In an Oct. 3 research note, analyst Gabriel Gonzalez reported that Echelon Wealth Partners continues to consider Revival Gold Inc. (RVG:TSX.V) a Top Pick, as the company's 2019 exploration program results "firm up the Beartrack-Arnett Creek thesis."
That thesis is that potential exists for restarting a mining operation on the properties, perhaps first launching a heap-leach operation that capitalizes on the existing infrastructure at Beartrack and then moving to a larger-scale milling operation at Beartrack.
"We believe the combined Beartrack-Arnett Creek properties could yield a potentially compelling mining project for any intermediate to senior gold producer," commented Gonzalez.
Through its 2019 exploration program, Revival extended mineralization at Arnett Creek, and a geophysics survey suggested further attractive potential there. As such, the explorer is updating its geological model such that it will inform additional Arnett Creek exploration.
As for what's next, Revival should release phase 2 metallurgical test results on Beartrack's mill feed before year-end 2019. Then in Q1/20, the company intends to complete a resource update that should outline additional growth potential at both properties. "On a headline basis, we expect the new resource to provide a maiden NI 43-101 compliant resource for Arnett Creek," Gonzalez indicated.
Echelon has a Speculative Buy rating and a CA$1.90 per share 12-month price target on Revival. Its current share price is about CA$0.67.
"We believe that beyond 12 months, Revival could delineate a 3,000,000-plus ounce resource to support a preliminary economic assessment," Gonzalez concluded.[NLINSERT]
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Disclosures from Echelon Wealth Partners, Revival Gold Inc., October 3, 2019
Echelon Wealth Partners compensates its Research Analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of Echelon Wealth Partners including, Institutional Equity Sales and Trading, Retail Sales and Corporate and Investment Banking.
I, Garbriel Gonzalez, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.
Is this an issuer related or industry related publication? Issuer.
Does the Analyst or any member of the Analyst's household have a financial interest in the securities of the subject issuer? No
The name of any partner, director, officer, employee or agent of the Dealer Member who is an officer, director or employee of the issuer, or who serves in any advisory capacity to the issuer.? No
Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No
Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer? No
During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer? Yes
During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? Yes
Has the Analyst had an onsite visit with the Issuer within the last 12 months? No
Has the Analyst or any Partner, Director or Officer been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No
Has the Analyst received any compensation from the subject company in the past 12 months? No
Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No