Revival Gold Announces Soil Sampling Results and Expands Land Position
TORONTO, Nov. 21, 2019 - Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the "Company"), a growth‐focused gold exploration and development company, announces recent soil sampling results and the expansion of the Company’s land position at the Beartrack-Arnett Gold Project located in Lemhi County, Idaho.
“Systematic exploration by Revival Gold’s technical team continues to advance our understanding of the geology at Beartrack-Arnett and identify new gold targets for future drilling,” said Hugh Agro, President & CEO.
Revival Gold’s 2019 soil sample program consisted of 971 samples collected on a 150-meter by 100-meter grid over 12 square kilometers. Samples were collected and processed using a partial leach to enable identification of potential anomalies under post-mineral cover.
A preliminary review of the soil sampling data identified several areas of interest (see Figure 1, Arnett Gold Project Preliminary Soil Sampling Results, below). In addition to highlighting expansion potential north and east of the Haidee target and in the Roman’s Trench area, there are subtle gold-in-soil anomalies in the covered area southeast of the Haidee target in an area known as the Midlands. These anomalies trend to the northwest and are either along strike from the Haidee mineralization or parallel to it.
Other gold-in-soil anomalies are associated with several faults identified by Revival Gold’s 2019 geophysical program and confirmed by geologic mapping. There are also several isolated anomalies in the northwest and west part of the project. Further analysis and follow-up field work is planned.
Revival Gold has also expanded the Company’s Beartrack-Arnett land position. An additional 350 hectares were staked bringing the total land position to 5,440 hectares. Claims were staked along the southwestern extension of the Panther Creek Shear Zone and surrounding the Moose target to the north in preparation for potential future drilling (see Figure 2, Beartrack-Arnett Gold Project Land Position, below).
Beartrack-Arnett is the company’s principal exploration-development asset and hosts an Indicated Mineral Resource of 33.4 million tonnes at 1.13 g/t gold (containing 1.2 million ounces of gold) and a further 16.9 million tonnes at 1.41 g/t gold (containing 0.8 million ounces of gold) in the Inferred Mineral Resource category (see “Mineral Estimate Beartrack Property”, dated July 12, 2018 prepared by Resource Modeling Inc.). Through the course of 2018 and 2019, Revival Gold completed 15,000 meters of core drilling that will form the basis for an updated mineral resource estimated to be completed by Roscoe Postal Associates Inc., expected in Q1-2020.
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 currently has approximately 52.8 million shares outstanding and had a working capital balance of approximately $1.6 million as at September 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 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0fcddcdd-c763-4084-8893-322d42ce30b3
Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1580bedf-1953-4a79-b38c-77728d90770f