TORONTO, Sept. 05, 2018 (GLOBE NEWSWIRE) -- 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 its planned 2018 8,000-meter core drilling program at the former producing Beartrack Gold Project (“Beartrack”) located in Lemhi County, Idaho.
- 1.38 g/t Au over 18.3 meters1 from 392.9 to 411.2 meters in BT18-207D
- 1.38 g/t Au over 105.2 meters1 from 383.7 meters to 488.9 meters in BT18-208D
- 1.89 g/t Au over 69.5 meters1 from 527.9 meters to 597.4 meters in BT18-209D
1 Drilled width; true width estimates are presented in the table below.
“These initial results demonstrate a continuation at depth of significant grades and widths of gold mineralization at Beartrack,” said Hugh Agro, President & CEO. “Mineralization intersected by these holes occurs over approximately 300 meters of strike in the South Pit area and 50 to 130 meters below the conceptual pit shell that defines the current Beartrack mineral resource.”
On May 29th, 2018, Revival released a maiden NI 43-101 mineral resource estimate for the Beartrack property (“Mineral Resource”). At a gold price of US$1,300/ounce, a 0.61 g/t gold mill cut-off and a 0.26 g/t cyanide soluble gold heap leach cut-off, the pit-constrained Mineral Resource contains:
- A total Indicated Mineral Resource of 33.4 million tonnes at 1.13 g/t gold containing 1,214,000 ounces of gold; and,
- A total Inferred Mineral Resource of 16.9 million tonnes at 1.41 g/t gold containing 765,000 ounces of gold.
Revival Gold initiated its 2018 core drill program at Beartrack with one drill rig in late May and added a second rig in early June. Drilling this year is designed to expand the maiden Mineral Resource at Beartrack and to test underexplored areas along strike.
Mineral resource expansion will focus on the South and North Pit target areas. Additional drilling is planned in the Joss target area which is located approximately 700 meters south along strike from the South Pit and between the South Pit and Joss.
The three drill holes released today (BT18-207D, BT18-208 and BT18-209D) targeted mineralization below the current Mineral Resource at the South Pit area. All three drill holes intersected good grades and confirmed the extension of gold mineralization over approximately 300 meters of strike below the current Mineral Resource at the South Pit area. Mineralized intersections vary from 50 meters to 130 meters below the bottom of the conceptual pit that defines the current Beartrack Mineral Resource.
An additional six drill holes have been completed in the North Pit, Ward’s Gulch and Joss areas with a total of approximately 4,900 meters this year to-date. Holes are currently underway in the South Pit area and between the South Pit and Joss areas.
Summary assay results from holes released today are presented in the table below:
|1 True width estimates based on a vertically dipping mineral zone. Drill holes typically steepen during drilling so the inclination of the drill hole at depth may not be the same as the inclination in the mineralized zone.|
|2 Recoveries for the intervals 407.4 meters to 408.1 meters, 414.4 meters to 414.8 meters and 415.4 meters to 416.5 meters were 28%, 0% and 40% respectively. The intervals with 28% and 0% recovery were included at zero grade. Additionally, the intervals 482.2 meters to 482.5 meters and 484.5 meters to 485.2 meters were considered to be material that had caved into the hole and were not sampled. Those intervals were included at zero grade.|
Drilling will continue at Beartrack through the fall season with all results expected to be released over the course of the next two quarters.
Quality Assurance/Quality Control consists of the regular insertion of duplicates, blanks and certified reference standards 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.
Gold assays are determined by Fire Assay and AAS on a 30-gram nominal sample weight (Au-AA25). 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 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 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 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 42 million shares outstanding and had a cash balance of approximately $4.7 million as at June 30th, 2018. 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:
Andrea Totino, Investor Relations Manager
Telephone: (416) 366-4100
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 objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. 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.