Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) has made significant strides in 2024, enhancing its portfolio and positioning itself for future success in the gold mining sector. This year marked a transformative phase for the company, highlighted by strategic acquisitions, successful financing, and advancements in project development.
One of the major highlights of 2024 was Revival Gold’s acquisition of Ensign Minerals Inc., which included the Mercur Gold Project in Utah. This acquisition not only expanded the company’s footprint but also added a substantial 6,300-hectare project with inferred mineral resources estimated at 1.6 million ounces of gold. The deal was valued at approximately C$21.9 million and was executed through an all-stock transaction that saw each Ensign share exchanged for Revival Gold shares at a favorable rate.
To facilitate this acquisition, Revival Gold successfully completed a C$7.2 million equity financing in May, attracting notable institutional investors such as Sun Valley Gold LLC and Libra Advisors LLC. This influx of capital has been instrumental in advancing the company’s projects and enhancing its operational capabilities.
Following the acquisition, Revival Gold wasted no time in initiating metallurgical test work on the Mercur project. By September, the company reported impressive results from its tests, achieving an average gold recovery rate of 84% from column leach tests conducted on representative samples. This rapid leach kinetics indicates a promising path toward production, with 90% of gold leached within just five days.
Revival Gold has engaged Kappes Cassiday & Associates and RESPEC Company LLC to conduct an updated mineral resource estimate and a Preliminary Economic Assessment (PEA) for Mercur, expected to be completed by the end of Q1 2025. These efforts are aimed at optimizing the project’s potential and establishing a clear roadmap for future production.
At the Beartrack-Arnett Gold Project in Idaho, Revival Gold restructured its earn-in agreement with Meridian Beartrack Co., converting a payment obligation into a net smelter return royalty on future production. This strategic move not only extends the earn-in period by three years but also defers significant financial commitments until October 2027.
Throughout the year, Revival Gold’s exploration team conducted extensive geological surveys to refine their understanding of mineral potential in the area surrounding the Joss and Haidee deposits. The program included geophysical surveys, geochemical sampling, and structural modeling to identify new drill targets.
Additionally, preparations for permitting a heap leach operation at Beartrack-Arnett progressed with the completion of a draft Plan of Operations. An updated permitting schedule is anticipated in early 2025.
In line with its growth strategy, Revival Gold welcomed Norm Pitcher, former President of Eldorado Gold, to its Board of Directors. The company also transitioned leadership within its exploration team to Dan Pace, enhancing its technical expertise.
Moreover, Revival Gold maintained an exemplary safety record throughout the year, achieving zero lost-time incidents among employees and contractors, a testament to its commitment to operational excellence.
As Revival Gold enters 2025, it is well-equipped with two multi-million-ounce gold systems and approximately 30,000 acres of highly prospective claims across its projects. CEO Hugh Agro expressed optimism about the company’s trajectory, highlighting that the scarcity of quality new gold projects positions Revival Gold favorably for attracting investment as market conditions improve.
