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Revival Gold drills 84.6 m of 2.7 g/t Au at Beartrack

2021-08-05 09:35 ET - News Release

Mr. Hugh Agro reports

REVIVAL GOLD INTERSECTS 11.8 G/T GOLD OVER 2.5 METERS AND 5.4 G/T GOLD OVER 5.8 METERS WITHIN 84.6 METERS OF 2.7 G/T GOLD AT BEARTRACK-ARNETT

Revival Gold Inc. has released its initial results from the company's 2021 drilling program and has provided an update on exploration at the past-producing Beartrack-Arnett gold project located in Idaho, United States.

Highlights:

  • Two core holes have been completed to date on the Joss high-grade gold target as part of Revival Gold's 2021 drilling program.
  • BT21-237D intersected a wide, strongly mineralized interval of 2.67 grams per tonne (g/t) gold over 84.6 metres, including 11.79 g/t gold over 2.5 metres and 5.36 g/t gold over 5.8 metres.
  • BT21-238D, along strike approximately 150 metres north of BT21-237D, intersected what appears to be a similar stockwork, also hosted by the Proterozoic Yellowjacket formation. Assays results are pending.
  • A third hole, BT21-236D, was abandoned due to difficult drilling conditions short of the target and a fourth hole, BT21-239D, is currently in progress about 400 metres south on strike of the southern most drill hole to date at Joss. About 1,500 metres of this year's planned 2,500-metre drilling program at Joss have been completed since the start of drilling in June.
  • A second drill rig arrived at the project this week to accelerate the pace of drilling at Beartrack-Arnett. The rig is being mobilized to the Haidee heap leach gold target area, where an additional 2,500 metres of drilling, including geotechnical, hydrological and approximately 10 exploration core holes, are planned for this season.

"High-grade gold mineralization is exactly what we were hoping to find at Joss and today's results from BT21-237D continue to demonstrate the significant scale and high-grade potential of this area at Beartrack-Arnett. We are now under way on a large stepout drill hole and expect further assay results from Joss by early September. Work has also commenced at Haidee where we have potential to add near-surface leachable resources and optimize engineering factors for our phase 1 mine restart plan. Last year's drilling at Haidee revealed the extension of stacked mineralized structures updip to the northeast and we are excited to get back into this area to further test the potential," said Hugh Agro, Revival Gold president and chief executive officer.

Details

Detailed results for the drill hole released today are presented in the attached table.

Contained within the broader mineralized intersection in BT21-237D are several intervals of higher-grade mineralization. The mineralized interval in drill hole BT21-237D is broader, with more high-grade mineralization than that encountered in drill hole BT20-220D, which is located approximately 60 metres to the south along the Panther Creek shear zone. BT18-220D intersected 38.8 metres averaging 1.79 g/t gold, including three metres of 8.84 g/t gold (see press release dated Dec. 4, 2018).

Drill hole BT21-236D intersected weakly anomalous gold mineralization before being abandoned because of difficult drilling conditions short of the target zone at a depth of 223 metres. Samples from drill hole BT21-238D have been submitted to ALS Geochemistry for assay, while drilling on hole BT21-239D is under way.

Drilling at Haidee this summer will consist of 2,500 metres of engineering and exploration core drilling to augment and expand on the current Haidee mineral resource with the objective to increase mine life for the first phase restart of gold production from Beartrack-Arnett.

Haidee hosts a December, 2020, indicated mineral resource of 2.5 million tonnes grading 0.65 g/t gold for 52,000 ounces gold and an inferred mineral resource of 8.2 million tonnes grading 0.55 g/t gold for 144,000 ounces gold. The deposit remains open in all directions. A recent computer modelling and machine learning initiative (artificial intelligence (AI)) conducted for the company by Mira Geoscience Inc. highlighted a cluster of targets encompassed within a four-kilometre diameter around the current mineral resource at Haidee. Most of these targets have yet to be drill tested.

In 2020, after initiating the December, 2020, mineral resource estimate, Revival Gold completed 23 infill and exploration core holes at Haidee, all of which intersected oxide gold mineralization close to surface. Drilling highlights included 0.93 g/t gold over 28.3 metres and 0.86 g/t gold over 48.5 metres. These results, together with drilling results from this year, will be incorporated into an updated mineral resources estimated targeted for completion in Q1 2022.

Qualified person

Steven T. Priesmeyer, CPG, vice-president of exploration for Revival Gold, 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, United States.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A preliminary economic assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an all-in sustaining cost (AISC) of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current indicated mineral resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and inferred mineral resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometres and is open on strike and at depth. Mineralization at Arnett is open in all directions.

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