Revival GOLD Drilling Program Now 25% Complete; Third Drill Rig Secured FOR Beartrack-Arnett
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REVIVAL GOLD DRILLING PROGRAM NOW 25% COMPLETE;
THIRD DRILL RIG SECURED FOR BEARTRACK-ARNETT
Toronto, ON – September 14th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival
Gold” or the “Company”), a growth‐focused gold exploration and development company, reports
on the status of exploration and development activities at the Company’s Beartrack-Arnett Gold
Project (“Beartrack-Arnett”) located in Lemhi County, Idaho.
Following a successful C$15 million equity financing in August, Revival Gold doubled its planned
drilling program to 10,000 meters with two drill rigs covering four target areas. The Company today
reports that the expanded drill program is now 25% complete and that a third drill rig will soon be
mobilized. Meanwhile, Revival Gold’s Preliminary Economic Study (“PEA”) on the potential restart
of heap leach operations at Beartrack -Arnett is progressing through trade-off studies and remains
on track for completion and release by year end.
“Revival Gold ’s exploration team has made solid progress to -date with this year’s drilling at
Beartrack-Arnett. The project hosts 10-11 km of favourable structure and the addition of a third
drill rig will accelerate the pace of the remaining program this year”, said President and CEO Hugh
Agro. “We are also encouraged by the progress being made by Wood plc on Revival Gold’s heap
leach PEA”, Agro added.
Details
• 15 holes totaling approximately 2,450 meters have been completed this season to-date at
the Haidee target at Arnett . Drilling to-date amounts to approximately 25% of the 10,000
meters of drilling planned for Beartrack-Arnett in the current program. Assay results from
the first batch of drill holes this season are expected to be released by mid-October;
• A third Boart Longyear core drill rig has been secured and is due to arrive on site in late
September. Drilling this year at Beartrack -Arnett will continue , weather and access
dependent, through to the end of December;
• Revival Gold’s geophysical contractor, Geofisica TMC, S.A. de C.V., arrived on site in late
August. Twenty-one line-kilometers of gradient array induced polarization -resistivity (“IP-
RES”) geophysical survey has been completed at Arnett and the geophysical crew has moved
on to initiate planned surveys at Beartrack;
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• The program of g eologic mapping and sampling at Arnett that commenced in July is
expected to be completed by the end of September. The program has covered
approximately 19 square kilometers to date. Over the past year, geologic work on the Arnett
property has clarified several important geologic relationships including expanding Revival
Gold’s understanding of potential host rocks for gold mineralization and clarifying the
structural model for the district. The result of this work has been the identification of new
conceptual targets for potential future testing, and;
• The Beartrack-Arnett heap leach PEA is on track for completion and release by year-end.
Wood plc, the principal consultant for the study, is completing trade-off studies this month.
Trade-off study work has focused on trucking ore from Arnett to a heap leach pad at
Beartrack, crusher configurations at Beartrack, mining equipment selection, and grade
optimization in the early part of the mine life. Engineering work will now focus on
completing capital and operating cost estimates and finalizing the project financial model.
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 Compan y
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 neighboring Arnett Gold Project.
Beartrack-Arnett is the largest past -producing gold mine in Idaho and hosts the second largest
known deposit of gold in the state. A Preliminary Economic Assessment is underway on the
potential re-start of a phase one open-pit heap leach operation and exploration continues focused
on expanding the current Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold
containing 1.35 million ounces of gold and Inferred Mineral Resource of 47.2 million tonnes at 1.08
g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over
5 km 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, please see the Company’s technical report titled “Technical Report on the
Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA” dated February 21, 2020.
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Revival Gold has approximately 71.2 million shares outstanding and a current cash ba lance of
approximately $13.9 million as at September 1 st, 2020 . 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 Adam Rochacewich, 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 Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival
Gold Inc. a Qualified Person 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 assuranc e 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 express ed 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 re sults to differ materially from such forward -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 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 o btain 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.