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Resource Estimate Hits 3 Moz Gold for Idaho Gold Project
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The new numbers and potential for further growth are discussed in an Echelon Wealth Partners report.

In a Feb. 3 research note, Echelon Wealth Partners analyst Gabriel Gonzalez reported that Revival Gold Inc.'s (RVG:TSX.V) updated mineral resource estimate for Beartrack-Arnett Creek hit its target of 3 million ounces of gold (3 Moz), up from 2 Moz, and further upside remains.

"We believe that Revival has the potential to demonstrate additional resource growth potential to drive further project value," Gonzalez commented.

Both the mill resource and heap-leach resource were updated. The new total mill resource, including Indicated and Inferred ounces, is 2.4 Moz gold at a grade of 1.47 grams per ton (1.47 g/t). This reflects a 46% growth in ounces and a 3% increase in grade over those in the previous estimate.

The new total heap-leach resource is 580,000 (580 Koz) gold at a grade of 0.56 g/t. These updated amounts changed from the previous ones by +76% and -23%, respectively, "with the decrease due to the exclusion of historical RC drill holes from the estimate, and a conservative 75% assumed metallurgical recovery (compared to >90% in preliminary bottle roll tests)."

Gonzalez pointed out that further heap-leach resource potential exists. For Beartrack specifically, the total resource now stands at 384 Koz, up 16%, at a grade of 0.55 g/t, down 24%. The differences in those numbers are due to use of a 15% lower mining cost of $2.25 per ton and a lower cutoff grade of 0.17 g/t (versus 0.26 g/t).

Regarding Arnett Creek, its total resources are now 196 Koz gold, down 48%, at a grade of 0.58 g/t, down 34%. The changes are due to the exclusion of historical reverse circulation drill hole results from the estimate along with a conservative assumed metallurgical recovery of 75%. "There is substantial opportunity for a pickup in ounces and grade as work on Arnett Creek is advanced," wrote Gonzalez.

Additional heap-leach resource potential exists through possible expansions to the main Haidee target and other Arnett Creek areas. At Beartrack, growth potential exists on the delineated 5 kilometers (5 km) of strike and at depth of it as well as to the south, where Revival identified another 5–6 km structure.

Gonzalez purported that "mill resource growth will drive longer-term project upside." The mill could produce more than 250 Koz per year in addition to the projected 50 Koz per year of heap-leach production. This could move the project to a production level of interest to intermediate and senior gold producers.

The analyst concluded, "We continue to be positive on Revival Gold given the large resource demonstrated at Beartrack-Arnett Creek and further potential upside as well as the project's location in Idaho (a favorable mining jurisdiction) and highly experienced management team and board of directors."

Echelon has a Speculative Buy rating and a CA$1.80 per share target price on Revival Gold. The company's stock is trading at around CA$0.78 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from Echelon Wealth Partners, Revival Gold Inc., February 3, 2020

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.

Important Disclosures:
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





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