22:12:56 EST Tue 30 Nov 2021
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Revival Gold Inc
Symbol RVG
Shares Issued 71,184,267
Close 2021-09-22 C$ 0.70
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Revival met tests recover up to 92% Au at Beartrack

2021-09-22 09:34 ET - News Release

Mr. Hugh Agro reports

REVIVAL GOLD COMPLETES POSITIVE INITIAL STAGE OF 2021 HEAP LEACH TEST WORK PROGRAM

Revival Gold Inc. has completed the initial stage of the company's 2021 heap leach metallurgical test work program for the Beartrack-Arnett gold project located in Idaho, U.S. The work is being performed by SGS Lakefield under the direction of metallurgical staff from Revival Gold's engineering consultant, Wood.

Sample material, consisting of 1.94 tonnes of material from Beartrack and 0.80 tonne of material from Arnett, was delivered to SGS in June, 2021. The first stage of the test work program included head analysis, acid base accounting and bottle roll tests. The second stage of the program consists of column tests and will commence this month.

The primary goal of the test work program is to optimize Beartrack-Arnett heap leach recoveries and build on previous test work used in Revival Gold's 2020 phase one heap leach preliminary economic assessment (PEA). Results will be used to establish recovery parameters for a heap leach prefeasibility study (PFS), which is scheduled to be completed by Wood in the second half of 2022.

Bottle roll tests were undertaken at three crush sizes (12.5 millimetres, 25 millimetres and 38 millimetres), with nine tests per size, for a total of 27 tests. The effect of crush size on overall gold recovery was evaluated. While these results do not represent the ultimate gold extraction levels to be used in the PFS, they are generally consistent with, or more favourable than, recovery assumptions used in the PEA.

"While continuing to drill, Revival Gold is taking steps to optimize and derisk its first phase heap leach plans for Beartrack-Arnett. Today's initial results from this year's heap leach metallurgical program are encouraging and generally consistent with, or more favourable than, the recovery assumptions used in our PEA," said Hugh Agro, president and chief executive officer. "Final results from the current metallurgical program, including results from the column tests under way, along with results from the past two year's exploration drilling, will establish the foundation for a mineral resource update in early 2022, a PFS by the end of 2022 and, potentially, a subsequent decision to proceed with the first phase restart of heap leach gold production at Beartrack-Arnett."

The second stage of Revival Gold's metallurgical test work program will consist of 12 standard column tests including tests on Beartrack oxide, transition and sulphide mineralization, and Arnett oxide gold mineralization. The tests will also include the evaluation of a mixed sample consisting of 50 per cent Beartrack oxide and 50 per cent Beartrack sulphide material.

Column tests will be undertaken over 120-day, 180-day, 240-day and 360-day periods. The total program will require one year to complete. The longer test periods are intended to capture the effect of blending transition and sulphide mineralization into the leach pads with respect to metallurgical and environmental behaviour. Based on the results from the bottle roll tests reported above, columns were set to a P80 crush size of 38 millimetres. This size is consistent with the standard crushing system adopted in the PEA and will allow for optimal leach kinetics.

The PEA featured Beartrack-Arnett mineralization amenable to gold recovery using standard cyanide heap leach processing. This first phase project encompasses less than one-third of the available mineralized material in the overall project resource. The estimated average recovery of gold from the heap leach pad in the PEA was estimated to be 60 per cent reflecting average recoveries of 87 per cent for oxide material, 55 per cent for transition material and 28 per cent for sulphide material. Historical heap leach recoveries at the Beartrack mine averaged approximately 70 per cent of contained gold. Historical test work on Arnett material indicated that the material tested is highly amenable to gold recovery by cyanide leaching. Tests were leached for 48 hours and resulted in gold extractions of 85 to 95 per cent.

Qualified person

Rodney A. Cooper, PEng, a QP and a consultant to the company, 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, U.S.

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 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 grams per tonne gold containing 1.36 million ounces of gold and inferred mineral resource of 47.1 million tonnes at 1.08 grams per tonne 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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