Revival Gold Inc. [RVG-TSXV; RVLGF-OTCQX] reported initial results from the company’s 2022 drilling program and provide an update on exploration at the Beartrack-Arnett gold project located in Idaho, United States.
Highlights include three core holes targeting the depth extension of mineralization at Beartrack-Arnett have been completed in the 2022 program; two in the Joss area and one in the South Pit area.
BT22-241D in the Joss area intersected 6.2 g/t gold over 14.2 metres within 3.6 g/t gold over 51.5 metres approximately 100 metres below hole BT18-220D, the most southerly intersection at Joss to date (8.84 g/t gold over three metres within 1.79 g/t gold over 38.8 metres.
BT22-242D, also at Joss, intersected what appears to be a similar stockwork to hole BT21-240D in the same Proterozoic Yellowjacket formation approximately 150 metres deeper than BT21-240D (4.34 g/t gold over 110.6 metres drilled width, including 12 g/t gold over 13.7 metres and 8.8 g/t gold over 11.8 metres). Assay results are pending.
A third hole, BT22-243D, was completed at the south end of the South Pit. This hole is intended to extend the trend of higher-grade mineralization at Joss north to the South Pit and intersected stockwork mineralization as well as siliceous breccia within the target zone. Assay results are pending.
Approximately 2,300 metres of this year’s planned 5,000-metre core drilling program have been completed at Beartrack-Arnett since the start of drilling in June;
Idaho’s Moose Fire has passed through the company’s land position. All personnel are safe. Buildings and equipment were undamaged. Drilling has resumed with two rigs at Joss. True widths are estimated to be 30% to 70% of drilled width.
“This year’s drilling to extend the potential for high-grade mineralization at Beartrack-Arnett has kicked-off with excellent results. We are seeing twice the gold grade and a wider intercept in hole 241D compared with hole 220D, which was located approximately 100 metres above it,” said Hugh Agro, President and CEO. “The results suggest that grade and widths are improving at depth and confirm the open nature of mineralization to the south at Joss. Drilling continues with two rigs with further results expected later this month,”
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 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.
Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$7.1 million as of June 30th, 2022.
In morning trading, shares of Revival Gold gained $0.05 to $0.69.