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Revival Gold (TSX-V: RVG)(OTC: RVLGF) CEO Hugh Agro on New High-Grade Gold Discovery at Joss Target Area of Flagship 3M/Oz Beartrack-Arnett Gold Project, Idaho
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president & CEO of Revival Gold — Mr. Hugh Agro. Hugh, it's been a bit. How are you?
Hugh Agro: Oh, very good. Thanks, Gerardo. And thank you for having me back.
Gerardo Del Real: Well, thanks for coming on. I suspect you are very, very well. You had some news today that, frankly… I know it's the summer… I know gold is still going though its consolidation… but this should wake a lot of people up. Let me read the headline and then we can get into the details. The headline reads:
Revival Gold Intersects 11.8 Grams Per Tonne Gold Over 2.5 Meters and 5.4 G/T Gold Over 5.8 Meters Within 84.6 Meters of 2.7 G/T Gold At Beartrack-Arnett.
Important to note, this is from the Joss high-grade gold target. Fantastic numbers! I would love for you to provide some context.
Hugh Agro: We're very happy about this. This is what we were looking to get in the Joss area. As you point out, it's a high-grade target for us, which sits on the periphery of the approximately 3 million ounce resource at Beartrack-Arnett.
It's a new area of exploration for us. We've got a kilometer of strike; almost three quarters of a mile of strike with now 16 drill holes in. And we've got another few to go in the current program.
And this hole was in an untested area of the Joss zone. So this is a discovery for us in terms of what we're seeing there at Joss. And it really opens up the potential, not just in terms of the intercept, but also in terms of the style of mineralization and what it means to our understanding, generally, of the area.
Gerardo Del Real: I'm glad that you framed it as a new discovery because it absolutely is. It's important to note that — of the three million-plus ounce gold resource that you have across all categories — Joss doesn't really contribute to that in any material way, correct?
Hugh Agro: Not in a big way. We do have some bulk underground resources at the south end of the south pit. But as we get into Joss proper, we don't really have anything there.
And I think your listeners will be fascinated to hear that the next hole is 150 meters to the north, and the hole after that is almost 400 meters south of the most southerly hole at Joss. So we've got some big step-outs coming over the next month or two — and it's an exciting time.
Gerardo Del Real: I'm glad you touched on the step-outs because those are pretty aggressive step-outs. And just from reading the release here, I see that hole 238 — which is 150 meters north of 237, which are the highlight numbers today — you say you intercepted what appears to be a similar stockwork. Can you opine on that just a bit?
Hugh Agro: Yeah, we're following what's called the Panther Creek Shear Zone south of the south pit and the north pit on the Beartrack mineralized trend. It's very pervasive. Once you get into it — it's a very nice marker.
And so what we're seeing in hole 238 here — assay results are yet to come in — but what we're seeing is a lot of the same geology that we see in this hole we’ve just released. And that's favorable. We'll have to wait until the assays come out. But we'll have those results by the time we get into early-September. So stay tuned.
Gerardo Del Real: You mentioned Panther Creek; the fault zone. That's what… 5 kilometers in strike?
Hugh Agro: It is… and mineralized throughout and open both to the north and to the south. So we're continuing to move along here. We've got about 1,500 meters drilled in the current drill program on the Joss area.
We've got another 1,000 meters to drill and we've just brought a second rig onto the project to accelerate the pace of drilling. And we'll be up into the oxide target — also on Beartrack-Arnett — improving and building on that.
Gerardo Del Real: A lot to like for a company that has a just over 3 million ounce gold resource across all categories; a market cap of just over C$49 million; 6 million of that as of June the 30th backed by cash; and a brand new discovery with what appears to be in an area of high-grade gold here that's going to quickly add to that resource.
Anything else to add, Hugh?
Hugh Agro: Look, it's an exciting time and the gold price is on-the-march. Revival Gold has been making a lot of progress on the engineering and the permitting and the social side of the project.
All of that is a foundation for us to complete a resource update at the beginning of next year. And then go into a PFS [Pre-Feasibility Study] with respect to the heap leach restart project by the end of next year. And a construction decision on pursuing that relatively straight forward, relatively low-capital opportunity to start generating cash.
Gerardo Del Real: A straight forward march towards 5 million ounces. Hugh, I can't wait to get the assays from this next hole. Thank you so much for your time today.
Hugh Agro: Okay, Gerardo.
Gerardo Del Real: Alright, chat soon.Click here to see more from Revival Gold Inc.