Revival Gold Inc. (TSXV: RVG | OTCQX: RVLGF) has reported impressive, continued growth in the company’s mineral resources and the completion of a preliminary feasibility study on the potential open pit heap leach restart of the company’s Beartrack-Arnett Gold Project, located in the western United States.
“Completion of this PFS marks a significant de-risking milestone for Revival Gold.” Said Hugh Agro, president & CEO.
The updated mineral resource is based on 172,244m of drilling through the end of 2022 and contains a measured and indicated mineral resource of 86.2Mt at 0.87g/t gold containing 2.42Moz gold, an increase of 14% over the 2022 measured and indicated mineral resource; and an inferred mineral resource of 50.7Mt at 1.34g/t gold containing 2.19Moz of gold, an increase of 13% over the 2022 inferred mineral resource.
Additionally, the contained gold in open pit heap leach measured ani Indicated resources increased 142% to 42.3Mt at 0.70g/t gold containing 959,000oz gold with additional inferred resources of 6.3Mt at 0.53g/t gold containing 108,000oz of gold.
The contained gold in underground mill inferred resources increased 180% to 6.7Mt at 4.0g/t gold containing 877,000oz of gold with a 33% increase in grade over the 2022 inferred mineral resource.
PFS highlights include inaugural proven and probable open pit heap leach mineral reserve of 36.2Mt at 0.74g/t gold for 859,000oz of gold. Average gold production of 65,300ozpa, for a total of 529,100oz of gold over an eight-year mine life.
The PFS included a pre-production capital of C$109M, working capital of C$5M, and life-of-mine sustaining capital of C$100M, reflecting only a modest increase in capital relative to the 2020 preliminary economic assessment. Total cash cost of C$986/oz and all in sustaining cost (“AISC”) of C$1,235/oz of gold.
Other highlights include:
- After-tax NPV at a 5% discount rate (“NPV5%”) of C$105M and after-tax IRR of 24.3% at C$1,800/oz gold increasing to an NPV5% of C$138M and after-tax IRR of 29.5% at $1,900/oz gold
- After-tax payback period of 3.4 years at C$1,800/oz gold decreasing to 3.1 years at C$1,900/oz gold
“Beartrack-Arnett presents a unique opportunity for meaningful US gold production from a low-risk, low capital restart of an established domestic mine site. The project features robust economics including an attractive 24% after-tax IRR at C$1,800 gold which increases to 30% at current prices.” Added Hugh.
To find out more, please visit www.revival-gold.com
