Revival GOLD Completes Positive Initial Stage of 2021 Heap Leach Test Work Program
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REVIVAL GOLD COMPLETES POSITIVE INITIAL
STAGE OF 2021 HEAP LEACH TEST WORK PROGRAM
Toronto, ON – September 22nd, 2021 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival
Gold” or the “Company”), announces completion of the initial stage of the Company’s 2021 heap
leach metallurgical test work program for the Beartrack-Arnett Gold Project (“Beartrack -Arnett”)
located in Idaho, USA. The work is being performed by SGS Lakefield (“SGS”) under the direction of
metallurgical staff from Revival Gold’s engineering consultant, Wood.
Sample material, consisting of 1.94 tonnes of material from Beartrack and 0.80 tonnes of material
from Arnett, was delivered to SGS in June 2021. The first stage of the test work program included
head analysis, acid base accounting and bottle roll tests. The second stage of the program consists
of column tests and will commence this month.
The primary goal of the test work program is to optimize Beartrack-Arnett heap leach recoveries
and build on previous test work used in Revival Gold’s 2020 phase one heap leach Preliminary
Economic Assessment (“PEA”). Results will be used to establish recovery parameters for a heap
leach Pre-Feasibility Study (“PFS”), which is scheduled to be completed by Wood in the second half
of 2022.
Bottle roll tests were undertaken at three crush sizes (12.5 mm, 25 mm and 38 mm), with nine tests
per size, for a total of 27 tests. The effect of crush size on overall gold recovery was evaluated. Test
results are summarized below in Tables 1 and 2 with gold grades and recoveries reported on a fire
assay basis. While these results do not represent the ultimate gold extraction levels to be used in
the PFS, they are generally consistent with, or more favourable than, recovery assumptions used in
the PEA.
“While continuing to drill, Revival Gold is taking steps to opti mize and de-risk its first phase hea p
leach plans for Beartrack -Arnett. Today’s initial results from this year’s heap leach metallurgical
program are encouraging and generally consistent with, or more favourable than , the recovery
assumptions used in our PEA”, said Hugh Agro, President & CEO. “ Final results from the current
metallurgical program, including results from the column tests underway, along with results from
the past two year’s exploration drilling, will establish the foundation for a mineral resource update
in early 2022, a PFS by the end of 2022 and, potentially, a subsequent decision to proceed with the
first phase restart of heap leach gold production at Beartrack-Arnett.”
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Table 1: Beartrack Bottle Roll Test Results
Beartrack Sample1 Test No. Crush Size Calculate Head Grade 30 Day Gold Extraction
(mm) (Au g/t) (Fire Assay)
Beartrack 1 38 0.41 53%
Oxide #1 2 25 0.37 60%
Low Grade 3 12.5 0.27 70%
Beartrack 4 38 0.49 73%
Oxide #2 5 25 0.51 74%
Mid Grade 6 12.5 0.48 77%
Beartrack 7 38 0.85 73%
Oxide #3 8 25 0.62 72%
High Grade 9 12.5 0.71 74%
Beartrack 10 38 1.33 70%
Oxide #4 11 25 0.91 70%
High Grade 12 12.5 1.24 70%
Beartrack 13 38 0.61 36%
Transition #1 14 25 0.64 31%
Low Grade 15 12.5 0.66 30%
Beartrack 16 38 3.00 10%
Sulfide #1 17 25 3.61 7%
Low Grade 18 12.5 2.98 9%
1Samples classified by cyanide soluble gold grade.
Table 2: Arnett Bottle Roll Test Results
Arnett Sample1 Test No. Crush Size Calculate Head Grade 30 Day Gold Extraction
(mm) (Au g/t) (Fire Assay)
Arnett 19 38 0.27 91%
Oxide #1 20 25 0.70 81%
Low Grade 21 12.5 0.33 86%
Arnett 22 38 0.21 91%
Oxide #2 23 25 0.36 92%
Mid Grade 24 12.5 0.44 90%
Arnett 25 38 0.61 84%
Oxide #3 26 25 0.54 86%
High Grade 27 12.5 0.65 86%
1Samples classified by cyanide soluble gold grade.
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The second stage of Revival Gold’s metallurgical test work program will consist of twelve standard
column tests including tests on Beartrack oxide, transition and sulphide mineralization, and Arnett
oxide gold mineralization. The tests will also include the evaluation of a mixed sample consisting of
50% Beartrack oxide and 50% Beartrack sulphide material.
Column tests will be undertaken over 120 -day, 180-day, 240-day and 360 -day periods. The total
program will require one year to complete. The longer test periods are intended to capture the
effect of blending transition and sulfide mine ralization into the leach pads with respect to
metallurgical and environmental behaviour. Based on the results from the bottle roll tests reported
above, columns were set to a P80 crush size of 38 mm. This size is consistent with the standard
crushing system adopted in the PEA and will allow for optimal leach kinetics.
The PEA featured Beartrack-Arnett mineralization amenable to gold recovery using standard
cyanide heap leach processing . This first phase project e ncompasses less than one third of the
available mineralized material in the overall project resource. The estimated average recovery of
gold from the heap leach pad in the PEA was estimated to be 60% reflecting average recoveries of
87% for oxide material, 55% for transition material and 28% for sulfide material. Historical heap
leach recoveries at the Beartrack Mine averaged approximately 70% of contained gold. Historical
test-work on Arnett material indicated that the material tested is highly amenable to gold recovery
by cyanide leaching. Tests were leached for 48 hours and resulted in gold extractions of 85-95%.
Qualified Person
Mr. Rodney A. Cooper, P.Eng., a QP and a consultant to the Company, is the Company’s designated
Qualified Person s 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 is
advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past -producing gold mine in Idaho. A Preliminary Economic
Assessment has been completed for a first phase restart of heap leach operations to produce 72,000
ounces of gold per year over an initial seven -year mine life at an AISC of $1,057 per ounce of gold.
Meanwhile, exploration continues , focused on expanding the current Indicated Mineral Resource
of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral
Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The
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mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth.
Mineralization at Arnett is open in all directions.
For further details, including key assumptions, parameters and methods used to estimate the
Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical
report titled , “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack
Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th,
2020.
Revival Gold has approximately 71.2 million shares outstanding and had an estimated cash balance
of C$6 million on June 30th, 2021. Additional disclosure including the Company’s financial
statements, technical 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 contact:
Hugh Agro, President & CEO or Lisa Ross, CFO
Telephone: (416) 366-4100 or Email: [email protected]
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. Technical information in this news release has been reviewed and approved by
Mr. Rodney A. Cooper, P.Eng., a consultant to the Company, Qualified Persons within the meaning
of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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 m eet 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 forwar d-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-
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looking information include, but are not limited to, the Company’s ability to predict or counteract
the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure
to identify additional mineral resources, failure to convert estimated mineral resources to reserves
with more advanced studies, the inability to eventually complete a feasibility study which could
support a production decision, the preliminary nature of metallurgical test results may not be
representative of the deposit as a whole, 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, chan ges 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.