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Revival Gold Inc
Symbol RVG
Shares Issued 71,183,166
Close 2020-10-14 C$ 1.11
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Revival drills 22.9 m of 0.63 g/t Au at Arnett

2020-10-15 09:54 ET - News Release

Mr. Hugh Agro reports


Revival Gold Inc. has released results from the first seven holes from the company's 2020 drilling program, and provided an update on exploration at the former-producing Beartrack gold project and the adjacent Arnett gold project located in Lemhi county, Idaho.

All seven exploration drill holes released today from the Haidee target area at Arnett intersected near-surface leachable mineralization along the northwestern and southeastern strike extension of the Haidee deposit. Results indicate that the structures that control mineralization are continuous along strike and have extended known mineralization beyond the current resource approximately 100 metres to the northwest and 50 m to the southeast. Highlights include:

  • 0.63 gram per tonne gold over 22.9 m in AC20-43D;
  • 0.38 g/t Au over 41 m in AC20-42D;
  • 0.3 g/t Au over 9.9 m in AC20-41D.

A total of 30 exploration and infill drill holes for approximately 4,900 m have been completed by two rigs on the Haidee target since drilling began on Aug. 4, 2020. With the completion of drilling at Haidee, the two rigs will now be moved to Beartrack. One rig will drill at the new Rabbit target area approximately three kilometres south of the current resource at Beartrack and the second rig will pursue potential extensions of mineralization between the north and south pits at Beartrack.

A third drill rig was mobilized to Beartrack on Sept. 23, 2020, and has completed an initial 470 m exploration drill hole between the north and south pits. This hole, BT20-226D, intersected the Panther Creek shear zone (PCSZ), the primary control for Beartrack mineralization, and encountered both oxidized and unoxidized sulphides. Four follow-up holes are planned for this area and drill pad preparation is under way.

Assay results from BT20-226D and the remaining 23 holes at Haidee will be released as the results become available. The third rig is currently drilling in the Joss area at the south end of the current Beartrack resource.

"This year's drill program is off to a strong start with initial results that have expanded the footprint of heap leach mineralization in the Haidee area at Arnett and confirmed the continuity of the PCSZ between the north and south pits at Beartrack," said Hugh Agro, president and chief executive officer.

Drill results

Detailed results for the drill holes released today are presented in the included table.

Hole No.           Area  From (m)  To (m)  Drilled width (1) (m)  Fire assay gold grade (g/t)

AC20-040D (2)    Haidee      84.7    94.8                   10.1                         0.20             
                            135.9   138.8                    2.9                         0.61             
AC20-041D (3)    Haidee      33.8    42.2                    8.4                         0.19             
                             91.3   101.2                    9.9                         0.30             
AC20-042D        Haidee      80.9   121.9                   41.0                         0.38             
Including                   106.5   112.0                    5.5                         1.22             
                            135.6   138.4                    2.7                         0.50             
AC20-043D (4)    Haidee     134.7   157.6                   22.9                         0.63             
Including                   144.4   154.1                    9.7                         1.56             
Including                   151.5   152.7                    1.2                         5.39             
AC20-044D        Haidee      10.4    24.1                   13.8                         0.18             
                             39.4    44.3                    4.9                         0.44             
AC20-045D        Haidee      51.8    53.9                    2.1                         0.50             
AC20-046D (5,6)  Haidee      30.6    38.6                    8.0                         0.30             
                             56.5    57.9                    1.4                         3.95             
                            111.4   112.0                    0.6                         5.17             
                            128.6   129.5                    0.9                         7.60             

(1) True width estimated to be approximately equivalent to drilled width. Numbers may not add 
up due to rounding.
(2)  Core recovery for the interval 138.4 m to 138.8 m was 36 per cent.
(3) Core recovery for the interval 35.6 m to 36.3 m was 33 per cent.
(4) Core recovery for the interval 149.7 m to 150 m was 40 per cent.
(5) Core recovery for the upper 30 m of hole AC20-046D was poor so this portion of the hole 
was not sampled. The upper 30 m were redrilled as hole AC20-064D. Results are pending.
(6) Core recovery for the interval 30.5 m to 35.5 m was 40 per cent.

Geophysical program update

Revival Gold's 2020 ground geophysical program by Geofisica TMC SA de CV is now complete. The original plan called for the completion of two square km (21 line km) of gradient-array induced polarization resistivity (IP-RES) at Arnett, one square km (13 line km) of gradient-array IP-RES at Beartrack in the Joss area and five line km of dipole-dipole IP-RES in two lines in the Rabbit area at Beartrack.

At Arnett, the gradient-array IP-RES program was expanded to cover six square km (65 line km) while the Beartrack program remained unchanged. The survey was expanded to cover the area from the Haidee target to the Italian mine, Roman's Trench and the Shenon Gulch area, where several unexplained gold soil anomalies were identified in Revival Gold's 2019 soil sampling program in which samples were collected from the A horizon and submitted to ALS Global for analysis by its ionic leach process, a method designed to detect subtle geochemical anomalies.

Preliminary results of the IP-RES survey have been received and the interpretation by consulting geophysicist Craig Beasley, Wave Geophysics LLC, is under way. Results are expected in November.

Geologic mapping program

Revival Gold's 2019 property-wide geologic mapping and rock sampling program at Beartrack-Arnett was cut short by the early arrival of winter. The intention of the 2020 field program was to map and prospect the remainder of the company's land position. Mapping has now been completed and data are being compiled. An updated geologic map and rock sample assay results are expected before year-end.

Steven T. Priesmeyer, CPG, vice-president of exploration for Revival, 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 1 open-pit heap leach operation, and exploration continues focused on expanding the current indicated mineral resource of 36.4 million tonnes at 1.16 g/t 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 had a cash balance of approximately $12.5-million on Sept. 30, 2020.

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