Revival Gold (TSX-V: RVG) CEO Hugh Agro on Excellent Drill Results at Arnett and Resource Update on Track for Q1 2020
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Revival Gold (TSX-V: RVG)(OTC: RVLGF), Mr. Hugh Agro. Hugh, how are you today?
Hugh Agro: All good, Gerardo. All good.
Gerardo Del Real: You and I had the opportunity, as people are well aware, to catch up in Beaver Creek. You've had some excellent results since then at Arnett. The highlights are you drilled 30.2 meters of 0.64 grams per tonne gold. Very important to note that it's oxidized material, it's near surface, but that wasn't the only hit. There were several quality intercepts there that continue to support what I see as a potential production decision in 2020.
Can we talk a bit about this release and what's next?
Hugh Agro: You bet, Gerardo. I must admit we missed in one hole this time around.
Gerardo Del Real: It happens.
Hugh Agro: Some of your listeners may be startled to hear that because in three seasons of drilling we've hit in every hole except one. But, as you say, these are great results and overall we're really pleased. We've expanded the oxide gold target at Haidee this time on the northern flank of the mineralized system.
It's part of the systematic steps we've been taking to build out the oxide potential at Beartrack-Arnett as we continue to build sulphide potential for the mill process down the road.
Gerardo Del Real: The Haidee target area, the way that I understand it, now consists of I think overall about what 250 meters wide and 400 meters along strike. Is that accurate?
Hugh Agro: That's about right. As you remember, we got in there last year, the tail end of last season and started identifying the strike of the system. This year was all about building out the grids. We released holes earlier this month in the south flank area and this time around on the north flank area. The deposit area remains open to the north, to the south and down dip. Our priorities for next year will be around those areas.
Gerardo Del Real: Excellent. Now there are still assays pending, we're still waiting on some assays. Can we talk about that? And then I want to talk about the resource estimate and see if that's still expected in Q1 of 2020.
Hugh Agro: You bet. So the holes that we have remaining, 6 in total, again are in the Haidee area. We drilled it on quite close spacing on the direction of RPA, who is directing the resource update. So 200-foot spacing on those holes and again, further infield drilling to get ourselves inferred resource at Haidee.
Since you raised the resource update, I can tell you and confirm that we are underway with it already, but we're on track to have that completed for the first quarter next year.
Gerardo Del Real: Fantastic. There's some important met work that you're undertaking as well as a regional soil sampling program. Can we speak to that a bit?
Hugh Agro: Soil sample results will be out in the next 6 weeks or so. It was a broad regional program over 12 square kilometers, a thousand samples and that augments the MAG geophysics we ran on a regional basis earlier this year. Your listeners and viewers will know that we're quite keen on the broader exploration potential on the 12,000-acre land position we have at Beartrack-Arnett.
The soil sample results, as I say, will be out in the next 6 weeks or so. And then beyond that, yes, you're quite correct. Metallurgical test work is underway and this is a long process to get ourselves through to all of the technical information that's required for the mill process. But so far so good.
We ran a first phase of metallurgical test work last year. The work we're doing this year is to follow up on that, build on the flotation recoveries. Also, we'll be doing some bottle roll tests on the oxide material to complement the work that was done back in the '90s by Kappes Cassiday in this area. All of that will be out before the end of the year and, as I said earlier, dovetails in our resource update for first quarter.
Gerardo Del Real: Well, I know we're in the midst of a pullback in the gold price. I for one I'm happy to see it. I expect a pretty rapid turn around and I think you're set up perfectly to end the year strong. Hugh, anything else that you'd like to add?
Hugh Agro: Yeah, no urgency for us to think about doing a financing. Our share price is experiencing some weakness here with this gold price pullback and I think it's a great buying opportunity as you've suggested on other names that you cover. This is just the way the market rolls, but we're doing good work at Revival Gold. We're under no pressure to finance. We've got lots of results to come out and really excited about the resource update that we'll be delivering in the first quarter.
Gerardo Del Real: Quality work, quality people, not a coincidence that you have price targets as high as $2 a share I believe. I believe that shares are trading today somewhere near the mid-$0.60s level, so there's a lot of runway between $0.65 and $2. And forget a turn around in gold, I think it's going to be a heck of a 2020. Hugh, thank you so much for your time. I really appreciate it.
Hugh Agro: Thank you, Gerardo