Toronto, ON – July 29th, 2019 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth-focused gold exploration and development company, announces results from the first three holes of it’s planned 2019 5,000-meter core drilling program at the former producing Beartrack Gold Project (“Beartrack”) and the adjacent Arnett Gold Project (“Arnett”) located in Lemhi County, Idaho.
Highlights
- 44 g/t Au over 13.8 meters1 including 5.04 g/t Au over 3.0 meters1 in BT19-223D
- 35 g/t Au over 70.3 meters1 including 4.55 g/t Au over 21.0 meters1 in BT19-224D
- 70 g/t Au over 66.3 meters1 including 4.24 g/t Au over 4.4 meters1 in BT19-225D
1 Drilled width; true width estimates are presented in the table below.
“Results from this year’s limited drilling in the Joss area at Beartrack verifies the presence and expands the scale of higher-grade mineralization in this location”, said Hugh Agro, President & CEO. “Revival Gold’s focus to-date has been on near-surface mineralization but the presence of higher-grade intercepts over 600 meters of strike within the Panther Creek Fault at Joss suggests underground potential as well.”
Details
Revival Gold initiated it’s 2019 core drilling program at Beartrack with one rig in late May and added a second rig at Arnett in early June. Drilling this year is intended to continue to build on the scale of the known gold system at Beartrack and to advance toward a preliminary resource estimate of leachable gold material at Arnett. An updated resource estimate for Beartrack-Arnett is expected in the first quarter of 2020.
The three drill holes released today (BT19-223D, BT19-224D and BT19-225D) targeted mineralization in the Joss area at Beartrack. All three drill holes intersected good grades and confirmed the extension of gold mineralization at depth. Mineralization in the Joss area is not included in the current NI 43-101 Beartrack mineral resource estimate (“Mineral Resource”).
Summary assay results from drill holes released today are presented in the table below:
Figure 1 illustrates a plan view of the footprint of the current Mineral Resource with the location of holes drilled in 2018 and 2019, subsequent to completion of the Mineral Resource.
No further drilling is planned for Beartrack in 2019 as both rigs are currently at Arnett. Drilling will continue at Arnett until the Fall with all results expected to be released over the course of the next two quarters.
QA/QC Program
Quality Assurance/Quality Control consists of the regular insertion of duplicates, blanks and certified reference materials into the sample stream. Check samples will be submitted to an umpire laboratory at the end of the drilling program. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples are submitted to the ALS Minerals sample preparation facility in Elko, Nevada. Gold analyses are performed at the ALS Minerals laboratory in Reno, Nevada and multi-element geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS Minerals is an ISO 17025:2005 accredited lab.
Sample preparation for Beartrack consists of crushing the sample to 70% less than 2mm and pulverizing 250 grams to better than 85% passing 75 microns (PREP-31) while sample preparation for Arnett consists of crushing the sample to 70% less than 2mm and pulverizing 1,000 grams to better than 85% passing 75 microns (PREP-31B). Gold assays are determined by Fire Assay and AAS on a 30-gram nominal sample weight (Au-AA24). For shallow holes targeting leachable mineralization, gold is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13). Multi element geochemical analyses are completed on selected drill holes using the ME-MS 61 method.
Steven T. Priesmeyer, C.P.G., Vice-President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person 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 Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% 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% interest in the neighbouring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold has approximately 51.5 million shares outstanding and had a working capital balance of approximately $3.7 million as at June 30th, 2019. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
For further information, please visit www.revival-gold.com or contact:
Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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