Mr. Hugh Agro reports
REVIVAL GOLD TO DRILL 5,000 METERS, COMMENCE ENGINEERING AND ENVIRONMENTAL WORK
has detailed its planned 2021 field program for the past-producing Beartrack-Arnett gold project located in Idaho.
5,000 metres of exploration, infill and engineering drilling; drilling to commence in May on the Joss high-grade target; a second rig is expected to start drilling in June on the Haidee oxide target;
- Wood has been appointed to commence an updated mineral resource
estimate incorporating 2020 and 2021 drilling, targeted for completion in Q1 2022;
- SGS Canada Inc.'s Lakefield Lab has been selected to conduct column leach and other metallurgical test work under the direction of Wood;
- KC Harvey Environmental LLC has been appointed to initiate supplemental baseline environmental studies with team member Opal Adams serving in a continuing capacity as the company's permitting specialist.
In addition, Revival Gold is:
Undertaking a detailed evaluation of oxidized, near-surface mineralization in historical reverse circulation drill holes in the Romans trench target area, located approximately three kilometres southeast of the Haidee target area. Drill intercepts include 1.9 grams per tonne gold over 21 metres and 1.95 g/t gold over 18 m;
- Assessing potential new exploration opportunities on cross-fault structures with continuing computer modelling and artificial intelligence applications by Mira Geoscience Ltd., field mapping and reconnaissance.
"Following up on last year's successful preliminary economic assessment and exciting high-grade drilling results at Joss, this year's activities will focus on critical path fieldwork for the potential restart of heap leach gold production from existing infrastructure at Beartrack-Arnett. Meanwhile, we will continue to drill to build on the quality and quantity of the project's already impressive mineral endowment. Revival Gold's 2021 work plan will set the foundation for an early 2022 mineral resource update, a prefeasibility study, and a late 2022 potential decision to proceed with the first phase restart of gold production at Beartrack-Arnett," said Hugh Agro, president and chief executive officer.
Steven T. Priesmeyer, CPG, a qualified person and vice-president of exploration for the company, and Rodney A. Cooper, PEng, a qualified person and a consultant to the company, are the company's designated qualified persons for this news release within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and have 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 is advancing the Beartrack-Arnett gold project located in Idaho.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A preliminary economic assessment has been completed for a first-phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC (all-in sustaining cost) of $1,057 per ounce of gold. Meanwhile, 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 kilometres 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, and data verification, please see the company's NI 43-101-compliant technical report, titled "Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA -- NI 43-101 Technical Report," dated Dec. 17, 2020.
Revival Gold had a cash balance of approximately $9.1-million on Dec. 31, 2020.
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