NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – March 24th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the following in response to the developing COVID-19 pandemic:
The safety of our employees and independent contractors is paramount. Revival Gold took steps to ensure its compliance with Health Canada and Centers for Disease Control & Prevention guidelines on February 27th, 2020 and subsequently directed employees and active independent contractors to work from home and eliminate all Company-related business travel. All key personnel are accounted for and in good health.
As a result of turbulent market conditions, Revival Gold, in consultation with its agents, Paradigm Capital Inc., Echelon Wealth Partners Inc. and Beacon Securities Limited, has elected to withdraw and cancel its marketed public offering of units announced on March 5th, 2020.
Revival Gold has taken steps to minimize cash expenditures and tighten budgets for the foreseeable future. The Company continues to assess its operational plans for the Beartrack-Arnett Gold Project, including the potential completion of a Preliminary Economic Assessment on the re-start of heap leach operations at Beartrack.
The Company announces a non-brokered private placement of 2,500,000 common shares (“Shares”) at $0.40 per Share for gross proceeds of $1 million (the “Financing”). Closing is expected on or near March 26th, 2020. Net proceeds of the Financing will be used for general corporate purposes.
“Revival Gold has taken steps to ensure the safety of our people and the continuity of our business,” said Hugh Agro, President & CEO. “We understand that many are unsettled in the current environment. We have acted to mitigate the effects of COVID-19 and position the company to prosper in a world where gold has become increasingly more important to the investing public,” added Agro.
Revival Gold will continue to monitor the situation and will take all necessary precautions to minimize the risk to our stakeholders.
Revival Gold currently has 52,917,189 shares outstanding. The securities issued pursuant to the Financing are subject to a four month and one-day statutory hold period. The Financing is subject to receipt of approval of the TSX Venture Exchange.
The securities offered pursuant to the Financing have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the“U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
For further information please contact:
Hugh Agro, President & CEO or Adam Rochacewich, CFO Telephone: (416) 366-4100 or Email: info@revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the anticipated use of the net proceeds from the Financing, the receipt of all necessary approvals, including the approval of the TSX-V and the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to obtain all approvals required in connection with the Financing, the Company’s ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – March 5th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces that it has filed a preliminary short form prospectus with the securities regulatory authorities in the provinces of Alberta, British Columbia and Ontario in connection with a proposed marketed public offering of common share units of the Company (“Units”) at a price of C$0.68 per Unit, for aggregate gross proceeds of up to C$5 million (the “Offering”).
Each Unit will consist of one common share (a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant a “Warrant”), with each Warrant entitling the holder thereof to acquire one common share of the Company (a “Warrant Share”) at a price of C$0.90 for a period of two years following the closing of the Offering.
The Offering is being conducted on a “best efforts” agency basis by a syndicate of agents led by Paradigm Capital Inc., as lead agent and sole bookrunner, and including Echelon Wealth Partners Inc. and Beacon Securities Limited (collectively, the “Agents”) The Offering will be made pursuant to the terms of an agency agreement (the “Agency Agreement”) to be entered into between the Company and the Agents. The Agency Agreement will provide that the Company will grant the Agents an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part, at any time until that date that is 30 days after the initial closing date of the Offering, to offer for sale up to a number of additional Units equal to 15% of the number of Units sold pursuant to the Offering at the Offering Price.
The net proceeds from the Offering are intended to fund on-going exploration and development at the Company’s core Beartrack and Arnett Gold projects and for general corporate purposes.
The Offering is expected to close on or about March 24, 2020 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the entering into of the Agency Agreement and the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange (the “TSX-V“).
In connection with the services to be rendered in connection with the Offering, on closing of the Offering the Company has agreed to (i) pay the Agents a cash fee (the “Agent’s Fee”) equal to 6.0% of the gross proceeds of the Offering, and (ii) issue to the Agents such number of common share purchase warrants (each, an “Agent’s Warrant”) equal to 6.0% of the number of Units sold under the Offering, with each Agent’s Warrant exercisable to acquire one common share (a “Agent’s Warrant Share”), at the Offering Price, for a period of two years from the Closing Date.
The Units may also be offered for sale in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Rule 902(k) of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) on a private placement basis pursuant to an exemption from registration requirements of the U.S. Securities Act and applicable state securities laws. The securities have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the Unites States or to, or for the account or benefit of, U.S. persons without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the Unites States or to, or for the account or benefit of, U.S. persons, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.9 million shares outstanding. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
For further information please contact:
Hugh Agro, President & CEO or Adam Rochacewich, CFO Telephone: (416) 366-4100 or Email: info@revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the anticipated size of the offering, the anticipated Offering Price, the entering into of the Agency Agreement, the anticipated Closing Date and the completion of the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all necessary approvals, including the approval of the TSX-V and the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, an inability to complete the Offering on the terms or on the timeline as announced or at all, the Company’s ability to obtain all approvals required in connection with the Offering, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Toronto, ON – February 25th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, has filed on SEDAR a technical report prepared in accordance with National Instrument 43-101 (“NI 43-101”) on the Beartrack-Arnett Gold Project (“Beartrack”), titled “Technical Report on the Beartrack – Arnett Gold Project, Lemhi County, Idaho, USA” (the “Technical Report”).
The Technical Report supports the disclosure made by the Company in its news release dated February 3rd, 2020 titled “Revival Gold Delivers Substantial Resource Increase at Beartrack-Arnett”. There are no material differences in the mineral resources contained in the Technical Report from those disclosed in the February 3rd, 2020 news release.
The Technical Report is dated February 21, 2020 and has an effective date of December 10th, 2019. he Technical Report was prepared by Roscoe Postle Associates Inc. (“RPA”).
Highlights
The updated RPA Beartrack-Arnett Mineral Resource contains:
The Mineral Resource is defined by 563 core and reverse circulation drill holes totalling approximately 93,000 meters and was estimated at an assumed gold price of US$1,400 per ounce of gold.
Mineralization at Beartrack remains open to the north, south and at depth. Mineralization at Arnett remains open in all directions.
The focus of Revival Gold’s technical work will now turn to preparations for a Preliminary Economic Assessment on the potential re-start of heap leach operations at Beartrack and plans for future exploration drilling at Beartrack-Arnett. Details to follow.
The Mineral Resource for Beartrack-Arnett was completed by RPA in Denver, USA with Mark B. Mathisen, C.P.G., Ryan Rodney, C.P.G and Kathleen A. Altman, Ph.D., P.E. serving as the independent Qualified Persons for this Mineral Resource estimate.
Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.9 million shares outstanding and had a working capital balance of approximately $0.7 million as of December 31st, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
Hugh Agro, President & CEO or Adam Rochacewich, CFO Telephone: (416) 366-4100 or Email: info@revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Toronto, ON – February 18th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces its participation in the following upcoming conferences:
BMO 29th Global Metals & Mining Conference to be held in Hollywood, Florida from February 23rd-26th, 2020 at The Diplomat Resort.
PDAC 2020 to be held in Toronto, Ontario from March 1st-4th, 2020 at The Metro Toronto Convention Centre. Revival Gold will be in booth IE2507. A corporate presentation will be given on March 3rd, 2020 at 3:30pm in the Gold Exploration Session 5 in Room 802, MTCC South Building.
Interested parties that wish to schedule a meeting or who would like more information regarding the conferences and events noted above, please contact Melisa Armand at (416) 366-4100, or email info@revival-gold.com. Corporate presentations and other information are available on the Company’s website at www.revival-gold.com.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.9 million shares outstanding and had a working capital balance of approximately $0.7 million as of December 31st, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
Toronto, ON – February 3rd, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth-focused gold exploration and development company, announces the results of an updated mineral resource estimate (“Mineral Resource”) completed by Roscoe Postle Associates Inc. (“RPA”) on the company’s past-producing Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho.
Highlights
The updated RPA Beartrack-Arnett Mineral Resource contains:
An Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold; and,
An Inferred Mineral Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold, including an initial bulk underground component of 6.7 million tonnes at 2.19 g/t gold containing 0.47 million ounces of gold
These results represent an increase of 11% in Indicated Mineral Resources and an increase of 114% in Inferred Mineral Resources over the Company’s prior mineral resource estimates at Beartrack (see May 29th, 2018 press release, “Revival Gold Unveils 43-101 Gold Resource at the Beartrack Gold Project in Idaho, USA”)
The Mineral Resource is defined by 563 core and reverse circulation drill holes totalling approximately 93,000 meters and was estimated at an assumed gold price of US$1,400 per ounce of gold.
Mineralization at Beartrack remains open to the north, south and at depth. Mineralization at Arnett remains open in all directions.
The focus of technical work will now turn to preparations for a Preliminary Economic Assessment on the potential re-start of heap leach operations at Beartrack and plans for future exploration drilling at Beartrack-Arnett. Details to follow.
“Results at Beartrack-Arnett have well exceeded Revival Gold’s ambitious goals for exploration success,” said Hugh Agro, President & CEO. “Inferred gold resources have more than doubled while indicated gold resources are up 11% with this resource update. The deposit remains open laterally and at depth and, at its current scale, Beartrack-Arnett represents an outstanding opportunity for further growth.”
Details
Table 1 below outlines the pit-constrained and initial underground Mineral Resources for Beartrack-Arnett.
Table 1: Summary of Beartrack-Arnett Project Indicated and Inferred Mineral Resources by Material Type and Location1,4
Resource Category
Tonnes (‘000)
Gold Grade (g/t Au)
Contained Gold Ounces (‘000)
Indicated Heap Leach5 Beartrack – open pit Arnett – open pit
11,900 2,300
0.56 0.66
215 49
Indicated Mill Beartrack – open pit Beartrack – underground
22,216 NA
1.52 NA
1,089 NA
Total Indicated
36,416
1.16
1,353
Inferred Heap Leach5 Beartrack – open pit Arnett – open pit
9,961 8,300
0.53 0.55
169 147
Inferred Mill Beartrack – open pit Beartrack – underground
22,228 6,700
1.19 2.19
850 471
Total Inferred
47,189
1.08
1,638
1
Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions) were used for Mineral Resource classification reported in this press release. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
2
Mineral Resources were tabulated for model blocks with positive net value that lie within an optimized conceptual pit. Table 2 summarizes the various economic parameters that were used to generate the Mineral Resource pit. The price, recovery and cost data translate to a breakeven gold cut-off grade of approximately 0.52 g/t gold and 0.17 g/t cyanide soluble gold for mill and heap leach respectively for the open pit at Beartrack, a breakeven gold cut-off grade of approximately 1.3 g/t gold for the incremental underground mill option at Beartrack, and approximately 0.19 g/t gold for heap leach at Arnett. The cut-off grades include considerations of metal price, process plant recovery, mining, processing and general and administrative costs.
3
Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content. The estimate of mineral resources may be materially affected by geology.
4
The effective date of the mineral resource estimate is December 10, 2019.
5
Heap Leach material defined by cyanide soluble grade leach characteristics.
The Mineral Resource includes all oxide, mixed oxide-sulphide and sulphide material constrained within an economic open pit and underground bulk mining scenario based on a gold price of US$1,400/ounce along with the cost, recovery and slope parameters summarized in Table 2 below.
Table 2: Conceptual Parameters
Parameter
Units
Value
Base Case Gold Price
US$/ounce gold
$1,400
Mill Throughput
Mineralized tonnes/day
20,000
Leach Operation
Mineralized tonnes/day
10,000 – 15,000
Heap Leach Recovery – Beartrack
% of cyanide soluble gold1
85%1
Heap Leach Recovery – Arnett
% of contained gold2
75%
Mill Recovery
% of contained gold2
94%
Open Pit Mining Cost
US$/tonne mined
$2.25
Underground Bulk Mining Cost
US$/tonne mined
$35.00
Heap Leach Processing Cost
US$/tonne processed
$3.25
Mill Processing Cost
US$/tonne processed
$18.46
Re-Handle Cost – Beartrack
US$/tonne processed
$0.10
G & A Cost
US$/tonne processed
$0.50 – 1.003
Pit Slope Angle
Degrees
37 – 504
1
Gold grades based on cyanide soluble analysis methods. Equivalent to approximately 70% of contained gold.
2
Gold grades based on fire assay methods.
3
US$0.50/tonne and US$1/tonne processed G&A for incremental underground and open pit resources respectively.
4
Beartrack: 37° for Tertiary rocks, dikes, faults & backfill; 45° for Yellowjacket Fm. & Rapakivi Granite. Arnett: 50°.
As presently conceived, Mineral Resources at Beartrack are largely assumed to be exploited by open pit mining methods. However, mineralization at Beartrack extends over 600 meters vertically below surface in the South Pit area and has also been intercepted at depth in holes drilled in the Ward’s Gulch, North Pit and Joss areas. Resource modeling by RPA supports the inclusion of an initial component of bulk underground material in the Mineral Resource located in the South Pit and Joss areas at Beartrack.
The deposit at Arnett is envisioned as an open pit operation that could either be operated independently of Beartrack or as a satellite operation taking advantage of existing infrastructure at Beartrack.
Heap leach resources are primarily composed of oxide and mixed oxide-sulphide material. Mill resources are primarily composed of sulphide material. Two separate net economic values were calculated for each resource block based on heap leach and mill processing parameters. The Mineral Resource was generated from the maximum of the two conceptual block net economic values.
Heap leaching is assumed to take place at a rate in the range of 10,000 to 15,000 tonnes of mineralized material per day with two-stage crushing to minus two inches.
The mill operation is assumed to take place at a rate of about 20,000 tonnes of material per day with approximately 3,000 tonnes per day of flotation concentrates pressure oxidized and cyanide leached to produce gold doré on site. Mill flotation tailings would also be cyanide leached to produce gold doré on site.
The mill operating parameters shown in Table 2 above translate into a breakeven gold cut-off grade of 0.52 g/t gold for Beartrack open pit mill material and an incremental breakeven gold cut-off grade of 1.26 g/t gold for Beartrack incremental underground mill material. Heap leach operating parameters translate into breakeven gold cut-off grades of 0.17 g/t cyanide soluble gold and 0.19 g/t fire assay gold respectively for Beartrack and Arnett open pit heap leach material.
Beartrack was previously operated as an open pit, heap leach operation exploiting leachable ore until the operation was shutdown in 2000 when the price of gold was below US$300/ounce. The historic Beartrack operation involved open pit mining by truck and shovel at a rate of 13,600 tonnes per day of ore, with two-stage crushing to minus two inches, conveyed to a heap leach pad with gold recovered in an Adsorption, Desorption, Regeneration plant. A total of 21,880,000 tonnes at 0.98 g/t cyanide soluble gold were processed producing 609,141 ounces of gold, yielding an average recovery of 88% of the cyanide soluble gold (approximately 70% of contained gold).
Significant infrastructure from the historic operation remains. Revival Gold is evaluating the economic potential for a re-start of heap leach operations at Beartrack and intends to continue to aggressively explore for additional mill and leach material on the Beartrack-Arnett property.
Cut-off grade sensitivity at various gold prices is summarized in Table 3 below
Table 3: Sensitivity Analysis of Grade and Tonnage at Varying Cut-Off Grades for the Beartrack-Arnett Project
Assumed Gold Price ($US/oz Au)
Resource Category2
Tonnes (‘000)
Gold Grade (g/t Au)
Contained Gold Ounces (‘000)
$1200
Indicated
33,652
1.21
1,307
$1300
Indicated
35,062
1.18
1,331
$1400
Indicated
36,416
1.16
1,353
$1500
Indicated
37,455
1.14
1,368
$1600
Indicated
38,678
1.12
1,387
$1200
Inferred
38,633
1.14
1,420
$1300
Inferred
43,271
1.11
1,542
$1400
Inferred
47,189
1.08
1,638
$1500
Inferred
49,794
1.06
1,691
$1600
Inferred
53,921
1.03
1,787
1
Base case cut-off grades at US$1,400/ounce gold are approximately 0.517 g/t gold and 0.17 g/t cyanide soluble gold for mill and heap leach respectively for Beartrack and approximately 0.193 g/t gold for heap leach for Arnett. Heap leach cut-off grade varies as does mill cut-off grade based on gold price.
2
Includes both heap leach and mill material.
Mineral Resources were estimated for the Beartrack and Arnett deposits using inverse distance squared (ID2). Several different interpolation processes including inverse distance cubed (ID3), ordinary kriging, and nearest neighbor methods were completed as secondary parallel estimation validation. Mineral Resources based on the ID2 grade model compare favourably with the ordinary kriged and nearest neighbor models. Block size in the block models measure 20 feet (6.1 meters) in each direction. This block size was deemed to be appropriate by RPA given the current drill hole spacing, assay length and style of mineralization. Block grades were estimated using Metric units (grams/tonne).
Gold mineralization at Beartrack is associated with a large, northeast-trending regional structure known as the Panther Creek Shear Zone (“PCSZ”). Mineralization in the Joss area is hosted by the Proterozoic Yellowjacket Formation and the PCSZ, mineralization in the South Pit and Ward’s Gulch areas is hosted by the Yellowjacket Formation, the PCSZ and a Proterozoic Rapakivi Granite, and mineralization in the North Pit and Moose areas is hosted by the PCSZ and the Rapakivi Granite. The estimate of gold resources was constrained by a combination of lithologic and gold grade wireframes. Block gold grades were independently estimated using fire assays and cyanide soluble analyses. The grade models were validated using visual and statistical methods. In addition, the grade models were extensively compared to historical cyanide soluble and fire assay blast hole data and historical production reports. The estimated block grades were classified as Indicated and Inferred categories based on drill hole spacing and continuity of mineralization.
The Mineral Resource for Beartrack was completed by RPA in Denver, USA with Mark Mathisen, C.P.G. and Ryan Rodney, C.P.G serving as the independent Qualified Persons for this Mineral Resource estimate. A National Instrument 43-101 Technical Report will be filed on SEDAR within 45 days.
Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.8 million shares outstanding and had a working capital balance of approximately $0.7 million as of December 31st, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
Hugh Agro, President & CEO or Adam Rochacewich, CFO Telephone: (416) 366-4100 or Email: info@revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Toronto, ON – January 13th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth-focused gold exploration and development company, announces its participation in the following upcoming conferences:
Metals Investor Forum to be held in Vancouver, B.C., January 17th and 18th at the Rosewood Hotel Georgia. Revival Gold is scheduled to present at 12:20 pm on January 18th.
Vancouver Resource Investment Conference to be held in Vancouver, B.C., January 19th and 20th at the Vancouver Convention Center West. Revival Gold will be in booth #1128. Revival Gold is scheduled to present at 2:40 pm on January 20th in Workshop 4.
Idaho Mining Association Investment Conference to be held in Vancouver, B.C., January 20th, 7:30 am – 9:30 am at the Fairmont Waterfront Hotel.
Interested parties that wish to schedule a meeting or who would like more information regarding the events noted above, please contact Melisa Armand at (416) 366-4100, or email marmand@revival-gold.com. Corporate presentation and other information is available on the Company’s website at www.revival-gold.com.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighbouring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 52.8 million shares outstanding and had a working capital balance of approximately $0.7 million as at December 31st, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
Hugh Agro, President & CEO or Adam Rochacewich, CFO Telephone: (416) 366-4100 or Email: info@revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
