Revival says Beartrack-Arnett PEA on schedule

2020-07-07 08:24 ET – News Release

Mr. Hugh Agro reports

REVIVAL GOLD PROVIDES EXPLORATION & BUSINESS UPDATE

Revival Gold Inc. has provided an update on recent developments including exploration activities on the company’s Beartrack-Arnett gold project located in Lemhi county, Idaho.

Highlights:

  • The Beartrack-Arnett preliminary economic assessment (PEA) is on track for completion by year-end 2020. The open-pit heap-leachable component of Revival Gold’s February, 2020, mineral resource remains the basis for the PEA. Lead consultant Wood PLC has completed mine planning and production scheduling. Cost estimation, an assessment of mine permitting strategies, development of the financial model and optimization are under way.
  • Modifications to the Arnett exploration drilling plan of operations have been approved by the U.S. Forest Service, which will allow relocation of some previously permitted drill sites to concentrate on resource expansion targets immediately along strike and downdip of the Haidee oxide gold resource.
  • Revival Gold has recommenced fieldwork at Beartrack-Arnett with an initial emphasis on further geological mapping, sampling and prospecting to ground truth anomalies identified from airborne geophysical and soil sampling programs.
  • Preparations have been made for a gradient array induced polarization geophysical survey along strike from the Haidee oxide gold resource to be completed on the Beartrack-Arnett property.
  • In the quarter ended June, 2020, the company received approximately $500,000 from the early exercise of warrants priced at 90 cents.

“Revival Gold and its consultant, Wood PLC, are on track with the PEA on the potential restart of a phase 1 open-pit heap leach operation at Beartrack-Arnett. At the same time, over the past few months, the company has successfully modified permitting for future drilling and recently mobilized to recommence geological fieldwork for the summer,” said Hugh Agro, president and chief executive officer.

“Beartrack-Arnett is the largest past producing gold mine in Idaho and benefits from the presence of significant existing site infrastructure and an abundance of exploration targets across the Revival Gold’s 5,400-hectare land position.”

Steven T. Priesmeyer, CPG, vice-president, exploration, Revival Gold, 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 is a growth-focused gold exploration and development company. The company has the right to acquire a 100-per-cent interest in Meridian Beartrack, owner of the former producing Beartrack gold project located in Lemhi county, Idaho. Revival Gold also owns rights to a 100-per-cent interest in the neighbouring Arnett gold project.

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