The company's CEO Hugh Agro said results from limited drilling in the Joss area at Beartrack confirmed the "presence and expands the scale of higher-grade mineralization in this location".
"Revival Gold's focus to-date has been on near-surface mineralization but the presence of higher-grade intercepts over 600m of strike within the Panther Creek Fault at Joss suggests underground potential as well," he said.
Results from three holes drilled at Joss returned 13.8m grading 3.44 grams per tonne including 3m of 5.04gpt, 70.3m of 2.35gpt including 21m of 4.55gpt, and 66.3m of 1.7gpt outside the existing resource area defined by drilling over the past two years.
Two rigs are now working at Arnett and Revival will report further results over the next two quarters before updating Beartrack-Arnett resources in the March quarter next year.
Revival shares are down nearly 14% since the start of the year, but have risen more than 50% since May 22, giving it a current market value of about C$33 million. The company had about C$3.7 million in the bank at the end of June.