Revival Gold's Mercur Gold Project: Turning Waste into Wealth with Aggressive Drilling and Strategic Vision

The mining sector is no stranger to turning the “unminable” into opportunity. Revival Gold's Mercur Gold Project in Utah is now poised to do just that, as its 2025 drilling program targets historical waste rock fill—a once-overlooked resource—to unlock hidden value. With over 13,000 meters of drilling underway, the company is aggressively expanding its resource base while positioning itself as a high-potential, underfollowed gold developer. Here's why investors should take notice.

The Waste Rock Catalyst: From Valueless to Valuable

The Mercur Project's recent drilling results have revealed a compelling opportunity in what was once considered waste. Historical open-pit mining from the 1980s–90s left behind waste rock fills, which were discarded as barren. However, drill hole EN070—intersecting 0.73 g/t Au over 93 meters—proves this material may instead hold economic potential. By reclassifying this waste into ore, Revival Gold could significantly boost its mineral resource estimates. At Mercur's current resource base of 1.9 million ounces (as of May 2025), even a modest uplift from waste rock could move the needle meaningfully.

The 2025 drilling program is designed to test this hypothesis. The first phase involves 3,000 meters of HQ/PQ core drilling (using Alford Drilling LLC's rig) to collect metallurgical and geotechnical data. This will assess whether the waste rock's gold content can be economically extracted. The second phase—10,000 meters of RC drilling (via Boart Longyear)—will target the Rover, Main, and South Mercur deposits, with a focus on waste rock zones. If successful, these efforts could redefine Mercur's resource envelope, setting the stage for higher production forecasts and stronger NPV metrics.

Scaling Up: A 13,000-Meter Blitz to Accelerate Resource Growth

The scale of Revival Gold's 2025 drilling is notable. With two rigs operating at Mercur and a third planned for Idaho's Beartrack-Arnett project, the company aims to deliver exploration news flow at a rapid pace. The core drilling phase (3–4 months) will refine metallurgical data, while the RC program (5–6 months) will directly feed into a 2026 Preliminary Feasibility Study (PFS). This dual-track approach ensures technical and economic data are advanced in parallel, compressing the timeline to feasibility.

The PFS is critical. The March 2025 Preliminary Economic Assessment (PEA) already outlined a robust project: a 10-year mine life producing 95,600 oz/year, with an after-tax NPV of $294 million at $2,175/oz gold. At a $3,000/oz gold price—a plausible scenario given current market trends—the NPV balloons to $752 million, underscoring the project's leverage to gold prices. By expanding resources through waste rock drilling, Revival Gold could further enhance these metrics, making Mercur a top-tier development asset.

Strategic Moves: PFS Readiness and Marketing Muscle

Beyond drilling, Revival Gold is executing two key strategies to advance Mercur:
1. PFS Readiness: The company is advancing permitting, metallurgical testing, and baseline studies to meet PFS requirements. With existing infrastructure (roads, power) and a favorable permitting timeline (~2 years), Mercur could fast-track to production.
2. Amplified Visibility: The March 2025 marketing agreement with Resource Stock Digest (RSD) was recently extended, now costing $100,000 quarterly to boost investor awareness. This is crucial for a company operating in the underfollowed mid-tier gold space, where awareness gaps often lead to undervaluation.

Risks and the Investment Case

No project is without risks. Permitting delays, metallurgical surprises, or lower-than-expected waste-rock grades could temper expectations. However, Revival Gold's $208 million capital cost estimate (preliminary) and strong PEA metrics suggest a conservative baseline.

For investors, the upside lies in catalyst-driven growth:
- Q3 2025: Initial RC results from waste rock zones.
- 2026: PFS release, which could validate higher NPV and production scenarios.
- 2027–2028: Permitting completion and potential construction start.

At current valuations, Revival Gold's stock trades at a discount to peers, offering a leveraged play on gold prices and project advancement. With a market cap of ~$150 million (as of July 2025), even modest upgrades to resource estimates or PFS outcomes could trigger revaluation.

Final Take: A Hidden Gem in the Gold Sector

Revival Gold's Mercur Gold Project is a textbook example of how rethinking “waste” can unlock value. The company's aggressive drilling, PFS readiness, and strategic marketing are all hallmarks of a team with vision and execution capability. For investors seeking exposure to a project with strong economics, a clear path to feasibility, and an undervalued stock, Mercur represents a compelling opportunity. Stay tuned for drilling results in Q3 2025—the next chapter in this story could be a gold rush.