TORONTO, June 11, 2022 (GLOBE NEWSWIRE) — 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.
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
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.