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Revival Gold Inc
Symbol RVG
Shares Issued 56,479,910
Close 2020-08-18 C$ 1.01
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Revival Gold expands Beartrack drilling to 10,000 m

2020-08-19 07:50 ET - News Release

Mr. Hugh Agro reports

REVIVAL GOLD DOUBLES PLANNED DRILLING PROGRAM AT BEARTRACK-ARNETT

Revival Gold Inc. has made a significant expansion to the planned drilling program this year at the company's Beartrack-Arnett gold project located in Lemhi county, Idaho.

Highlights:

  • The initial 5,000-metre core drilling program with Boart Longyear Ltd. at Beartrack-Arnett has been expanded to 10,000 metres and now includes four target areas.
  • Drilling in the Haidee area at Arnett will include 3,000 metres (10 to 15 holes) of resource expansion drilling along strike from the existing Arnett mineral resource and an additional 2,000 metres (eight to 10 holes) of infill drilling to expand and upgrade the inferred resource at Haidee.
  • Drilling in the previously untested Rabbit area will help establish the scale of the mineralized system at Beartrack beyond its current 5.6-kilometre strike with approximately 2,000 metres (two to four holes) of drilling. Targets are located two and three kilometres south and on trend of the existing Beartrack mineral resource.
  • Drilling in the Joss area will follow up on prior high-grade gold intercepts in drill hole BT18-211 and test the area between the North pit and South pit areas with a total of approximately 3,000 metres (four to six holes).
  • In addition to expanding the planned drilling campaign, Revival Gold has expanded its planned geophysics program to 21 line kilometres of gradient array induced polarization resistivity (IP-RES) at Haidee, 13 line kilometres of gradient array IP-RES at Joss and five line kilometres of dipole-dipole IP-RES at Rabbit.

"Revival Gold has ramped up to complete the biggest exploration program to be undertaken at Beartrack-Arnett since the 1990s," said Hugh Agro, president and chief executive officer. "We will spend approximately $6-million on exploration and we will test several potential game-changing targets on the project. At the same time, we expect to deliver a preliminary economic assessment on the existing open-pit heap leachable resource before year-end and will advance other technical study work on both heap leach and mill material as recommended in the company's February, 2020, technical report."

Expanded 2020 exploration program

Last month Revival Gold mobilized Boart Longyear Ltd. for an initial 5,000-metre core drilling program at Beartrack-Arnett. Subsequently, following the close of the company's recent $15-million equity financing, Revival Gold's board of directors approved an expanded program of 10,000 metres of core drilling.

The 10,000-metre 2020 drilling program is intended to expand the leachable resource in the Haidee area at Arnett along strike in both directions, upgrade the 2020 inferred resource at Haidee to an indicated category and continue to build the scale of the known gold system at Beartrack beyond its current 5.6-kilometre known strike with drilling in three locations. The program will consist of approximately 5,000 metres of drilling at Arnett and 5,000 metres at Beartrack. An overview of all planned 2020 drill hole collar locations is depicted in an image on the company's website.

Of the 5,000 metres of core drilling planned for Arnett, an estimated 3,000 metres (10 to 15 holes) are designated for resource expansion. Resource expansion drilling will be completed along strike in both directions and updip of the current resource in the Haidee area. Resource expansion drill holes will be drilled to an approximate depth of 150 metres on 60-metre spacing.

The remainder of the planned Arnett drilling (approximately 2,000 metres in eight to 10 holes) is infill drilling intended to upgrade the 2020 inferred resource at Haidee to the indicated category. Resource upgrade infill drill holes will be drilled to an approximate depth of 150 metres on 30-metre spacing. All planned 2020 Arnett drill holes in the Haidee area are approved for drilling.

In addition to drilling at Arnett, Revival Gold's 2020 drill program will include 5,000 metres of core drilling targeted to continue to build on the scale of mineralization at Beartrack. The current targets of greatest exploration interest at Beartrack are in the Rabbit area, the southern end of the Joss area, and between the North and South pit. An image on the company's website illustrates the planned program at Beartrack in the Rabbit and Joss areas.

The Rabbit area has been targeted by Revival Gold based on an airborne magnetics anomaly and property-wide mapping. This undrilled target area is located beneath post-mineralization cover and represents a high-value opportunity given its position within, or proximity to, the Panther Creek shear zone (PCSZ) and its intersection with interpreted cross-faulting structures such as the Coiner fault. Structural intersections represent attractive exploration targets because they are areas of increased rock fracturing, which is favourable for the flow of hydrothermal fluids that can deposit minerals such as gold. Approximately 2,000 metres (two to four holes) are planned in the Rabbit area.

The target area between the North and South pits lies along the PCSZ between two mineralized bodies and has largely been untested by drilling at depth.

In the Joss area drilling has been planned to continue to test the southern extension of the existing mineral resource and to follow up several intriguing high-grade gold intersections encountered east of the PCSZ in core hole BT18-211D.

                          BT18-211D INTERSECTIONS EAST OF THE PCSZ
  
Hole No.        From      To    Drilled width  Est. true width (1)    Fire assay gold grade
                 (m)     (m)              (m)                  (m)                    (g/t)

BT18-211D      102.7   103.9              1.2                  0.7                     9.29
               158.3   159.8              1.5                  0.9                     6.98
               188.5   190.0              1.5                  0.9                     7.87
               198.4   200.9              2.4                  1.3                     7.48
incl.          198.4   199.7              1.3                  0.7                     10.3
               217.9   222.1              4.2                  2.4                     5.37
incl.          217.9   219.2              1.2                  0.7                    12.35
incl.          220.7   221.2              1.4                  0.8                     4.91
               237.1   241.4              4.3                  2.4                     5.13
incl.          238.7   239.6              0.9                  0.5                    12.85

(1) True width estimates are based on a vertically dipping mineral zone. Drill holes 
typically steepen during drilling so the inclination of the drill hole at depth may not 
be the same as the inclination in the mineralized zone.

The intervals in the associated table were previously reported in 2018 (press release dated Dec. 4, 2018) within broader mineralized intervals but individual high-grade gold intercepts outside the PCSZ are, at present, poorly understood. Drilling and geophysics (details below) this year are intended to clarify the relationship of these intervals with respect to the PCSZ.

Approximately 3,000 metres (four to six holes) are planned in the Joss area between the North pit and South pit. These drill holes are all approved for drilling.

In addition to core drilling, Revival Gold is planning a ground geophysical program to follow up airborne magnetics and soil sampling completed in 2019. The geophysics have been contracted to Geofisica TMC SA de CV under the direction of Revival Gold's consulting geophysicist, Dr. Craig Beasley PhD, Wave Geophysics LLC.

At Arnett, two square kilometres (21 line kilometres) of gradient array IP-RES are proposed for the Haidee area. The geophysical grid will cover the Haidee resource area, extending to the southeast into an area known as the Midlands. Much of the area to be covered by the gradient array IP-RES at Arnett is at least partially covered by postmineral deposits that obscure surface indications of mineralization. Gold anomalies identified during Revival Gold's 2019 soil sampling program suggest that the mineralized structure at Haidee, and/or structures parallel to it, may continue under the postmineral cover. The gradient array IP-RES is intended to identify structures in these covered areas.

At Beartrack, one square kilometre (13 line kilometres) of gradient array IP-RES is planned for the southern end of the Joss resource area. The intention is to identify secondary structures that could be controlling mineralization at Joss, specifically the higher-grade intersections encountered in hole BT18-211D east of the PCSZ.

Two dipole-dipole IP-RES lines (five line kilometers) are planned over the magnetic low on the Coiner fault in the Rabbit area. Dipole-dipole IP-RES lines at Rabbit are intended to identify possible mineralization at depth and to help estimate the depth to the geophysical target.

Revival Gold has a robust health and safety program, which includes a strong policy with respect to COVID-19. The policy is designed to keep Revival Gold employees and contractors safe as well as to protect the local community. Revival Gold's COVID-19 policy includes plans to prevent infection, to limit the spread of infection should a team member become infected and a contingency plan should a temporary shutdown be necessary.

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 formerly 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.

We seek Safe Harbor.

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