Small-cap gold company announces landmark acquisition as gold continues to set records

Revival Gold Inc. (TSX-V: RVG)(OTC: RVLGF) — currently trading around C$0.33 per share in a record gold market — has entered into a definitive agreement to acquire privately-held Ensign Minerals Inc. and the associated Mercur Gold Project, Utah, for ~61 million shares; RVG is also conducting a concurrent C$7 million financing. 

The Mercur property is located 57 km southwest of Salt Lake City in the Oquirrh Mountains and hosts a Carlin-type Inferred Mineral Resource of 89.6 million tonnes grading 0.57 g/t gold, containing 1.64 million ounces of gold.

Once completed, the highly-accretive acquisition will make Revival Gold one of the largest pure gold development companies in the United States — at a combined 6.2 million gold ounces across all categories — bolstered by an enhanced platform for cost-efficient heap leach gold production from low capex brownfield sites. 

Gerardo on site

Importantly, the Mercur property lies just 560 km south of Revival’s flagship, Idaho-based Beartrack-Arnett gold project, making for an ideal setup with potential for heap leach gold production synergies across the two formerly-producing mine sites. 

USA area map

Revival’s 5,800-hectare Beartrack-Arnett property, alone, boasts 4.6 million ounces of gold across all categories, along with immense exploration upside, making it one of the largest undeveloped gold discoveries in the western United States over the past decade. 

Revival area map

The Revival Gold team has been making steady progress over the last few quarters towards an open pit heap leach restart bolstered by last summer’s Preliminary Feasibility Study (PFS), which successfully outlined a low-cost, phased development approach focused initially on the heap leach mining component. 

Looking ahead, and by bringing the 6,255-hectare Mercur project into the portfolio, Revival Gold is now looking at a combined open pit heap leach production target of 150,000 ounces of gold per year with potential to expand that figure to greater than 250,000 ounces per year with the addition of underground material.

Revival Gold CEO Hugh Agro — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the strategic acquisition of Ensign and Mercur via press release:   

“With the addition of Mercur, we expect to shorten our estimated timeline to heap leach gold production while increasing the potential production scale of Revival Gold’s heap leach gold business to approximately 150,000 ounces per year. The combined Mineral Resource will vault Revival Gold ahead to become one of the largest, pure gold, development companies in the United States. We are pleased to be entrusted by Ensign’s shareholders with the future development of Mercur. The Transaction is a ‘win-win’ outcome for all concerned creating a clear path for Revival Gold to unlock significant value for shareholders by potentially expediting the path to become a mid-tier open pit heap leach gold producer. With Mercur, Revival Gold will obtain a high-quality complementary project at an attractive acquisition price of about US$10 per ounce in situ. Incorporating an asset that brings forward Revival Gold’s potential production date marks a considerable enhancement to the value, risk profile, and upside for the Company.”

Mercur’s location on predominantly patented/private claims in a semi-arid zone with existing infrastructure in place is deemed ideal for permitting and is expected to accelerate Revival’s goal of becoming a mid-tier heap leach gold producer via an intelligently-crafted phased development approach.

Revival gold claim map

Next steps will include utilizing the existing resource at Mercur to conduct a Preliminary Economic Assessment (PEA), slated for completion by Q1 of next year, along with continued exploration and permitting efforts at Beartrack-Arnett.

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With gold trading firmly above US$2,375 an ounce for the first time in history, our own Gerardo Del Real of Junior Resource Monthly sat down with Revival Gold CEO Hugh Agro for an in-depth discussion on the Ensign/Mercur acquisition and the plans and process for accelerating heap leach gold production at both Mercur and Beartrack-Arnett. Please enjoy! 

For more on Toronto-based Revival Gold Inc., please contact the company’s IR department at 416-366-4100 or via email at

Visit the Revival Gold corporate website and sign up to receive updates directly from the company here

Yours in profits,

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest

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