TORONTO, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF)
(“Revival Gold” or the "Company"), a growth-focused gold exploration and development company, announces results from the final four
holes of the Company’s 2018 core drill programs at the Arnett (“Arnett”) and adjacent Beartrack (“Beartrack”) gold projects located
in Lemhi County, Idaho.
Highlights
- AC18-16D and AC18-17D in the Haidee area at Arnett intersected 0.64 g/t Au over 15.3 meters1 and
0.94 g/t Au over 54.3 meters1, respectively;
- BT18-221D in the Joss area at Beartrack intersected 20.1 g/t Au over 2.1 meters1 within
6.65 g/t Au over 8.2 meters1; and,
- BT18-222D in the South Pit area at Beartrack intersected 1.79 g/t Au over 16.3 meters1.
1 Drilled width; estimates of true width and down-hole positions of mineralization are presented in the table
below.
“AC18-16D and AC18-17D, the last and most northerly two holes drilled along strike in the Haidee area during the
2018 program at Arnett, intersected significant widths of near surface oxide gold mineralization,” said Hugh Agro, President & CEO.
“At Beartrack, in the Joss area, BT18-221D cut some of the best gold grades encountered on the project to-date. Together, these
results underscore the exciting potential and broad scope for follow-up exploration activity we see for Beartrack-Arnett in
2019.”
Details
Results from the final two core holes (AC18-16D and AC18-17D) of the six-hole 2018 program at Arnett and final
two core holes (BT18-221D and BT18-222D) from the fifteen-hole 2018 program at Beartrack are presented 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)
|
AC18-16D2 |
Haidee |
065 |
-55 |
15.3 |
30.6 |
15.3 |
15.3 |
0.64 |
Incl. |
|
|
|
23.4 |
23.7 |
0.4 |
0.4 |
15.4 |
|
|
|
|
72.5 |
94.6 |
22.1 |
22.1 |
0.48 |
Incl. |
|
|
|
86.3 |
86.9 |
0.6 |
0.6 |
5.03 |
|
|
|
|
112.9 |
124.8 |
11.9 |
11.9 |
0.66 |
Incl. |
|
|
|
122.8 |
124.8 |
2.0 |
2.0 |
2.35 |
AC18-17D |
Haidee |
065 |
-55 |
42.2 |
48.2 |
5.9 |
5.9 |
0.96 |
|
|
|
|
57.3 |
70.1 |
12.8 |
12.8 |
2.37 |
Incl. |
|
|
|
69.3 |
70.1 |
0.8 |
0.8 |
21.0 |
|
|
|
|
92.4 |
146.6 |
54.3 |
54.3 |
0.94 |
Incl. |
|
|
|
138.1 |
143.6 |
5.5 |
5.5 |
3.53 |
BT18-221D3 |
Joss |
300 |
-50 |
377.6 |
385.9 |
8.2 |
n/a |
6.65 |
Incl. |
|
|
|
383.7 |
385.9 |
2.1 |
n/a |
20.1 |
|
|
|
|
393.5 |
396.2 |
2.7 |
n/a |
2.97 |
BT18-222D |
South
Pit |
300 |
-50 |
626.2 |
642.5 |
16.3 |
9 |
1.79 |
1 True width is estimates in the Haidee area estimated to be approximately equivalent to drilled
width. 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 at the collar. Numbers
may not add up due to rounding.
2 Recovery for the interval 122.8 m to 124.6 meters was 40%.
3 Recoveries for the intervals 393.5 meters to 395.0 meters and 395.9 meters to 396.2 meters were 30%
and 20% respectively. The intervals immediately below the upper interval and immediately above the lower interval had
recoveries of 0%.
Mineralization in the Haidee area at Arnett remains open along strike to the south and north, as well as down
dip to the west. Mineralization often occurs as visible native gold within oxidized pyrite which results in highly variable assay
values. This nugget effect is present, even when larger samples sizes (two assay-tonne) are used. For this reason,
Revival Gold intends to follow-up its conventional two assay-tonne fire assays at Haidee with metallic screen assays of
larger-than-normal pulps.
Figure 1 illustrates a plan view at Arnett showing the mineralized envelope in the Haidee area, the eleven core
holes drilled by Meridian Gold Inc. in 1997 and the six core holes completed by Revival Gold in 2018.
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.
Figure 2 illustrates an up-to-date north-west facing long-section view at Beartrack showing the current
Beartrack mineral resource block model (see “Mineral Resource Estimate, Beartrack Property, Lemhi County, Idaho, United States”,
dated July 12th, 2018, for further details) as well as the location and results of all fifteen drill holes completed at
Beartrack in 2018.
A follow-up phase of drilling and metallurgical test work for Beartrack-Arnett is being planned. Revival Gold
expects to initiate preparatory work on an updated resource estimate later this year.
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 for the Beartrack Project 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. Sample preparation for the Beartrack Project is using the Prep 31 method, which involves the preparation
of a 250-gram pulp.
Gold assays for the Arnett Project are determined by Fire Assay and AAS on a 50-gram nominal sample weight
(Au-AA24). For some of the Arnett holes, 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. Sample preparation for the Arnett Project is using the Prep 31B method, which involves the preparation of a
1,000-gram pulp.
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 $2.3 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.
Photos accompanying this announcement are available at
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