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Revival Gold Inc
Symbol RVG
Shares Issued 71,184,267
Close 2021-10-15 C$ 0.65
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Revival Gold completes 2021 drilling at Beartrack

2021-10-18 10:28 ET - News Release

Mr. Hugh Agro reports

REVIVAL GOLD COMPLETES DRILL PROGRAM AND PROVIDES EXPLORATION UPDATE

Revival Gold Inc. has completed its 2021 drilling program at the Beartrack-Arnett gold project located in Idaho, the United States. During the year, Revival Gold drilled 20 core holes for a total of 4,900 metres.

Initial drill results released in August and in September confirmed the continuity of high grades within broad zones of gold mineralization in the Joss target area. Joss extends over a strike of one kilometre, has been drilled to a depth of about 500 metres, and is open to the north and south and at depth.

  • BT21-237D intersected 11.79 grams per tonne gold over 2.5 metres and 5.36 g/t gold over 5.8 metres within 84.6 metres at 2.67 g/t gold (see Aug. 5, 2021, press release);
  • BT21-238D intersected 6.79 g/t gold over six metres and 12.6 g/t gold over 1.2 metres within 2.84 g/t gold over 50 metres (see Sept. 7, 2021, press release).

Beyond the one kilometre of known mineralized strike at Joss, BT21-239DB, collared approximately 400 metres south of the southernmost drill hole in the area, intersected a zone of fracture-controlled sericite alteration. Geochemical analysis confirmed the presence of weakly anomalous gold and arsenic values before the hole encountered an unexpected postmineral fault that may have displaced the continuation of Joss mineralization in this area. While the direction and amount of displacement is unknown at this time, this is an encouraging result that suggests mineralization may extend beyond current drilling.

Wrapping up the Joss program this year, Revival Gold completed drill hole BT21-240D to test continuity of gold mineralization between BT-237D and BT-238D. BT21-240D intersected the intended structure. Assay results are pending.

In the Haidee target area, Revival Gold completed a total of 15 engineering, infill and exploration core holes in the near-surface oxide material. Four of the holes were drilled for geotechnical and hydrological purposes. These holes will help guide pit slope parameters and provide necessary ground water data in preparation for next year's first phase heap leach prefeasibility study.

The remaining drill holes at Haidee this year were targeted to upgrade and potentially expand on the resource at Haidee. The deposit remains open in all directions. Follow-up drilling to test the four-kilometre diameter target area that surrounds current mineral resources at Haidee is currently in the permitting process for 2022. The 2021 Haidee assay results are pending.

"Revival Gold's exploration team experienced no lost-time incidents and delivered outstanding initial results from this year's drill program," said Hugh Agro, president and chief executive officer. "Remaining 2021 drill results will be released over the next two months. Our team's focus will now turn to updating the Beartrack-Arnett geological model in preparation for a resource update expected in the first quarter of 2022 and the completion of metallurgical and geotechnical work for the first phase heap leach prefeasibility study expected by the end of next year."

Quality assurance/quality control program

Quality assurance/quality control consists of the regular insertion of certified reference materials, duplicate samples and blanks into the sample stream. Check samples are submitted to an umpire laboratory at the end of the drilling program. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples are submitted to the ALS Geochemistry sample preparation facility in Twin Falls, Idaho. Gold analyses are performed at the ALS Geochemistry laboratory in Reno, Nev., or Vancouver, B.C., and multielement geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, B.C. ALS Minerals is an ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) 17025:2017 accredited lab.

Gold assays are determined on samples consisting of half drill core by fire assay and AAS (atomic absorption spectroscopy) on a 30-gram nominal sample weight (Au-AA23) for Beartrack, and fire assay and AAS on a 50-gram nominal sample weight (Au-AA24) for Arnett. For shallow holes targeting leachable mineralization, gold is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13). Multielement geochemical analyses are completed on selected drill holes using the ME-MS 61M method.

Qualified person

Steven T. Priesmeyer, CPG, vice-president of exploration, 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, the 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 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 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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