Toronto, ON – September 14th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has completed the acquisition of the ACE Mineral Claims (“ACE Claims”) which are located within the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho, USA.
On September 12th, 2022, the Company paid the remaining US$500,000 option payment under the Bull Run Agreement (announced June 30, 2017) fulfilling all requirements to acquire a 100% interest in the ACE Claims consisting of 68 unpatented mineral claims totaling approximately 571 hectares. The ACE Claims border the known Mineral Resources at Beartrack-Arnett and host several additional prospective gold exploration targets.
“We are pleased to have consolidated a 100% interest in the ACE Claims and to have further strengthened Revival Gold’s land position at Beartrack-Arnett”, said Hugh Agro, President and CEO.
Qualified Persons
Steven T. Priesmeyer, C.P.G., Vice President Exploration, is 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. 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 independent NI-43-101 Technical Report by Wood plc 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$7.1 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 – September 12th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce initial results from the Company’s 2022 drilling program and provide an update on exploration at the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.
Highlights:
Three core holes targeting the depth extension of mineralization at Beartrack-Arnett have been completed in the 2022 program; two in the Joss area and one in the South Pit area;
BT22-241D in the Joss area intersected 6.2 g/t gold over 14.2 meters within 3.6 g/t gold over 51.5 meters approximately 100 meters below hole BT18-220D, the most southerly intersection at Joss to-date (8.84 g/t gold over 3.0 meters within 1.79 g/t gold over 38.8 meters (see press release dated December 4th, 2018);
BT22-242D, also at Joss, intersected what appears to be a similar stockwork to hole BT21-240D in the same Proterozoic Yellowjacket Formation approximately 150 meters deeper than BT21-240D (4.34 g/t gold over 110.6 meters drilled width, including 12 g/t gold over 13.7 meters, and 8.8 g/t gold over 11.8 meters (see Revival Gold press release dated December 2nd, 2021)). Assays results are pending;
A third hole, BT22-243D, was completed at the south end of the South Pit. This hole is intended to extend the trend of higher-grade mineralization at Joss north to the South Pit and intersected stockwork mineralization as well as siliceous breccia within the target zone. Assay results are pending;
Approximately 2,300 meters of this year’s planned 5,000-meter core drilling program have been completed at Beartrack-Arnett since the start of drilling in June; and,
Idaho’s Moose Fire has passed through the Company’s land position. All personnel are safe. Buildings and equipment were undamaged. Drilling has resumed with two rigs at Joss.
Note: Drilled widths; true widths are estimated to be 30% to 70% of drilled width.
“This year’s drilling to extend the potential for high-grade mineralization at Beartrack-Arnett has kicked-off with excellent results. We are seeing twice the gold grade and a wider intercept in hole 241D compared with hole 220D, which was located approximately 100 meters above it,” said Hugh Agro, Revival Gold, President & CEO. “The results suggest that grade and widths are improving at depth and confirm the open nature of mineralization to the south at Joss. Drilling continues with two rigs with further results expected later this month”, added Agro.
Details:
Detailed results for the drill hole released today are presented in the table below:
Hole Number
Area
Azimuth (deg.)
Dip (deg.)
From (m)
To (m)
Drilled Width1 (m)
Fire Assay Gold Grade (g/t)
BT22-241
Joss
299
-58
404.0
405.4
1.4
4.95
413.9
423.1
9.1
1.22
532.4
533.8
1.4
6.17
555.7
607.5
51.8
3.602
Incl.
566.5
581.6
15.2
3.81
Incl.
587.1
601.4
14.2
6.172
Incl.
588.7
589.7
1.0
10.65
Incl.
593.3
594.7
1.4
11.80
Incl.
598.2
599.8
1.5
8.28
1 True width estimated to be approximately 30% to 70% of drilled width. Numbers may not add up due to rounding.
2 The interval 591.0 m to 591.7 m had 0% recovery and was included in the interval calculation as 0.7 m at 0 g/t gold.
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.
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 independent Technical Report by Wood plc 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$7.1 million as of June 30th, 2022. All figures in this news 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, Manager, 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 – September 6th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to provide an update on the status of work on a Prefeasibility Study (“PFS”) for the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho, USA.
PFS Team and Schedule
Revival Gold has appointed Kappes Cassiday Associates (“KCA”) as the lead PFS consultant focused on metallurgy, infrastructure design and overall study economic analysis with Independent Mining Consultants Inc. (“IMC”) engaged on mineral resources and to develop PFS-level open pit designs and mine plans. KCA and IMC are US-based experts in gold heap leach mine design and operations.
Technical studies in support of the PFS (see below) are progressing on track; however, with the shift in overall project management and mine planning from the Company’s previous engineering consultants to KCA and IMC, respectively, completion of the PFS will be deferred to 2023. This will, however, provide time for Revival Gold to incorporate 2022’s drilling into the PFS which should improve results. PFS completion is expected mid-2023.
Technical Studies
Comprehensive metallurgical work has been completed on nine 180-day column leach tests by SGS Lakefield with results indicating average gold recoveries of 82% relative to the cyanide soluble gold assay for Beartrack and 92% relative to total fire assay gold for Arnett. All column testing was completed on 38 mm (1.5 inch) crush size material. Together with existing data, these results provide further confidence in Beartrack-Arnett heap leach recovery assumptions going into the PFS.
Two PFS-level geotechnical characterization studies have been completed by Wood plc. The open pit geotechnical study provides pit slope design criteria and identifies opportunities to further steepen (improve) pit slopes with enhanced blasting practices, while the infrastructure geotechnical study characterizes the foundation conditions for the heap leach pad, waste rock dumps, haul roads and other surface infrastructure.
PFS-level waste rock management design and water management studies are ongoing at ALS Limited on 72 rock samples representative of Arnett waste rock. A preliminary assessment of the results has identified that most samples have generally undetectable sulfide sulphur content (<0.01%) with several samples identified with low but measurable sulphide sulphur content (up to 0.1%).
Idaho Power Company (“IPCo”) is advancing a study to assess upgrades required to the existing 69 kV service to site to support the PFS. The IPCo upgrades are anticipated to include substation infrastructure improvements, increasing the conductor gauge, and possibly replacing some power poles.
“We are delighted to welcome KCA and IMC as principal consultants on the Beartrack-Arnett PFS”, said Hugh Agro, President and CEO. “These firms add a wealth of recent and relevant experience in western US heap leach design and operation. Although the change in principal consultants will result in a scheduling delay, the upside to this delay is that it provides an opportunity to complete additional drilling this year which should enhance the mineral resource and improve PFS results”, added Agro.
Qualified Persons
John P.W. Meyer, P.Eng., Vice President, Engineering & Development 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 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$7.1 million as of June 30th, 2022. All figures in this news 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, Manager, 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 – August 31st, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the“Company”), is pleased to provide an update on the status of agreements to acquire certain property interests that comprise part of the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho, USA.
Beartrack Property
On August 30th, 2022, Revival Gold executed an Amended and Restated Stock Purchase Agreement and Exploration Agreement with Meridian Gold Company (“Meridian”) (a wholly owned subsidiary of Yamana Gold Inc.) under which Revival Gold and Meridian agreed to extend the period of time for Revival Gold to complete earn-in obligations to acquire Meridian Beartrack Co. (owner of the Beartrack property and related infrastructure) by two years to September 29th, 2024. In connection with the extension, Revival Gold has committed to continue to fund certain site operating and management costs (“O&M” costs, estimated to be approximately US$850,000 per year including site bonding surety) and increase the required earn-in exploration spend at Beartrack from US$10 million to US$15 million (of which, approximately US$12 million had been expended as at June 30th, 2022).
The Beartrack property includes an estimated $40-50 million in site infrastructure value and hosts the bulk of Mineral Resources at Beartrack-Arnett. Upon completion of the Meridian Beartrack Co. acquisition (the “Acquisition”), Revival Gold will assume responsibility for site bonding. The current face value of the Beartrack site bond is $10.2 million. Revival Gold will also be required to provide a 1% Net Smelter Return (“NSR”) royalty, an additional NSR royalty of 0.5% (terminating when the payments of the additional royalty total $2 million) and pay the greater of $6 per troy ounce of the total gold Mineral Resources or $15 per troy ounce of proven and probable gold Mineral Reserves after the third anniversary of the acquisition.
Barnett Mineral Claims
On April 29th, 2022, Revival Gold paid the final US$250,000 option payment under the Barnett Agreement (announced June 30th, 2017 and amended April 9th, 2020) fulfilling all requirements to acquire a 100% interest in the Barnett mineral claims located at Beartrack-Arnett. The Barnett mineral claims host a portion of the Haidee Mineral Resource at Beartrack-Arnett and offer the potential to expand the Mineral Resource in that location. The Barnett mineral claims are central to Revival Gold’s potential future heap leach re-development plans for the project.
ACE Mineral Claims
Revival Gold currently holds a 75% interest in certain other mineral claims (known as the ACE mineral claims) located within the Beartrack-Arnett property. The ACE mineral claims are peripheral to the known Mineral Resources at Beartrack-Arnett. The holding of this property package and the exploration priority are under review.
“We are pleased to have extended the Beartrack property earn-in period and to have completed the acquisition of a 100% interest in the Barnett claims”, said Hugh Agro, President and CEO. “The Barnett claims offer exciting exploration potential and the added flexibility with the Beartrack property earn-in will allow Revival Gold to continue to build overall project value through the current turbulent market”, added Agro.
Figure 1 below illustrates the Beartrack-Arnett property interests referenced in this press release.
Figure 1: Beartrack-Arnett Property Position (August 2022)
In addition to the update on Revival Gold’s Beartrack-Arnett property agreements, the Company announces that it has extended the expiry date for the agreement to vend its 51% non-core holding in the Diamond Mountain phosphate project located in Uintah County, Utah, USA to Xplore Resources Ltd. (TSXV: XPLR) to September 31st, 2022.
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.
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$7.1 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
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 – August 9th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to provide an update on exploration at the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho, USA.
On August 8th, 2022, Revival Gold completed the second of two core holes for a total of 1,450 meters drilled at the Joss target this season. The two drill holes, BT22-241D and BT22-242D, were designed to test the down-dip potential of high-grade gold mineralization at Joss.
Core logging indicates that the two drill holes intercepted the target zone of mineralization between 100 and 150 meters below previous drilling in the area. The two holes are separated by about 200 meters along strike in the target zone and will provide important structural and geochemical information about the potential for further gold mineralization at depth at Joss. Assay results are expected in September.
“Core logging indicates that we’ve hit the target zone at Joss. Assay results are expected next month and offer the potential to confirm a significant depth extension to Joss, where previous drilling has returned high-grade intercepts in 18 drill holes over a 1 km trend. In the meantime, drilling continues with activity expected to increase as rigs become available and conditions allow”, said Hugh Agro, President & CEO.
The drill rig is now being moved approximately 1,100 meters north of Joss to the South Pit target area to test a gap in drilling in the Beartrack-Arnett 2022 resource block model. The break from drilling at Joss will provide time to receive assays and complete interpretive analysis on BT22-241D and BT22-242D.
A second drill rig is expected to arrive at Beartrack-Arnett in September to initiate approximately 2,000 meters of core drilling at Haidee as conditions allow. A large wildfire (the Moose Fire) is burning in the vicinity of Beartrack-Arnett but, thus far, has had limited impact on Revival Gold’s activities. The Company is in regular communication with local authorities, following all directives and taking all necessary steps to ensure safe and responsible operation.
If feasible, Revival Gold will mobilize a third drill rig to complete approximately 3,000 meters of previously planned reverse circulation exploration drilling to test several early-stage near surface oxide gold exploration opportunities at Beartrack-Arnett.
Qualified Person
Steven T. Priesmeyer, C.P.G., Vice President Exploration, is 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. 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 the independent 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” 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
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 – 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.
