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Revival Gold Delivers Impressive Resource Update at Beartrack-Arnett
TORONTO, May 16, 2022 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the "Company") is pleased to announce the results of an
About this update from Revival Gold Inc
[{"type":"text","content":" TORONTO, May 16, 2022 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the \"Company\") is pleased to announce the results of an updated mineral resource estimate (“Mineral Resource”) on the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA. Highlights The updated Mineral Resource was completed by Wood plc (“Wood”) based on drill results through the end of 2021 and contains: An Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold1, an increase of 56% over the 2020 Indicated Mineral Resource2; and, An Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold1, an increase of 19% over the 2020 Inferred Mineral Resource2. Within the Indicated Mineral Resource, open pit heap leach contained gold increased by 49%2 and open pit mill contained gold increased by 58%2. The upgrade in Indicated Mineral Resources provides increased confidence in the quality of the resource and will help facilitate planned completion of a preliminary feasibility study (“PFS”) on the potential restart of gold production at Beartrack-Arnett. Drilling in the Joss Zone over the past two years has increased Mineral Resources in this area and supports a more robust cut-off grade (2.2 g/t gold) for the underground mill component of Mineral Resources at Beartrack-Arnett. As a result, the average grade in the underground Inferred Mineral Resource has increased 39% over the 2020 Inferred Mineral Resource2 to 3.05 g/t gold in a bulk minable long-hole mining scenario. Follow-up drilling on high-grade intercepts at Joss is expected to further enhance the underground resource model. Mineralization at Beartrack remains open along strike and at depth. Mineralization at Arnett remains open in all directions. Exploration continues with 7,000 meters of planned drilling scheduled to begin later this month. 1 Estimates based on a gold price of $1,800/ounce. See Table 2 for additional assumptions. All figures in this press release are in Metric units and in $US unless stated otherwise.2 See Revival Gold’s November 17th, 2020, press release and NI 43-101 technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Pro...