Revival Gold Provides Exploration and Development Update

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Toronto, ON – March 15th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to provide the following exploration and development update for the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.

  • A new mineral resource estimate for Beartrack-Arnett is expected by the end of April. Updated grade domains and economic parameters have been finalized. Block model and constrained resource estimation work by the Company’s consultant, Wood, is in its final stages.
  • Column leach test work in support of a Pre-Feasibility Study (“PFS”) on the heap leach aspect of Beartrack-Arnett continues at SGS Lakefield with interim 60-day metallurgical results exhibiting recoveries generally in line with, or better than anticipated. Testing will continue for a minimum of 180 days.
  • 2022 exploration plans have been finalized for a total of 7,000 meters of core and reverse circulation drilling at Beartrack-Arnett:
    • Major Drilling has been contracted to commence 2,000 meters of core drilling, weather permitting, in May, in the Joss area to follow up drill hole BT21-240D which intersected 4.34 g/t gold over 110.6 meters including 12 g/t gold over 13.7 meters and 8.8 g/t gold over 11.8 meters in the final hole of last year’s drill program (see Revival Gold press release dated December 2nd, 2021). Drilling will focus on extending the dimensions of high-grade mineralization at Joss;
    • An additional 2,000 meters of core drilling is planned in the Roman’s Trench area and on the up-dip extension of mineralization in the Haidee area. At Roman’s Trench, reverse circulation drilling in the 1990’s intersected 1.90 g/t gold over 21 meters and 1.95 g/t gold over 18 meters in near-surface oxides. At Haidee, the up-dip oxide target is covered by a strong soil anomaly and represents a high priority opportunity to expand open pit mineralization in that location; and,
    • 3,000 meters of reverse circulation drilling is planned for later this year to test several additional near surface oxide gold exploration opportunities. These are new targets for Revival Gold, each with well-developed soil and/or geophysical anomalies and/or elevated rock sampling results. Targets include the Midlands area, the Shenon Gulch area and a magnetic low that is similar in character to the magnetic low that underlies the mineral resource at Haidee.
  • Ongoing engineering preparations for the PFS include geotechnical, geochemistry and hydrology studies, as well as mine planning and ore processing optimization trade off studies.
  • Together with site environmental baseline data collection activities, the planned PFS is expected to provide sufficient project definition to develop project permitting documents necessary for the potential re-start of Beartrack-Arnett heap leach operations. The PFS is targeted for completion by year end.
  • Meanwhile, Revival Gold has initiated a broader, property-wide evaluation of potential development concepts and processing alternatives, including potential high-grade, underground mining of transition and sulfide material.

“Revival Gold is well positioned to prosper in the current turbulent market environment with a growing domestic U.S. gold project, a proven technical team, and strong institutional investor support,” said Hugh Agro, President and CEO. “Upcoming expected exploration and development milestones include the release of an updated resource estimate within the next six weeks, mobilization for drilling in the second quarter and a PFS by year end,” added Agro.

Figures 1 (a) and (b) below describe the location of Revival Gold’s planned 2022 drill targets at Beartrack-Arnett.

Figure 1 (a) and (b): Beartrack-Arnett 2022 Drill Target Location Maps

Qualified Person

Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 2020.

Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of approximately C$10 million at January 31st, 2022. Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Melisa Armand, Investor Relations
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.