Revival Gold’s Mercur project: shallow RC hits and heap-leach scope for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Revival Gold’s latest reverse-circulation holes at the Mercur Carlin-type project in Utah cut shallow, potentially heap-leachable gold, including 31 metres grading 1.65 g/t from 128 metres in RM26-204 and 31 metres at 0.92 g/t from 145 metres in RM26-183 at South Mercur. The company has completed 7,400 metres in 74 holes of a planned 18,000-metre 2026 programme, targeting resource conversion and expansion below the 2025 PEA open-pit shell for a 10-year, 95,000 oz/y heap-leach operation. Prefeasibility is aimed for 2027, with site roads, facilities and drill capacity being scaled to four rigs.
Technical Brief
- Additional intercepts include 11 m at 1.89 g/t from 50 m (RM26-194) and 6 m at 2.44 g/t from 85 m (RM26-189).
- Mercur covers ~66 km², with legacy mine infrastructure from historic production of more than 2.6 Moz gold.
Our Take
The 2025 PEA metrics for Mercur (US$294 million after-tax NPV, 27% IRR on a 10-year life) place Revival Gold in the mid-tier heap-leach restart bracket in our database, which tends to be more sensitive to permitting timelines in the western U.S. than to incremental capex creep.
With 74 holes already completed and a target of four rigs turning, Mercur is now clearly the lead development asset for Revival Gold, echoing the February 2026 coverage that flagged Mercur as being sequenced ahead of Beartrack-Arnett despite the latter’s deeper sulphide upside.
Barrick Mining’s presence in the Mercur story, alongside its concurrent plan to spin out a “North American Barrick” vehicle, suggests that any future transaction around this past-producing Utah asset would likely be evaluated against Barrick’s push to rationalise and concentrate its U.S. gold portfolio.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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