Revival Gold Expands Oxide Gold Target at Arnett
TSX VENTURE: RVG
TORONTO, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the "Company"), a growth-focused gold exploration and development company, announces a second batch of drill results from its summer 2019 core drilling program at the former producing Beartrack Gold Project (“Beartrack”) and the adjacent Arnett Gold Project (“Arnett”) located in Lemhi County, Idaho.
Results released below cover seven core holes drilled in the Haidee target area at Arnett. All seven holes intersected near-surface oxide mineralization along the southern flank of the gold system, first drilled by Revival Gold in late 2018.
- 0.99 g/t Au over 60.5 meters1 including 2.42 g/t Au over 16.9 meters1 in AC19-19D
- 0.88 g/t Au over 66.3 meters1 including 1.36 g/t Au over 18.0 meters1 in AC19-21D
- 1.14 g/t Au over 30.9 meters1 including 1.74 g/t Au over 14.1 meters1 in AC19-23D
- 0.49 g/t Au over 29.5 meters1 including 0.87 g/t Au over 8.4 meters1 in AC19-25D
1 Drilled width; true width estimated to be approximately equivalent to drilled width.
“Today’s results expand the area of oxide mineralization along the southern flank of the 400-meter-long gold target at Haidee first drilled by Revival Gold in late 2018,” said Hugh Agro, President & CEO. “The system remains open. Assays are pending for a further 15 core holes drilled at Haidee and Haidee West and Revival Gold is moving aggressively to complete an updated resource estimate for Beartrack-Arnett in the first quarter of next year.”
2019 Drilling Program
Revival Gold initiated its summer 2019 core drilling program at Beartrack with one rig in late May and added a second rig at Arnett in the Haidee area in early June. Upon completion of drilling at Beartrack in July, the Beartrack rig was moved to Arnett to help complete drilling in the Haidee area.
All planned drill holes in the current program at both Beartrack and Arnett are now complete. A total of approximately 5,100 meters were drilled in 25 holes on budget and ahead of schedule.
The first three holes drilled this year confirmed the continuity and extension of the mineralized gold trend in the Joss area at Beartrack. Results were released on July 29th, 2019. The seven drill holes released today (AC19-18D through AC19-21D and AC19-23D through AC19-25D) successfully targeted an expansion of the area of oxide gold mineralization first drilled by Revival Gold in the Haidee area at Arnett in 2018.
All seven drill holes intersected gold mineralization in moderately altered and/or faulted granite. An interpretation of local controls on mineralization and faulting in the Haidee area is underway. Summary assay results from drill holes released today are presented in the table below:
1 True width estimated to be approximately equivalent to drilled width. Numbers may not add up due to rounding.
2 Recovery for the interval 125.9 meters to 127.5 meters was 46%.
Figure 1, Arnett Haidee Drill Results, is a plan map showing the location of the 24 core holes completed in the Haidee area at Arnett to-date. These include core holes drilled by Meridian Gold Inc. in 1997 (ACDD-1 through ACDD-11) and by Revival Gold in 2018 (AC18-12D through AC18-17D) and in 2019 (AC19-18D through AC19-21D and AC19-23D through AC19-25D).
A further 15 core holes have been drilled in the Haidee and Haidee West areas in connection with Revival Gold’s summer 2019 drill program. The approximate locations of these holes are also shown in Figure 1. Assay results are pending.
Other Exploration and Development Activities
Revival Gold released key results from a 404 line-kilometer aeromagnetic geophysics survey and interpretation undertaken on Arnett and Beartrack on August 12, 2019. The aeromagnetic data from Arnett was merged with historical aeromagnetic data from the Beartrack property to create a complete picture of the geology on Revival Gold’s Beartrack-Arnett land position.
The Company also recently completed a 12 square-kilometer soil sampling program on a 100 meter by 150-meter grid at Arnett. Geological mapping, geophysics and results from the soil sampling program will be used to further develop and refine both new and old drill targets.
A second phase of metallurgical test work on sulphide material from Beartrack has begun under the direction of the Company’s lead technical consultant, Roscoe Postle Associates Inc. (“RPA”). Sample material is being composited and tested under RPA’s direction at SGS Canada Inc. in Vancouver, Canada.
The focus of this year’s metallurgical testing at Beartrack will be on optimizing flotation results while maintaining recovery. The program will also further assess methods for recovering gold from flotation concentrate, including ultra-fine grinding and pressure oxidation.
Initial bottle roll testing of the mineralized material at Arnett will be undertaken later this year to validate historical metallurgical test results obtained in the 1990’s by Kappes Cassiday & Associates.
Complete results from Revival Gold’s 2019 metallurgical test programs are expected by the end of 2019.
In addition to the activities summarized above, Revival Gold and its consultant, RPA, are compiling and analysing 2018 and 2019 drill data to prepare for an update to the May 2018 Beartrack Mineral Resource Estimate. The updated resource estimate is expected to be completed in the first quarter of 2020 and will cover the combined Beartrack-Arnett project area.
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 Global (“ALS”) sample preparation facility in Elko, Nevada. Gold analyses are performed at the ALS laboratory in Reno, Nevada and multi-element geochemical analyses are completed at the ALS laboratory in Vancouver, British Columbia. ALS 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 oxide 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 currently has approximately 52.5 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
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.