Revival Gold Mobilizes Second Rig at Beartrack Gold Project in Idaho
TORONTO, June 19, 2018 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV:RVG) (OTCQB:RVLGF) (“Revival Gold” or the "Company"), a growth-focused gold exploration and development company, has mobilized a second drill rig at the Beartrack Gold Project (“Beartrack”) located in Lemhi County, Idaho and is pleased to provide the following exploration update.
Drilling at Beartrack resumed this season with one rig on May 22nd. The second rig arrived on June 9th. With the addition of the second rig, this year’s planned 8,000-meter core drill program is expected to be completed mid-way through the fourth quarter of 2018.
Drilling is designed to expand the recently announced maiden mineral resource at Beartrack (see Revival Gold press release dated May 29th, 2018) and to test underexplored areas along strike. Resource expansion will focus on the South and North Pit target areas (approximately six holes planned in each location). Additional drilling is planned in the Joss target area (approximately three holes planned) which is located approximately 700 meters south along strike from the South Pit. Additional targets have been identified between the South Pit and Joss and may be drilled depending on program results.
“Last year’s drill program validated historic drill data at Beartrack and allowed Revival Gold to announce a maiden indicated mineral resource of 33.4 million tonnes at 1.13 g/t gold containing 1,214,000 ounces of gold and a maiden inferred mineral resource of 16.9 million tonnes at 1.41 g/t gold containing 765,000 ounces of gold,” said Hugh Agro, President and CEO. “This year’s drill program is all about expanding this resource and testing new targets along strike.”
In addition to drilling at Beartrack, Revival Gold is currently in the process of permitting 52 drill pad locations at the neighbouring Arnett Project (“Arnett”). A total of 2,000 meters of core drilling are planned for Arnett later this year once the Company’s Plan of Operations has been approved by the United States Forest Service.
Drilling at Arnett will target near surface leachable material to supplement existing open-pit leachable resources at Beartrack. Drill targets have been identified based on historic exploration work and Revival Gold’s 2017 field mapping and selective rock sampling program. As previously released, approximately one-third of Revival Gold’s 2017 selective rock samples from across Arnett graded greater than 1 g/t gold (see Revival Gold press release dated November 13th, 2017).
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 41 million shares outstanding and had a cash balance of approximately $6.2 million as at June 1st, 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
Email: info@revival-gold.com
Cautionary Statement
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.