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Revival Gold (TSXV: RVG) has reported continued growth in the company’s mineral resources and the completion of a preliminary feasibility study (PFS) on the potential open pit heap-leach restart of the Beartrack-Arnett gold project in Idaho.
The updated mineral resource is based on 172,244 meters of drilling through the end of 2022. It contains a measured and indicated resource of 86.2 million tonnes at 0.87 grams per tonne (g/t) gold containing 2.42 million ounces of gold, an increase of 14% over the 2022 estimate, plus an inferred resource of 50.7 million tonnes at 1.34 g/t gold containing 2.19 million ounces of gold, for an increase of 13%.
Contained gold in open pit heap-leach measured and indicated resources increased 142% to 42.3 million tonnes at 0.70 g/t gold containing 959,000 ounces of gold, with additional inferred resources of 6.3 million tonnes at 0.53 g/t gold containing 108,000 ounces of gold.
Contained gold in underground mill inferred resources increased 180% to 6.7 million tonnes at 4.0 g/t gold containing 877,000 ounces of gold, showing a 33% increase in grade over the 2022 resource.
The inaugural proven and probable mineral reserves totalled 36.2 million tonnes at 0.74 g/t gold for 859,000 ounces of gold. Average gold production is forecasted at 65,300 ounces of gold per year, for a total of 529,100 ounces of gold over an eight-year mine life.
Pre-production capital is $109 million, working capital is $5 million and life-of-mine (LOM) sustaining capital is $100 million, reflecting only a modest increase in capital relative to the 2020 preliminary economic assessment, the company said.
Total cash cost is $986 per ounce and all-in sustaining costs are $1,235 per ounce of gold. The after-tax NPV at a 5% discount rate is $105 million with an IRR of 24.3% at $1,800 per ounce gold, increasing to an NPV (at 5%) of $138 million and after-tax IRR of 29.5% at $1,900 per ounce gold.
After-tax payback period is 3.4 years at $1,800 per ounce gold, decreasing to 3.1 years at $1,900 per ounce gold.
Revival said Beartrack-Arnett is a low technical and execution risk of a brownfield project with existing infrastructure, minimal pre-production earthworks and mine pre-stripping, limited planned disturbance outside the project’s current footprint, and a high proportion of low-risk pre-production capital expenditures on mechanical equipment.
The company added the project has excellent additional exploration potential with exploration drilling currently underway on high-grade open pit oxide opportunities at Roman’s Trench and Haidee that offer near term opportunities to extend the open pit heap leach PFS mine life; and the opportunity to pursue a potential second phase mill operation with mineral resources that provide optionality to begin underground or with an open pit, or concurrently develop both.
“Completion of this PFS marks a significant de-risking milestone for Revival Gold”, CEO Hugh Agro said in a news release.
“Beartrack-Arnett presents a unique opportunity for meaningful US gold production from a low-risk, low capital restart of an established domestic mine site. The project features robust economics including an attractive 24% after-tax IRR at $1,800 gold which increases to 30% at current prices,” Agro said.
“Beyond the first phase of open pit heap-leach production addressed in the PFS, potential exists for Revival Gold to pursue a second phase of underground and open pit mill operations.
“The more than doubling in measured and indicated open pit heap-leach resources and near tripling of underground inferred resources reflected in today’s update speaks to the impressive ongoing exploration and development potential at Beartrack-Arnett.
With completion of the PFS, Revival Gold is now positioned to progress environmental and permitting preparations, fine tune engineering and design plans and advance the proposed Beartrack-Arnett project schedule,” said Agro.
“Meanwhile, exploration continues with drilling having resumed this month.”
