Revival Gold Inc. (RVG:TSX.V; RVLGF:OTCQB) announced in a news release it is 25% finished with the expanded drill program at its Beartrack-Arnett property in Idaho and has secured a third rig to assist with faster completion of the work.
"Revival Gold’s exploration team has made solid progress to-date with this year's drilling at Beartrack-Arnett. The project hosts 10-11 kilometers of favorable structure," President and CEO Hugh Agro said in the release.
So far this season at the project, the Toronto-based company reported it has drilled 15 holes over 2,450 meters, all in Arnett's Haidee target. Results from the first set of holes are expected by mid-October. The third rig should arrive on site later this month, and Revival intends to continue drilling at Beartrack-Arnett through year-end 2020 if the weather allows.
Revival Gold noted that geophysical crew completed 21 line kilometers of a gradient array induced polarization-resistivity geophysical survey at Arnett and will start survey work at Beartrack shortly.
Regarding geologic mapping and sampling, about 19 square kilometers have been done since the program started in July, through which Revival identified new targets for future testing. Completion of mapping and sampling is slated for the end of this month, the company stated.
As for the preliminary economic assessment of a potential restart of heap-leach operations at Beartrack-Arnett, Revival Gold stated that it remains on track to be completed by the end of this year. Currently, tradeoff studies are being done, looking at trucking ore from Arnett to a heap-leach pad at Beartrack along with crusher configurations at Beartrack, mining equipment selection and grade optimization early in the mine's life.
"Engineering work will now focus on completing capital and operating cost estimates and finalizing the project financial model," the release noted.
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