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Revival Gold intersects 1.88 g/t Au over 115 meters and 1.74 g/t Au over 49 meters at Beartrack

 

 

TORONTO, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the "Company"), a growth-focused gold exploration and development company, announces additional results from its 2018 core drilling program at the former producing Beartrack gold project (“Beartrack”) located in Lemhi County, Idaho.

Highlights

  • 1.88 g/t Au over 115.0 meters1 from 358.1 meters to 473.1 meters in BT18-217D
  • 1.74 g/t Au over 49.4 meters1 from 451.1 to 500.5 meters and 2.03 g/t Au over 17.6 meters from 531.3 meters to 548.9 meters in BT18-213D

1 Drilled width; true width estimates are presented in the table below.

“Today’s results continue to build on both the strike and depth extent of mineralization at Beartrack”, said Hugh Agro, President & CEO. “We are getting significant intercepts well outside the existing Beartrack mineral resource, including at Joss where Revival Gold has intercepted robust mineralization 700 meters south of the existing resource. Drilling continues with two rigs at Beartrack and one rig on the neighbouring Arnett project”.

Details

Drill holes completed and released to date in 2018 (BT18-207D through BT18-214D) were targeted to expand the current open pit-constrained National Instrument 43-101 Beartrack mineral resource (“Mineral Resource”).  Targets tested were below, and on strike from, both the North and South Pit areas and at Ward’s Gulch and Joss.

Results released today (BT18-213D and BT18-215 through 218D) further tested opportunities outside the Mineral Resource in the South Pit, Ward’s Gulch and Joss areas.  Additionally, drilling tested the previously unexplored area between the South Pit and Joss which are located approximately 700 meters apart along strike. 

BT18-217D successfully extended mineralization at depth in the South Pit area and BT18-213D builds on the good results obtained in BT18-211D in the Joss area. BT18-215D intercepted modest grades over good widths in a gap in the block model in the Ward’s Gulch area. 

BT18-218D, which was drilled in the previously untested area between the South Pit and Joss, encountered encouraging grade over a good width, indicating that the structure is present and mineralized between the two areas.  The area tested by hole BT18-218D covers over 300 meters of strike between holes BT12-176D, which intersected 30.5 meters from 299.3 meters to 329.9 meters averaging 3.0 g/t Au, and BT18-221D, which is currently underway.

Mineralization at Beartrack remains open to the south of Joss, north along strike between the South Pit and Ward’s Gulch area and into the North Pit.

To date in 2018, thirteen core holes have been completed at Beartrack for approximately 6,500 meters.  Beyond the holes for which results have been released, additional holes have been completed in the South Pit area and south of Joss.  Drilling is currently underway in the South Pit and Joss areas.

Summary assay results from holes released today are presented in the table below:

Hole
Number
Area Azimuth
(deg.)
Dip
(deg.)
From
(m)
To
(m)
Drilled
Width
(m)
Est. True
Width1

(m)
Fire Assay
Gold Grade
(g/t)
BT18-213D2 Joss 305 -60 257.3 261.5 4.2 n/a 1.87
        349.6 352.7 3.1 n/a 1.24
        451.1 500.5 49.4 n/a 1.74
        504.7 511.1 6.4 n/a 4.23
        531.3 548.9 17.6 n/a 2.03
BT18-215D Ward’s Gulch 302 -51 129.5 134.1 4.6 3 2.17
        241.1 246.4 5.3 3 0.96
        264.9 298.4 33.5 21 0.72
BT18-216D Joss Abandoned at approximately 95 meters.
BT18-217D3 South Pit 300 -57 279.1 285.0 5.9 3 1.04
        358.1 473.1 115.0 58 1.88
        483.7 489.5 5.8 3 2.06
BT18-218D South Pit-Joss 300 -57 273.3 280.7 7.4 4 2.85
        293.8 297.6 3.8 2 1.14

1 True width estimates in the South Pit and Ward’s Gulch areas, as well as the area between the South Pit and Joss, are based on a vertically dipping mineral zone.  True width in the Joss area is unknown (n/a).  Drill holes typically steepen during drilling so the inclination of the drill hole at depth may not be the same as the inclination in the mineralized zone.
2 Recoveries for the intervals 506.0 meters to 507.5 meters, 508.9 meters to 509.6 meters and 510.5 meters to 511.2 meters were 44%, 0% and 50%. The interval with 0% recovery was included at zero grade.
3 Recoveries for the intervals 358.4 meters to 359.4 meters and 366.2 meters to 366.5 meters were 23% and 50% respectively. Recovery for the intervals 364.2 meters to 364.7 meters and 365.2 meters to 365.9 meters was 0%. The intervals with 0% recovery were included at zero grade.

Figure 1 illustrates a north-west facing long-section view at Beartrack from the north end of the North Pit Zone to the south end of the Joss Zone (approximately 4.5 kilometers) with the current Mineral Resource block model and the location of all eleven holes completed and released to-date this year. An additional four drill holes are noted on the figure for which results are pending.

In addition to drilling at Beartrack, four core holes have now been completed at Revival Gold’s neighbouring Arnett Project and a further three core holes are planned for this year. Initial results from the Arnett program are expected in early December.

QA/QC Program

Quality Assurance/Quality Control consists of the regular insertion of duplicates, blanks and certified reference standards into the sample stream.  Check samples will be submitted to an umpire laboratory at the end of the drilling program.  Sample results are analyzed immediately upon receipt and all discrepancies are investigated.  Samples are submitted to the ALS Minerals sample preparation facility in Elko, Nevada.  Gold analyses are performed at the ALS Minerals laboratory in Reno, Nevada and multi-element geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, British Columbia.  ALS Minerals is an ISO 17025:2005 accredited lab.

Gold assays are determined by Fire Assay and AAS on a 30-gram nominal sample weight (Au-AA25).  For shallow holes targeting leachable mineralization, gold is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13).  Multi element geochemical analyses are completed on selected drill holes using the ME-MS 61 method. 

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 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 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 42 million shares outstanding and had a working capital balance of approximately $1.8 million as at September 30th, 2018. 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:

Andrea Totino, Investor Relations Manager, Tel: (416) 366-4100, 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 objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. 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.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/36ce1c1c-6b46-48da-ba5a-c7aab3d5f571

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Figure 1

 

Beartrack Block Model Long Section North-West View (with 2018 drill results to-date, November 1, 2018)

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