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 – Standards of
Disclosure for Mineral Projects (“NI 43-101”) on the
Beartrack-Arnett Heap Leach Project (“Beartrack-Arnett” or the
“Project”), titled “Preliminary Feasibility Study NI 43-101
Technical Report on the Beartrack – Arnett Heap Leach Project,
Lemhi County, Idaho, USA” (the “Technical Report”). The Technical
Report supports disclosure made by the Company in its news release
dated July 11th, 2023, titled “Revival Gold Marks Impressive
Continued Growth in Mineral Resource and Advances Open Pit Heap
Leach Restart Plans with PFS”. There are no material differences in
the Technical Report from those results disclosed in the July 11th,
2023, news release.
Mineral Resource Update
Highlights
- The updated Mineral
Resource is based on 172,244 meters of drilling through the end of
2022 and contains:
- A Measured &
Indicated Mineral Resource of 86.2 million tonnes at
0.87 g/T gold containing 2.42 million ounces of
gold1, an increase of
14% over the 2022 Measured & Indicated Mineral
Resource2; and,
- An Inferred Mineral
Resource of 50.7 million tonnes at 1.34 g/T gold
containing 2.19 million ounces of gold1, an
increase of 13% over the 2022 Inferred Mineral
Resource2;
- Contained
gold in open pit heap leach Measured & Indicated Resources
increased 142%2 to 42.3 million tonnes at 0.70 g/T gold
containing 959,000 ounces of gold with additional Inferred
Resources of 6.3 million tonnes at 0.53 g/T gold containing 108,000
ounces of gold; and,
- Contained gold in
underground mill Inferred Resources increased 180%
to 6.7 million tonnes at 4.0 g/T gold containing 877,000 ounces of
gold with a 33% increase in grade over the 2022
Inferred Mineral Resource2.
Open Pit Heap Leach Restart PFS
Highlights
- Inaugural
Proven & Probable open pit heap leach Mineral
Reserve of 36.2 million tonnes at 0.74 g/T gold for 859,000
ounces of gold3;
- Average
gold production of 65,300 ounces of gold per year, for a
total of 529,100 ounces of gold over an eight-year mine
life;
-
Pre-production capital of $109 million, working
capital of $5 million, and life-of-mine (“LOM”) sustaining capital
of $100 million, reflecting only a modest increase in capital
relative to the 2020 Preliminary Economic Assessment;
- Total cash
cost of $986 per ounce and All-In Sustaining Cost
(“AISC”) of $1,235 per ounce of gold;
- After-tax
NPV at a 5% discount rate
(“NPV5%”) of $105
million and after-tax IRR of 24.3% at $1,800 per
ounce gold increasing to an NPV5% of $138 million and
after-tax IRR of 29.5% at $1,900 per ounce gold;
- After-tax
payback period of 3.4 years at $1,800 per ounce
gold decreasing to 3.1 years at $1,900 per ounce
gold;
- Low
technical and execution risk of a brownfield project with
existing infrastructure, minimal pre-production earthworks and mine
pre-stripping, limited planned disturbance outside the Project’s
current footprint, and a high proportion of low-risk pre-production
capital expenditures on mechanical equipment;
- Excellent
additional exploration potential with exploration drilling
currently underway on high grade open pit oxide opportunities at
Roman’s Trench and Haidee that offer near term opportunities to
extend the open pit heap leach PFS mine life; and,
- Opportunity
to pursue a potential second phase mill operation with
Mineral Resources that provide optionality to begin underground or
with an open pit, or concurrently develop both.
The full Technical Report prepared by Kappes,
Cassiday & Associates of Reno, Nevada, Independent Mining
Consultants, Inc. of Tucson, Arizona, KC Harvey Environmental of
Bozeman, Montana and WSP USA Environment & Infrastructure Inc.
of Reno, Nevada, and dated August 2nd, 2023, with
an effective date of June 30th, 2023, 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
John P.W. Meyer, Vice President Engineering and
Development, P.Eng., and Steven T. Priesmeyer, C.P.G., Vice
President Exploration, are the Company’s designated QPs for this
news release within the meaning of NI 43-101 and have reviewed and
approved its scientific and technical content. Mr. Priesmeyer’s
review focused on the geological representativity of the Mineral
Resource numerical models, including review of the laboratory and
field data that support the models, while Mr. Meyer’s review
focused on mine, process and infrastructure designs, capital and
operating costs, and financial modeling.
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. The project benefits from extensive existing
infrastructure and is the subject of a recent Preliminary
Feasibility Study for the potential restart of open pit heap leach
gold production operations.
Since reassembling the Beartrack-Arnett land
position in 2017, Revival Gold has made one of the largest new
discoveries of gold in the United States in the past decade. 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.
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 include, but are
not limited to, the Company’s objectives, goals and future plans,
and statements of intent, the implications of exploration results,
mineral resource/reserve estimates and the economic analysis
thereof, exploration and mine development plans, timing of the
commencement of operations, estimates of market conditions, and
statements regarding the results of the pre-feasibility study,
including the anticipated capital and operating costs, sustaining
costs, net present value, internal rate of return, payback period,
process capacity, average annual metal production, average process
recoveries, concession renewal, permitting of the project,
anticipated mining and processing methods, proposed pre-feasibility
study production schedule and metal production profile, anticipated
construction period, anticipated mine life, expected recoveries and
grades, anticipated production rates, infrastructure, social and
environmental impact studies, availability of labour, tax rates and
commodity prices that would support development of the Project.
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 maintain the
modelling and assumptions upon which the interpretation of results
are based after further testing, 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, changes in regulatory
requirements, political and social risks, uncertainties relating to
the availability and costs of financing needed in the future,
uncertainties or challenges related to mineral title in the
Company’s projects, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity and in particular gold
prices, delays in the development of projects, capital, operating
and reclamation costs varying significantly from estimates, the
continued availability of capital, accidents and labour disputes,
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, future climatic conditions,
the discovery of new, large, low-cost mineral deposits, the general
level of global economic activity, disasters or environmental or
climatic events which affect the infrastructure on which the
project is dependent, 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.
1 Estimates based on a gold price of $1,900 per
ounce. All figures in this news release are in Metric units and in
$US unless stated otherwise.2 See Revival Gold’s May 16th, 2022,
news release and NI 43-101 Technical Report by Wood plc dated July
13th, 2022.3 Proven and Probable Mineral Reserves were estimated at
a gold price of $1,700 per ounce.
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