Mr. Hugh Agro reports
REVIVAL GOLD COMMENCES PRELIMINARY ECONOMIC ASSESSMENT ON BEARTRACK-ARNETT HEAP LEACH PROJECT
Revival Gold Inc. has commenced work on a preliminary economic assessment (PEA) for the first phase heap leach component of the Beartrack-Arnett gold project.
Revival Gold has engaged Wood PLC, a globally recognized engineering and consulting firm with key personnel in Toronto, Ont., and Boise, Idaho, as lead consultant for the PEA. Environmental and mine permitting input will be provided by Bozeman-based KC Harvey Environmental LLC, and the project will be managed by Rodney Cooper, PEng, the company's senior technical adviser. PEA completion is expected by year-end 2020.
"Beartrack-Arnett offers the potential for a relatively efficient resumption of heap leach gold production from the project's existing operational footprint and infrastructure," said Hugh Agro, president and chief executive officer. "We are delighted to be in a position to take this next step in the evaluation of Beartrack-Arnett's heap leach potential while at the same time continuing to progress exploration at the project for both heap leach and mill material," Mr. Agro added.
Beartrack-Arnett is the largest former producing gold mine in the state of Idaho. The project is gold only and hosts an indicated mineral resource of 36.4 million tonnes at 1.16 grams per tonne gold containing 1.35 million ounces of gold and an inferred mineral resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold (see Revival Gold press release dated Feb. 3, 2020). Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Within the indicated mineral resource and inferred mineral resource, Beartrack-Arnett hosts 14.2 million tonnes at 0.58 g/t gold containing 264,000 ounces of gold and 18.3 million tonnes at 0.54 g/t gold containing 316,000 ounces of gold, respectively, of heap leach material.
The mineral resource estimate was prepared by Roscoe Postle Associates Inc. with an effective date of Dec. 10, 2019. Today's announced PEA will focus on the heap leach component of the mineral resource described above. Further details on the mineral resource estimate are contained in the technical report available at the company's website and on SEDAR.
Steven T. Priesmeyer, CPG, vice-president, 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 has the right to acquire a 100-per-cent 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-per-cent interest in the neighbouring Arnett gold project.
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