Site visit: Revival Gold shows ‘exploration sizzle’ in Idaho

Key Concepts

Bear Track Arnett Gold Project: A gold project in eastern Idaho, the founding asset for Revival Gold.
Orogenic Gold System: A geological system known for its potential for large lateral and vertical extent.
Heap Leach Project: The first phase of development at Bear Track Arnett, utilizing existing infrastructure.
Underground Mining: The planned next phase of development, targeting a vertically oriented shear zone.
Coiner Fault: A significant geological structure being explored.
JS Area: A specific area within the project with historical high-grade gold intersections.
Panther Creek Fault/Shear Zone: A major brittle fault with a strongly developed mylonite, hosting mineralization.
Rape Granite: The host rock for the Panther Creek fault and mineralization in the north pit.
Brownfield Projects: Projects located on previously explored or mined land, like Bear Track Arnett and MKER.
Mylonite: A type of rock formed by intense shearing and deformation, often associated with fault zones.
Mineralization: The process by which valuable minerals are concentrated in the Earth's crust.
Strike Length: The horizontal extent of a mineralized zone.
High-Grade Core: A concentrated area of high-grade mineralization within a larger deposit.
Lower Grade Halo: A surrounding zone of lower-grade mineralization around a high-grade core.
Structural Intersections/Bends: Points where geological structures meet or change direction, often associated with higher-grade gold occurrences.

Bear Track Arnett Gold Project: Exploration and Development

Overview of the Bear Track Arnett Gold Project

The Bear Track Arnett gold project, located in eastern Idaho, is the foundational asset for Revival Gold. The project currently boasts a discovered resource of 4.6 million ounces of gold. The company is advancing the first phase of development, a heap leach project, which leverages existing infrastructure including power lines, roads, and an existing ADR (Adsorption-Desorption-Recovery) gold processing facility.

Future Development: Transition to Underground Mining

The next strategic phase for the Bear Track Arnett project involves transitioning to underground mining. This necessitates a focused exploration effort to expand the known mineralized zones. The current exploration program is targeting an expansion of the known strike length to 5.5 kilometers, with an additional two kilometers to the south slated for testing in the current drill program. This program involves approximately 4,000 meters of drilling, with significant anticipation for its impact on the company's exploration potential and the overall narrative of the asset.

Geological Characteristics of the System

The geological system at Bear Track Arnett is classified as an orogenic gold system. These systems are characterized by their potential for significant lateral and vertical extent. Drilling has so far explored the system to a depth of approximately 750 meters, while the strike length of 5.5 kilometers is also subject to further expansion. The land position allows for continued exploration along the structure for an additional 5 kilometers, which could be a significant catalyst for the company's growth.

Underground Mineralization Details

The planned underground system is described as a vertically oriented shear zone that appears to be pervasive. It features a high-grade core of mineralization surrounded by a lower-grade halo. The current underground resource stands at approximately one million ounces of gold at an average grade of 4 grams per ton (g/t). The high-grade core is noted to be pervasive and remains open to the south and at depth.

Current Drill Program Objectives

The primary objective of the current drill program is to expand the strike length of the mineralized zone and the structure that is permissive for large underground deposits. This involves stepping out approximately two kilometers to test this potential. Additionally, the program will focus on the JS area, where historical drilling has yielded significant gold grades, ranging from 6 to 15 g/t over substantial underground mining widths of 5 to 8 meters. The company aims to continue exploring these areas to demonstrate further potential for the project.

Revival Gold: Company Vision and Strategy

The "Revival" Narrative

The name "Revival Gold" and its strategic focus are rooted in several key themes:

Revival of Brownfield Projects: The company's emphasis is on projects like Bear Track Arnett in Idaho and the MKER project in Utah, which are situated on previously explored or mined land.
Revival of a Proven Team: The company is built around a team with a track record of discovering, constructing, operating, and delivering shareholder value through gold mining.
Revival of the Gold Price: The company acknowledges and capitalizes on the recent strong performance of the gold price, which has been beneficial for investors and is expected to continue.

Site Exploration and Geological Features at Bear Track Arnett

Journey Through the Project Site

The narrative describes a drive through the Bear Track Arnett project site, starting from the south end. The drill rig is positioned south of the mapped area, targeting the Coiner Fault. Lunch was taken at the core shack, located near the old heap leach pad.

The JS Area and Deep Exploration

On the return drive, the team crossed large placer workings before reaching the bridge over Napius Creek. This area is identified as the JS area, which will be the focus of deep exploration drilling to identify extensions of the underground sulfide mineralization.

The Panther Creek Fault and Shear Zone

As the team followed the structure north, the discussion turned to the last exposed location of the structure, which is in the south pit. Here, the structure is identified as the Panther Creek fault, a large, brittle fault with a strongly developed mylonite, known as the Panther Creek shear zone. This shear zone is predominantly hosted within the Rape granite.

Host Rock and Mineralization Distribution

The Rape granite acts as a boundary for the Panther Creek fault's continuation to the north. The north pit mineralization occurs within this host rock, evidenced by the surrounding boulders. Mineralization extends over a strike length of approximately five kilometers, from the JS mineralization to an occurrence north of the hill called Moose. Higher-grade pockets are found at structural intersections and bends within this fault.

North Pit Mineralization and Fault Orientation

The current vantage point is overlooking the north pit mineralization, which is primarily hosted on one side of the fault. The fault itself is observed to be dipping into the high wall of the pit. The fault bends and extends to the south end of the pit, where mylonites are exposed in the wall. Mineralization is present on both sides of the fault.

Cross Structures and Braided Shear Zones

The presence of numerous cross faults or cross structures in the canyon is noted. These structures extend back up the canyon and exhibit historic workings with gold mineralization and ductile deformation zones. The exploration strategy generally follows the Panther Creek fault, but it's recognized that the system is not a single plane but rather a shear zone with braided structures that converge and diverge. These intersections are often where higher-grade zones of mineralization are found.