TORONTO, May 28, 2019 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the "Company"), a growth-focused gold exploration and development company, has commenced drilling at the Beartrack Gold Project (“Beartrack”) located in Lemhi County, Idaho.
Drilling resumed at Beartrack this season with one rig on May 23rd. Approximately 1,000 meters of core drilling are planned at Beartrack before shifting the drilling focus for 2019 to the neighbouring Arnett Gold Project (“Arnett”). A second rig is expected to be mobilized to Arnett next month. With the addition of the second rig, this year’s planned 5,000-meter core drill program at Beartrack-Arnett is expected to be completed in the third quarter of 2019.
Revival Gold’s 2019 exploration program is intended to continue to build on the scale of the known gold system at Beartrack and to advance toward a preliminary resource estimate of leachable gold material at Arnett. The Beartrack holes are to be located within the mineralized trend approximately 650 meters south along strike from the current Beartrack mineral resource.
Subject to permitting, drilling will shift in late June to the Haidee area at Arnett for an additional 20-25 core holes. The objective at Arnett is to follow up on Revival Gold’s 2018 core drilling at Haidee and to develop an initial resource of near surface oxide gold material.
In addition to the historical gold resource in the Haidee area, several additional targets are present within the Arnett land package. Key targets of interest include the Roman’s Trench area, which, along with the Haidee and Little Chief Extension area, lie in the northern contact of the Arnett stock, the Italian Mine, South Arnett-Twin Long Drops, Thompson-Hibbs, Shenon Gulch and the Porcupine areas, which occur within a broader three- to four-kilometer-long trend near the southern contact of the Arnett stock. All the areas noted above have been subjected to limited, historical reverse circulation drilling and are targets for future drilling.
“With funding in place and numerous high-quality drill targets available at both Beartrack and Arnett, Revival Gold has an exciting exploration season ahead”, said Hugh Agro, President & CEO.
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 50 million shares outstanding. 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 Andrea Totino, Investor Relations Manager
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.
