Revival Gold reviews 2023 activities, Idaho
Revival Gold Inc. [TSXV-RVG; OTCQX-RVLGF] provided a review of key accomplishments this year to advance its Beartrack-Arnett Gold Project located in Idaho, USA.
Highlights: Increased Measured and Indicated Mineral Resources to 86.2 million tonnes grading 0.87 g/t gold containing 2.42 million ounces of gold1 and Inferred Mineral Resources to 50.7 million tonnes grading 1.34 g/t gold containing 2.19 million ounces of gold.
Notably, open pit heap leach Measured and Indicated Resources increased to 42.3 million tonnes grading 0.70 g/t gold containing 959,000 ounces of gold with additional Inferred Resources of 6.3 million tonnes grading 0.53 g/t gold containing 108,000 ounces of gold and underground mill (sulphide) Inferred Resources increased to 6.7 million tonnes grading 4.0 g/t gold containing 877,000 ounces of gold.
The company filed a Preliminary Feasibility study (PFS) on the potential first phase restart of open pit heap leach operations: Inaugural Proven & Probable open pit heap leach Mineral Reserve of 36.2 million tonnes grading 0.74 g/t gold for 859,000 ounces of gold; average gold production of 65,300 ounces of gold per year, for a total of 529,100 ounces of gold over an eight-year mine life; and After-tax NPV at a 5% discount rate (NPV5%) of $105 million and after-tax IRR of 24.3% at $1,800/oz gold increasing to an NPV5% of $138 million and after-tax IRR of 29.5% at $1,900/oz gold.
Revival continued to advance conceptual plans for a potential second phase underground operation by completing a third stage of metallurgical testing demonstrating gold recoveries of 93% to concentrate from a composite of high-grade sulphide material in the underground resource achieving a concentrate grade of 50 g/t gold with a relatively coarse particle grind size (P80) of 150 μm and a resulting mass pull of 8.9%.
It completed a total of eighteen core holes for 3,350 meters of exploration drilling focused on near-surface oxide gold opportunities in the broader Haidee area. Results included 3.93 g/t gold over 20.6 meters in a potential feeder structure on the western flank of Haidee.
Three of the four targets drilled this year were previously untested by Revival Gold and all three yielded above cut-off grade results in near-surface oxide mineralization including 0.37 g/t gold over 22.6 metres and 0.36 g/t gold over 9.0 metres at the Ridge and Midlands targets, respectively.
The company raised C$9.4 million in equity funding and re-acquired a 1% Net Smelter Royalty on sixteen claims within the Beartrack-Arnett project area.
Added to Revival Gold’s operating and exploration expertise and capabilities with the addition of Larry Radford to the Board of Directors and the hiring of Dan Pace as Chief Geologist.
Mineral Resources estimated at a gold price of US$1,900/oz. Proven and Probable Reserves were estimated at a gold price of $1,700/oz. All figures in metric, troy ounces, and US$ unless indicated otherwise.
“We exit 2023 having delivered on key tactical objectives for the year. The updated and improved resource, completion of a PFS on the potential first phase restart of operations, de-risking of the potential second phase underground concept, and favourable exploration drilling results returned during the year, mark solid progress,” said President & CEO Hugh Agro. “Still, as a founder and significant shareholder in Revival Gold, I am not satisfied with the results of our efforts to reduce business risk and generate a return for shareholders. Heading into 2024, Revival Gold’s board and management are committed to refocusing and redoubling our efforts to secure a strategic or other transaction that will help facilitate a commitment of long-term capital, reduce business risk, and deliver superior returns for our shareholders,” added Agro.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. The Project benefits from extensive existing infrastructure and is the subject of a recent Preliminary Feasibility Study for the potential restart of open pit heap leach gold production operations.
Since reassembling the Beartrack-Arnett land position in 2017, Revival Gold has made one of the largest new discoveries of gold in the United States in the past decade. 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.