Revival Gold’s (TSXV: RVG, OTCQX: RVLGF) stock surged on results released Thursday from the final drill hole completed in the Joss target area as part of the exploration program at the Beartrack-Arnett gold project in Idaho.
Drilling returned broad, high-grade intercepts which underscore the underground mining potential of this 1 km long zone, the company said in a press release.
The historic operation produced about 100,000 ounces a year in 1990s, but was shut down in 2000 when the price of gold fell below $300 an ounce. Revival has 100% interest in the project, which spans about 5,400 hectares.
Revival Gold was founded in 2017 around a property consolidation of the Beartrack-Arnett gold project, a land position which CEO Hugh Agro, former EVP of Kinross Gold, said dates back to the first governor of the state of Idaho, George Shoup. The company picked up the claim position from a descendant of Shoup.
Revival Gold released in November last year a preliminary economic assessment (PEA) on a 1st phase heap leach restart. The PEA outlines 72,000 ounces of gold per year at all-in sustaining costs (AISC) of $1,057 for the initial seven years of mine life at the brownfield site.
“Beartrack-Arnett ranks as one of the highest grade and largest independently owned undeveloped open pit gold projects in the US,” Agro told MINING.COM at the time.
The latest drill results highlights include 4.34 g/t gold over 110.6 meters including 12 g/t gold over 13.7 meters and 8.8 g/t gold over 11.8 meters. BT21-240D; BT21-240D intersected the Panther Creek Shear Zone in the Joss target area at about 430 meters downhole (about 350 meters depth) mid-way along strike between drill holes BT21-237D and BT21-238D. True width is estimated to be between 35% and 45% of drilled width.
Five holes were drilled in the Joss target area in 2021, all intersecting mineralization within the PCSZ.
“This is a game-changing hole as it hosts the highest-grade gold intersections released to date from the Joss target area. We are now beginning to see the full potential of the Beartrack-Arnett gold project”, CEO Hugh Agro said in the media statement.
“The high grades and substantial widths of mineralized structure encountered in BT21-240D reinforce our enthusiasm for the project’s underground potential and the possibility of it being developed into a highly profitable and long-life mining operation,” Agro said.
Drilling at Joss will resume in the new year, Agro added.
Revival Gold’s stock surged over 14% on TSX in early trading Thursday. The company has a $36.1 million capitalization.