Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to announce results from the first twelve of eighteen core holes drilled in the Haidee deposit area during the Company’s 2022 exploration program at the Beartrack-Arnett Gold Project located in Idaho, USA. Each of the twelve holes released today intersected above cut-off grade, near-surface oxidized gold mineralization.

Highlights

• 1.12 g/t gold over 18.0 meters¹ and 0.36 g/t gold over 32.8 meters¹ in AC22-097D
• 0.81 g/t gold over 30.1 meters¹ and 0.53 g/t gold over 16.9 meters¹ in AC22-100D
• 0.76 g/t gold over 19.8 meters¹ in AC22-092D
• 0.53 g/t gold over 35.8 meters¹, 0.53 g/t gold over 29.3 meters¹ and 0.40 g/t gold over 14.7 meters¹ in AC22-095D

¹ True width is estimated to be 70% – 90% of drilled width.

The 2022 drilling program at Haidee was designed to upgrade and expand the deposit’s current Inferred heap leachable Mineral Resource. A total of 18 holes were completed for approximately 2,900 meters. Results to-date from the 2022 drilling program are consistent with those from previous drilling. They will help support this year’s Preliminary Feasibility Study on the first phase re-start of heap leach operations at Beartrack-Arnett and they further validate the potential for future up-dip and down-dip additions to the current Mineral Resource. Results for the remaining six core holes from the 2022 program at Haidee are expected by the end of January.

“Today’s results build on Revival Gold’s prior exploration success in the Haidee deposit area with each hole having intersected above cut-off grade gold mineralization in oxide material, all within 150 meters of surface. The results have increased our confidence in the integrity of the Haidee deposit ahead of this year’s PFS on the first phase re-start of heap leach operations at Beartrack-Arnett and they point to the potential for further expansion, both up-dip and down-dip of the current Mineral Resource”, said Hugh Agro, President and CEO.

Details:

Detailed results for drill holes released today are presented in the table below:

¹ True width is estimated to be 70% – 90% of drilled width. Numbers may not add up due to rounding.
² AC22-085D: Recovery for the interval 14.4 m – 15.4 m was 42%
³ AC22-091D: Recovery for the interval 132.6 m – 134.1 m was 6%. This interval was included in the grade and thickness calculation at 0 g/t gold.
⁴ AC22-095D: Recovery for the interval 26.8 m – 27.5 m was 48%.
⁵ AC22-100D: Recovery for the interval 48.7 m – 49.7 m was 25%.

Figure 1 is a plan view of the Haidee deposit area with results to-date from the 2022 drill program.

Figure 1: Haidee Deposit Area Drill Program Results (January 2023)

QA/QC Program

Quality Assurance/Quality Control consists of the regular insertion of certified reference materials, duplicate samples, and blanks into the sample stream. Check samples are submitted to an umpire laboratory at the end of the drilling program. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples are submitted to the ALS Geochemistry sample preparation facility in Twin Falls, Idaho. Gold analyses are performed at the ALS Geochemistry laboratory in Reno, Nevada or Vancouver, British Columbia, and multi-element geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab.

Gold assays are determined on samples consisting of half drill core by fire assay and AAS on a 30-gram nominal sample weight (Au-AA23) for Beartrack, and Fire Assay and AAS on a 50-gram nominal sample weight (Au-AA24) for Arnett. For shallow holes, targeting leachable mineralization, gold content is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13). Multi element geochemical analyses are completed on selected drill holes using the ME-MS 61M method.

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.  Engineering work has been initiated on a Preliminary Feasibility Study for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold NI-43-101 Technical Report by Wood plc dated July 13th, 2022, for further details).  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.

Revival Gold has approximately 91.9 million shares outstanding and an estimated cash balance of C$3 million as of December 31^st, 2022. All figures in this news release are in metric units and in $US unless stated otherwise