TORONTO, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the
"Company"), a growth-focused gold exploration and development company, announces additional results from its 2018 core drilling
program at the former producing Beartrack gold project (“Beartrack”) located in Lemhi County, Idaho.
Highlights
- 1.88 g/t Au over 115.0 meters1 from 358.1 meters to 473.1 meters in BT18-217D
- 1.74 g/t Au over 49.4 meters1 from 451.1 to 500.5 meters and 2.03 g/t Au over
17.6 meters from 531.3 meters to 548.9 meters in BT18-213D
1 Drilled width; true width estimates are presented in the table below.
“Today’s results continue to build on both the strike and depth extent of mineralization at Beartrack”, said
Hugh Agro, President & CEO. “We are getting significant intercepts well outside the existing Beartrack mineral resource, including
at Joss where Revival Gold has intercepted robust mineralization 700 meters south of the existing resource. Drilling continues with
two rigs at Beartrack and one rig on the neighbouring Arnett project”.
Details
Drill holes completed and released to date in 2018 (BT18-207D through BT18-214D) were targeted to expand the
current open pit-constrained National Instrument 43-101 Beartrack mineral resource (“Mineral Resource”). Targets tested were
below, and on strike from, both the North and South Pit areas and at Ward’s Gulch and Joss.
Results released today (BT18-213D and BT18-215 through 218D) further tested opportunities outside the Mineral
Resource in the South Pit, Ward’s Gulch and Joss areas. Additionally, drilling tested the previously unexplored area between
the South Pit and Joss which are located approximately 700 meters apart along strike.
BT18-217D successfully extended mineralization at depth in the South Pit area and BT18-213D builds on the good
results obtained in BT18-211D in the Joss area. BT18-215D intercepted modest grades over good widths in a gap in the block model in
the Ward’s Gulch area.
BT18-218D, which was drilled in the previously untested area between the South Pit and Joss, encountered
encouraging grade over a good width, indicating that the structure is present and mineralized between the two areas. The area
tested by hole BT18-218D covers over 300 meters of strike between holes BT12-176D, which intersected 30.5 meters from 299.3 meters
to 329.9 meters averaging 3.0 g/t Au, and BT18-221D, which is currently underway.
Mineralization at Beartrack remains open to the south of Joss, north along strike between the South Pit and
Ward’s Gulch area and into the North Pit.
To date in 2018, thirteen core holes have been completed at Beartrack for approximately 6,500 meters.
Beyond the holes for which results have been released, additional holes have been completed in the South Pit area and south of
Joss. Drilling is currently underway in the South Pit and Joss areas.
Summary assay results from holes released today are presented in the table below:
Hole
Number
|
Area
|
Azimuth
(deg.)
|
Dip
(deg.)
|
From
(m)
|
To
(m) |
Drilled
Width
(m) |
Est. True
Width1
(m) |
Fire Assay
Gold Grade
(g/t)
|
BT18-213D2 |
Joss |
305 |
-60 |
257.3 |
261.5 |
4.2 |
n/a |
1.87 |
|
|
|
|
349.6 |
352.7 |
3.1 |
n/a |
1.24 |
|
|
|
|
451.1 |
500.5 |
49.4 |
n/a |
1.74 |
|
|
|
|
504.7 |
511.1 |
6.4 |
n/a |
4.23 |
|
|
|
|
531.3 |
548.9 |
17.6 |
n/a |
2.03 |
BT18-215D |
Ward’s Gulch |
302 |
-51 |
129.5 |
134.1 |
4.6 |
3 |
2.17 |
|
|
|
|
241.1 |
246.4 |
5.3 |
3 |
0.96 |
|
|
|
|
264.9 |
298.4 |
33.5 |
21 |
0.72 |
BT18-216D |
Joss |
Abandoned at approximately 95 meters. |
BT18-217D3 |
South Pit |
300 |
-57 |
279.1 |
285.0 |
5.9 |
3 |
1.04 |
|
|
|
|
358.1 |
473.1 |
115.0 |
58 |
1.88 |
|
|
|
|
483.7 |
489.5 |
5.8 |
3 |
2.06 |
BT18-218D |
South Pit-Joss |
300 |
-57 |
273.3 |
280.7 |
7.4 |
4 |
2.85 |
|
|
|
|
293.8 |
297.6 |
3.8 |
2 |
1.14 |
1 True width estimates in the South Pit and Ward’s Gulch areas, as well as the area between the South
Pit and Joss, are based on a vertically dipping mineral zone. True width in the Joss area is unknown (n/a). Drill holes
typically steepen during drilling so the inclination of the drill hole at depth may not be the same as the inclination in the
mineralized zone.
2 Recoveries for the intervals 506.0 meters to 507.5 meters, 508.9 meters to 509.6 meters and 510.5 meters to 511.2
meters were 44%, 0% and 50%. The interval with 0% recovery was included at zero grade.
3 Recoveries for the intervals 358.4 meters to 359.4 meters and 366.2 meters to 366.5 meters were 23% and 50%
respectively. Recovery for the intervals 364.2 meters to 364.7 meters and 365.2 meters to 365.9 meters was 0%. The intervals with
0% recovery were included at zero grade.
Figure 1 illustrates a north-west facing long-section view at Beartrack from the north end of the North Pit Zone
to the south end of the Joss Zone (approximately 4.5 kilometers) with the current Mineral Resource block model and the location of
all eleven holes completed and released to-date this year. An additional four drill holes are noted on the figure for which results
are pending.
In addition to drilling at Beartrack, four core holes have now been completed at Revival Gold’s neighbouring
Arnett Project and a further three core holes are planned for this year. Initial results from the Arnett program are expected in
early December.
QA/QC Program
Quality Assurance/Quality Control consists of the regular insertion of duplicates, blanks and certified
reference standards into the sample stream. Check samples will be submitted to an umpire laboratory at the end of the
drilling program. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples
are submitted to the ALS Minerals sample preparation facility in Elko, Nevada. Gold analyses are performed at the ALS
Minerals laboratory in Reno, Nevada and multi-element geochemical analyses are completed at the ALS Minerals laboratory in
Vancouver, British Columbia. ALS Minerals is an ISO 17025:2005 accredited lab.
Gold assays are determined by Fire Assay and AAS on a 30-gram nominal sample weight (Au-AA25). For shallow
holes targeting leachable mineralization, gold is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample
weight (Au-AA13). Multi element geochemical analyses are completed on selected drill holes using the ME-MS 61
method.
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 approximately 42 million shares outstanding and had a working capital balance of approximately
$1.8 million as at September 30th, 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, Tel: (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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/36ce1c1c-6b46-48da-ba5a-c7aab3d5f571