Revival GOLD Marks Impressive Continued Growth IN Mineral Resource and Advances Open Pit Heap Leach Restart Plans with PFS
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REVIVAL GOLD MARKS IMPRESSIVE CONTINUED GROWTH IN
MINERAL RESOURCE AND ADVANCES
OPEN PIT HEAP LEACH RESTART PLANS WITH PFS
Toronto, ON – July 11th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or
the “Company”), is pleased to report impressive continued growth in the Company’s Mineral
Resources and the completion of a Preliminary Feasibility Study (“PFS”) on the potential open
pit heap leach restart of the Beartrack-Arnett Gold Project (“Beartrack-Arnett” or the “Project”)
located in the western United States.
Mineral Resource Update Highlights
• The updated Mineral Resource is based on 172,244 meters of drilling through the end of
2022 and contains:
• A Measured & Indicated Mineral Resource of 86.2 million tonnes at 0.87 g/T gold
containing 2. 42 million ounces of gold 1, an increase of 14% over the 2022
Measured & Indicated Mineral Resource2; and,
• An Inferred Mineral Resource of 50.7 million tonnes at 1. 34 g/T gold containing
2.19 million ounces of gold 1, an increase of 13% over the 2022 Inferred Mineral
Resource2;
• Contained gold in open pit heap leach Measured & Indicated Resources increased 142%2
to 42.3 million tonnes at 0.70 g/T gold containing 959,000 ounces of gold with additional
Inferred Resources of 6.3 million tonnes at 0.53 g/ T gold containing 108,000 ounces of
gold; and,
• Contained gold in underground mill Inferred Resources increased 180% to 6.7 million
tonnes at 4.0 g/ T gold containing 877,000 ounces of gold with a 33% increase in grade
over the 2022 Inferred Mineral Resource2.
Open Pit Heap Leach Restart PFS Highlights
• Inaugural Proven & Probable open pit heap leach Mineral Reserve of 36.2 million tonnes
at 0.74 g/T gold for 859,000 ounces of gold3;
• Average gold production of 65,300 ounces of gold per year, for a total of 529,100 ounces
of gold over an eight-year mine life;
1 Estimates based on a gold price of $1,900 per ounce. See Tables 1 and 2 for additional assumptions. All figures in this news
release are in Metric units and in $US unless stated otherwise.
2 See Revival Gold’s May 16th, 2022, news release and NI 43-101 Technical Report by Wood plc dated July 13th, 2022.
3 Proven and Probable Mineral Reserves were estimated at a gold price of $1,700 per ounce.
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• Pre-production capital of $ 109 million, working capital of $5 million, and life -of-mine
(“LOM”) sustaining capital of $ 100 million, reflecting only a modest increase in capital
relative to the 2020 Preliminary Economic Assessment;
• Total cash cost of $986 per ounce and All-In Sustaining Cost (“AISC”) of $1,235 per ounce
of gold;
• After-tax NPV at a 5% discount rate (“NPV5%”) of $105 million and after-tax IRR of 24.3%
at $1,800 per ounce gold increasing to an NPV5% of $138 million and after-tax IRR of 29.5%
at $1,900 per ounce gold;
• After-tax payback period of 3.4 years at $1,800 per ounce gold decreasing to 3.1 years
at $1,900 per ounce gold;
• Low technical and execution risk of a brownfield project with existing infrastructure ,
minimal pre-production earthworks and mine pre-stripping, limited planned disturbance
outside the Project’s current footprint, and a high proportion of low-risk pre-production
capital expenditures on mechanical equipment;
• Excellent additional exploration potential with exploration drilling currently underway
on high grade open pit oxide opportunities at Roman’s Trench and Haidee that offer near
term opportunities to extend the open pit heap leach PFS mine life; and,
• Opportunity to pursue a potential second phase mill operation with Mineral Resources
that provide optionality to begin underground or with an open pit, or concurrently
develop both.
“Completion of this PFS marks a significant de-risking milestone for Revival Gold”, said Hugh Agro,
President & CEO. “Beartrack -Arnett presents a unique opportunity for meaningful US gold
production from a low-risk, low capital restart of an established domestic mine site. The project
features robust economics including an attractive 24% after -tax IRR at $1,800 gold which
increases to 30% at current prices”, added Agro.
“Beyond the first phase of open pit heap leach production addressed in the PFS, potential exists
for Revival Gold to pursue a second phase of underground and open pit mill operations. The more
than doubling in Measured & Indicated open pit heap leach resources and near tripling of
underground Inferred resources reflected in today’s update speaks to the impressive ongoing
exploration and development potential at Beartrack-Arnett. With completion of the PFS, Revival
Gold is now positioned to progress environmental and permitting preparations, fine tune
engineering and design plans and advance the proposed Beartrack-Arnett project schedule .
Meanwhile, exploration continues with drilling having resumed this month”, said Agro.
The Mineral Resource estimate, Mineral Reserve estimate, and PFS were prepared in accordance
with National Instrument 43 -101 (“NI 43 -101”) by Kappes, Cassiday & Associates (“KCA”),
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Independent Mining Consultants, Inc. (“IMC”), KC Harvey Environmental (“KC Harvey”) and WSP
USA Environmental & Infrastructure Inc. ( “WSP”), collectively the “Study Authors”, with an
effective date of June 30th, 2023. The Company will file a technical report summarizing the PFS
on www.revival-gold.com and on SEDAR at www.sedar.com in accordance with NI 43-101 within
45 days.
Conference Call
Management will host a conference call later this morning to discuss the results of the Mineral
Resource update and PFS. Call-in information below:
Scheduled Start: Tuesday, July 11th, 2023, 10:00 am EST
Call-In Number: 416-764-8658
Toll Free in North America: 888-886-7786
A replay of the conference call will be available for one week at 416-764-8691 or toll free in North
America at 877-674-6060. Playback passcode 416972#.
Further Details
Mineral Resource Estimate
The Mineral Resource estimate has been reported in accordance with NI 43 -101 and was
prepared by IMC with an effective date of June 30th, 2023. Table 1 provides the pit-constrained
and underground Beartrack-Arnett Gold Project Mineral Resource estimate, which include s
oxide, transition, and sulphide material.
Table 2 summarizes the Mineral Resource definition parameters used to develop the Mineral
Resource estimate . The Measured and Indicated Mineral Resources were estimated at a gold
price of $1,900 per ounce.
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Table 1: Beartrack-Arnett Gold Project
Mineral Resources by Material Type and Location
Resource Type Location Resource Category
Mineral Resources
Resource Grade Contained
(kT) (g/T) (koz)
Heap Leach
Mineral Resource
Open Pit
Beartrack
Measured 6,743 1.03 224
Indicated 18,781 0.77 466
Inferred 2,694 0.51 45
Haidee
Measured 5,932 0.48 92
Indicated 10,880 0.51 177
Inferred 3,624 0.55 64
Open Pit Beartrack
& Haidee
Measured 12,675 0.78 316
Indicated 29,661 0.67 643
Measured + Indicated 42,336 0.70 959
Inferred 6,318 0.53 108
Mill
Mineral Resource Open Pit Beartrack
Measured 6,557 1.10 231
Indicated 37,290 1.03 1,233
Inferred 37,666 0.99 1,204
Underground Beartrack Inferred 6,745 4.05 877
Open Pit &
Underground Beartrack
Measured 6,557 1.10 231
Indicated 37,290 1.03 1,233
Measured + Indicated 43,847 1.04 1,464
Inferred 44,411 1.46 2,082
Total
Mineral
Resource
Open Pit &
Underground
Beartrack
& Haidee
Measured 19,232 0.88 547
Indicated 66,951 0.87 1,876
Measured + Indicated 86,184 0.87 2,423
Inferred 50,728 1.34 2,190
Notes:
1) Gold price used for Mineral Resources: $1,900/oz.
2) Gold grades are reported in grams per metric tonne (g/T).
3) Economic cutoff is based on Income Net of Process = $0.01/tonne. Income Net of Process = (Grade x Recovery x ($1,900 - $5)) - (Process
Cost + G&A). Beartrack heap leach process cost and process recovery varies with CN/FA ratio.
4) Beartrack average heap leach gold recovery = 51% of FA, which excludes secondary leach recovery that is included in the PFS recovery
calculations. Beartrack heap leach ore types are: CN/FA > 0.7 = Oxide, 0.2 to 0.7 CN/FA = Transition, CN/FA < 0.2 = Sulphide. Beartrack
base heap leach mining cost and average processing cost including G&A = $2.04/T and $6.88/T, respectively. Beartrack heap leach
throughput = 12,000 T/d. Beartrack approximate FA cutoff grades for heap leach resource = Oxide = 0.15 g/T, Transition = 0.29 g/T,
Sulphide = 0.96 g/T.
5) Haidee heap leach recovery = 86% of FA. Haidee base heap leach open pit mining cost and average processing cost including G&A =
$2.04/T and $6.78/T, respectively. Haidee heap leach throughput = 12,000 T/d. Haidee heap leach resource cutoff grade = 0.17 g/T.
6) Beartrack mill sulphide recovery = 94%. Beartrack base mill open pit mining cost and processing cost including G&A = $2.14/T and
$24.83/T, respectively. Beartrack average mill underground mining cost and processing cost including G&A = $100.00/T and $35.52/T,
respectively. Beartrack mill open pit throughput = 12,000 T/d. Standalone underground throughput = 2,500 T/d. Beartrack open pit mill
sulphide resource cutoff = 0.43 g/T. Beartrack underground mill resource cutoff = 2.37 g/T.
7) Total surface mine material moved: 449,504 kT.
8) Mineral Resources include Mineral Reserves.
9) Numbers may not add exactly due to rounding.
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Table 2: Beartrack-Arnett Gold Project
Mineral Resource Estimate Definition Parameters
Mineral Resource
Definition Parameters Units
Mill Parameters Heap Leach Parameters
Beartrack
Underground
Beartrack
Open Pit
Beartrack
Open Pit
Haidee
Open Pit
General
Mineral Resource Gold Price $/oz $1,900
Mining / Processing Rate T/d 2,500 12,000 12,000
Average Process Recovery % 94% 51%1 86%
Mining OPEX
Base Mining $/T $100.00 $2.14 $2.04 $2.04
Incremental Bench Mining $/T - - $0.04 $0.02
per bench below listed elevation ft - - 7,075 7,340
Processing OPEX including G&A
Oxide (CN/FA > 0.7) $/T - - $6.62 $6.78
Transition (CN/FA > 0.2 < 0.7) $/T - - $7.31 -
Sulphide (CN/FA < 0.2) $/T $35.52 $24.83 $8.02 -
Incremental Ore Haul $/T - - - $2.19
Other Costs
Refining & Freight $/oz $5.00 $5.00
Open Pit Slope Angles
Tertiary, Dykes, Till, Fill degrees - 38 38
Rapakivi Granite degrees - 45 45
Yellowjacket degrees - 45 45
Economic Cutoff Values
Net of Process Revenue $/T $100.00 $0.01 $0.01 $0.01
Approximate Contained Gold Cutoff Grades
Heap Leach Oxide g/T - - 0.15 0.17
Heap Leach Transition g/T - - 0.29 -
Heap Leach Sulphide g/T - - 0.96 -
Mill Sulphide g/T 2.37 0.43 - -
Note:
1) This value represents the average metallurgical recovery of the Beartrack heap leach Mineral Resource inside the PFS pit;
however, the recoveries used to define the PFS Mineral Resource were calculated on a block-by-block basis using the
following equation: 0.8852 * CN/FA - 0.0612, where CN is the cyanide soluble gold estimate for a given block and FA is the
contained gold estimated for a given block. This value excludes secondary leach recovery, which is included in the KCA PFS
recovery calculations.
Table 3 illustrates the sensitivity of the total Mineral Resource to changes in gold price from
$1,800 per ounce up to $2,000 per ounce.
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Table 3: Beartrack-Arnett Gold Project
Mineral Resources Sensitivity to Gold Price
Mineral Resource Category
and Gold Price
Resource
Tonnage
(kT)
Contained
Gold Grade
(g/T)
Contained
Gold
(koz)
Mineral Resource Sensitivity at $1,800/oz Gold
Total Measured + Indicated 83,017 0.88 2,360
Total Inferred 44,674 1.39 2,003
Base Case Mineral Resource at $1,900/oz Gold
Total Measured + Indicated 86,184 0.87 2,423
Total Inferred 50,728 1.34 2,190
Mineral Resource Sensitivity at $2,000/oz Gold
Total Measured + Indicated 97,295 0.81 2,525
Total Inferred 63,597 1.19 2,441
Inferred Mineral Resources include 6.7 million tonnes of underground material at 4.0 g/T gold
containing 877,000 ounces of gold. The increase in underground Inferred Mineral R esources
since 2022 is, in part, derived from a more focused approach to mining and the elimination of an
open pit in the Joss Target areas. The pit elimination would reduce the environmental footprint
of the potential mill phase and accelerate the expected permitting and development timelines
for the potential mill production phase to commence.
Underground mining is assumed to utilize an overhand cut and fill approach on a “stand-alone”
basis with a cut -off grade of 2.37 g/T gold. The underground Mineral Resource occurs in both
the South Pit and Joss areas and vertically over an elevation of approximately 580 meters. The
underground Inferred Mineral Resource dips at approximately 80 -90 degrees and ranges in
thickness from about 3 to 25 meters.
Table 4 summarizes the sensitivity of the Beartrack underground Mineral Resource to changes in
cutoff gold grade. All underground scenarios in Table 4 are for Mineral Resources that sit below
mill open pit Mineral Resource.
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Table 4: Beartrack-Arnett Gold Project
Underground Mineral Resources Sensitivity to Cutoff Gold Grade
Cutoff
Gold Grade
(g/T)
Gold
Price
($/oz)
Inferred Mineral
Resource Tonnage
(kT)
Contained
Gold Grade
(g/T)
Contained
Gold
(koz)
2.00 2,250 12,470 3.22 1,292
2.26 2,000 8,194 3.77 994
2.37 1,900 6,746 4.05 877
2.50 1,800 5,517 4.39 778
2.64 1,700 4,295 4.87 672
2.74 1,640 3,385 5.38 586
Note: A cutoff gold grade of 2.37 g/T defines the Base Case underground mineral resource.
Figure 1 presents an overview of the Beartrack -Arnett Project area and the location of Mineral
Resources on the property.
Figure 1: Beartrack-Arnett Gold Project
Mineral Resource Areas1 and Land Position
Note:
1) See Revival Gold news release dated July 11 th, 2023, for additional details on Mineral Resources and press releases dated
October 2nd, 2017, March 15th, 2022, and September 22nd, 2022, for additional details on drill results depicted here.
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Mineral Reserve Estimate
The PFS and associated Mineral Reserve estimate was developed based on the open pit heap
leach Measured and Indicated portion of the Beartrack and Haidee Mineral Resource estimates.
The Proven and Probable Mineral Reserves for the Project were estimated a t a gold price of
$1,700 per ounce and are summarized in Table 5.
Table 5: Beartrack-Arnett Gold Project
Mineral Reserve Estimate by Location and Category
Deposit Mineral Reserve Category
Mineral Reserves
Tonnage Gold Grade Contained Gold
(kT) (g/T) (koz)
Beartrack Proven 6,420 1.06 219
Probable 15,600 0.82 413
Proven + Probable 22,020 0.89 632
Haidee Proven 5,933 0.48 92
Probable 8,244 0.51 136
Proven + Probable 14,177 0.51 228
Total Proven 12,353 0.78 311
Total Probable 23,844 0.72 549
Total Proven + Probable 36,197 0.74 859
Notes:
1) Gold price used for Mineral Reserves: $1,700/oz.
2) Gold grades are reported in grams per metric tonne, g/T.
3) Cutoff gold grade is based on Net of Process Revenue = $0.01/tonne.
Net of Process Revenue = (Grade x Recovery x ($1,700 - $5)) - (Process Cost + G&A).
Process cost varies with CN/FA ratio. Process recovery varies by CN/FA ratio.
4) Typical FA gold cutoff grades are: 0.17 g/T oxide, 0.33 g/T transition, 1.07 g/T sulphide.
5) Total open pit material: 124,413 kT.
6) Numbers may not add exactly due to rounding.
Open Pit Heap Leach PFS
The PFS was developed as an initial phase of open pit mining with approximately 36.2 million
tonnes of heap leachable ore from the Beartrack and Haidee deposits at an average rate of
12,000 tonnes/day for a period of 8.1 years . The PFS mine fleet is conventional with loading
accomplished by three 11 m3 front loaders matched to up to thirteen 90-tonne class haul trucks.
Run-of mine ore from the open pits would be processed in a conventional, mobile crushing circuit
to achieve a particle size of 100% passing 38 mm (1.5 inch). Crushed ore w ould be conveyor
stacked onto heap leach pads and leached with a low concentration cyanide solution. The
resulting pregnant leach solution w ould be processed in an existing, refurbished, adsorption -