Revival Gold drills 30.1 metres of 0.81 g/t gold in Idaho
Revival Gold Inc. [RVG -TSXV] on Monday released results from the first 12 of 18 core holes drilled in the Haidee deposit area during the company’s 2022 exploration program at the Beartrack-Arnett gold project in Idaho. Each of the 12 holes released on Monday intersected above-cut-off-grade, near-surface oxidized gold mineralization, the company said in a press release.
Drilling highlights include 30.1 metres of 0.81 g/t gold in hole AC22-100D and 1.12 g/t gold over 18 metres and 0.36 g/t gold over 32.8 metres in AC22-097D.
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 to focus on expanding the 2022 indicated mineral resources of 65.0 million tonnes at 1.01 g/t gold, containing 2.11 million ounces of gold. On top of that is an inferred resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold.
 A preliminary economic assessment was completed for a first phase restart of a heap leach operations that is expected to produce 72,000 ounces of gold annually over an initial seven-year mine life at an all-in-sustaining cost of US$1,057 per ounce.
The mineralized trend at Beartrack extends for over 5.0 kilometres and is open on strike and at depth. It includes a further 10 kilometres of favourable structure to explore.
The 2022 drilling program at Haidee was designed to upgrade and expand the deposit’s current inferred heap-leachable mineral resource. A total of 18 holes were completed for approximately 2,900 metres. They are designed to support this year’s preliminary feasibility study on the first phase restart of heap leach operations. They further validate the potential for future up-dip and down-dip extensions to the current mineral resource, the company said.
Results from the remaining core holes from the 2022 program at Haidee are expected by the end of January.
The Beartrack Mine was operated by Meridian Beartrack from 1994 to 2000 and produced approximately 600,000 ounces of gold. The mine operated at 13,600 tonnes per day and achieved life of mine recovery of 88% based on the cyanide-soluble grade from the ore processed during heap leach operations. The mine was closed at a time when the price of gold dropped below US$300 an ounce.
Revival recently closed a non-brokered private placement that raised $3 million from the sale of 5.0 million units priced at 60 cents per unit. Each unit consists of one common share and one half of one common share purchase warrant. Each warrant is exercisable into one common share at a price of 80 cents per warrant share for a period of two years from the closing date.
On January 6, 2023, Revival Gold shares close at 67 cents and currently trade in a 52-week range of 76 cents and 38 cents.