Airborne Geophysics Firms Up Arnett Gold Deposit Model
TORONTO, Aug. 12, 2019 - Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the "Company"), a growth-focused gold exploration and development company, announces highlights from the interpretation of a recently completed 404 line-kilometer airborne magnetic geophysics survey (“Survey”) of the Company’s Arnett Gold Project (“Arnett”) located in Lemhi County, Idaho.
Highlights
- The Survey was completed in June by Earth Scan Technologies Ltd. with MPX Geophysics Ltd. Figure 1 (Beartrack-Arnett Airborne RTP Magnetic Compilation) depicts the reduced-to-pole (“RTP”) magnetic data and structural interpretation for both Beartrack and Arnett.
- Several near-surface intrusions were identified at Arnett including one giving rise to a strong high-amplitude magnetic anomaly measuring approximately 2 kilometers in diameter and located below the Haidee area, where Revival Gold is currently drilling. Geophysical and geological information suggests the potential to extend exploration drilling to the north and southwest.
- The presence of a deep-rooted relatively shallow (approximately 300 meters) intrusion beneath Haidee, combined with the geological and geochemical characteristics of known mineralization, supports Revival Gold’s deposit model of an intrusion-related gold system hosted by a wide-spaced stockwork at Arnett.
- Several previously unrecognized northwest and northeast-trending faults cut the larger intrusive complex and correlate with areas of known mineralization at Arnett. Further data analyses and a regional soil sampling program are underway to help prioritize future drill targets.
- A key objective of the geophysics program was to integrate historical data acquired from the neighbouring Beartrack Gold Project (“Beartrack”) with Arnett data and reprocess the full suite with contemporary algorithms and computing capabilities. The reprocessed data confirms that the Panther Creek Shear Zone, which hosts gold mineralization at Beartrack, is a deep-seated structure and that it intersects the north-south-trending Coiner fault in the Rabbit target area. Future drilling is planned at Rabbit. The Coiner fault continues south and offers further potential.
“Arnett was last explored in the 1990s, long before the advent of modern geophysical processing techniques and computing capabilities,” said Hugh Agro, President & CEO. “Revival Gold’s recent application of inversion algorithms and other modern geophysical processing techniques has significantly sharpened company’s understanding of, and enthusiasm for, the exploration potential at Beartrack-Arnett,” he added.
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 has approximately 51.5 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 or 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 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.
Figure 1 – Beartrack-Arnett Airborne RTP Magnetic Compilation (August 2019) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d22db0ba-4075-4db0-bfd6-2d9218f1b248