TORONTO, ONTARIO–(Marketwired – Dec. 12, 2017) – Revival Gold Inc. (TSX VENTURE:RVG) (“Revival” or the “Company”), a growth focused gold exploration and development company, announces results from the first four holes of the twelve-hole 2017 portion of the Company’s planned 11,000-meter core drilling program at the Beartrack Gold Project (“Beartrack”) located in Lemhi County, Idaho.
Highlights
- 1.94 g/t Au over 65.1 meters1 from 74.2 meters to 139.3 meters in BT17-195D
- 1.73 g/t Au over 60.4 meters1 from 78.3 meters to 138.7 meters in BT17-196D
- 1.39 g/t Au over 37.1 meters1 from 144.5 meters to 181.7 meters in BT17-198D
| 1 | True width varies but is estimated to be approximately half of the drilled width. |
“Results from the first four of twelve holes drilled by Revival in 2017 substantiate our enthusiasm for the past producing Beartrack Gold Project”, said Hugh Agro, President & CEO. “We have only just begun to test the opportunity at Beartrack where mineralization has been identified along strike for five kilometers and is open to the southwest and at depth”.
Details
The 2017 portion of Revival’s Beartrack core drilling program was conducted from late September until mid-November and consisted of 3,024 meters of core drilling in twelve holes. Drilling was contracted to Idaho-based Timberline Drilling Inc. under the supervision of Revival’s exploration team.
Three of the four holes released today (BT17-195D, BT17-196D and BT17-198D) targeted near-surface oxide and mixed oxide-sulphide mineralization in the Ward’s Gulch area. These holes were drilled to confirm historic drilling completed by Meridian Beartrack Co. (“Meridian Beartrack”) and to lay the groundwork for the preparation of an updated mineral resource at Beartrack in 2018.
Summary assay results from near-surface holes released today are presented in the table below:
| Hole Number | Area | Azimuth (deg.) |
Inclination (deg.) |
From (m) |
To (m) |
Drilled Width1 (m) | Fire Assay Gold Grade (g/t) | |
| BT17-195D | Ward’s Gulch | 303 | -58 | 43.9 | 51.8 | 7.9 | 1.55 | |
| 74.2 | 139.3 | 65.12 | 1.94 | |||||
| including | 74.2 | 77.6 | 3.4 | 4.31 | ||||
| including | 86.9 | 107.3 | 20.4 | 3.21 | ||||
| including | 116.4 | 127.1 | 10.7 | 2.20 | ||||
| BT17-196D | Ward’s Gulch | 303 | -62 | 78.3 | 138.7 | 60.4 | 1.733,4 | |
| including | 105.8 | 113.4 | 7.6 | 5.07 | ||||
| including | 125.0 | 126.5 | 1.5 | 76.3 | ||||
| 147.8 | 157.0 | 9.2 | 1.56 | |||||
| BT17-198D | Ward’s Gulch | 301 | -66 | 104.8 | 107.9 | 3.1 | 3.25 | |
| 115.8 | 130.4 | 14.6 | 1.15 | |||||
| 144.5 | 181.7 | 37.2 | 1.39 | |||||
| including | 144.5 | 151.5 | 7.0 | 2.45 | ||||
| 214.9 | 218.5 | 3.6 | 4.60 | |||||
| including | 217.3 | 218.5 | 1.2 | 9.96 | ||||
| 1 | True width varies but is estimated to be approximately half of the drilled width. |
| 2 | Recovery for the interval 88.7 m to 93.6 m was 37.5%. |
| 3 | For the interval calculation, the value for the 76.3 g/t Au sample was cut to 7.3 g/t Au, the next highest value in the interval. |
| 4 | Recovery for the interval 80.6 m to 80.9 m was 0%. |
A comparison of today’s announced near-surface drill results with historic drilling completed by Meridan Beartrack indicates that these holes broadly support historic results. A more detailed comparison of 2017 drill results to historic results will be completed once all assays from the 2017 portion of the Beartrack core drilling program have been received.
In total, ten near-surface holes totaling 1,778 meters were completed in 2017 at Ward’s Gulch and the South Pit area. Results are pending for two additional near-surface holes in the Ward’s Gulch area and five near-surface holes in the South Pit area.
The remaining drill hole of the four released today (BT17-194BD) was completed to a depth of 553.2 meters and targeted deep high-grade mineralization at Ward’s Gulch identified by Meridian Beartrack during their 2012 drill program (71.0 g/t Au over 9.75 meters drilled width in BT12-175D with estimated true width of 4.88 meters).
Summary assay results are presented below:
| Hole Number | Area | Azimuth (deg.) |
Inclination (deg.) |
From (m) |
To (m) |
Drilled Width1 (m) | Fire Assay Gold Grade (g/t) | |
| BT17-194BD | Ward’s Gulch | 303 | -57 | 263.5 | 278.9 | 15.4 | 2.58 | |
| including | 263.5 | 270.5 | 7.0 | 4.59 | ||||
| 347.5 | 249.6 | 2.1 | 4.48 | |||||
| 393.9 | 402.3 | 8.4 | 1.05 | |||||
| 455.1 | 471.5 | 16.4 | 1.21 | |||||
| 496.8 | 500.5 | 3.7 | 2.15 | |||||
| including | 498.0 | 499.3 | 1.3 | 4.10 | ||||
| 1 | True width varies but is estimated to be approximately half of the drilled width. |
Hole BT17-194BD intersected the targeted structure approximately 22 meters from BT12-175D and cut three intervals exceeding 4.0 g/t Au in grade but did not replicate the high grades encountered in hole BT12-175D.
It should be noted that, although core recovery was good throughout BT17-194BD, no core was recovered from 516.6 meters to 521.7 meters (5.1 meters). This interval is within the Panther Creek Fault, which was the target zone for the Company’s drilling, along its western contact with the Yellowjacket Formation.
A second deep hole (BT17-199D) completed this year also targeted a short distance from the high-grade mineralization cut in BT12-175D. Based on preliminary results, BT-199D did not replicate the high grades previously observed. Assay results from BT17-199D will be available pending resolution of a Quality Assurance/Quality Control issue at the laboratory.
Given the extent of mineralization within the Panther Creek Fault along five kilometers of strike on the Beartrack property, and that high grades have been encountered in several holes, follow-up drilling is planned to further test the high-grade mineralization encountered in the Ward’s Gulch area where hole BT12-175D is located. In addition, four other mineralized areas remain to be tested at depth as historic deep drilling was wide-spaced or, in the case of the North Pit and Allen Creek, is non-existent.
All remaining results from the 2017 portion of the Beartrack core drilling program will be released in January 2018.
During the first quarter of 2018 Revival will initiate work on an updated geological model for Beartrack encompassing historic data as well as 13,737 meters of drilling completed in 2012, 2013 and 2017. The company will also assess and refine plans for the 2018 portion of drilling at Beartrack and begin permitting preparations for drilling at Beartrack in 2019. Future drilling at Beartrack is being planned for Ward’s Gulch, South Pit and Joss as well as at the Allen Creek target located at the north end of the property.
QA/QC Statement
Quality Assurance/Quality Control consists of the regular insertion of duplicates, blanks and certified reference standards into the sample stream. Check samples will be submitted to a second laboratory once pulps have been returned to Revival from the primary laboratory. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples are submitted to the ALS Minerals sample preparation facility in Elko, Nevada. Gold analyses are performed at the ALS Minerals laboratory in Reno, Nevada and multi-element geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS Minerals is an ISO 17025:2005 accredited lab.
Gold assays are determined by Fire Assay and AAS on a 30-gram nominal sample weight (Au-AA25). For shallow holes targeting oxide and mixed oxide-sulfide mineralization, gold is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13). Multi element geochemical analyses are completed on deep drill holes using the ME-MS 61 method.
Steven T. Priesmeyer, B.Sc., M.Sc., C.P.G., Vice-President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.
About Revival Gold Inc.
Revival Gold Inc. is a growth focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival also owns rights to a 100% interest in the neighbouring Arnett Creek Gold Project.
In addition to its interests in Beartrack and Arnett Creek, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
For further information, please visit www.revival-gold.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward- looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
