Revival Gold
Inc. (TSXV: RVG,
OTCQX: RVLGF) (“Revival Gold” or
the “Company”), is pleased to report on the Company’s 2023
exploration campaign at the Beartrack-Arnett Gold Project
(“Beartrack-Arnett” or the “Project”) located in Lemhi County,
Idaho, USA.
Over the course of the past six months Revival
Gold has focused on the updated Mineral Resource and Preliminary
Feasibility Study (“PFS”) which are expected to be completed on
Beartrack-Arnett within the next 4-6 weeks. Meanwhile, the Company
has progressed data compilation and analysis, as well as
preparations for this season’s drill program and related
exploration field work.
Highlights
- Revival Gold’s
Board of Directors has approved approximately 3,000 meters
of core drilling to commence in early July for open pit heap leach
oxide targets including:
- Roman’s
Trench – where reverse circulation drilling from 1990
intersected 1.95 g/t gold over 18 meters drilled width and 1.90 g/t
gold over 21 meters drilled width1. To date, Revival Gold has not
drilled at Roman’s Trench and the prospect offers the potential to
add higher-grade mineralization to the Company’s first phase heap
leach restart plans;
-
Haidee – to follow up on hole AC22-094D from last
year’s drill program which intersected 5.42 g/t gold over 10.2
meters drilled width including 9.62 g/t gold over 5.4 meters
drilled width2. The orientation of the higher-grade mineralization
in hole AC22-094D is unknown however, if this zone extends beyond
AC22-094D, it could add higher-grade material to the current Haidee
Mineral Resource; and,
- Additional
soil and/or geophysical anomalies – in the Ridge area west
of Haidee, up-dip and down-dip from the current Haidee Mineral
Resource and at depth beneath at Haidee.
Notes: 1 See Revival
Gold press release dated June 30th, 2017, 2 See Revival Gold press
release dated January 30th, 2023.
- Revival Gold’s
geologists have refined and expanded the Company’s
high-grade mineralization domains at Joss and extended the
domains a distance of approximately two kilometers through the
South Pit area. As underground mineralization at Beartrack-Arnett
grows, consideration is being given to eliminating the current open
pit model in the Joss area and incorporating those resources into
an expanded underground model.
- An extensive
property-wide data compilation and review is
underway. The compilation will reflect recent regional
geological mapping by the Idaho Geologic Survey (“IGS”) which has
interpreted the Panther Creek Fault to be a portion of the more
regionally extensive Coiner Fault system;
- Historical
CSAMT geophysical data is being reprocessed,
reinterpreted and combined with recent IGS mapping to refine
untested structural targets;
- Soil
geochemical survey lines have been planned to test new
under-cover target areas. Partial leach extraction will be used to
identify the presence of leakage along key structures to focus
future drilling for high-grade mineralization like that in the Joss
area; and,
- Consulting
structural geologist, Dr. Brett Davis, a specialist in
orogenic gold systems, has been retained and will be on
site later this season to further assist in understanding both the
geologic structure of the Beartrack-Arnett district and controls on
high-grade mineralization.
“Revival Gold is well underway with this year’s
multi-faceted exploration program. Enhancements to the underground
resource model, planned drilling on existing high priority oxide
targets, and new initiatives to identify undercover exploration
targets, will provide the Company with multiple, and potentially
significant, value catalysts through the balance of this year and
into next”, said Hugh Agro, President & CEO.
Qualified Persons
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
Revival Gold 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 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 103.7 million shares
outstanding and a cash balance of approximately C$6.0 million as of
May 16th, 2023. 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, 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 information” within the meaning of Canadian
securities legislation and “forward-looking statements” within the
meaning of U.S. securities legislation (collectively
“forward-looking statements”. Forward-looking statements 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
statements could cause actual events, results, performance,
prospects, and opportunities to differ materially from those
expressed or implied by such forward-looking statements. Forward
looking statements in this news release includes, but is not
limited to, the size of the Financing, the completion, terms and
expected closing date of the Financing, 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
statements 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 raise
additional funding, the manner the Company uses its cash or the
proceeds of an offering of the Company’s securities, 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 statements 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
statements, whether as a result of new information, future events
or otherwise, other than as required by law.
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