In This Article:
TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”) is pleased to provide an update on progress with the Company’s Mercur gold project (“Mercur”) located in Utah, U.S.A.
Highlights
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Revival Gold and the Company’s principal consultants, RESPEC Company, LLC and Kappes Cassidy & Associates, have completed draft geological models, grade domains, and a preliminary updated grade and metallurgical block model in support of the Company’s planned Preliminary Economic Assessment (“PEA”) on Mercur.
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The objective with updating models is to prepare a more robust Mineral Resource estimate for optimal PEA mine planning purposes.
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The updated Mineral Resource will reflect additional historical drill logs and metallurgical data as well as Revival Gold’s fall 2024 column leach metallurgical test results.
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Whittle pit analysis, trade-off studies and preliminary site layout planning is underway. Open pit and waste rock storage facility designs, mine scheduling, heap leach and process facility designs, ancillary infrastructure designs, and operating and capital cost estimates are in progress.
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Complete PEA results are expected within the next two months.
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Revival Gold is targeting approximately 80,000 – 100,000 ounces per year of gold production over a 9 – 10 year mine life.
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Revival Gold and the Company’s permitting consultants have initiated work on a permitting schedule for the potential re-start of production at Mercur and plan to include a preliminary permitting schedule and cost estimate in the PEA.
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With Mineral Resources at Mercur located on private claims and in a dry climate, Revival Gold expects to proceed efficiently through mine permitting, when initiated, in a state process led by Utah’s Department of Oil, Gas and Mining.
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An initial program of exploration data compilation, field reconnaissance and selective geochemical sampling at Mercur has been completed. Revival Gold has identified several opportunities to build on Mercur’s current Mineral Resource with both adjacent and new exploration areas identified for potential future drilling.
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Efforts are focused on the stratigraphic section at Mercur to evaluate the potential for mineralization in the South Sacramento, Rover and South Mercur areas.
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To date, there has been little in the way of recent exploration or deep drilling on the west limb of the Mercur anticline. This represents an additional opportunity.
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“Revival Gold’s is making excellent progress and remains on schedule for release of an updated Mineral Resource and PEA on Mercur within the next two months. Resource modeling efforts have incorporated a more robust geological and metallurgical model and benefited from the integration of a substantial amount of additional historical drill log data and Revival Gold’s fall 2024 program of column leach metallurgical test results. We are targeting potential open pit heap leach production of 80,000 – 100,000 ounces of gold per year over a 9 – 10 year mine life. The project benefits from its largely private land position and dry climate which is expected to provide for an efficient mine permitting process, when initiated, and put Mercur at the front of Revival Gold’s project development pipeline,” added Agro.