Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF)
(“Revival Gold” or the “Company”), is pleased to report results
from eight core drill holes completed in connection with the
Company’s 2023 exploration campaign at the Beartrack-Arnett Gold
Project (“Beartrack-Arnett” or the “Project”) located in Idaho,
USA. Each of the eight holes released today is from the
Haidee deposit area and intersected above cut-off grade, near
surface oxide gold mineralization.
Highlights
- 3.93 g/t gold over 20.6 meters1 including
19.6 g/t gold over 1.4 meters1 and 9.15
g/t gold over 4.3 meters1 in hole AC23-115D.
- 0.93 g/t gold over 12.8 meters1 and
0.47 g/t gold over 12.01 in AC23-106D.
- 0.55 g/t gold over 16.1 meters1 and
0.47 g/t gold over 14.3 meters1 in AC23-105D.
- 0.50 g/t gold over 14.4 meters1 in
AC23-110D.
1 True width is estimated to be 50% to 70% of
drilled width.
2023 drilling Haidee consisted of twelve core
drill holes and was designed to test various targets around the
current Haidee Mineral Reserve (see “Preliminary Feasibility Study
NI 43-101 Technical Report on the Beartrack-Arnett Heap Leach
Project, Lemhi County, Idaho, USA,” prepared by Kappes, Cassidy
& Associates, Independent Mining Consultants, Inc., KC Harvey
Environmental LLC, and WSP USA Environment & Infrastructure
Inc. dated August 2nd, 2023). In addition to the twelve holes at
Haidee, Revival Gold completed six core holes in three new target
areas at Beartrack-Arnett (Roman’s Trench, Midlands and Ridge) for
a total of 18 core drill holes and 3,350 meters in this year’s
exploration campaign. Results for two holes at Roman’s Trench were
released on September 27th, 2023. Results from the remaining eight
holes are expected next month.
Results from the eight holes released today
include AC23-106D and AC23-115D which were drilled to offset
high-grade mineralization encountered in hole AC22-094D (5.42 g/t
gold over 10.2 meters drilled width, see Revival Gold press release
dated January 30th, 2023) on the western flank of the Haidee
Mineral Reserve. Both drill holes from this year’s program
encountered additional high-grade mineralization with Hole
AC23-115D intercepting mineralization in a potential feeder
structure interpreted to have a north-northeast strike and a
moderate southeasterly dip. The intersections in AC22-094D,
AC23-106D and AC23-115D confirm the presence of higher-grade
mineralization outside the current reserve pit shape at Haidee and
the potential to meaningfully increase Mineral Reserves in this
area.
“The confirmation of higher grade near-surface
oxide gold mineralization beyond the current Mineral Reserve at
Haidee is a significant development,” said Hugh Agro, President
& CEO. “The results validate our team’s exploration case for
higher grade material and possible feeder structures at Haidee, and
they demonstrate tangible potential to meaningfully expand Revival
Gold’s proposed Haidee open pit and heap leach restart plans for
Beartrack-Arnett. We look forward to releasing this year’s
remaining drill results in the weeks ahead,” added Agro.
Detailed Results
Hole Number |
Area |
Azimuth(deg.) |
Dip(deg.) |
From (m) |
To (m) |
Drilled Width1(m) |
Fire Assay Gold Grade (g/t) |
AC23-105D |
Haidee-Deep |
34 |
-67 |
30.9 |
45.1 |
14.3 |
0.47 |
|
|
|
|
53.3 |
57.7 |
4.4 |
0.33 |
|
|
|
|
61.4 |
65.0 |
4.1 |
0.28 |
|
|
|
|
109.2 |
125.3 |
16.1 |
0.55 |
Incl. |
|
|
|
120.1 |
125.3 |
5.2 |
1.15 |
|
|
|
|
131.7 |
132.3 |
0.6 |
4.77 |
AC23-106D2 |
Haidee-AC23-094D offset |
215 |
-50 |
11.9 |
16.2 |
4.3 |
0.32 |
|
|
|
|
23.1 |
35.1 |
12.0 |
0.47 |
|
|
|
|
57.5 |
70.3 |
12.8 |
0.93 |
Incl. |
|
|
|
68.7 |
70.3 |
1.6 |
5.04 |
|
|
|
|
117.7 |
123.9 |
6.2 |
0.29 |
|
|
|
|
147.1 |
155.3 |
8.3 |
0.27 |
AC23-108D |
Haidee-Up-dip |
64 |
-61 |
72.7 |
77.0 |
4.3 |
0.93 |
|
|
|
|
187.4 |
189.6 |
2.2 |
0.33 |
AC23-110D3 |
Haidee-Up-Dip |
65 |
-63 |
10.1 |
24.4 |
14.4 |
0.50 |
Incl. |
|
|
|
11.4 |
13.0 |
1.5 |
2.92 |
|
|
|
|
43.4 |
46.2 |
2.8 |
0.40 |
|
|
|
|
101.2 |
106.1 |
4.9 |
0.53 |
|
|
|
|
113.1 |
116.7 |
3.7 |
0.38 |
|
|
|
|
121.3 |
127.4 |
6.1 |
0.38 |
AC23-112D |
Haidee-Down-Dip |
65 |
-61 |
13.1 |
20.0 |
6.9 |
0.61 |
Incl. |
|
|
|
18.5 |
20.0 |
1.5 |
2.25 |
|
|
|
|
48.0 |
50.6 |
2.6 |
0.42 |
|
|
|
|
55.8 |
58.8 |
3.0 |
0.45 |
|
|
|
|
64.9 |
69.5 |
4.6 |
0.80 |
|
|
|
|
93.9 |
98.1 |
4.3 |
0.38 |
|
|
|
|
106.1 |
112.2 |
6.1 |
0.34 |
AC23-114D4 |
Haidee-Down-Dip |
64 |
-61 |
12.3 |
18.0 |
5.7 |
1.44 |
Incl. |
|
|
|
16.5 |
18.0 |
1.5 |
3.52 |
|
|
|
|
57.6 |
60.7 |
3.0 |
0.56 |
|
|
|
|
73.3 |
75.3 |
2.0 |
0.39 |
|
|
|
|
79.9 |
86.3 |
6.4 |
1.23 |
Incl. |
|
|
|
85.2 |
86.3 |
1.1 |
5.25 |
|
|
|
|
98.1 |
100.7 |
2.6 |
0.69 |
|
|
|
|
117.0 |
120.1 |
3.0 |
0.45 |
|
|
|
|
148.9 |
155.0 |
6.1 |
0.39 |
AC23-115D5 |
Haidee-AC23-094D offset |
311 |
-56 |
2.1 |
5.8 |
3.7 |
0.48 |
|
|
|
|
23.8 |
26.8 |
3.0 |
0.57 |
|
|
|
|
34.4 |
39.0 |
4.6 |
0.25 |
|
|
|
|
104.3 |
124.8 |
20.6 |
3.93 |
Incl. |
|
|
|
105.4 |
106.8 |
1.4 |
19.6 |
Incl. |
|
|
|
120.6 |
124.8 |
4.3 |
9.15 |
AC23-117D6 |
Haidee-Down-Dip |
66 |
-61 |
5.2 |
11.6 |
6.5 |
0.56 |
|
|
|
|
16.5 |
19.2 |
2.7 |
0.56 |
|
|
|
|
39.8 |
46.6 |
6.8 |
1.20 |
Incl. |
|
|
|
39.8 |
41.4 |
1.6 |
3.55 |
|
|
|
|
54.1 |
63.4 |
9.3 |
0.43 |
|
|
|
|
87.3 |
91.9 |
4.6 |
0.26 |
|
|
|
|
122.8 |
127.4 |
4.6 |
0.75 |
|
|
|
|
|
|
|
|
1 True width is estimated to be 50% to 70% of drilled width. |
2 AC23-106D: 40% recovery from 29.4 meters to 30.4 meters |
3 AC23-110D: No recovery from 13.0 meters to 15.8 meters and 22.3
meters to 23.5 meters. These intervals were included in grade
calculations at 0 g/t gold. |
4 AC23-112D: 40% recovery from 13.1 meters to 14.6 meters; 50%
recovery from 16.2 meters to 17.7 meters |
5 AC23-115D: 35% recovery from 3.4 meters to 4.0 meters. |
6 AC23-117D: 35% recovery from 5.2 meters to 5.8 meters and 25%
recovery from 6.4 meters to 7.0 meters. |
|
Figures 1 (a) and 1 (b) below present plan and
section views of this year’s drilling in the Haidee deposit
area.
Figure 1 (a): 2023 Haidee Target Area
Drilling – Plan View
Figure 1 (b): 2023 Haidee Target Area
Drilling – Cross Section
Romans Trench Target
In addition to drill results from the Haidee
target area, Revival Gold is pleased to report results from a
channel sampling program at Roman’s Trench designed to follow up on
initial chip sampling from the Roman’s Trench access road (see
Revival Gold press release dated September 27th, 2023). A
continuous channel was cut across an 11.9-meter outcrop exposure to
obtain a more representative sample set. Eight samples were
taken at approximately 1.4-meter intervals along the length of the
channel. Five vertical crosscuts were also taken to
characterize the vertical and lateral distribution of gold in the
exposure. Gold values ranged from 0.04 g/t to 112 g/t gold
with two additional samples over 6 g/t gold. Due to the
nature of the exposure, samples were collected sub-parallel to the
strike and dip of the vein so sampled widths do not reflect the
true width of the structure. Nevertheless, these results further
support the presence of high-grade oxide gold mineralization in the
Roman’s Trench area and warrant additional follow-up.
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 Inc.
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.sedarplus.ca.
For further information, please contact: Hugh
Agro, President & CEO or Melisa Armand, Manager, 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 press 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 document 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. Specific reference is made
to the most recent Annual Information Form filed on SEDAR+ for a
more detailed discussion of some of the factors underlying
forward-looking statements and the risks that may affect the
Company’s ability to achieve the expectations set forth in the
forward-looking statements contained in this presentation. 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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/5eb64757-a91d-4a54-a170-1d276df88fea
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a276f1d-20a3-49cb-84b1-cda9e548469c
Revival Gold (TSXV:RVG)
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