Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF)
(“Revival Gold” or the “Company”), a growth‐focused gold
exploration and development company, has resumed drilling at the
Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”)
located in Lemhi County, Idaho.
Drilling resumed with two rigs this past weekend
with Boart Longyear Limited contracted to complete an initial
5,000-meter program, beginning in the Haidee area at Arnett.
Drilling at Haidee will focus on resource expansion and infill core
drilling.
The current leachable Mineral Resource at Haidee
consists of an Indicated resource of 2,300,000 tonnes averaging
0.66 g/t gold containing 49,000 ounces of gold and an Inferred
resource of 8,300,000 tonnes averaging 0.55 g/t Au containing
147,000 ounces of gold. See the Company’s technical report
titled “Technical Report on the Beartrack-Arnett Gold Project,
Lemhi County, Idaho, USA” by Roscoe Postle Associates Inc. dated
February 21, 2020. The resource at Haidee is open in all
directions.
At Beartrack, Revival Gold’s drilling program
this year will test an airborne magnetic anomaly in an area known
as Rabbit. Rabbit is located along the Panther Creek Shear Zone and
begins approximately two kilometers south of the current Beartrack
Mineral Resource at Joss. The initial target is at the
projected intersection of the Panther Creek Shear Zone with a
crossing structure. Further program details for Beartrack-Arnett
will be released later this month.
“With funding and drill permits in place,
Revival Gold’s exploration team has moved quickly to resume
drilling. The deposits at Beartrack-Arnett are open and we are
excited to be in a position to drill several big step-out holes in
the exploration program this year,” said Hugh Agro, President &
CEO.
Steven T. Priesmeyer, C.P.G., Vice President
Exploration, Revival Gold Inc., is the Company’s designated
Qualified Person for this news release within the meaning of
National Instrument 43-101 Standards of Disclosure for Mineral
Projects and has reviewed and approved its scientific and technical
content.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold
exploration and development company. The Company has the right to
acquire a 100% interest in Meridian Beartrack Co., owner of the
former producing Beartrack Gold Project located in Lemhi County,
Idaho. Revival Gold also owns rights to a 100% interest in the
neighboring Arnett Gold Project.
Beartrack-Arnett is the largest past-producing
gold mine in Idaho and hosts the second largest known deposit of
gold in the state. A Preliminary Economic Assessment is underway on
the potential re-start of a phase one open-pit heap leach operation
and exploration continues focused on expanding the current
Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold
containing 1.35 million ounces of gold and Inferred Mineral
Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64
million ounces of gold. The mineralized trend at Beartrack extends
for over 5 km and is open 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, please see the Company’s technical report titled
“Technical Report on the Beartrack-Arnett Gold Project, Lemhi
County, Idaho, USA” dated February 21, 2020.
Following the completion of the Offering,
Revival Gold has approximately 70.2 million shares outstanding and
a current cash balance of approximately $14.8 million. Additional
disclosure including the Company’s financial statements, technical
reports, news releases and other information can be obtained
at www.revival-gold.com or on SEDAR
at www.sedar.com.
For further information, please contact:
Hugh Agro, President & CEO or Adam
Rochacewich, CFO Telephone: (416) 366-4100 or Email:
info@revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. Technical
information in this news release has been reviewed and approved by
Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival
Gold Inc. a 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 mineral resources, failure
to convert estimated mineral resources to reserves, the inability
to complete a feasibility study which recommends a production
decision, the preliminary nature of metallurgical test results,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital, operating and reclamation costs
varying significantly from estimates and the other risks involved
in the mineral exploration and development industry, and those
risks set out in the Company’s public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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