Mr. Hugh Agro reports
REVIVAL GOLD 2020 YEAR IN REVIEW
has provided a summary of the company's key 2020 accomplishments advancing the past-producing Beartrack-Arnett gold project located in Idaho, United States.
- Increased Beartrack-Arnett's inferred mineral resource estimate by 114 per cent to 47.2 million tonnes grading 1.08 grams per tonne gold containing 1.64 million ounces of gold and the project's indicated mineral resource estimate by 11 per cent to 36.4 million tonnes grading 1.16 g/t gold containing 1.35 million ounces of gold;
- Raised $15-million in an upsized bought-deal equity financing with funds earmarked toward advancing Beartrack-Arnett exploration and technical studies in 2020 and 2021;
Announced the appointment of Maura Lendon as a non-executive member of the board;
Delivered a solid first phase preliminary economic assessment outlining initial production of 72,000 ounces gold per year from the restart of open pit heap leach operations at Beartrack-Arnett with initial capital of $100-million and an AISC of $1,057 per ounce;
Completed 8,450 metres of drilling in 40 core holes in four target areas to upgrade and expand the resource at the Haidee target and test new targets located along approximately eight kilometres of favourable geological structure at Beartrack-Arnett;
- Released results from 23 drill holes at the Haidee target, all of which intersected oxide-gold mineralization close to surface including 0.93 g/t gold over 28.3 m and 0.86 g/t gold over 48.5 m;
- Initiated work on a fully integrated three-dimensional computer model of the geology at Beartrack-Arnett to facilitate the application of industry leading artificial intelligence technologies, deepen Revival Gold's understanding of the deposit setting and target high-grade mineralization on the project;
- Achieved an exemplary safety record with zero lost-time incidents among company employees and contractors this year.
"Despite difficult operating conditions through most of 2020, Revival Gold's operating team is to be commended for delivering a zero-lost time year while the company continued to grow and de-risk its flagship Beartrack-Arnett gold project. A significant expansion of the mineral resource in February paved the way for a large equity financing in August and the completion of a PEA on the first phase restart of open pit heap leach operations in November. Mineralization at Beartrack-Arnett remains open along strike and at depth. As the year draws to a close, Revival Gold has begun to release results demonstrating the potential to build on the recent first phase PEA heap leach mine plan and advance the prospect for an exciting new second phase mill opportunity," said president and chief executive officer of Revival Gold, Hugh Agro. "The outlook for gold is favourable going into 2021 while new quality growth projects in gold in good locations are becoming increasingly rare," he added.
Steven T. Priesmeyer, CPG, vice-president of exploration at 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 Idaho, U.S. 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.
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