Revival Gold (TSX-V: RVG) CEO Hugh Agro on Drill Results, Upcoming PEA, and Exploration Updates
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president and CEO of Revival Gold, Mr. Hugh Agro. Hugh, how are you this morning?
Hugh Agro: Very good. Thanks for having me, Gerardo.
Gerardo Del Real: Thanks for coming on. You had some news. The headline reads, "Revival Gold Releases Additional Drill Results and Provides Exploration Update". You and I have seen multiple bull markets and you know that the people, the generalist, the retail side of it specifically, is always looking for the big, splashy, high grade numbers that tend to get the bulk of the attention in our space in the immediate aftermath of a press release.
And so, I wanted to make sure that I set it up properly and provided some context because like the last news release, I don't believe it's being received with the macro picture in mind and the macro picture being, you have a PEA due soon that will provide some economics and provide a window into what a restart operation looks like. I think that the news today kind of speaks to how that is progressing. Would you care to provide some context there and fill in the blanks for me, Hugh?
Hugh Agro: We're doing the basic blocking and tackling to set ourselves up, as you say, Gerardo, for a production decision down the road and so we've got to do this infill drilling. It's the first series of 30 holes that we drilled this season, and we're putting those results out as they come. Not particularly exciting for an exploration-focused market, but it's the basic blocking and tackling that we need to do to set ourselves up for future operation and cashflow, and that's all proceeding very well.
Gerardo Del Real: Let's get into the results. You had good mineralization. You had 28.3 meters of 0.93 grams per tonne gold, 34.5 meters of 0.55 grams per tonne gold, and five of the six holes that were released today are infill core holes at the Haidee target area?
Hugh Agro: That's correct. All of them are very close to surface within a 100ish meters of surface, and all of them are complimentary to what we've already got at Haidee in terms of a resource. There's a fantastic figure in the press release, which describes the potential to continue to expand the resource at Haidee and just to put some context to this, it's an important part of the overall restart of the Beartrack-Arnett operation because we have oxide material here, which has good recoveries and as I said, it's all close to surface. So the more we can add into the mix, the more that we can build on the PEA that will come out with here very shortly on the first phase restart of the operation. Importantly, this PEA, it just contemplates the resource that we already have, which was put out in February this year. So it does not include any of this drilling, does not include any of the potential to expand the resource that's coming out of this drilling.
Gerardo Del Real: Let's talk about the sixth hole, hole 226D, which was in that area between the North and the South pit. Now the good news is you hit mineralization, right? This is along the Panther Creek Shear Zone, which of course is the host to the mineralization here. The mineralization that you hit, it wasn't high grade. It was further down. It was 6.1 meters of 0.36 grams per tonne gold with complete results pending. Can you provide some context there? Because again, I think people are missing the point of there being mineralization between the two pits.
Hugh Agro: Yeah, very important to talk about this. So the area between the two pits is a prime exploration target for us. We've planned and have completed now four of five holes in that area and we felt it was important to get this result out because we do encounter mineralization in the favorable structure of rocks. That's very positive for us. In any other location, I think this would have the geologists jumping up and down. We know we're in the vicinity of a major gold deposit, so maybe less exciting for the geologists than it might otherwise be, but it's important because it allows us to vector in on more material at Beartrack-Arnett. Remember, we've got three million ounces of gold already and so anything we're adding to that is going to be especially valuable and particularly around the fringes of the existing pit plans for that resource, conceptual pit plans for that resource.
Hugh Agro: So this is important. It's the first hole out of the five in that particular area. We're also drilling in the Joss area where we have structures that go outside of the Panther Creek Shear Zone there. That's an important target area for us in opening up new potential. Thirdly, we're drilling in the Rabbit area. We actually have to drill rigs in the Rabbit area. Right now, they're struggling with winter snow and in tough conditions, but the guys are doing a great job. That's a three-kilometer step out from the main deposit and so lots of exploration results to come in the months ahead.
Gerardo Del Real: Let's be frank outside of the PEA, the results from the step outs is really what the market is salivating for right Hugh? People want to see if you're going to be able to tack on another million or 2 million ounces to what is already a very, very robust 3 million ounce plus resource, right?
Hugh Agro: You bet.
Gerardo Del Real: Excellent. Hugh, you mentioned that the PEA is expected later this month. There's not a lot of month left. I suspect we'll be chatting relatively soon.
Hugh Agro: Very soon.
Gerardo Del Real: That's great. Anything else that you'd like to add?
Hugh Agro: No, thanks very much, Gerardo and we'll chat soon.
Gerardo Del Real: Excellent. Thanks again for your time, Hugh. I appreciate it.