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TORONTO, July 14, 2022 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), has filed on SEDAR a technical report prepared in accordance with National Instrument 43-101 (“NI 43-101”) on the Beartrack-Arnett Gold Project (“Beartrack”), titled “NI 43-101 Technical Report Mineral Resource Update of the Beartrack – Arnett Gold Project, Lemhi County, Idaho, USA” (the “Technical Report”). The Technical Report supports disclosure made by the Company in its news release dated May 16th, 2022, titled “Revival Gold Delivers Impressive Resource Update at Beartrack-Arnett”. There are no material differences in the mineral resources contained in the Technical Report from those disclosed in the May 16th, 2022, news release.
The updated Mineral Resource estimate was completed by Wood plc (“Wood”) based on drilling results through the end of 2021 and contains:
An Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold1, an increase of 56% over the 2020 Indicated Mineral Resource2; and,
An Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold1, an increase of 19% over the 2020 Inferred Mineral Resource2.
1 Estimates based on a gold price of $1,800/ounce. All figures in this press release are in Metric units and in $US unless stated otherwise.
2 See Revival Gold’s November 17th, 2020, press release.
The full Report prepared by Wood of Oakville, Canada and Boise, Idaho, and dated July 13th, 2022, with an effective date of May 12th, 2022, can be found on the Company’s website at www.revival-gold.com and on SEDAR under the Company’s issuer profile at www.sedar.com.
Steven T. Priesmeyer, C.P.G., Vice President Exploration, and John P.W. Meyer, P.Eng., Vice President Engineering and Development 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. Mr. Priesmeyer’s review of the Mineral Resource estimate focused on the geological representativity of the numerical models, including review of the laboratory and field data that support the models, while Mr. Meyer’s review focused on verifying that open pit and underground mining shapes that constrain the Mineral Resources, and the parameters used to develop the mining shapes, were appropriate.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing 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 Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold NI-43-101 Technical Report dated July 13th 2022 for further details). The mineralized trend at Beartrack extends for over five kilometers and is open on 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$6.5 million as of June 30th, 2022. All figures in this press release are in metric units and in $US unless stated otherwise. Additional disclosure including the Company’s financial statements, technical 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 contact:
Hugh Agro, President & CEO or Melisa Armand, Investor Relations
Telephone: (416) 366-4100 or Email: firstname.lastname@example.org
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, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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.