Revival GOLD Delivers Impressive Resource Update at Beartrack-Arnett
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REVIVAL GOLD DELIVERS IMPRESSIVE RESOURCE UPDATE
AT BEARTRACK-ARNETT
Toronto, ON – May 16th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQ X: RVLGF) (“Revival Gold”
or the "Company") is pleased to announce the results of an updated mineral resource estimate
(“Mineral Resource”) on the Company’s Beartrack -Arnett Gold Project (“Beartrack -Arnett”)
located in Idaho, USA.
Highlights
• The updated Mineral Resource was completed by Wood plc (“Wood”) based on drill
results through the end of 2021 and contains:
• An Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing
2.11 million ounces of gold1, an increase of 56% over the 2020 Indicated Mineral
Resource2; and,
• An Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing
1.94 million ounces of gold1, an increase of 19% over the 2020 Inferred Mineral
Resource2.
• Within the Indicated Mineral Resource, open pit heap leach contained gold increased by
49%2 and open pit mill contained gold increased by 58%2. The upgrade in Indicated
Mineral Resources provides increased confidence in the quality of the resource and will
help facilitate planned completion of a preliminary feasibility study (“PFS”) on the
potential restart of gold production at Beartrack-Arnett.
• Drilling in the Joss Zone over the past two years has increased Mineral Resources in this
area and supports a more robust cut -off grade (2.2 g/t gold) for the underground mill
component of Mineral Resources at Beartrack-Arnett. As a result, the average grade in
the underground Inferred Mineral Resource has increased 39% over the 2020 Inferred
Mineral Resource2 to 3.05 g/t gold in a bulk minable long-hole mining scenario. Follow-
up drilling on high -grade intercepts at Joss is expected to further enhance the
underground resource model.
• Mineralization at Beartrack remains open along strike and at depth. Mineralization at
Arnett remains open in all directions . Exploration continues with 7,000 meters of
planned drilling scheduled to begin later this month.
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1 Estimates based on a gold price of $1,800/ounce . See Table 2 for additional assumptions. All figures in this press
release are in Metric units and in $US unless stated otherwise.
2 See Revival Gold’s November 17 th, 2020, press release and NI 43 -101 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.
“Today’s 56% growth in Indicated Resources and 19% increase in Inferred Resource represents
an impressive step forward in both the size and quality of resources at Beartrack-Arnett. Revival
Gold’s technical progress over the past two years validates our confidence in project geology and
the potential we see for Beartrack-Arnett to continue to grow. Today’s news bodes well for work
already underway on a PFS to resume gold production utilizing existing infrastructure and it
builds on Revival Gold’s understanding of additional potential future development alternatives.
Revival Gold’s track record of growing resources , our competitive cost of discovery , and the
alternatives we have for potential future development , add up to a compelling opportunity for
our shareholders,” commented Hugh Agro, President & CEO.
Details
Table 1 summarizes pit-constrained and underground Mineral Resources for Beartrack-Arnett.
Table 1: Beartrack-Arnett Project
Mineral Resources by Material Type and Location1,2,3,4
Mineral Resource Category Tonnes
(‘000)
Gold Grade
(g/t Au)
Contained Gold
Ounces (‘000)
Indicated (Heap Leach)5
Beartrack – open pit 14,189 0.59 283
Arnett – open pit 5,719 0.59 109
Indicated (Mill)
Beartrack – open pit 44,418 1.20 1,719
Beartrack – underground - - -
Total Indicated 64,956 1.01 2,112
Inferred (Heap Leach)5
Beartrack – open pit 1,713 0.61 33
Arnett – open pit 3,450 0.59 66
Inferred (Mill)
Beartrack – open pit 37,835 1.26 1,530
Beartrack - underground 3,197 3.05 313
Total Inferred 46,196 1.31 1,942
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1 Canadian Institute of Mining, Metallurgy and Petroleum ( “CIM”) Definition Standards for Mineral Resources and Mineral
Reserves dated May 10, 2014 (CIM (2014) definitions) were used for Mineral Resource classification reported in this press
release. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reas onably
expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
2 Mineral Resources were tabulated for model blocks with positive net value that lie within an optimized conceptual pit. Table 2
summarizes the various economic parameters that were used to generate the Mineral Resource pits. The price, recovery and
cost data translate to a marginal breakeven gold cut-off grade of approximately 0.48 g/t gold and 0.18 g/t cyanide soluble
gold for mill and heap leach, respectively for the open pit at Beartrack, a breakeven gold cut-off grade of approximately 2.2 g/t
gold for a standalone underground mill option at Beartrack, and approximately 0.24 g/t gold for a heap leach facility at Arnett.
The cut -off grade s include considerations of metal price, process plant recovery, mining, processing , general and
administrative, sustaining capital, royalty, and closure costs.
3 Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content. The estimate of mineral
resources may be materially affected by geology.
4 The effective date of the Mineral Resource estimate is May 12th, 2022.
5 Heap Leach material defined by cyanide soluble grade leach characteristics.
The Mineral Resource includes all oxide, mixed oxide-sulphide and sulphide material constrained
within a n economic open pit and minable underground shape based on a gold price of
US$1,800/ounce. Figure 1 presents an overview of the Beartrack -Arnett project area and the
location of Mineral Resources on the property.
Figure 1: Beartrack-Arnett Project Area1
1 See Revival Gold press releases dated Nov. 13th, 2017, Dec. 2, 2021, and Mar. 15, 2022, for additional details on drill results.
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The primary input parameters used to develop the mining shapes used to generate the Mineral
Resource estate are summarized in Table 2.
Table 2: Conceptual Parameters
Parameter Units Value
General Parameters
Base Case Gold Price US$/ounce gold $1,800
Open Pit Mining Cost – Beartrack US$/tonne mined $1.89
Open Pit Mining Cost - Arnett US$/tonne mined $2.13
Underground Mining Cost US$/tonne mined $73.20
Closure Cost US$/tonne processed $0.68
Uncapped Royalty – Beartrack % Net Smelter Return 1.0%
Pit Slope Angles Degrees 37 - 453
Heap Leach Parameters
Leach Operation Throughput Mineralized tonnes/day 12,000
Beartrack Heap Leach Recovery (crush to 1.5 inch) % of cyanide soluble gold1 90%
Arnett Heap Leach Recovery (crush to 1.5 inch) % of contained gold2 75%
Beartrack Heap Leach Processing Cost – Oxide US$/tonne processed $5.604
Beartrack Heap Leach Processing Cost – Transition/Sulphide US$/tonne processed $7.024
Arnett Heap Leach Processing Cost – Oxide US$/tonne processed $6.524
Heap Leach G & A Cost US$/tonne processed $1.17
Heap Leach Sustaining Process Costs US$/tonne processed $2.01
Mill Parameters
Mill Throughput – Standalone Underground Mineralized tonnes/day 2,500
Mill Throughput – Open Pit Mineralized tonnes/day 12,000
Mill Recovery % of contained gold2 94%
Mill Processing Cost US$/tonne processed $21.60
Mill G & A Cost US$/tonne processed $1.59
Mill Sustaining Process Costs US$/tonne processed $1.63
1 Gold grades based on cyanide soluble analysis methods.
2 Gold grades based on fire assay methods.
3 45° for Rapakivi granite, quartz monzonite and Yellowjacket formation; 38° for glacial till; 37° for Tertiary rocks, dikes, faults,
and backfill.
4 Includes incremental ore haul costs.
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Mineral Resources at Beartrac k-Arnett are largely assumed to be exploited by open pit mining
methods. However, the Joss, South Pit, and Ward’s Gulch areas include Mineral Resources that
may be amenable to bulk underground mining methods. In the Joss area, this mineralization
extends for more than one kilometer along strike and remains open to the south and at depth.
Follow-up drilling on high-grade intercepts at Joss (including drill hole BT21 -240D which
intersected 4.34 g/t gold over 110.6 meters drilled width including 12 g/t gold over 13.7 meters
drilled width and 8.8 g/t gold over 11.8 meters drilled width, see Revival Gold press release dated
Dec. 2, 2021 for additional details) is expected to allow for a further focusing of the underground
resource model and represents an important value creation opportunity (for example, by utilizing
smaller block sizes and a model geometry and interpolation technique that matches the vertical
nature of mineralization). Figure 2 provides an isometric view of the Beartrack-Arnett Mineral
Resource block model (looking Northwest) in the Joss area and illustrates relevant block model
grade shells in this exciting target area where there has been only limited drilling to-date.
Figure 2: Joss Zone Block Model Isometric View
High-grade mineralization has also been intercepted at depth in holes drilled in the South Pit and
Ward’s Gulch areas (including drill hole BT12-175D which intersected 71 g/t gold over 9.8 meters
drilled width, see Revival Gold press release dated Nov. 13, 2017, for additional details).
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To demonstrate the robustness of the underground Mineral Resources at Beartrack -Arnett,
minable shapes were developed assuming a standalone, 2,500 tonne per day mine and mill
whereas the open pit mill resources were developed at 12,000 tonnes per day. Further
engineering analysis is underway to evaluate the potential for concurrent underground and open
pit processing of mill material.
The deposit in the Haidee area is envisioned as an open pit operation that could either be
operated independently of the main areas of mineralization at Beartrack-Arnett or as a satellite
operation taking adv antage of existing infrastructure on the property . The Haidee Mineral
Resource estimate pit shape was developed assuming the material would be trucked to the
Beartrack Adsorption-Desorption-Regeneration (“ADR”) plant for heap leaching; however, this
approach will be revisited as additional exploration data are collected. Mineralization at Haidee
remains open in all directions and several other nearby exploration target areas will be tested
with exploration drilling later this year.
Heap l each resources at Beartrack -Arnett are primarily composed of oxide and mixed oxide -
sulphide material; m ill resources are primarily composed of sulphide material. The Mineral
Resource block model was developed by estimating two separate net economic values for each
block – one value is based on heap leach , and one based on mill processing parameters. The
Mineral Resource estimate was generated from the maximum of the two concept ual block net
economic values.
Heap leaching is assumed to precede a milling operation and take place at a nominal open pit
mining and heap leaching rate of 12,000 tonnes of mineralized material per day with two-stage
crushing to minus 1½ inches. To establish the optimum mining approach for a milling operation,
Whittle software was used to determine the optimum open pit and underground interface (pit
shell) using the parameters in Table 2. Once the optimum pit shell was defined, all underground
stopes outside of the optimized pit shell were considered an underground resource and all
material within the optimized pit shell was considered an open pit resource.
The mill process flowsheet assumes flotation concentrates will be pressure oxidized and cyanide
leached to produce gold doré on site ; mill flotation tailings would also be cyanide leached to
produce gold doré on site.
The mill operating parameters in Table 2 translate into breakeven gold cut-off grades of 2.2 g/t
for Beartrack underground mill material, and 0.48 g/t for Beartrack open pit mill material. Heap
leach operating parameters translate into breakeven cut -off grades of 0.18 g/t and 0.24 g/t
cyanide soluble gold at Beartrack and Arnett, respectively.
Beartrack was previously operated as an open pit, heap leach operation exploiting leachable ore
until the operation was shut down in 2000 when the price of gold was below US$300/ounce. The
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historical Beartrack operation involved open pit mining by truck and shovel at an annual average
rate of approximately 12,000 tonnes per day of ore, with two-stage crushing to minus two inches,
conveyed to a heap leach pad with gold recovered in an ADR plant. A total of 21.9 million tonnes
at 0.98 g/t cyanide soluble gold were processed producing 609, 141 ounces of gold , yielding an
average recovery of 88% of the cyanide soluble gold (approximately 70% of contained gold).
Significant infrastructure from the historic al operation remains, which may be redeployed for
future operations. Revival Gold is evaluating the economic potential for a re-start of heap leach
operations at Beartrack and intends to continue to aggressively explore for additional leach and
mill material on the Beartrack-Arnett property.
Cut-off grade sensitivity at various gold prices is summarized in Table 3.
Table 3: Sensitivity Analysis of Grade and Tonnage at Varying
Gold Prices for the Beartrack-Arnett Project
Assumed
Gold Price
($US/oz Au)
Resource
Category2
Tonnes
(‘000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(‘000)
$1,600 Indicated 62,814 1.04 2,109
$1,700 Indicated 63,995 1.03 2,109
$1,8001 Indicated 64,956 1.01 2,112
$1,900 Indicated 67,877 1.00 2,177
$2,000 Indicated 69,169 0.99 2,192
$1,600 Inferred 43,874 1.34 1,893
$1,700 Inferred 45,238 1.31 1,914
$1,8001 Inferred 46,196 1.31 1,942
$1,900 Inferred 47,432 1.27 1,944
$2,000 Inferred 48,247 1.26 1,954
1 Base case cut-off grades at US$1, 800/ounce gold are approximately 0.48 g/t gold and 0.18 g/t cyanide soluble gold for mill
and heap leach, respectively for Beartrack and approximately 0.24 g/t gold for heap leach for Arnett. Heap leach cut-off grade
varies as does mill cut-off grade based on gold price.
2 Includes both heap leach and mill material.
Wood developed the Mineral Resource estimates for the Beartrack and Arnett deposits using the
Ordinary Kriging (“OK”) method. The block size used to develop the models measure s 20 feet
(6.1 meters) by 20 feet by 25 feet (7.6 meters). This block size was chosen by Wood based on
the current drill hole spacing, assay length, style of mineralization and the primary open pit
mining method. Drill hole composites were developed for a range of lengths from 5-25 feet with
the 5-foot composite being chosen for the final interpolation process.
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Gold mineralization at Beartrack is associated with a large, northeast-trending regional structure
known as the Panther Creek Shear Zone (“PCSZ”). In general terms, mineralization in the Joss and
South Pit areas is hosted by the Proterozoic -aged Yellowjacket Formation, mineralization in the
Ward’s Gulch area is hosted by the Yellowjacket Formation and a Proterozoic -aged Rapakivi
Granite, and mineralization in the North Pit and Moose areas is hosted by the Rapakivi Granite.
The estimate of gold resources was constrained by a combination of lithologic and gold grade
wireframes. Block gold grades were independently estimated using fire assays and cyanide
soluble analyses. The grade models were validated using visual and statist ical methods. In
addition, the grade models were extensively compared to historical cyanide soluble and fire assay
blast hole data and historical production reports. The estimated block grades were classified as
Indicated and Inferred categories based on drill hole spacing and continuity of mineralization.
The Mineral Resource estimates for the Beartrack and Arnett deposits were completed by Wood,
with Henry Kim, P.Geo., Senior Resource Geologist, serving as the independent Qualified Person.
As part of data verification for the mineral resource estimate, he visited the site in November of
2021 and during his site visit, he reviewed the drill cores, located and recorded collar locations,
visited the core logging and sampling facility, and reviewed geologica l modeling procedures. He
also performed spot checks on the database entries by comparing against the original assay
certificates.
Steven T. Priesmeyer, C.P.G., Vice President Exploration, and John P.W. Meyer, Vice President
Engineering and Development, P.Eng., are 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 have reviewed and approved its scientific and technical content. Mr.
Priesmeyer’s review of the Mineral Resource estimate focused on the geological representativity
of the numerical mode ls, including review of the laboratory and field data that support the
models, while Mr. Meyer’s review focused on verifying that open pit and underground mining
shapes that constrain the Mineral Resources, and the parameters used to develop the mining
shapes, were appropriate.
A technical report will be filed on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/EDGAR,
and on the Company's website at www. revival-gold.com.
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. Engineering work has been
initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach