Revival Gold
Inc. (TSXV: RVG,
OTCQB: RVLGF) (“Revival Gold” or
the “Company”), a growth‐focused gold exploration and development
company, announces results from the first seven holes from the
Company’s 2020 drilling program and provides an update on
exploration at the former producing Beartrack Gold Project
(“Beartrack”) and the adjacent Arnett Gold Project (“Arnett”)
located in Lemhi County, Idaho.
All seven exploration drill holes released today
from the Haidee target area at Arnett intersected near-surface
leachable mineralization along the northwestern and southeastern
strike extension of the Haidee deposit. Results indicate that the
structures that control mineralization are continuous along strike
and have extended known mineralization beyond the current resource
approximately 100 meters to the northwest and 50 meters to the
southeast. Highlights include:
-
0.63 g/t Au over
22.9
meters1 in
AC20-43D
-
0.38 g/t Au over
41.0
meters1 in
AC20-42D
- 0.30 g/t
Au over 9.9
meters1 in
AC20-41D
1 Drilled width; true
width estimated to be approximately equivalent to drilled
width.
A total of 30 exploration and infill drill holes
for approximately 4,900 meters have been completed by two rigs on
the Haidee target since drilling began on August 4th, 2020. With
the completion of drilling at Haidee the two rigs will now be moved
to Beartrack. One rig will drill at the new Rabbit target area
approximately 3 km south of the current resource at Beartrack and
the second rig will pursue potential extensions of mineralization
between the North and South Pits at Beartrack.
A third drill rig was mobilized to Beartrack on
September 23rd, 2020 and has completed an initial 470-meter
exploration drill hole between the North and South Pits. This hole,
BT20-226D, intersected the Panther Creek Shear Zone (“PCSZ”), the
primary control for Beartrack mineralization, and encountered both
oxidized and unoxidized sulfides. Four follow-up holes are planned
for this area and drill pad preparation is underway.
Assay results from BT20-226D and the remaining
23 holes at Haidee, will be released as the results become
available. The third rig is currently drilling in the Joss area at
the south end of the current Beartrack resource.
“This year’s drill program is off to a strong
start with initial results that have expanded the footprint of heap
leach mineralization in the Haidee area at Arnett and confirmed the
continuity of the PCSZ between the North and South Pits at
Beartrack”, said Hugh Agro, President and CEO.
Drill
Results
Detailed results for the drill holes 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) |
AC20-040D2 |
Haidee |
61.5 |
-60.0 |
84.7 |
94.8 |
10.1 |
0.20 |
|
|
|
|
135.9 |
138.8 |
2.9 |
0.61 |
AC20-041D3 |
Haidee |
64.0 |
-57.4 |
33.8 |
42.2 |
8.4 |
0.19 |
|
|
|
|
91.3 |
101.2 |
9.9 |
0.30 |
AC20-042D |
Haidee |
60.6 |
-60.5 |
80.9 |
121.9 |
41.0 |
0.38 |
Incl. |
|
|
|
106.5 |
112.0 |
5.5 |
1.22 |
|
|
|
|
135.6 |
138.4 |
2.7 |
0.50 |
AC20-043D4 |
Haidee |
68.6 |
-62.0 |
134.7 |
157.6 |
22.9 |
0.63 |
Incl. |
|
|
|
144.4 |
154.1 |
9.7 |
1.56 |
Incl. |
|
|
|
151.5 |
152.7 |
1.2 |
5.39 |
AC20-044D |
Haidee |
62.6 |
-59.4 |
10.4 |
24.1 |
13.8 |
0.18 |
|
|
|
|
39.4 |
44.3 |
4.9 |
0.44 |
AC20-045D |
Haidee |
64.8 |
-61.0 |
51.8 |
53.9 |
2.1 |
0.50 |
AC20-046D5,6 |
Haidee |
61.6 |
-60.8 |
30.6 |
38.6 |
8.0 |
0.30 |
|
|
|
|
56.5 |
57.9 |
1.4 |
3.95 |
|
|
|
|
111.4 |
112.0 |
0.6 |
5.17 |
|
|
|
|
128.6 |
129.5 |
0.9 |
7.60 |
1 True width
estimated to be approximately equivalent to drilled width. Numbers
may not add up due to rounding.2 Core recovery for the interval
138.4 meters to 138.8 meters was 36%.3 Core recovery for the
interval 35.6 meters to 36.3 meters was 33%.4 Core recovery for the
interval 149.7 meters to 150.0 meters was 40%.5 Core recovery for
the upper 30 meters of hole AC20-046D was poor so this portion of
the hole was not sampled. The upper 30 meters were redrilled as
hole AC20-064D. Results are pending.6 Core recovery for the
interval 30.5 meters to 35.5 meters was 40%.
Figure 1 below is a plan view of the Arnett
Haidee target area describing the collar locations for all 30 drill
holes completed in this year’s drill program (including those for
which results were released today).
Figure
1: Arnett
Haidee Target Area Drill
Program
A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/84f9d7ef-9c1b-4a0d-bb52-3a83cf28a1e0
Geophysical Program Update
Revival Gold’s 2020 ground geophysical program
by Geofísica TMC, S.A. de C.V. is now complete. The original plan
called for the completion of two square kilometers (21
line-kilometers) of gradient-array induced polarization-resistivity
(“IP-RES”) at Arnett, one square kilometer (13 line-kilometers) of
gradient-array IP-RES at Beartrack in the Joss area and five
line-kilometers of dipole-dipole IP-RES in two lines in the Rabbit
area at Beartrack.
At Arnett, the gradient-array IP-RES program was
expanded to cover six square kilometers (65 line-kilometers) while
the Beartrack program remained unchanged. The survey was expanded
to cover the area from the Haidee target to the Italian mine,
Roman’s Trench and the Shenon Gulch area, where several unexplained
gold soil anomalies were identified in Revival Gold’s 2019 soil
sampling program in which samples were collected from the A horizon
and submitted to ALS Global for analysis by their Ionic Leach
process, a method designed to detect subtle geochemical
anomalies.
Preliminary results of the IP-RES survey have
been received and the interpretation by consulting geophysicist,
Craig Beasley, Wave Geophysics LLC, is underway. Results are
expected in November.
Geologic Mapping Program
Revival Gold’s 2019 property-wide geologic
mapping and rock sampling program at Beartrack-Arnett was cut short
by the early arrival of winter. The intention of the 2020 field
program was to map and prospect the remainder of the Company’s land
position. Mapping has now been completed and data are being
compiled. An updated geologic map and rock sample assay results are
expected before year-end.
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.
Revival Gold has approximately 71.2 million
shares outstanding and had a cash balance of approximately $12.5
million on September 30th, 2020. 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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