Revival Gold (TSXV: RVG) has announced the results of an updated mineral resource estimate completed on the company’s past-producing Beartrack-Arnett gold project located in Lemhi County, Idaho.
The new Beartrack-Arnett resource outlines an indicated mineral resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold, as well as an inferred mineral resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold, including an initial bulk underground component of 6.7 million tonnes at 2.19 g/t gold containing 0.47 million ounces of gold.
These results represent an increase of 11% in the indicated category and a significant 114% increase in the inferred category over the previous mineral resource estimate completed in May 2018.
“Results at Beartrack-Arnett have well exceeded Revival Gold’s ambitious goals for exploration success,” President and CEO Hugh Agro said.
“Inferred gold resources have more than doubled while indicated gold resources are up 11% with this resource update. The deposit remains open laterally and at depth and, at its current scale, Beartrack-Arnett represents an outstanding opportunity for further growth.”
The focus of technical work will now turn to preparations for a preliminary economic assessment (PEA) on the potential restart of heap leach operations at Beartrack and plans for future exploration drilling at Beartrack-Arnett.
Shares of Revival Gold jumped by 16.4% at midday Monday. The Toronto-based gold miner has a market capitalization of C$37.5 million.