020. 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.
Revival Gold (TSXV:RVG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Revival Gold (TSXV:RVG)
Historical Stock Chart
From Apr 2023 to Apr 2024