TORONTO, Nov. 08, 2022 (GLOBE NEWSWIRE) — reliveI Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), announces the successful completion of its 2022 drilling program at the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, United States. During the year, Revival Gold completed 22 cores for a total of approximately 5,500 meters.
The results of the first two central holes for this year’s program released in September (BT22-241D and BT22-242D) confirmed the continuity of potentially underground mineable grades in a broad zone of gold mineralization in the Target area Joss and further highlighted the depth and extent of mineralization at Beartrack-Arnett. Joss stretches out on a strike 1,000 meters, has now been drilled to a depth of over 500 meters and is open in all directions. Intercepts for the 20 core holes completed at Joss to date average of 7.7 g/t gold over a drill width of 5.5 meters in a wider zone of 2.8 g/t gold over a drill width of 45.5 meters (actual widths are estimated at 30% to 50% of drilled widths). See Revival Gold press releases from December 2n/a2021, September 12e2022 and September 22n/a2022, for more details.
Two additional core holes were completed this year for a total of four boreholes and 2,600 meters on main axis of Beartrack-Arnett mineralization, one in the South Pit target area (BT22-243D), and an additional hole in the Joss target area (BT22-244D). Hole BT22-243D is intended to extend the high grade mineralization at the southern end of the south pit and hole BT22-244D is intended to extend the high grade intervals of the 2018 drill program. Assay results are expected over the next six weeks.
In the Haidee target areaRevival Gold completed 18 fill and expansion boreholes over 2,900 meters near surface, oxidized material from this satellite deposit. These holes are intended to upgrade the inferred resources to indicated resources and extend the current mineral resources to the southwest, or down dip. Mineralization at Haidee remains open in all directions. The results of the analyzes are expected within the next three months.
Revival Gold’s exploration activities will now focus on examination and interpretation drill results, Beartrack-Arnett update geological and mineral resource models in support of the preliminary feasibility study of the first phase of the heap leach projected in 2023 (“PFS”) and the preparation of future drilling plans.
“The Revival Gold exploration team is to be commended for concluding another safe and productive drilling campaign at Beartrack-Arnett this year with exciting results from Joss and the completion of all planned drilling in the Haidee area. to support next year’s PFS. More assay results are expected later this month and into the new year, said Revival Gold president and CEO Hugh Agro. We look forward to building on the excellent 2022 results in future drilling campaigns,” added Agro.
Quality assurance/quality control consists of the regular insertion of certified reference materials, duplicate samples and blanks into the sample stream. Control samples are submitted to an adjudication laboratory at the end of the drilling program. Sample results are analyzed upon receipt and any discrepancies are investigated. Samples are submitted to the ALS Geochemistry sample preparation facility in Twin Falls, Idaho. Gold analyzes are performed at the ALS Geochemistry laboratory in Reno, Nevada or Vancouver, British Columbia, and multi-element geochemical analyzes are performed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited laboratory.
Gold assays are determined on half drill core samples by fire assay and AAS on a nominal sample weight of 30 grams (Au-AA23) for Beartrack, and Fire Assay and AAS on a nominal sample weight of 30 grams (Au-AA23). nominal sample of 50 grams (Au-AA24) for Arnet. For shallow holes, targeting leachable mineralization, gold grade is also determined by cyanide leaching with an AAS finish on a nominal sample weight of 30 grams (Au-AA13). Multi-element geochemical analyzes are performed on selected drill holes using the ME-MS 61M method.
Steven T. Priesmeyer, CPG, Vice President Exploration, Revival Gold Inc., is the Company’s designated qualified person for this press release within the meaning of National Instrument 43-101 Disclosure Standards for Mining Projects and has reviewed and approved its content scientific and technical expertise.
About Revival Gold Inc.
Revival Gold Inc. is a growth-oriented gold exploration and development company. The Company is advancing the Beartrack-Arnett gold project located in Idaho, United States.
Beartrack-Arnett is the largest former gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and inferred mineral resources of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold Technical Report NI-43-101 dated July 13e, 2022, for more details). The mineralized trend at Beartrack extends over five kilometers and is open along strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$3.4 million as of September 30e, 2022. All figures in this press release are in metric units and in US dollars, unless otherwise indicated. Additional information, including financial statements, technical reports, press releases and other Company information, may be obtained at www.revival-gold.com or on SEDAR at www.revival-gold.com. sedar.com.
For more information, please contact:
Hugh Agro, President and CEO or Melisa Armand, Director, Investor Relations
Phone: (416) 366-4100 or Email: firstname.lastname@example.org
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This press release contains certain “forward-looking statements” that are not historical facts. Forward-looking statements include estimates and statements that describe the company’s future plans, objectives or goals, including words indicating that the company or management expects a stated condition or result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company does not guarantee that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in 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 press release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate , exploration and mining development plans, timing of 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, the inability to identify mineral resources, the inability to convert estimated mineral resources to reserves, the failure to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failure to obtain governmental, environmental or other approvals required for projects, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of the projects, the costs of investment, operation and rehabilitation varying considerably compared to the estimates and other risks related to the mining exploration and development industry, an inability to predict and counter the effects of COVID-19 on the Company’s business, including but not limited to effects of COVID-19 on commodity prices, capital market conditions, restrictions on labor and international travel and supply chains, and risks set forth in public company documents. Company filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time frames disclosed 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, except as required by law.