TSX-V-listed Revival Gold has announced the acquisition of Ensign Minerals, owner of the Mercur gold project, in Utah, marking the company’s expansion in the US.
The acquisition, in an all-share transaction, complement’s Revival’s existing Beartrack-Arnett gold project, in Idaho.
The combined resources of Revival Gold and Ensign Minerals result in an aggregate measured and indicated mineral resources of 2.4-million ounces of gold and inferred mineral resources of 3.8-million ounces of gold.
“With the addition of Mercur, we expect to shorten our estimated timeline to heap leach gold production while increasing the potential production scale of Revival Gold’s heap leach gold business to approximately 150 000 oz/y. The combined mineral resource will vault Revival Gold ahead to become one of the largest, pure gold, development companies in the US," said president and CEO Hugh Agro.
The Mercur project’s location on predominantly patented (private) claims, combined with existing infrastructure and proximity to Salt Lake City presents an ideal setting for expediting project development.
Revival said the acquisition also presented opportunities for synergies and efficiencies, with potential for phased production growth and exploration upside at both Mercur and Beartrack-Arnett.