Mr. Hugh Agro reports
REVIVAL GOLD DRILLING PROGRAM NOW 25% COMPLETE; THIRD DRILL RIG SECURED FOR BEARTRACK-ARNETT
Revival Gold Inc. has provided information on the status of exploration and development activities at the company's Beartrack-Arnett gold project located in Lemhi county, Idaho.
Following a successful $15-million equity financing in August, Revival Gold doubled its planned drilling program to 10,000 metres with two drill rigs covering four target areas. The company today reports that the expanded drill program is now 25 per cent complete and that a third drill rig will soon be mobilized. Meanwhile, Revival Gold's preliminary economic study (PEA) on the potential restart of heap leach operations at Beartrack-Arnett is progressing through trade-off studies and remains on track for completion and release by year-end.
"Revival Gold's exploration team has made solid progress to date with this year's drilling at Beartrack-Arnett. The project hosts 10 to 11 kilometres of favourable structure and the addition of a third drill rig will accelerate the pace of the remaining program this year," said president and chief executive officer Hugh Agro. "We are also encouraged by the progress being made by Wood PLC on Revival Gold's heap leach PEA," Mr. Agro added.
Fifteen holes totalling approximately 2,450 metres have been completed this season to date at the Haidee target at Arnett. Drilling to date amounts to approximately 25 per cent of the 10,000 metres of drilling planned for Beartrack-Arnett in the current program. Assay results from the first batch of drill holes this season are expected to be released by mid-October.
A third Boart Longyear core drill rig has been secured and is due to arrive on site in late September. Drilling this year at Beartrack-Arnett will continue, weather and access dependent, through to the end of December.
Revival Gold's geophysical contractor, Geofisica TMC SA de CV, arrived on site in late August. Twenty-one line kilometres of gradient array induced-polarization-resistivity (IP-RES) geophysical survey has been completed at Arnett and the geophysical crew has moved on to initiate planned surveys at Beartrack.
The program of geologic mapping and sampling at Arnett that commenced in July is expected to be completed by the end of September. The program has covered approximately 19 square kilometres to date. Over the past year, geologic work on the Arnett property has clarified several important geologic relationships including expanding Revival Gold's understanding of potential host rocks for gold mineralization and clarifying the structural model for the district. The result of this work has been the identification of new conceptual targets for potential future testing.
The Beartrack-Arnett heap leach PEA is on track for completion and release by year-end. Wood PLC, the principal consultant for the study, is completing trade-off studies this month. Trade-off study work has focused on trucking ore from Arnett to a heap leach pad at Beartrack, crusher configurations at Beartrack, mining equipment selection and grade optimization in the early part of the mine life. Engineering work will now focus on completing capital and operating cost estimates and finalizing the project financial model.
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 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.
Beartrack-Arnett is the largest past-producing gold mine in Idaho and hosts the second-largest known deposit of gold in the state. A preliminary economic assessment is under way on the potential restart of a phase one open-pit heap leach operation and exploration continues focused on expanding the current indicated mineral resource of 36.4 million tonnes at 1.16 grams per tonne gold containing 1.35 million ounces of gold and inferred mineral resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five km and is open on strike and at depth. Mineralization at Arnett is open in all directions.
For further details, including key assumptions, parameters and methods used to estimate the mineral resources, please see the company's technical report titled "Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA" dated Feb. 21, 2020.
Revival Gold has approximately 71.2 million shares outstanding and a current cash balance of approximately $13.9-million as at Sept. 1, 2020. Additional disclosure including the company's financial statements, technical reports, news releases and other information can be obtained at the company's website or on SEDAR.
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