Revival logs shallow gold at Mercur project in Utah

[Ben Graham]

Revival Gold (TSXV: RVG) said recent drilling at its past-producing Mercur project in Utah shows the presence of near-surface gold in an area targeted for potential heap leach development. The stock rose.

Hole RM25-144 cut 25.9 metres grading 1.8 grams gold per tonne from 6.1 metres downhole, Revival Gold said late Tuesday in a statement. Another hole, RMC25-019, cut 21.9 metres of 1.3 grams gold from 16.8 metres depth.

“Our primary operational objective is to restart gold production at Mercur,” CEO Hugh Agro said in the statement. “With the gold price comfortably above $4,000 per ounce, bringing a new 100,000 oz. per annum domestic gold mine into production will create significant value for our owners.”

The 2025 drilling program, which included 115 holes, furthers a push by Revival to expand resources at one of the few large undeveloped western US gold projects ahead of a pre-feasibility study planned for this year. The study represents a “major milestone” on the path to restarting gold production at Mercur, according to the company.

Revival shares rose 5.6% on Wednesday morning in Toronto, boosting the company’s market value to about C$207 million ($150 million).

Exploration upside

Results so far “continue to confirm the expected tenor and leachability of mineralization and demonstrate exploration upside opportunities” in Mercur’s main zone, Revival said.

Located 57 km from Salt Lake City, the Mercur property covers about 66 sq. km. A preliminary economic assessment released last year envisioned a $208 million investment to build a mine with a 10-year life that would produce 95,000 oz. gold each year. Including its other projects, Revival aims to surpass 160,000 oz. in annual gold output over time.

Development activity at Mercur is accelerating, Revival said. Consultants have completed detailed field plans for environmental baseline studies, with work set to begin early this year and take about one year. Discussions are underway with Utah regulators regarding the mitigation of historic mining-related archaeological sites, a necessary step before project permitting can advance.

Mine manager hired

Revival is also preparing metallurgical test programs designed to support future process design work while crews mobilize to rehabilitate historical water supply wells. Timothy Barnett, a three-decade industry veteran with engineering, operations and construction management experience, has been hired as Mercur’s general manager, the company said.

Other drill results include hole RM25-131, which cut 29 metres at 0.7 gram gold from 21 metres depth. Hole RMC25-124, meanwhile, intersected 18 metres of 0.77 gram gold from about 24 metres depth.

Mercur previously produced 2.6 million oz. gold, including 900,000 oz. at about 7 grams per tonne.