Toronto, ON – July 14th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “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 “NI 43‑101 Technical Report Mineral Resource Update of the Beartrack – Arnett Gold Project, Lemhi County, Idaho, USA” (the “Technical Report”). The Technical Report supports disclosure made by the Company in its news release dated May 16th, 2022, titled “Revival Gold Delivers Impressive Resource Update at Beartrack-Arnett”. There are no material differences in the mineral resources contained in the Technical Report from those disclosed in the May 16th, 2022, news release.
The updated Mineral Resource estimate was completed by Wood plc (“Wood”) based on drilling results through the end of 2021 and contains:
An Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold1, an increase of 56% over the 2020 Indicated Mineral Resource2; and,
An Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold1, an increase of 19% over the 2020 Inferred Mineral Resource2.1 Estimates based on a gold price of $1,800/ounce. All figures in this press release are in Metric units and in $US unless stated otherwise. 2 See Revival Gold’s November 17th, 2020, press release.
The full Report prepared by Wood of Oakville, Canada and Boise, Idaho, and dated July 13th, 2022, with an effective date of May 12th, 2022, can be found on the Company’s website at www.revival-gold.com and on SEDAR under the Company’s issuer profile at www.sedar.com.
Qualified Persons
Steven T. Priesmeyer, C.P.G., Vice President Exploration, and John P.W. Meyer, P.Eng., Vice President Engineering and Development are the Company’s designated Qualified Persons for this news release within the meaning of National Instrument 43‑101 Standards of Disclosure for Mineral Projects and have reviewed and approved its scientific and technical content. Mr. Priesmeyer’s review of the Mineral Resource estimate focused on the geological representativity of the numerical models, including review of the laboratory and field data that support the models, while Mr. Meyer’s review focused on verifying that open pit and underground mining shapes that constrain the Mineral Resources, and the parameters used to develop the mining shapes, were appropriate.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold NI-43-101 Technical Report dated July 13th 2022 for further details). The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$6.5 million as of June 30th, 2022. All figures in this press release are in metric units and in $US unless stated otherwise. 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 Melisa Armand, Investor Relations 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 objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. 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, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 – June 11th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has resumed drilling on the high-grade Joss target at the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.
Approximately 2,000 meters of core drilling in three holes are planned this summer at Joss. Drilling will focus on the continued definition and expansion of the one-kilometer trend of high-grade gold mineralization with underground mining and mill potential. High-grade intercepts from the eighteen core holes previously drilled on the Joss trend typically run from 4–11 g/t gold and are estimated to range between 1–5 meters in true width (see Revival Gold press release dated March 1st, 2021). Drilling will follow up BT21 240D which intersected 4.34 g/t gold over 110.6 meters drilled width, including 12 g/t gold over 13.7 meters drilled width, and 8.8 g/t gold over 11.8 meters drilled width (see Revival Gold press release dated December 2nd, 2021).
Once drilling has been completed at Joss, the drill rig will move to the Haidee open pit heap leach resource area, where approximately 2,000 meters of infill and expansion core drilling are planned. Upon completion of drilling at Haidee, the drill rig will move to the Roman’s Trench area for a final 1,000 meters of core drilling intended to follow-up on historical reverse circulation drilling which intersected 1.90 g/t gold over 21 meters drilled width and 1.95 g/t gold over 18 meters drilled width in near-surface oxides (see Revival Gold press release dated March 15th, 2022)
“2022 marks our fifth, and potentially, most exciting season of drilling at Beartrack-Arnett. We are kicking it off with follow-up drilling on the Joss target, a target which has proven to be catalytic to our view on the potential for high grade underground mill resources at Beartrack-Arnett. We’ll then move to Haidee, where the emphasis is on further definition and expansion of the existing open pit oxide gold resource, and then to Roman’s Trench, which is a new near surface oxide gold exploration drill target for Revival Gold,” said Hugh Agro, Revival Gold, President & CEO.
Core drilling is being conducted by contractor Major Drilling America, Inc. and is expected to continue through September. A grade-thickness longitudinal section showing the approximate locations of the planned drill holes at Joss is presented in Figure 1.
Depending on rig availability, Revival Gold has planned an additional 3,000 meters of reverse circulation this year to test various other potential near surface oxide gold exploration opportunities at Beartrack-Arnett based on various soil geochemistry and geophysics anomalies.
Figure 1: Planned 2022 Joss Drill Targets
Qualified Person
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 is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold press release dated May 16th, 2022 for further details). The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9 million shares outstanding and a cash balance of C$9.1 million as of March 31, 2022. All figures in this press release are in metric units and in $US unless stated otherwise. 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 Melisa Armand, Investor Relations 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 objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. 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, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 – June 7th, 2022– RevivalGoldInc.(TSXV:RVG,OTCQX:RVLGF)(“Revival Gold” or the “Company”) is pleased to announce that it has reached an agreement to vend its 51% non-core holding in the Diamond Mountain phosphate project (“Diamond Mountain”) to Xplore Resources Ltd. (TSXV: XPLR) (“Xplore”). Diamond Mountain is an advanced stage exploration project consisting of approximately 550 hectares of State claims located in Uintah County, Utah, USA.
Revival Gold will receive the following as consideration for its interest in Diamond Mountain:
C$250,000 cash payment on closing (“Closing”);
C$250,000 cash payment on the first anniversary of Closing; and,
19.9% of the issued and outstanding common shares of Xplore, following a consolidation and financing completed by Xplore.
“Revival Gold has arranged to vend its non-core holding in Diamond Mountain to a growing new industrial minerals business in a transaction that will provide immediate cash proceeds and ongoing indirect participation in the asset. Upon closing, proceeds will be directed towards the Company’s core focus in gold and advancing the Beartrack-Arnett gold project located in Idaho, USA,” said President and CEO Hugh Agro.
Xplore is a growing new industrial minerals focused business, led by experienced management and backed by seasoned mining investors. Xplore intends to reinitiate exploration and development on the Diamond Mountain property. The property is located immediately next to the J.R. Simplot Vernal Phosphate Mine, an important domestic United State’s producer of phosrock which is utilized in the manufacturing of fertilizer.
Revival Gold acquired its 51% interest in Diamond Mountain for exploration expenditures totaling approximately C$1.2 million through a joint venture earn-in agreement with Utah Minerals LLC in December 2014.
The purchase of Diamond Mountain is subject to Xplore’s completion of a minimum C$5 million financing, customary closing conditions and receipt of all necessary regulatory approvals, including TSX Venture Exchange approval. Closing is expected by the end of June 2022.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold press release dated May 16th, 2022, for further details). The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9 million shares outstanding and a cash balance of C$9.1 million as of March 31, 2022. All figures in this press release are in metric units and in $US unless stated otherwise. 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 Melisa Armand, Investor Relations 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 objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. 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, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 16th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”) is pleased to announce the results of an updated mineral resource estimate (“Mineral Resource”) on the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.
Highlights
The updated Mineral Resource was completed by Wood plc (“Wood”) based on drill results through the end of 2021 and contains:
An Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold1, an increase of 56% over the 2020 Indicated Mineral Resource2; and,
An Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold1, an increase of 19% over the 2020 Inferred Mineral Resource2.
Within the Indicated Mineral Resource, open pit heap leach contained gold increased by 49%2 and open pit mill contained gold increased by 58%2. The upgrade in Indicated Mineral Resources provides increased confidence in the quality of the resource and will help facilitate planned completion of a preliminary feasibility study (“PFS”) on the potential restart of gold production at Beartrack-Arnett.
Drilling in the Joss Zone over the past two years has increased Mineral Resources in this area and supports a more robust cut-off grade (2.2 g/t gold) for the underground mill component of Mineral Resources at Beartrack-Arnett. As a result, the average grade in the underground Inferred Mineral Resource has increased 39% over the 2020 Inferred Mineral Resource2 to 3.05 g/t gold in a bulk minable long-hole mining scenario. Follow-up drilling on high-grade intercepts at Joss is expected to further enhance the underground resource model.
Mineralization at Beartrack remains open along strike and at depth. Mineralization at Arnett remains open in all directions. Exploration continues with 7,000 meters of planned drilling scheduled to begin later this month.
1 Estimates based on a gold price of $1,800/ounce. See Table 2 for additional assumptions. All figures in this press release are in Metric units and in $US unless stated otherwise. 2 See Revival Gold’s November 17th, 2020, press release and NI 43-101 technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 2020.
“Today’s 56% growth in Indicated Resources and 19% increase in Inferred Resource represents an impressive step forward in both the size and quality of resources at Beartrack-Arnett. Revival Gold’s technical progress over the past two years validates our confidence in project geology and the potential we see for Beartrack-Arnett to continue to grow. Today’s news bodes well for work already underway on a PFS to resume gold production utilizing existing infrastructure and it builds on Revival Gold’s understanding of additional potential future development alternatives. Revival Gold’s track record of growing resources, our competitive cost of discovery, and the alternatives we have for potential future development, add up to a compelling opportunity for our shareholders,” commented Hugh Agro, President & CEO.
Details
Table 1 summarizes pit-constrained and underground Mineral Resources for Beartrack-Arnett.
Table 1: Beartrack-Arnett Project Mineral Resources by Material Type and Location1,2,3,4
Mineral Resource Category
Tonnes (‘000)
Gold Grade (g/t Au)
Contained Gold Ounces (‘000)
Indicated (Heap Leach)5
Beartrack – open pit
14,189
0.59
283
Arnett – open pit
5,719
0.59
109
Indicated (Mill)
Beartrack – open pit
44,418
1.20
1,719
Beartrack – underground
–
–
–
Total Indicated
64,956
1.01
2,112
Inferred (Heap Leach)5
Beartrack – open pit
1,713
0.61
33
Arnett – open pit
3,450
0.59
66
Inferred (Mill)
Beartrack – open pit
37,835
1.26
1,530
Beartrack – underground
3,197
3.05
313
Total Inferred
46,196
1.31
1,942
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 most 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 pits. The price, recovery and cost data translate to a marginal breakeven gold cut-off grade of approximately 0.48 g/t gold and 0.18 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 2.2 g/t gold for a standalone underground mill option at Beartrack, and approximately 0.24 g/t gold for a heap leach facility at Arnett. The cut-off grades include considerations of metal price, process plant recovery, mining, processing, general and administrative, sustaining capital, royalty, and closure 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 May 12th, 2022. 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 minable underground shape based on a gold price of US$1,800/ounce. Figure 1 presents an overview of the Beartrack-Arnett project area and the location of Mineral Resources on the property.
Figure 1: Beartrack-Arnett Project Area1
1 See Revival Gold press releases dated Nov. 13th, 2017, Dec. 2, 2021, and Mar. 15, 2022, for additional details on drill results.
The primary input parameters used to develop the mining shapes used to generate the Mineral Resource estate are summarized in Table 2.
1 Gold grades based on cyanide soluble analysis methods. 2 Gold grades based on fire assay methods. 3 45° for Rapakivi granite, quartz monzonite and Yellowjacket formation; 38° for glacial till; 37° for Tertiary rocks, dikes, faults, and backfill. 4 Includes incremental ore haul costs.
Mineral Resources at Beartrack-Arnett are largely assumed to be exploited by open pit mining methods. However, the Joss, South Pit, and Ward’s Gulch areas include Mineral Resources that may be amenable to bulk underground mining methods. In the Joss area, this mineralization extends for more than one kilometer along strike and remains open to the south and at depth. Follow-up drilling on high-grade intercepts at Joss (including drill hole BT21‑240D which intersected 4.34 g/t gold over 110.6 meters drilled width including 12 g/t gold over 13.7 meters drilled width and 8.8 g/t gold over 11.8 meters drilled width, see Revival Gold press release dated Dec. 2, 2021 for additional details) is expected to allow for a further focusing of the underground resource model and represents an important value creation opportunity (for example, by utilizing smaller block sizes and a model geometry and interpolation technique that matches the vertical nature of mineralization). Figure 2 provides an isometric view of the Beartrack-Arnett Mineral Resource block model (looking Northwest) in the Joss area and illustrates relevant block model grade shells in this exciting target area where there has been only limited drilling to-date.
Figure 2: Joss Zone Block Model Isometric View
High-grade mineralization has also been intercepted at depth in holes drilled in the South Pit and Ward’s Gulch areas (including drill hole BT12‑175D which intersected 71 g/t gold over 9.8 meters drilled width, see Revival Gold press release dated Nov. 13, 2017, for additional details).
To demonstrate the robustness of the underground Mineral Resources at Beartrack-Arnett, minable shapes were developed assuming a standalone, 2,500 tonne per day mine and mill whereas the open pit mill resources were developed at 12,000 tonnes per day. Further engineering analysis is underway to evaluate the potential for concurrent underground and open pit processing of mill material.
The deposit in the Haidee area is envisioned as an open pit operation that could either be operated independently of the main areas of mineralization at Beartrack-Arnett or as a satellite operation taking advantage of existing infrastructure on the property. The Haidee Mineral Resource estimate pit shape was developed assuming the material would be trucked to the Beartrack Adsorption-Desorption-Regeneration (“ADR”) plant for heap leaching; however, this approach will be revisited as additional exploration data are collected. Mineralization at Haidee remains open in all directions and several other nearby exploration target areas will be tested with exploration drilling later this year.
Heap leach resources at Beartrack-Arnett are primarily composed of oxide and mixed oxide-sulphide material; mill resources are primarily composed of sulphide material. The Mineral Resource block model was developed by estimating two separate net economic values for each block – one value is based on heap leach, and one based on mill processing parameters. The Mineral Resource estimate was generated from the maximum of the two conceptual block net economic values.
Heap leaching is assumed to precede a milling operation and take place at a nominal open pit mining and heap leaching rate of 12,000 tonnes of mineralized material per day with two-stage crushing to minus 1½ inches. To establish the optimum mining approach for a milling operation, Whittle software was used to determine the optimum open pit and underground interface (pit shell) using the parameters in Table 2. Once the optimum pit shell was defined, all underground stopes outside of the optimized pit shell were considered an underground resource and all material within the optimized pit shell was considered an open pit resource.
The mill process flowsheet assumes flotation concentrates will be 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 in Table 2 translate into breakeven gold cut-off grades of 2.2 g/t for Beartrack underground mill material, and 0.48 g/t for Beartrack open pit mill material. Heap leach operating parameters translate into breakeven cut-off grades of 0.18 g/t and 0.24 g/t cyanide soluble gold at Beartrack and Arnett, respectively.
Beartrack was previously operated as an open pit, heap leach operation exploiting leachable ore until the operation was shut down in 2000 when the price of gold was below US$300/ounce. The historical Beartrack operation involved open pit mining by truck and shovel at an annual average rate of approximately 12,000 tonnes per day of ore, with two-stage crushing to minus two inches, conveyed to a heap leach pad with gold recovered in an ADR plant. A total of 21.9 million tonnes at 0.98 g/t cyanide soluble gold were processed producing 609,141 ounces of gold, yielding an average recovery of 88% of the cyanide soluble gold (approximately 70% of contained gold).
Significant infrastructure from the historical operation remains, which may be redeployed for future operations. Revival Gold is evaluating the economic potential for a re-start of heap leach operations at Beartrack and intends to continue to aggressively explore for additional leach and mill material on the Beartrack-Arnett property.
Cut-off grade sensitivity at various gold prices is summarized in Table 3.
Table 3: Sensitivity Analysis of Grade and Tonnage at Varying Gold Prices for the Beartrack-Arnett Project
Assumed Gold Price ($US/oz Au)
Resource Category2
Tonnes (‘000)
Gold Grade (g/t Au)
Contained Gold Ounces (‘000)
$1,600
Indicated
62,814
1.04
2,109
$1,700
Indicated
63,995
1.03
2,109
$1,8001
Indicated
64,956
1.01
2,112
$1,900
Indicated
67,877
1.00
2,177
$2,000
Indicated
69,169
0.99
2,192
$1,600
Inferred
43,874
1.34
1,893
$1,700
Inferred
45,238
1.31
1,914
$1,8001
Inferred
46,196
1.31
1,942
$1,900
Inferred
47,432
1.27
1,944
$2,000
Inferred
48,247
1.26
1,954
1 Base case cut-off grades at US$1,800/ounce gold are approximately 0.48 g/t gold and 0.18 g/t cyanide soluble gold for mill and heap leach, respectively for Beartrack and approximately 0.24 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.
Wood developed the Mineral Resource estimates for the Beartrack and Arnett deposits using the Ordinary Kriging (“OK”) method. The block size used to develop the models measures 20 feet (6.1 meters) by 20 feet by 25 feet (7.6 meters). This block size was chosen by Wood based on the current drill hole spacing, assay length, style of mineralization and the primary open pit mining method. Drill hole composites were developed for a range of lengths from 5-25 feet with the 5-foot composite being chosen for the final interpolation process.
Gold mineralization at Beartrack is associated with a large, northeast-trending regional structure known as the Panther Creek Shear Zone (“PCSZ”). In general terms, mineralization in the Joss and South Pit areas is hosted by the Proterozoic-aged Yellowjacket Formation, mineralization in the Ward’s Gulch area is hosted by the Yellowjacket Formation and a Proterozoic-aged Rapakivi Granite, and mineralization in the North Pit and Moose areas is hosted by 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 estimates for the Beartrack and Arnett deposits were completed by Wood, with Henry Kim, P.Geo., Senior Resource Geologist, serving as the independent Qualified Person. As part of data verification for the mineral resource estimate, he visited the site in November of 2021 and during his site visit, he reviewed the drill cores, located and recorded collar locations, visited the core logging and sampling facility, and reviewed geological modeling procedures. He also performed spot checks on the database entries by comparing against the original assay certificates.
Steven T. Priesmeyer, C.P.G., Vice President Exploration, and John P.W. Meyer, Vice President Engineering and Development, P.Eng., are the Company’s designated Qualified Persons for this news release within the meaning of National Instrument 43‑101 Standards of Disclosure for Mineral Projects and have reviewed and approved its scientific and technical content. Mr. Priesmeyer’s review of the Mineral Resource estimate focused on the geological representativity of the numerical models, including review of the laboratory and field data that support the models, while Mr. Meyer’s review focused on verifying that open pit and underground mining shapes that constrain the Mineral Resources, and the parameters used to develop the mining shapes, were appropriate.
A technical report will be filed on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/EDGAR, and 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 is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$9 million as of March 31, 2022. All figures in this press release are in metric units and in $US unless stated otherwise. 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 Melisa Armand, Investor Relations 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 objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. 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, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 – March 15th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to provide the following exploration and development update for the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.
A new mineral resource estimate for Beartrack-Arnett is expected by the end of April. Updated grade domains and economic parameters have been finalized. Block model and constrained resource estimation work by the Company’s consultant, Wood, is in its final stages.
Column leach test work in support of a Pre-Feasibility Study (“PFS”) on the heap leach aspect of Beartrack-Arnett continues at SGS Lakefield with interim 60-day metallurgical results exhibiting recoveries generally in line with, or better than anticipated. Testing will continue for a minimum of 180 days.
2022 exploration plans have been finalized for a total of 7,000 meters of core and reverse circulation drilling at Beartrack-Arnett:
Major Drilling has been contracted to commence 2,000 meters of core drilling, weather permitting, in May, in the Joss area to follow up drill hole BT21-240D which intersected 4.34 g/t gold over 110.6 meters including 12 g/t gold over 13.7 meters and 8.8 g/t gold over 11.8 meters in the final hole of last year’s drill program (see Revival Gold press release dated December 2nd, 2021). Drilling will focus on extending the dimensions of high-grade mineralization at Joss;
An additional 2,000 meters of core drilling is planned in the Roman’s Trench area and on the up-dip extension of mineralization in the Haidee area. At Roman’s Trench, reverse circulation drilling in the 1990’s intersected 1.90 g/t gold over 21 meters and 1.95 g/t gold over 18 meters in near-surface oxides. At Haidee, the up-dip oxide target is covered by a strong soil anomaly and represents a high priority opportunity to expand open pit mineralization in that location; and,
3,000 meters of reverse circulation drilling is planned for later this year to test several additional near surface oxide gold exploration opportunities. These are new targets for Revival Gold, each with well-developed soil and/or geophysical anomalies and/or elevated rock sampling results. Targets include the Midlands area, the Shenon Gulch area and a magnetic low that is similar in character to the magnetic low that underlies the mineral resource at Haidee.
Ongoing engineering preparations for the PFS include geotechnical, geochemistry and hydrology studies, as well as mine planning and ore processing optimization trade off studies.
Together with site environmental baseline data collection activities, the planned PFS is expected to provide sufficient project definition to develop project permitting documents necessary for the potential re-start of Beartrack-Arnett heap leach operations. The PFS is targeted for completion by year end.
Meanwhile, Revival Gold has initiated a broader, property-wide evaluation of potential development concepts and processing alternatives, including potential high-grade, underground mining of transition and sulfide material.
“Revival Gold is well positioned to prosper in the current turbulent market environment with a growing domestic U.S. gold project, a proven technical team, and strong institutional investor support,” said Hugh Agro, President and CEO. “Upcoming expected exploration and development milestones include the release of an updated resource estimate within the next six weeks, mobilization for drilling in the second quarter and a PFS by year end,” added Agro.
Figures 1 (a) and (b) below describe the location of Revival Gold’s planned 2022 drill targets at Beartrack-Arnett.
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 is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers 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, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 2020.
Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of approximately C$10 million at January 31st, 2022. 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 Melisa Armand, Investor Relations 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., 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 additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, 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 because of new information, future events or otherwise, other than as required by law.
Toronto, ON – February 8th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce results from the final seven infill drill holes completed in the Haidee target area in connection with the Company’s 2021 exploration program at the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.
Each of the seven holes reported below encountered above cut-off grade, near-surface oxidized gold mineralization. Highlights include:
0.92 g/t gold over 16.2 meters in AC21-075D
0.75 g/t gold over 44.1 meters in AC21-084D
0.92 g/t gold over 14.8 meters in AC21-081D
0.57 g/t gold over 12.2 meters and 0.51 g/t gold over 22.2 meters in AC21-077D
0.42 g/t gold over 25.7 meters and 0.48 g/t gold over 27.4 meters in AC21-083D1 True width is estimated to be greater than 70% of drilled width.
The 2021 drilling program at Haidee was designed to upgrade and expand the deposit’s current Inferred heap leachable mineral resources. In addition, the program included holes drilled to obtain engineering data for Revival Gold’s planned late-2022 Pre-Feasibility Study.
A total of 15 holes were completed for approximately 2,500 meters, with four holes drilled for geotechnical and hydrological purposes. Results are consistent with results from previous drilling and continue to support the up-dip and down-dip extensions of mineralization in the Haidee area as areas for the potential expansion of the current Mineral Resources.
“Drill results released today will support an upgrade in the quality of the gold resource at Haidee and point to future resource expansion opportunities both up and down dip of the current deposit”, said Hugh Agro, President and CEO. “An updated resource estimate for the entire Beartrack-Arnett project is well underway and results are expected to be released by quarter end”, added Agro.
Detailed results for drill holes released today are presented in the table below:
1 True width is estimated to be greater than 70% of drilled width. Numbers may not add up due to rounding. 2 Geotechnical drillhole. 3 The interval 111.7 – 111.9 m was removed for a geotechnical sample. This interval was included in the grade and thickness calculation at 0 g/t gold. 4 The intervals 14.3 – 14.7 m and 45.2 – 45.5 m were removed for geotechnical samples. These intervals were included in the grade and thickness calculation at 0 g/t gold. Recovery for the interval 128.6 – 130.1 m was 42%. 5 Recovery for the interval 20.7 m to 23.5 m was 30%. The intervals 23.2 – 23.5 m and 24.9 – 25.2 m were removed for geotechnical samples. These intervals were included in the grade and thickness calculation at 0 g/t gold. 6 Recoveries for the intervals 53.0 – 55.0 m and 82.2 – 83.2 m were 48% and 47% respectively. 7 Recovery for the interval 73.2 – 74.2 m was 48%. 8 Recoveries for the intervals 18.5 – 19.3 m and 90.0 – 92.5 m were 32% and 50% respectively. 9 Recovery for the interval 106.6 – 108.0 m was 24%.
Figure 1 below is a plan view of the Haidee target area showing collar locations and intercepts for all holes drilled in 2020 and 2021. Figure 2 is a section view looking north through the Haidee deposit.
Figure 1: Haidee Target Area 2020-2021 Drill Program Results
Figure 2: Haidee Target Area – Section View
QA/QC Program
Quality Assurance/Quality Control consists of the regular insertion of certified reference materials, duplicate samples and blanks into the sample stream. Check samples are submitted to an umpire laboratory at the end of the drilling program. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples are submitted to the ALS Geochemistry sample preparation facility in Twin Falls, Idaho. Gold analyses are performed at the ALS Geochemistry laboratory in Reno, Nevada or Vancouver, British Columbia, and multi-element geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab.
Gold assays are determined on samples consisting of half drill core by Fire Assay and AAS on a 30-gram nominal sample weight (Au-AA23) for Beartrack, and Fire Assay and AAS on a 50-gram nominal sample weight (Au-AA24) for Arnett. For shallow holes targeting leachable mineralization, gold is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13). Multi element geochemical analyses are completed on selected drill holes using the ME-MS 61M method.
Qualified Person
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 is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers 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, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 2020.
Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$10 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 Melisa Armand, Investor Relations 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., 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 additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, 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 because of new information, future events or otherwise, other than as required by law.
Toronto, ON – February 1st, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”) is pleased to announce the appointment of Timothy A. Warman, P.Geo, to the Company’s Board of Directors.
Mr. Warman is a professional geologist and accomplished executive with over thirty years’ experience in all aspects of the resource industry, from grassroots exploration through feasibility, from development to operations. Mr. Warman has held board or senior leadership roles with some of the most successful exploration and development companies of the past decade.
Most recently, from 2016 until early 2022, Mr. Warman served as the President & CEO of Fiore Gold Ltd. (“Fiore”) managing Fiore through the successful start-up of the company’s Pan Gold Mine and development of the Gold Rock Project, both located in Nevada, USA. Fiore was acquired by Calibre Mining Corp. in a premium transaction for $151 million in late 2021.
Mr. Warman has served as a director of Continental Gold Inc. (2010 to 2018), President of Dalradian Resources Inc. (2012 to 2015), and Vice President, Corporate Development of Aurelian Resources Inc. (from 2006 until the company’s acquisition by Kinross Gold Corp. for C$1.2 billion in 2008). Prior to Aurelian, Mr. Warman held senior positions with several mining and exploration companies in North America, Africa, and Europe. Mr. Warman is a graduate of the University of Manitoba (M.Sc.) and McMaster University (B.Sc.) and a member of the Association of Professional Geoscientists of Ontario.
“We are absolutely delighted to welcome Tim Warman to Revival Gold’s board. Tim brings a rare combination of business and technical expertise with extensive experience in capital markets, international exploration and domestic U.S. mining operations. Tim’s experience will be invaluable as we build on the exciting potential at Revival Gold’s flagship Beartrack-Arnett Gold Project and position the Company for future growth,” said President and CEO Hugh Agro.
Mr. Warman joins current directors Wayne Hubert (Non-Executive Chairman), Hugh Agro (President and CEO), Donald Birak, Robert Chausse, Maura Lendon and Michael Mansfield effective immediately. In connection with Mr. Warman’s appointment, Carmelo Marelli, a founding director, has stepped off Revival Gold’s board.
“I am personally very grateful to Carmelo for his instrumental role in establishing Revival Gold and in helping to chart the Company’s course over the past four years”, said Mr. Agro. “On behalf of our entire management team and the board, I wish to thank Carmelo for his unwavering support and service to the Company”.
Subject to regulatory approval, Revival Gold has granted Mr. Warman 125,000 incentive stock options in connection with his appointment. Pursuant to the Company’s Stock Option Plan, the options are exercisable at a price of $0.70 each for a period of five years and are subject to vesting provisions.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers 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, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 2020.
Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$10 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 Melisa Armand, Investor Relations 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., and Mr. Rodney A. Cooper, P.Eng., a consultant to the Company, Qualified Persons 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 additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, 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 because of new information, future events or otherwise, other than as required by law.
Toronto, ON – January 26th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), announces that it has closed its previously announced non-brokered private placement of 15,500,000 Units (the “Units”) at a price of $0.65 per Unit for aggregate gross proceeds of $10,075,000.00 (the “Offering”). Each Unit is comprised of one (1) common share of the Company (a “Common Share”) and one half of one (0.5) Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one (1) Common Share at a price of $0.90 at any time for a period of twenty-four (24) months from the closing of the Offering.
Hugh Agro, President & CEO of Revival Gold, commented: “We welcome Donald Smith Value Fund, LP, as a significant new shareholder in the Company. Donald Smith’s investment is a strong endorsement of Revival Gold’s technical team and the exciting potential at our flagship Beartrack-Arnett Gold Project, located in Idaho, USA”.
Pursuant to the Offering, Donald Smith Value Fund, L.P. (“Donald Smith”) acquired 7,500,000 Units representing 7,500,000 Common Shares and 3,750,000 Warrants. Prior to the Offering, Donald Smith did not beneficially own or control any securities of the Company. The closing of the Offering resulted in Donald Smith’s beneficial ownership and control of 7,500,000 Common Shares and 3,750,000 Warrants representing 8.63% of the issued and outstanding Common Shares on a non-diluted basis, and 12.41% on a partially diluted basis, assuming the exercise of Donald Smith’s Warrants.
The announcement of Donald Smith’s acquisition of the Units is pursuant to National Instrument 62-104 Take Over Bids and Issuer Bids (“NI 62-102). This press release and Donald Smith’s corresponding early warning report which is expected to be filed on SEDAR on or around January 26, 2022, constitutes the required disclosure pursuant to section 5.2 of NI 62-104. A copy of Donald Smith’s early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling 416-336-4100. The Company’s head office is located at 145 King St. W., Suite 2870, Toronto, Ontario, M5H 1J8.
Donald Smith’s acquisition of the Units was made for investment purposes and may increase or decrease its beneficial ownership of the Common Shares or other securities of the Company depending on market conditions and as circumstances warrant.
The Company intends to use the net proceeds of the Offering for the further exploration and development of the Company’s Beartrack-Arnett Gold Project located in Idaho, USA and for general corporate purposes.
In connection with the closing of the Offering, the Company paid commissions to certain finders of an aggregate of $49,557.04 in cash and 76,241 finder warrants (each a, “Finder Warrant”). Each Finder Warrant entitles the holder thereof to purchase one (1) Common Share at an exercise price of $0.65 per Finder Warrant for a period of twenty-four (24) months from the closing of the Offering.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange (“TSXV”) and the securities regulatory authorities. All securities issued and issuable in connection with the Offering are subject to a hold period of four months plus one day. All dollar amounts including the symbol “$”, are expressed in Canadian dollars.
Certain directors, officers and other insiders of the Company (collectively, the “Insiders”) subscribed to the Offering for 124,654 Units in the aggregate. This issuance of Units to Insiders constitutes 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 an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the Offering by Insiders does not exceed 25% of the fair market value of the Company’s market capitalization.
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 is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers 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, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 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 Melisa Armand, Investor Relations 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., and Mr. Rodney A. Cooper, P.Eng., a consultant to the Company, Qualified Persons 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 completion of the Offering and the expected expenditure of the proceeds of the Offering, 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 inability to obtain the necessary regulatory approvals from the applicable securities regulators or obtain the approval of the TSXV in connection with the Offering; the inability to complete the Offering on the terms as announced or at all and/or the occurrence of a material adverse change, disaster, change of law or other failure to satisfy the conditions to closing of the Offering; the inability of the Company to apply the use of proceeds from the Offering as anticipated;, 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 additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, 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 because of new information, future events or otherwise, other than as required by law.
Toronto, ON – January 14th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), announces a non-brokered private placement of 15,000,000 units (the “Units”) at $0.65 per Unit (the “Issue Price”) for gross proceeds of up to $9,750,000 (the “Financing”). Each Unit will consist of one (1) common share (each a “Common Share”) of the Company and one half of one (0.5) common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant is exercisable into one (1) Common Share at a price of $0.90 at any time for a period of twenty-four (24) months following the closing of the Financing.
“With this Financing we are very pleased to welcome deep value institutional investor, Donald Smith Value Fund, LP, as a new cornerstone shareholder and position Revival Gold for the Company’s next phase of growth”, said Hugh Agro, President & CEO.
The Financing will include an over-allotment option (the “Over-Allotment Option”) pursuant to which the Company may offer for sale up to an additional 3,000,000 Units at the Issue Price, exercisable in whole or in part at any time up to the closing of the Financing. If the Over-Allotment Option is fully exercised, the total gross proceeds of the Financing would be approximately $11,700,000. Closing is expected on or about January 25th, 2022.
The Company may pay finders fees to eligible finders in connection with the Financing in accordance with the policies of the TSX Venture Exchange (the “Exchange”). Net proceeds of the Financing will be used for further exploration and development of the Company’s Beartrack-Arnett Gold Project located in Idaho, USA and for general corporate purposes.
The securities issuable pursuant to the Financing will be subject to a four month and one-day statutory hold period in accordance with applicable securities laws. The Financing is subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange. All dollar amounts including the symbol “$”, are expressed in Canadian dollars.
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 is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers 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, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 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 Melisa Armand, Investor Relations 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., and Mr. Rodney A. Cooper, P.Eng., a consultant to the Company, Qualified Persons 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 intention to complete the Offering and the expected expenditure of the proceeds of the Offering, 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 inability to obtain the necessary regulatory approvals from the applicable securities regulators or obtain the approval of the TSXV in connection with the Offering; the inability to complete the Offering on the terms as announced or at all and/or the occurrence of a material adverse change, disaster, change of law or other failure to satisfy the conditions to closing of the Offering; the inability of the Company to apply the use of proceeds from the Offering as anticipated;, 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 additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, 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 because of new information, future events or otherwise, other than as required by law.
Toronto, ON – December 30th, 2021 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”) is pleased to provide a summary of the Company’s key 2021 accomplishments advancing the past-producing Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.
Highlights
Drilling in five core holes for 2,400 meters continued to show promise on the main five-kilometer Beartrack-Arnett trend including the high-grade underground Joss target, which returned 4.34 g/t gold over 110.6 meters (including 12 g/t gold over 13.7 meters and 8.8 g/t gold over 11.8 meters1), one of the best intercepts ever reported on the project. 2021 results further defined high-grade mineralization which extends for more than one kilometer of strike at Joss and remains open on strike and at depth.
All eighteen holes that have intersected the target structure at Joss to date have cut broad intervals of lower-grade mineralization ranging from 2 – 4 g/t gold containing narrower, higher-grade intervals with grades ranging from 4 – 11 g/t gold over estimated true widths of 1 – 5 meters.
In the Haidee area, initial results from 2021 drilling in 15 core holes for 2,500 meters continued to upgrade and extend this near-surface oxide gold target. Final results are expected in January. A resource update for the Beartrack-Arnett project area is targeted for completion in the first quarter of 2022.
Meanwhile, Revival Gold continued de-risking the project by advancing metallurgical test work on 2.7 tonnes of material where bottle roll test results at three crush sizes were consistent with, or more favourable than, recovery assumptions used in the Company’s 2020 Preliminary Economic Assessment. Column tests were also initiated to investigate heap leach characteristics to potentially improve recovery and economics.
Geotechnical and hydrological work was initiated to provide open pit and leach pad design criteria in support of mineral resource estimation and a planned heap leach Pre-Feasibility Study (“PFS”). Studies have been undertaken to optimize capital, mine life and production planning. The Company also commenced baseline environmental data collection and planning to facilitate a potential return to production.
Continued to show the potential benefits of the Beartrack-Arnett gold project to local communities in Lemhi County, Idaho through an independently authored study into economic impacts. Findings included $1.2 billion in cumulative contribution to Idaho State Gross Domestic Product over an eight-year period, the creation of an average 858 full-time direct and indirect jobs and $87 million and $121 million of cumulative contribution to State of Idaho and Federal tax revenues2.
Achieved an exemplary safety record with zero lost-time incidents among Company employees and contractors.
Built on the Company’s financial and technical credentials with the appointment of Lisa Ross as VP & CFO and, most recently, John Meyer as VP Engineering & Development. Both individuals bring leadership depth and relevant recent development and operating experience to Revival Gold.
Commenced trading on OTCQX market in the USA, giving the Company exposure to a broader pool of investors.
1 See press release dated December 2nd, 2021. for further details. True width is estimated to be between 35% and 45% of drilled width. Un-cut fire assay grades. 2 All amounts shown are in United States dollars.
“Revival Gold advanced on several key fronts in 2021. Infill and expansion drilling will enable us to upgrade and grow Beartrack-Arnett with an updated resource estimate expected to be released in the first quarter of 2022. High-grade intersections at Joss and the improving definition of high-grade mineralization in this zone is of particular interest,” said President & CEO Hugh Agro. “We also initiated technical work in preparation for a PFS on the potential restart of heap leach operations, including more extensive metallurgical column testing and environmental baseline studies, which we expect to complete by year end 2022. We continued to build on our team in preparation for future development, adding John Meyer and Lisa Ross, both of whom have considerable experience in senior roles with producing mining companies. 2021 was a challenging year in the market for gold exploration and development businesses and, despite significant operational progress, Revival Gold was not immune to those challenges. We look ahead now to 2022 and what promises to be a landmark year for Revival Gold with a resource update, additional drilling and a PFS planned to provide further evidence of the incredible potential at Beartrack-Arnett.”
QA/QC Program
Quality Assurance/Quality Control consists of the regular insertion of certified reference materials, duplicate samples and blanks into the sample stream. Check samples are submitted to an umpire laboratory at the end of the drilling program. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples are submitted to the ALS Geochemistry sample preparation facility in Twin Falls, Idaho. Gold analyses are performed at the ALS Geochemistry laboratory in Reno, Nevada or Vancouver, British Columbia, and multi-element geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab.
Gold assays are determined on samples consisting of half drill core by fire assay and AAS on a 30-gram nominal sample weight (Au-AA23) for Beartrack, and Fire Assay and AAS on a 50-gram nominal sample weight (Au-AA24) for Arnett. For shallow holes, targeting leachable mineralization, gold is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13). Multi element geochemical analyses are completed on selected drill holes using the ME-MS 61M method.
Qualified Persons
Steven T. Priesmeyer, C.P.G., Vice President Exploration, and Rodney A. Cooper, P.Eng., a QP and a consultant to Revival Gold Inc., are the Company’s designated Qualified Persons for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and have 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 is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers 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, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 2020.
Revival Gold has approximately 71.4 million shares outstanding and had a cash balance of C$3 million on September 30th, 2021. 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 Melisa Armand, Investor Relations 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., and Mr. Rodney A. Cooper, P.Eng., a consultant to the Company, Qualified Persons 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 additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, 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 because of new information, future events or otherwise, other than as required by law.
