Revival Gold Stock Rises Following Drilling Results at Beartrack-Arnett in Idaho
The historic operation produced about 100,000 ounces per year in the 1990s, but was closed in 2000 when the price of gold fell below $300 per ounce. Revival holds a 100% interest in the project, which covers approximately 5,400 hectares.
Revival Gold was founded in 2017 around a real estate consolidation of the Beartrack-Arnett gold project, a land position that, according to CEO Hugh Agro, former executive vice president of Kinross Gold, dates back to the state’s first governor. ‘Idaho, George Shoup. The company took over the claim post from a descendant of Shoup.
Revival Gold published in November last year a preliminary economic assessment (PEA) on a 1st phase of heap leach restart. The PEA describes 72,000 ounces of gold per year at all-in sustaining costs (AISC) of $1,057 for the first seven years of mine life at the brownfield site.
“Beartrack-Arnett ranks among the richest and largest undeveloped open pit gold projects in the United States,” Agro told Mining.com at the time.
Latest drill results 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 approximately 430 meters downhole (approximately 350 meters depth) midway between drill holes BT21-237D and BT21-238D. The true width is estimated between 35% and 45% of the drilled width.
Five holes were drilled in the Joss target area in 2021, all of which intersected mineralization in the PCSZ.
“This is a game-changing hole as it hosts the richest gold intersections reported to date in 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 press release.
“The high grades and substantial widths of mineralized structure encountered in BT21-240D reinforce our excitement for the underground potential of the project and the possibility of it being developed into a highly profitable, long-lived mining operation,” said Agro. .
Drilling at Joss will resume in the new year, Agro added.
Shares of Revival Gold jumped more than 14% on the TSX in early trading Thursday. The company has a market capitalization of $36.1 million.