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Pursuing a Revival in Gold

Adam Rochacewich

VP and CFO

Revival Gold Inc.


Adam Rochacewich

(647) 490-4953

Interview conducted by:

Lynn Fosse, Senior Editor, CEOCFO Magazine, Published
December 9, 2019

CEOCFO: Mr. Rochacewich, what is the concept behind Revival Gold, Inc? What are you looking for now?

Mr. Rochacewich: Revival Gold was put together in 2017 to take advantage of the growing discrepancy between the rate of the global gold production and the decreasing rate of discovery of new deposits. With a strong, experienced team and focusing on safe, stable jurisdictions the goal is to build the next great growth company in gold by taking advantage or what we feel is a great timing opportunity. The market is starting to take interest in gold mining and exploration again and we are putting the company in a position to take advantage of improving sentiment.

CEOCFO: What projects are you working on today?  

Mr. Rochacewich: Our flagship property, the Beartrack-Arnett Gold project is in Salmon, Idaho. The Beartrack Mine is a former producing heap leach gold operation. It was run by Meridian Gold in the late 1990s into the early 2000s. It stopped producing when the price of gold was below three hundred dollars an ounce. The gold price has changed quite a bit since then, as have many other factors that presented an opportunity to enter into an agreement with Yamana Gold, the current owners of the mine, whereby Revival Gold can purchased the mine by reaching certain exploration spending milestones and issuing Revival Gold shares to Yamana. We are about half way through the four-year earn-in period and in that time have published the maiden NI 43-101 compliant resource estimate, drilled roughly 12,000 metres of diamond core, completed two phases of metallurgical testing, added to the land position, permitted a large portion of the project for further exploration, and most importantly expanded the mineralized trend to over 5 kilometres.   

Just prior to signing the Beartrack agreement with Yamana, Revival Gold consolidated the land package next door to Beartrack, known as the Arnett Gold project. Arnett is host to historic placer mining (mining of alluvial deposits for minerals) and plenty of historic exploration work – drilling, metallurgical work, etc. Revival Gold will combine that work with drilling, metallurgical, geophysical and other work it has completed over the past two years to produce a NI 43-101 compliant resource estimate at Arnett.

CEOCFO: Why did you like these two projects, initially? What gave you the feeling they could be meaningful?  

Mr. Rochacewich: Beartrack is a brownfield operation; a fairly recently producing open-pit, low-cost mine with good recoveries. Beartrack produced over one hundred thousand ounces of gold per year at its peak. There is a great deal of infrastructure still in place and environmentally, it is a clean site. Yamana has done a great job of executing their reclamation plan and managing their environmental obligations. The project is in Idaho – a very safe, stable and mining friendly jurisdiction. The town of Salmon is a very supportive community - a ranching and mining town that understands the economic benefits a mine can bring to the community. All of these factors de-risk the project and combined with the exploration success that we’ve had, we feel it’s a project that warrants further advancement.

Adding Arnett to the story, the Beartrack-Arnett land package now has a much larger area of mineralization with multiple target areas and plenty of historic workings. Mineralization at Arnett is at, and close to surface and amenable to leaching (lower cost processing).

CEOCFO:  Did you find what you expected so far?  

Mr. Rochacewich: Because of all of the historic work, and past mining at Beartrack, we knew the mineralized area was large with a lot of potential.  We knew it is a big gold system. Revival Gold’s work has expanded the potential scope of the project but has yet to find an end to the mineralization. We’re excited by what the next season of exploration will bring.   

CEOCFO: What is next?  

Mr. Rochacewich:  In the first quarter of 2020 we plan on issuing an updated NI 43-101 resource that will build off of the 2018 Beartrack maiden resource and include an initial resource at Arnett. In the spring of 2020 we’ll begin our seasonal diamond drilling campaign and if all stays on track, initiate a Preliminary Economic Assessment sometime before the end of 2020. While we push ahead at Beartrack-Arnett we continue to assess new advanced exploration or development stage projects to add to the company. We’re focusing on gold, in safe, mining friendly jurisdictions.

CEOCFO: Are there newer techniques or technologies that you are able to take advantage of today or it is pretty much tried and true in mining?

Mr. Rochacewich: Many of the core exploration activities are tried and true – rock sampling, drilling/assaying, metallurgical test work, geophysics, etc. But the tools used to execute those activities are always advancing. Information is available much more quickly than it was previously due to improving technology. For example, lidar aerial mapping allows for a much more detailed and precise topographic mapping. The software and databases we use allow for quicker and more accurate processing and modeling of drill results and geophysical information.   

CEOCFO: What about your interest in the Diamond Mountain phosphate project? Where does that come into play?  

Mr. Rochacewich: The Diamond Mountain phosphate project in Utah pre-dates the recapitalization, new management team and new board of Revival Gold. Although Revival Gold maintains a 51% ownership in the project, we are focused on the Beartrack-Arnett project and bringing additional gold projects into the company.

CEOCFO: How do you stand out at conferences? There are so many companies and lots of potential investors. What do they look for? What can you tell them that puts Revival Gold at the top of their list?

Mr. Rochacewich: Number one is the team. We have a very strong board of directors and management team who have a lot of experience in, not only developing projects from an early exploration and development stage through to production, but also creating significant value for shareholders. The team has the technical and capital markets experience required to build a growth company in gold. Secondly, we are focused on safe, mining-friendly jurisdictions. This de-risks projects right off the bat. There are many areas on the world with great geology, but social, political and safety considerations make those places much harder to do business in. North America is the second largest gold producing region in the world with a long and well-established mining history and regulations. The third distinguishing factor I’ll mention is that Beartrack is a true brownfields project – producing a significant amount of gold until the early 2000s with a lot of useful infrastructure still in place and in good condition. That has value that should be considered in any restart decision.  

CEOCFO: Is that unusual these days?         

Mr. Rochacewich: I think it’s difficult to over-value the advantages of operating in a safe, mature, mining friendly jurisdiction. Ownership, operating, environmental and social rules and regulations are well established and transparent. There are issues and surprises to deal with in project, but by starting in a district that respects the rule of law, human rights and environmental and social concerns you are reducing many of the risks that are tied to projects in other geographies.

CEOCFO: Why choose Revival Gold?  

Mr. Rochacewich: A proven and driven team, focused on stable jurisdictions and creating shareholder value. The advanced Beartrack-Arnett project is an excellent starting point to build a growth company in gold and we are entering a period of renewed investment interest in exploration and mining. With rising gold prices, we think this is the perfect time for investors to choose Revival Gold.

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“We have a very strong board of directors and management team who have a lot of experience in, not only developing projects from an early exploration and development stage through to production, but also creating significant value for shareholders.”
- Adam Rochacewich