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Revival Gold Inc
Symbol RVG
Shares Issued 71,183,166
Close 2020-11-12 C$ 1.00
Recent Sedar Documents

Revival Gold drills 28.3 m of 0.93 g/t Au at Beartrack

2020-11-12 08:04 ET - News Release

Mr. Hugh Agro reports

REVIVAL GOLD RELEASES ADDITIONAL DRILL RESULTS AND PROVIDES EXPLORATION UPDATE

Revival Gold Inc. has provided results from an additional five drill holes along with partial results from a sixth drill hole from the company's 2020 drilling program on the past-producing Beartrack-Arnett gold project located in Idaho, United States.

Five of the six holes released today are infill core holes drilled in the Haidee target area at Beartrack-Arnett. The holes were drilled to confirm projections of resource blocks from the 2020 mineral resource estimate (see technical report on the Beartrack-Arnett gold project, Lemhi county, Idaho, United States, dated Feb. 21, 2020) and to upgrade resources from the inferred category to the indicated category. All five holes intersected near-surface leachable mineralization and mineralized intervals generally align with projections of the block model from adjacent drill holes or cross-sections.

Highlights

  • 0.93 gram per tonne gold over 28.3 metres (1) in AC20-48D;
  • 0.55 g/t gold over 34.5 metres (1) and 0.50 g/t gold over 34.4 metres and 0.41 g/t gold over 34.4 metres in AC20-050D;
  • 0.80 g/t gold over 15.2 metres (1) in AC20-051D;
  • 0.41 g/t gold over 38.1 metres (1) in AC20-053D.

(1) Drilled width; true width estimated to be approximately equivalent to drilled width.

Partial results received for a sixth core hole, BT20-226D, drilled in the underexplored area between the North and South pit areas at Beartrack-Arnett, indicate that the hole intersected weak gold mineralization in the Panther Creek shear zone (PCSZ) with the best interval being 0.36 g/t gold over a drilled width of 6.1 metres at approximately 370 metres down hole. Complete results are pending.

"The Beartrack-Arnett resource model is standing up to infill drilling in the Haidee area and we are encouraged to see a continuation of gold mineralization in the PCSZ between the North and South pits," said Hugh Agro, president and chief executive officer. "This season's drill program includes both expansion and infill drilling as we seek to grow the resource and prepare to advance Beartrack-Arnett from a preliminary economic assessment (expected later this month) to a prefeasibility study (targeted to commence next year)."

Detailed drill results

Detailed results for the Haidee target drill holes released today are presented in the attached table.

                                                                   Fire assay         Fire assay
Hole                          From        To         Drilled       gold grade         gold grade
No.                 Area         m         m         width m (1) uncapped g/t         capped g/t (2)

AC20-047D (3)     Haidee       8.3      12.8             4.5             0.29
                              90.5      97.2             6.7             0.39
                             144.2     149.7             5.5             1.18
Incl.                        148.4     149.7             1.2             2.88
AC20-048D (4)     Haidee      86.6     114.9            28.3             0.93               0.73
Incl.                        107.3     110.9             3.6             5.34               3.78
Incl.                        107.3     108.2             0.9            14.15               8.00
                             152.4     162.8            10.4             0.30
AC20-050D (5)     Haidee       9.8      44.3            34.5             0.55               0.50
Incl.                          9.8      10.2             0.4            12.40               8.00
                              24.4      28.0             3.7             1.95
Incl.                         26.5      28.0             1.4             3.48
                              62.2      96.6            34.4            0.5 0               0.47
Incl.                         65.1      65.4             0.3            11.05               8.00
                             107.3     141.7            34.4             0.41
Incl.                        130.5     137.2             6.7             1.12
Incl.                        132.3     133.7             1.4             3.84
                             152.6     160.9             8.4             0.89
AC20-051D         Haidee       9.8      25.0            15.2             0.80
Incl.                         17.2      23.5             6.2             1.48
                              40.3      47.5             7.3             0.19
                              95.9     108.4            12.6             0.36
AC20-053D (6)     Haidee      32.2      34.9             2.7             0.50
                              46.3      84.4            38.1             0.41
Incl.                         72.2      84.4            12.2             0.86
Incl.                         76.2      77.6             1.4             3.47

(1) True width estimated to be approximately equivalent to drilled width. Numbers may not add up due 
    to rounding.

(2) Grade at Arnett capped at 8.0 g/t Au using the methodology described in the technical report on the 
    Beartrack-Arnett gold project, Lemhi county, Idaho, United States, dated Feb. 21, 2020.

(3) Core recovery for the intervals 92.4 metres to 93.9 metres and 148.4 metres to 149.7 metres was 
    48 per cent and 30 per cent, respectively.

(4) Core recovery for the interval 88.1 metres to 88.4 metres was 33 per cent.

(5) Core recovery for intervals with recovery below 50 per cent was as follows: 8.1 metres to 8.4 metres 
    -- 50 per cent; 8.4 metres to 9.0 metres -- 25 per cent; 10.4 metres to 10.5 metres -- 40 per cent; 
    78.2 metres to 79.9 metres -- 13 per cent; 79.9 metres to 80.2 metres -- 50 per cent; and 121.0 metres 
    to 121.3 metres -- 40 per cent. The interval from 78.2 m to 79.9 metres was included at zero g/t Au.

(6) Average core recovery for the interval was 69 per cent. Recovery for individual intervals was as 
    follows: 46.3 metres to 47.9 metres -- 46 per cent; 48.6 metres to 49.4 metres -- 24 per cent; 54.0 
    metres to 55.5 metres -- 28 per cent; 55.5 metres to 56.1 metres -- 0 per cent; 79.1 metres to 80.6 
    metres -- 10 per cent; 80.6 metres to 81.2 metres -- 36 per cent; and 82.4 metres to 82.9 metres. 
    Due to little or no recovery, the intervals from 55.5 metres to 56.1 metres and 79.2 metres to 80.6 
    metres were included at zero g/t Au.

Partial results are being released for the first hole completed between the north and south pits at Beartrack. The area represents a gap of approximately 370 metres between the block model for the North pit/Ward's Gulch area to the north and the South pit area to the south. This segment of the PCSZ, the primary control on mineralization in this area, has only been explored by very shallow historical drilling which did not adequately test the PCSZ.

Drill hole BT20-226D intersected the PCSZ, encountering both oxidized and unoxidized sulphides in, and adjacent to, the structure. Samples from a selected interval of 34.9 metres, from 366.5 metres to 401.4 metres down hole, were submitted for analysis. Every sample from that interval contains gold indicating that the structure is weakly mineralized, with the best interval being 6.1 metres drilled width averaging 0.36 g/t gold between 367.9 metres and 374.0 metres down hole.

Three additional holes have been completed in the area and a fourth is under way. When completed, the five holes in this area will cover a strike length of approximately 400 metres. Each of the completed holes has intersected the PCSZ with varying amounts of oxidized and unoxidized sulphides in each hole.

Drill program status

A total of 30 exploration and infill drill holes for approximately 4,900 metres have been completed this season on the Haidee target. There are currently three rigs drilling on Beartrack, where five holes have been completed to date for approximately 1,650 metres. Four holes remain to be completed on Beartrack for an estimated 1,800 metres. One rig is completing the last of five holes in the area between the north and south pits and two rigs are currently drilling in the Rabbit target area located approximately three kilometres south of the current resource at Beartrack.

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 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 36.6 million tonnes at 1.15 g/t 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 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 NI 43-101-compliant 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 $12.7-million on Sept. 30, 2020.

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