Revival Gold Inc. [RVG] on Monday released results from the final six 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 six holes intersected above-cut-off-grade, near-surface oxidized gold mineralization, the company said in a press release.
Drilling highlights include 1.51 g/t gold over 15.8 metres in hole AC22-086D.
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. So far, the company has outlined an indicated mineral resource 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 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. The drill program was also designed to support a preliminary feasibility study on the first phase restart of heap leach operations. Recent results have served to validate the potential for future up-dip and down-dip extensions to the current mineral resource, the company has said.
Results from the final six holes of the 2022 drilling program include a couple of high-grade gold intercepts at a tenor not typically encountered in oxidized mineralization at Haidee. The company said these results point to the possibility for continued expansion of the deposit to the south-west in potentially higher-grade material with a lower strip ratio.
“We’ve wrapped up the 2022 Haidee infill and expansion drill program with gold mineralization intersected directly from surface and intriguing high-grade results in the south-west quadrant of the deposit,’’ said Revival Gold President and CEO Hugh Agro.
“These results bode well for the updated mineral resource for Haidee and the successful completion of this year’s pre-feasibility study on the first phase re-start of heap leach operations at Beartrack-Anett,’’ he said.
In early trading Monday, Revival Gold shares were priced at 75 cents. The shares currently trade in a 52-week range of 76 cents and 38 cents.
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.