Toronto, ON – July 7th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, reports on recent developments including exploration activities on the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho.
Highlights:
The Beartrack-Arnett Preliminary Economic Assessment (“PEA”) is on track for completion by year-end 2020. The open-pit heap leachable component of Revival Gold’s February 2020 Mineral Resource remains the basis for the PEA. Lead consultant, Wood plc, has completed mine planning and production scheduling. Cost estimation, an assessment of mine permitting strategies, development of the financial model and optimization are underway;
Modifications to the Arnett Exploration Drilling Plan of Operations have been approved by the U.S. Forest Service which will allow relocation of some previously permitted drill sites to concentrate on resource expansion targets immediately along strike and down dip of the Haidee oxide gold resource;
Revival Gold has recommenced field work at Beartrack-Arnett with an initial emphasis on further geological mapping, sampling and prospecting to ground-truth anomalies identified from airborne geophysical and soil sampling programs;
Preparations have been made for a gradient array induced polarization geophysical survey along strike from the Haidee oxide gold resource to be completed on the Beartrack-Arnett property; and,
In the quarter ended June 2020, the Company received approximately $500,000 from the early exercise of warrants priced at $0.90.
“Revival Gold and its consultant, Wood plc, are on track with the PEA on the potential re-start of a phase one open-pit heap leach operation at Beartrack-Arnett. At the same time, over the past few months, the company has successfully modified permitting for future drilling and recently mobilized to recommence geological field work for the summer,” said Hugh Agro, President & CEO. “Beartrack-Arnett is the largest past-producing gold mine in Idaho and benefits from the presence of significant existing site infrastructure and an abundance of exploration targets across the Revival Gold’s 5,400-hectare land position.”
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 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 work continues to expand the current Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold plus 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 at depth. Mineralization at Arnett is open in all directions.
Revival Gold currently has approximately 56.1 MM shares outstanding and had a cash balance of approximately $1 MM as of June 30th, 2020. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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.
Toronto, ON – May 20th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the completion of arrangements to defer commitments related to the acquisition of the Company’s Beartrack (“Beartrack”) and Arnett (“Arnett”) properties.
On April 9th, 2020, Revival Gold executed an agreement to defer remaining payments under the option agreement between the Company and certain vendors (“Vendors”) to acquire the Barnett claims located within Arnett (the “Barnett Agreement”, announced on June 30, 2017) by one year. Previously, the Company’s remaining options payments under the Barnett Agreement were due on June 30th, 2020 and June 30th, 2021. In exchange for making a cash payment of US$75,000 to the Vendors, Revival Gold’s two remaining option payments under the Barnett Agreement of US$250,000 each are now due on June 30th, 2021 and June 30th, 2022 respectively.
On May 20th, 2020, Revival Gold executed a second amendment (the “Second Amendment”) to the terms of the earn-in and related stock purchase agreement (the “Agreement”) allowing the Company to acquire Meridian Beartrack Co., a subsidiary of Yamana Gold Inc. (“Yamana”) and the owner of Beartrack, upon the satisfaction of certain conditions, including incurring certain exploration expenditures on the property. The initial terms of the Agreement were announced by the Company on September 7th, 2017 and were amended on May 8th, 2019.
Under the Second Amendment, in exchange for an additional US$2 MM exploration spending commitment by the Company and the grant of an additional 0.25% net smelter return (“NSR”) royalty payable to Yamana capped at US$1 MM, Yamana has agreed to a one year deferral of: (i) site maintenance/reclamation costs, previously to be incurred in the fourth year of the Agreement (“Year 4”), which will now be incurred in the fifth year of the Agreement (“Year 5”); and, (ii) the earn-in election date, previously to be made by the end of Year 4, which the Company can now make by the end of Year 5.
“As a further response to the COVID-19 pandemic, under Revival Gold’s amended property agreements, the company has reduced near-term cash outflows and relaxed earn-in terms,” said Hugh Agro, President and CEO. “This added flexibility will allow the company to continue to build asset value through the current period of turbulent market conditions.”
Revival Gold’s remaining commitments in respect of Beartrack under the Second Amendment are summarized below:
1 MM common shares of Revival Gold due at the end of the third year of the Agreement (September 29th, 2020);
US$6.0 MM in aggregate exploration spending by September 29th, 2020 (of which US$6.1 MM had been expended at March 31st, 2020), US$8.0 MM in aggregate exploration spending by September 29th, 2021 and US$10 MM in aggregate exploration by September 29th, 2022;
Funding site maintenance/reclamation costs in the fifth year of the Agreement (expected to be approximately C$1 MM) beginning September 30th, 2021;
The assumption of all future site bonding, maintenance/reclamation obligations upon completion of the earn-in and acquisition of Meridian Beartrack Co. at the end of the fifth year of the Agreement (September 29th, 2022);
Payment of the greater of US$6/oz of gold resource or US$15/oz of gold reserve on conclusion of the seventh anniversary of the of Agreement (September 29th, 2024); and,
1.5% NSR, 0.5% of which is capped at US$2 MM.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 55.6 MM shares outstanding and had a working capital balance of approximately $1 MM as of March 31st, 2020. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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.
Toronto, ON – May 4th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, has commenced work on a Preliminary Economic Assessment (“PEA”) for the first phase heap leach component of the Beartrack-Arnett Gold Project (“Beartrack-Arnett”).
Revival Gold has engaged Wood plc, a globally recognized engineering and consulting firm with key personnel in Toronto, Ontario and Boise, Idaho, as lead consultant for the PEA. Environmental and mine permitting input will be provided by Bozeman, Montana-based KC Harvey Environmental, LLC, and the project will be managed by Rodney Cooper, P.Eng., the Company’s Senior Technical Advisor. PEA completion is expected by year-end 2020.
“Beartrack-Arnett offers the potential for a relatively efficient resumption of heap-leach gold production from the project’s existing operational footprint and infrastructure”, said Hugh Agro, President & CEO. “We are delighted to be in a position to take this next step in the evaluation of Beartrack-Arnett’s heap leach potential while, at the same time, continuing to progress exploration at the project for both heap leach and mill material”, Agro added.
Beartrack-Arnett is the largest former producing gold mine in the State of Idaho. The project is gold-only and hosts an Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold and an Inferred Mineral Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold (see Revival Gold press release dated February 3rd, 2020). Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Within the Indicated Mineral Resource and Inferred Mineral Resource, Beartrack-Arnett hosts 14.2 million tonnes at 0.58 g/t gold containing 264,000 ounces of gold and 18.3 million tonnes at 0.54 g/t gold containing 316,000 ounces of gold, respectively, of heap leach material.
The Mineral Resource estimate was prepared by Roscoe Postle Associates Inc. with an effective date of December 10th, 2019. Today’s announced PEA will focus on the heap leach component of the Mineral Resource described above. Further details on the Mineral Resource estimate are contained in the technical report available at www.revival-gold.com and www.sedar.com.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 54.5 million shares outstanding and had a working capital balance of approximately $1 million as of March 31st, 2020. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – March 27th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the close of the non-brokered private placement of 2,500,000 common shares (“Shares”) at $0.40 per Share for gross proceeds of C$1,000,000 announced on March 23, 2020 (the “Financing”). Net proceeds of the Financing will be used for general corporate purposes.
In connection with the Financing, Hugh Agro, President, Chief Executive Officer and a Director of the Company, Rob Chausse and Michael Mansfield, Directors of the Company and Adam Rochacewich, Chief Financial Officer of the Company (collectively “Insiders”), have acquired 500,000 Shares in the aggregate. This issuance of Shares to Insiders is considered a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under MI 61-101 on the basis that the participation in the Financing by Insiders does not exceed 25% of the fair market value of the Company’s market capitalization.
As part of the Financing, Orion Mine Finance (“Orion”) who has immediately prior to the completion of the Financing controlled 4,867,000 Shares and 350,000 common share purchase warrants of the Company (“Warrants”), or approximately 9.8% of the then issued and outstanding Shares on a partially diluted basis, has acquired, through Orion Mine Finance Fund II LP, a limited partnership managed by Orion Mine Finance Management II Limited, 650,000 Shares, making its holdings in the Company 5,492,000 Shares and 350,000 Warrants, or approximately 10.5% of the total issued and outstanding Shares on the partially diluted basis. The Shares were acquired by Orion for investment purposes, and depending on market and other conditions, Orion may from time to time in the future increase or decrease its ownerships, control or direction over securities of the Company through market transactions, private agreements, or otherwise. For the purposes of this notice, the address of Orion is Cumberland House, 7th Floor, 1 Victoria Street, Hamilton HM11, Bermuda.
In satisfaction of the requirements of the National Instrument 62-104 – Take-Over Bids And Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an early warning report respecting the acquisition of Shares by Orion will be filed under the Company’s SEDAR Profile at www.sedar.com. A copy of the early warning report regarding Orion’s acquisition can be also obtained by contacting Rick Gashler at 212-596-3497.
Revival Gold currently has 55,417,189 shares outstanding. The securities issued pursuant to the Financing are subject to a four month and one-day statutory hold period. The Financing is subject to receipt of the final approval of the TSX Venture Exchange.
The securities offered pursuant to the Financing have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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 anticipated use of the net proceeds from the Financing, the receipt of all necessary approvals, including the approval of the TSX-V and 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 obtain all approvals required in connection with the Financing, the Company’s ability to predict or counteract 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – March 24th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the following in response to the developing COVID-19 pandemic:
The safety of our employees and independent contractors is paramount. Revival Gold took steps to ensure its compliance with Health Canada and Centers for Disease Control & Prevention guidelines on February 27th, 2020 and subsequently directed employees and active independent contractors to work from home and eliminate all Company-related business travel. All key personnel are accounted for and in good health.
As a result of turbulent market conditions, Revival Gold, in consultation with its agents, Paradigm Capital Inc., Echelon Wealth Partners Inc. and Beacon Securities Limited, has elected to withdraw and cancel its marketed public offering of units announced on March 5th, 2020.
Revival Gold has taken steps to minimize cash expenditures and tighten budgets for the foreseeable future. The Company continues to assess its operational plans for the Beartrack-Arnett Gold Project, including the potential completion of a Preliminary Economic Assessment on the re-start of heap leach operations at Beartrack.
The Company announces a non-brokered private placement of 2,500,000 common shares (“Shares”) at $0.40 per Share for gross proceeds of $1 million (the “Financing”). Closing is expected on or near March 26th, 2020. Net proceeds of the Financing will be used for general corporate purposes.
“Revival Gold has taken steps to ensure the safety of our people and the continuity of our business,” said Hugh Agro, President & CEO. “We understand that many are unsettled in the current environment. We have acted to mitigate the effects of COVID-19 and position the company to prosper in a world where gold has become increasingly more important to the investing public,” added Agro.
Revival Gold will continue to monitor the situation and will take all necessary precautions to minimize the risk to our stakeholders.
Revival Gold currently has 52,917,189 shares outstanding. The securities issued pursuant to the Financing are subject to a four month and one-day statutory hold period. The Financing is subject to receipt of approval of the TSX Venture Exchange.
The securities offered pursuant to the Financing have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the“U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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 anticipated use of the net proceeds from the Financing, the receipt of all necessary approvals, including the approval of the TSX-V and 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 obtain all approvals required in connection with the Financing, the Company’s ability to predict or counteract 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – March 5th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces that it has filed a preliminary short form prospectus with the securities regulatory authorities in the provinces of Alberta, British Columbia and Ontario in connection with a proposed marketed public offering of common share units of the Company (“Units”) at a price of C$0.68 per Unit, for aggregate gross proceeds of up to C$5 million (the “Offering”).
Each Unit will consist of one common share (a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant a “Warrant”), with each Warrant entitling the holder thereof to acquire one common share of the Company (a “Warrant Share”) at a price of C$0.90 for a period of two years following the closing of the Offering.
The Offering is being conducted on a “best efforts” agency basis by a syndicate of agents led by Paradigm Capital Inc., as lead agent and sole bookrunner, and including Echelon Wealth Partners Inc. and Beacon Securities Limited (collectively, the “Agents”) The Offering will be made pursuant to the terms of an agency agreement (the “Agency Agreement”) to be entered into between the Company and the Agents. The Agency Agreement will provide that the Company will grant the Agents an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part, at any time until that date that is 30 days after the initial closing date of the Offering, to offer for sale up to a number of additional Units equal to 15% of the number of Units sold pursuant to the Offering at the Offering Price.
The net proceeds from the Offering are intended to fund on-going exploration and development at the Company’s core Beartrack and Arnett Gold projects and for general corporate purposes.
The Offering is expected to close on or about March 24, 2020 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the entering into of the Agency Agreement and the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange (the “TSX-V“).
In connection with the services to be rendered in connection with the Offering, on closing of the Offering the Company has agreed to (i) pay the Agents a cash fee (the “Agent’s Fee”) equal to 6.0% of the gross proceeds of the Offering, and (ii) issue to the Agents such number of common share purchase warrants (each, an “Agent’s Warrant”) equal to 6.0% of the number of Units sold under the Offering, with each Agent’s Warrant exercisable to acquire one common share (a “Agent’s Warrant Share”), at the Offering Price, for a period of two years from the Closing Date.
The Units may also be offered for sale in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Rule 902(k) of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) on a private placement basis pursuant to an exemption from registration requirements of the U.S. Securities Act and applicable state securities laws. The securities have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the Unites States or to, or for the account or benefit of, U.S. persons without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the Unites States or to, or for the account or benefit of, U.S. persons, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.9 million shares outstanding. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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 anticipated size of the offering, the anticipated Offering Price, the entering into of the Agency Agreement, the anticipated Closing Date and the completion of the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all necessary approvals, including the approval of the TSX-V and 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, an inability to complete the Offering on the terms or on the timeline as announced or at all, the Company’s ability to obtain all approvals required in connection with the Offering, 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.
Toronto, ON – February 25th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, has filed on SEDAR a technical report prepared in accordance with National Instrument 43-101 (“NI 43-101”) on the Beartrack-Arnett Gold Project (“Beartrack”), titled “Technical Report on the Beartrack – Arnett Gold Project, Lemhi County, Idaho, USA” (the “Technical Report”).
The Technical Report supports the disclosure made by the Company in its news release dated February 3rd, 2020 titled “Revival Gold Delivers Substantial Resource Increase at Beartrack-Arnett”. There are no material differences in the mineral resources contained in the Technical Report from those disclosed in the February 3rd, 2020 news release.
The Technical Report is dated February 21, 2020 and has an effective date of December 10th, 2019. he Technical Report was prepared by Roscoe Postle Associates Inc. (“RPA”).
Highlights
The updated RPA Beartrack-Arnett Mineral Resource contains:
The Mineral Resource is defined by 563 core and reverse circulation drill holes totalling approximately 93,000 meters and was estimated at an assumed gold price of US$1,400 per ounce of gold.
Mineralization at Beartrack remains open to the north, south and at depth. Mineralization at Arnett remains open in all directions.
The focus of Revival Gold’s technical work will now turn to preparations for a Preliminary Economic Assessment on the potential re-start of heap leach operations at Beartrack and plans for future exploration drilling at Beartrack-Arnett. Details to follow.
The Mineral Resource for Beartrack-Arnett was completed by RPA in Denver, USA with Mark B. Mathisen, C.P.G., Ryan Rodney, C.P.G and Kathleen A. Altman, Ph.D., P.E. serving as the independent Qualified Persons for this Mineral Resource estimate.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.9 million shares outstanding and had a working capital balance of approximately $0.7 million as of December 31st, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
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.
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, 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.
Toronto, ON – February 18th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces its participation in the following upcoming conferences:
BMO 29th Global Metals & Mining Conference to be held in Hollywood, Florida from February 23rd-26th, 2020 at The Diplomat Resort.
PDAC 2020 to be held in Toronto, Ontario from March 1st-4th, 2020 at The Metro Toronto Convention Centre. Revival Gold will be in booth IE2507. A corporate presentation will be given on March 3rd, 2020 at 3:30pm in the Gold Exploration Session 5 in Room 802, MTCC South Building.
Interested parties that wish to schedule a meeting or who would like more information regarding the conferences and events noted above, please contact Melisa Armand at (416) 366-4100, or email info@revival-gold.com. Corporate presentations and other information are available on the Company’s website at www.revival-gold.com.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.9 million shares outstanding and had a working capital balance of approximately $0.7 million as of December 31st, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
Toronto, ON – February 3rd, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth-focused gold exploration and development company, announces the results of an updated mineral resource estimate (“Mineral Resource”) completed by Roscoe Postle Associates Inc. (“RPA”) on the company’s past-producing Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho.
Highlights
The updated RPA Beartrack-Arnett Mineral Resource contains:
An Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold; and,
An Inferred Mineral Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold, including an initial bulk underground component of 6.7 million tonnes at 2.19 g/t gold containing 0.47 million ounces of gold
These results represent an increase of 11% in Indicated Mineral Resources and an increase of 114% in Inferred Mineral Resources over the Company’s prior mineral resource estimates at Beartrack (see May 29th, 2018 press release, “Revival Gold Unveils 43-101 Gold Resource at the Beartrack Gold Project in Idaho, USA”)
The Mineral Resource is defined by 563 core and reverse circulation drill holes totalling approximately 93,000 meters and was estimated at an assumed gold price of US$1,400 per ounce of gold.
Mineralization at Beartrack remains open to the north, south and at depth. Mineralization at Arnett remains open in all directions.
The focus of technical work will now turn to preparations for a Preliminary Economic Assessment on the potential re-start of heap leach operations at Beartrack and plans for future exploration drilling at Beartrack-Arnett. Details to follow.
“Results at Beartrack-Arnett have well exceeded Revival Gold’s ambitious goals for exploration success,” said Hugh Agro, President & CEO. “Inferred gold resources have more than doubled while indicated gold resources are up 11% with this resource update. The deposit remains open laterally and at depth and, at its current scale, Beartrack-Arnett represents an outstanding opportunity for further growth.”
Details
Table 1 below outlines the pit-constrained and initial underground Mineral Resources for Beartrack-Arnett.
Table 1: Summary of Beartrack-Arnett Project Indicated and Inferred Mineral Resources by Material Type and Location1,4
Resource Category
Tonnes (‘000)
Gold Grade (g/t Au)
Contained Gold Ounces (‘000)
Indicated Heap Leach5 Beartrack – open pit Arnett – open pit
11,900 2,300
0.56 0.66
215 49
Indicated Mill Beartrack – open pit Beartrack – underground
22,216 NA
1.52 NA
1,089 NA
Total Indicated
36,416
1.16
1,353
Inferred Heap Leach5 Beartrack – open pit Arnett – open pit
9,961 8,300
0.53 0.55
169 147
Inferred Mill Beartrack – open pit Beartrack – underground
22,228 6,700
1.19 2.19
850 471
Total Inferred
47,189
1.08
1,638
1
Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions) were used for Mineral Resource classification reported in this press release. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
2
Mineral Resources were tabulated for model blocks with positive net value that lie within an optimized conceptual pit. Table 2 summarizes the various economic parameters that were used to generate the Mineral Resource pit. The price, recovery and cost data translate to a breakeven gold cut-off grade of approximately 0.52 g/t gold and 0.17 g/t cyanide soluble gold for mill and heap leach respectively for the open pit at Beartrack, a breakeven gold cut-off grade of approximately 1.3 g/t gold for the incremental underground mill option at Beartrack, and approximately 0.19 g/t gold for heap leach at Arnett. The cut-off grades include considerations of metal price, process plant recovery, mining, processing and general and administrative costs.
3
Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content. The estimate of mineral resources may be materially affected by geology.
4
The effective date of the mineral resource estimate is December 10, 2019.
5
Heap Leach material defined by cyanide soluble grade leach characteristics.
The Mineral Resource includes all oxide, mixed oxide-sulphide and sulphide material constrained within an economic open pit and underground bulk mining scenario based on a gold price of US$1,400/ounce along with the cost, recovery and slope parameters summarized in Table 2 below.
Table 2: Conceptual Parameters
Parameter
Units
Value
Base Case Gold Price
US$/ounce gold
$1,400
Mill Throughput
Mineralized tonnes/day
20,000
Leach Operation
Mineralized tonnes/day
10,000 – 15,000
Heap Leach Recovery – Beartrack
% of cyanide soluble gold1
85%1
Heap Leach Recovery – Arnett
% of contained gold2
75%
Mill Recovery
% of contained gold2
94%
Open Pit Mining Cost
US$/tonne mined
$2.25
Underground Bulk Mining Cost
US$/tonne mined
$35.00
Heap Leach Processing Cost
US$/tonne processed
$3.25
Mill Processing Cost
US$/tonne processed
$18.46
Re-Handle Cost – Beartrack
US$/tonne processed
$0.10
G & A Cost
US$/tonne processed
$0.50 – 1.003
Pit Slope Angle
Degrees
37 – 504
1
Gold grades based on cyanide soluble analysis methods. Equivalent to approximately 70% of contained gold.
2
Gold grades based on fire assay methods.
3
US$0.50/tonne and US$1/tonne processed G&A for incremental underground and open pit resources respectively.
4
Beartrack: 37° for Tertiary rocks, dikes, faults & backfill; 45° for Yellowjacket Fm. & Rapakivi Granite. Arnett: 50°.
As presently conceived, Mineral Resources at Beartrack are largely assumed to be exploited by open pit mining methods. However, mineralization at Beartrack extends over 600 meters vertically below surface in the South Pit area and has also been intercepted at depth in holes drilled in the Ward’s Gulch, North Pit and Joss areas. Resource modeling by RPA supports the inclusion of an initial component of bulk underground material in the Mineral Resource located in the South Pit and Joss areas at Beartrack.
The deposit at Arnett is envisioned as an open pit operation that could either be operated independently of Beartrack or as a satellite operation taking advantage of existing infrastructure at Beartrack.
Heap leach resources are primarily composed of oxide and mixed oxide-sulphide material. Mill resources are primarily composed of sulphide material. Two separate net economic values were calculated for each resource block based on heap leach and mill processing parameters. The Mineral Resource was generated from the maximum of the two conceptual block net economic values.
Heap leaching is assumed to take place at a rate in the range of 10,000 to 15,000 tonnes of mineralized material per day with two-stage crushing to minus two inches.
The mill operation is assumed to take place at a rate of about 20,000 tonnes of material per day with approximately 3,000 tonnes per day of flotation concentrates pressure oxidized and cyanide leached to produce gold doré on site. Mill flotation tailings would also be cyanide leached to produce gold doré on site.
The mill operating parameters shown in Table 2 above translate into a breakeven gold cut-off grade of 0.52 g/t gold for Beartrack open pit mill material and an incremental breakeven gold cut-off grade of 1.26 g/t gold for Beartrack incremental underground mill material. Heap leach operating parameters translate into breakeven gold cut-off grades of 0.17 g/t cyanide soluble gold and 0.19 g/t fire assay gold respectively for Beartrack and Arnett open pit heap leach material.
Beartrack was previously operated as an open pit, heap leach operation exploiting leachable ore until the operation was shutdown in 2000 when the price of gold was below US$300/ounce. The historic Beartrack operation involved open pit mining by truck and shovel at a rate of 13,600 tonnes per day of ore, with two-stage crushing to minus two inches, conveyed to a heap leach pad with gold recovered in an Adsorption, Desorption, Regeneration plant. A total of 21,880,000 tonnes at 0.98 g/t cyanide soluble gold were processed producing 609,141 ounces of gold, yielding an average recovery of 88% of the cyanide soluble gold (approximately 70% of contained gold).
Significant infrastructure from the historic operation remains. Revival Gold is evaluating the economic potential for a re-start of heap leach operations at Beartrack and intends to continue to aggressively explore for additional mill and leach material on the Beartrack-Arnett property.
Cut-off grade sensitivity at various gold prices is summarized in Table 3 below
Table 3: Sensitivity Analysis of Grade and Tonnage at Varying Cut-Off Grades for the Beartrack-Arnett Project
Assumed Gold Price ($US/oz Au)
Resource Category2
Tonnes (‘000)
Gold Grade (g/t Au)
Contained Gold Ounces (‘000)
$1200
Indicated
33,652
1.21
1,307
$1300
Indicated
35,062
1.18
1,331
$1400
Indicated
36,416
1.16
1,353
$1500
Indicated
37,455
1.14
1,368
$1600
Indicated
38,678
1.12
1,387
$1200
Inferred
38,633
1.14
1,420
$1300
Inferred
43,271
1.11
1,542
$1400
Inferred
47,189
1.08
1,638
$1500
Inferred
49,794
1.06
1,691
$1600
Inferred
53,921
1.03
1,787
1
Base case cut-off grades at US$1,400/ounce gold are approximately 0.517 g/t gold and 0.17 g/t cyanide soluble gold for mill and heap leach respectively for Beartrack and approximately 0.193 g/t gold for heap leach for Arnett. Heap leach cut-off grade varies as does mill cut-off grade based on gold price.
2
Includes both heap leach and mill material.
Mineral Resources were estimated for the Beartrack and Arnett deposits using inverse distance squared (ID2). Several different interpolation processes including inverse distance cubed (ID3), ordinary kriging, and nearest neighbor methods were completed as secondary parallel estimation validation. Mineral Resources based on the ID2 grade model compare favourably with the ordinary kriged and nearest neighbor models. Block size in the block models measure 20 feet (6.1 meters) in each direction. This block size was deemed to be appropriate by RPA given the current drill hole spacing, assay length and style of mineralization. Block grades were estimated using Metric units (grams/tonne).
Gold mineralization at Beartrack is associated with a large, northeast-trending regional structure known as the Panther Creek Shear Zone (“PCSZ”). Mineralization in the Joss area is hosted by the Proterozoic Yellowjacket Formation and the PCSZ, mineralization in the South Pit and Ward’s Gulch areas is hosted by the Yellowjacket Formation, the PCSZ and a Proterozoic Rapakivi Granite, and mineralization in the North Pit and Moose areas is hosted by the PCSZ and the Rapakivi Granite. The estimate of gold resources was constrained by a combination of lithologic and gold grade wireframes. Block gold grades were independently estimated using fire assays and cyanide soluble analyses. The grade models were validated using visual and statistical methods. In addition, the grade models were extensively compared to historical cyanide soluble and fire assay blast hole data and historical production reports. The estimated block grades were classified as Indicated and Inferred categories based on drill hole spacing and continuity of mineralization.
The Mineral Resource for Beartrack was completed by RPA in Denver, USA with Mark Mathisen, C.P.G. and Ryan Rodney, C.P.G serving as the independent Qualified Persons for this Mineral Resource estimate. A National Instrument 43-101 Technical Report will be filed on SEDAR within 45 days.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.8 million shares outstanding and had a working capital balance of approximately $0.7 million as of December 31st, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
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.
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, 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.
Toronto, ON – January 13th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth-focused gold exploration and development company, announces its participation in the following upcoming conferences:
Metals Investor Forum to be held in Vancouver, B.C., January 17th and 18th at the Rosewood Hotel Georgia. Revival Gold is scheduled to present at 12:20 pm on January 18th.
Vancouver Resource Investment Conference to be held in Vancouver, B.C., January 19th and 20th at the Vancouver Convention Center West. Revival Gold will be in booth #1128. Revival Gold is scheduled to present at 2:40 pm on January 20th in Workshop 4.
Idaho Mining Association Investment Conference to be held in Vancouver, B.C., January 20th, 7:30 am – 9:30 am at the Fairmont Waterfront Hotel.
Interested parties that wish to schedule a meeting or who would like more information regarding the events noted above, please contact Melisa Armand at (416) 366-4100, or email marmand@revival-gold.com. Corporate presentation and other information is available on the Company’s website at www.revival-gold.com.
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 neighbouring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.8 million shares outstanding and had a working capital balance of approximately $0.7 million as at December 31st, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
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.
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, 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.
