TORONTO, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSX-V: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”) is pleased to report positive results from the Company’s column leach metallurgical test program on representative samples from the Mercur Gold Project (“Mercur”) in Utah, U.S.A.
Five composite samples were developed from seven HQ core holes for testing. The composites were developed to be geologically and grade representative of the primary gold-bearing heap leachable host rocks at Mercur. The composites were crushed to 100% passing 12.5 mm (0.5 inch) and actively leached for seven weeks. The test program was undertaken by Kappes Cassiday & Associates (“KCA”) at KCA’s laboratory in Reno, Nevada. Results of were as follows:
Overall extraction rates for gold for the five column leach tests were 85%, 85%, 74%, 92%, and 82%. Table 1 describes the composites tested and compares the column leach test results against the applicable bottle roll test results.
Average sodium cyanide consumption for the column leach tests was 0.57 kg/T (1.14 lbs/t) and lime addition was 1.0 kg/T (2 lbs/t).
The column leach kinetics were rapid on all composites with 90% of the gold leached reporting to solution after only five days.
Table 1: Mercur Gold Project Column Leach Metallurgical Test Results
Composite
Total Gold Extracted (%)
Bottle Roll (P80 0.106mm)
Bottle Roll (P80 1.70mm)
Column Leach (P80 9.5mm)
Lower Great Blue Limestone
87%
85%
85%
Silver Chert
85%
81%
85%
Magazine Sandstone 1
76%
68%
74%
Magazine Sandstone 2
91%
90%
92%
Other
81%
77%
82%
Together with historical operational and exploration data, these results demonstrate that Mercur host rocks are amenable to cyanide leaching for the recovery of gold. The results will be used to support heap leach recovery rate assumptions to be used in a Preliminary Economic Assessment (“PEA”) for Mercur targeted by Revival Gold for completion by the end of Q1 2025.
“We are very pleased with today’s metallurgical test results”, said Hugh Agro, President and CEO. “The mid-80’s percent average extraction rate and rapid leach kinetics for the five columns tested bode well for the upcoming Mercur PEA”, added Agro.
Qualified Person
John P.W. Meyer, Vice President, Engineering and Development, P.Eng., 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 have reviewed and approved its scientific and technical content.
About Revival Gold
Revival Gold is a pure gold, mine developer operating in the western United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.
Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.
Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Hugh Agro, President & CEO or Lisa Ross, CFO Telephone: (416) 366-4100 or Email: [email protected].
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 press release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”). Forward-looking statements are not comprised of historical facts. 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. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements.
Forward-looking statements in this document include, but are not limited to, Revival Gold using positive metallurgical test results to support heap leach recovery rate assumptions for a PEA, that the PEA will be delivered in Q1 2025, the Company’s objectives, goals and future plans, and statements of intent, the implications of exploration results, mineral resource/reserve estimates and exploration and mine development plans. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to maintain the modelling and assumptions upon which the interpretation of results are based after further testing, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, changes in regulatory requirements, political and social risks, uncertainties relating to the availability and costs of financing needed in the future, uncertainties or challenges related to mineral title in the Company’s projects, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity and in particular gold prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates, the continued availability of capital, accidents and labour disputes, and the other risks involved in the mineral exploration and development industry, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, future climatic conditions, the discovery of new, large, low-cost mineral deposits, the general level of global economic activity, disasters or environmental or climatic events which affect the infrastructure on which the project is dependent, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Specific reference is made to the most recent Annual Information Form filed on SEDAR+ for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this presentation. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
