Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to report results from eight core drill holes completed in connection with the Company’s 2023 exploration campaign at the Beartrack-Arnett Gold Project located in Idaho, USA.  Each of the eight holes released today is from the Haidee deposit area and intersected above cut-off grade, near surface oxide gold mineralization.

Highlights

• 3.93 g/t gold over 20.6 meters¹ including 19.6 g/t gold over 1.4 meters¹ and 9.15 g/t gold over 4.3 meters¹ in hole AC23-115D.
• 0.93 g/t gold over 12.8 meters¹ and 0.47 g/t gold over 12.0¹ in AC23-106D.
• 0.55 g/t gold over 16.1 meters¹ and 0.47 g/t gold over 14.3 meters¹ in AC23-105D.
• 0.50 g/t gold over 14.4 meters¹ in AC23-110D.

¹ True width is estimated to be 50% to 70% of drilled width.

2023 drilling Haidee consisted of twelve core drill holes and was designed to test various targets around the current Haidee Mineral Reserve (see “Preliminary Feasibility Study NI 43-101 Technical Report on the Beartrack-Arnett Heap Leach Project, Lemhi County, Idaho, USA,” prepared by Kappes, Cassidy & Associates, Independent Mining Consultants, Inc., KC Harvey Environmental LLC, and WSP USA Environment & Infrastructure Inc. dated August 2^nd, 2023). In addition to the twelve holes at Haidee, Revival Gold completed six core holes in three new target areas at Beartrack-Arnett (Roman’s Trench, Midlands and Ridge) for a total of 18 core drill holes and 3,350 meters in this year’s exploration campaign. Results for two holes at Roman’s Trench were released on September 27^th, 2023. Results from the remaining eight holes are expected next month.

Results from the eight holes released today include AC23-106D and AC23-115D which were drilled to offset high-grade mineralization encountered in hole AC22-094D (5.42 g/t gold over 10.2 meters drilled width, see Revival Gold press release dated January 30^th, 2023) on the western flank of the Haidee Mineral Reserve. Both drill holes from this year’s program encountered additional high-grade mineralization with Hole AC23-115D intercepting mineralization in a potential feeder structure interpreted to have a north-northeast strike and a moderate southeasterly dip.  The intersections in AC22-094D, AC23-106D and AC23-115D confirm the presence of higher-grade mineralization outside the current reserve pit shape at Haidee and the potential to meaningfully increase Mineral Reserves in this area.

“The confirmation of higher grade near-surface oxide gold mineralization beyond the current Mineral Reserve at Haidee is a significant development,” said Hugh Agro, President & CEO. “The results validate our team’s exploration case for higher grade material and possible feeder structures at Haidee, and they demonstrate tangible potential to meaningfully expand Revival Gold’s proposed Haidee open pit and heap leach restart plans for Beartrack-Arnett. We look forward to releasing this year’s remaining drill results in the weeks ahead,” added Agro.

Detailed Results

Figures 1 (a) and 1 (b) below present plan and section views of this year’s drilling in the Haidee deposit area.

Figure 1 (a): 2023 Haidee Target Area Drilling – Plan View

Figure 1 (b): 2023 Haidee Target Area Drilling – Cross Section

Romans Trench Target

In addition to drill results from the Haidee target area, Revival Gold is pleased to report results from a channel sampling program at Roman’s Trench designed to follow up on initial chip sampling from the Roman’s Trench access road (see Revival Gold press release dated September 27^th, 2023).  A continuous channel was cut across an 11.9-meter outcrop exposure to obtain a more representative sample set.  Eight samples were taken at approximately 1.4-meter intervals along the length of the channel.  Five vertical crosscuts were also taken to characterize the vertical and lateral distribution of gold in the exposure.  Gold values ranged from 0.04 g/t to 112 g/t gold with two additional samples over 6 g/t gold.  Due to the nature of the exposure, samples were collected sub-parallel to the strike and dip of the vein so sampled widths do not reflect the true width of the structure. Nevertheless, these results further support the presence of high-grade oxide gold mineralization in the Roman’s Trench area and warrant additional follow-up.

Qualified Persons

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 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. The Project benefits from extensive existing infrastructure and is the subject of a recent Preliminary Feasibility Study for the potential restart of open pit heap leach gold production operations.

Since reassembling the Beartrack-Arnett land position in 2017, Revival Gold has made one of the largest new discoveries of gold in the United States in the past decade. 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.