Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to announce results from the final seven infill drill holes completed in the Haidee target area in connection with the Company’s 2021 exploration program at the Beartrack-Arnett Gold Project located in Idaho, USA.

Each of the seven holes reported below encountered above cut-off grade, near-surface oxidized gold mineralization. Highlights include:

• 0.92 g/t gold over 16.2 meters in AC21-075D
• 0.75 g/t gold over 44.1 meters in AC21-084D
• 0.92 g/t gold over 14.8 meters in AC21-081D
• 0.57 g/t gold over 12.2 meters and 0.51 g/t gold over 22.2 meters in AC21-077D
• 0.42 g/t gold over 25.7 meters and 0.48 g/t gold over 27.4 meters in AC21-083D

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

The 2021 drilling program at Haidee was designed to upgrade and expand the deposit’s current Inferred heap leachable mineral resources. In addition, the program included holes drilled to obtain engineering data for Revival Gold’s planned late-2022 Pre-Feasibility Study.

A total of 15 holes were completed for approximately 2,500 meters, with four holes drilled for geotechnical and hydrological purposes.  Results are consistent with results from previous drilling and continue to support the up-dip and down-dip extensions of mineralization in the Haidee area as areas for the potential expansion of the current Mineral Resources.

“Drill results released today will support an upgrade in the quality of the gold resource at Haidee and point to future resource expansion opportunities both up and down dip of the current deposit”, said Hugh Agro, President and CEO. “An updated resource estimate for the entire Beartrack-Arnett project is well underway and results are expected to be released by quarter end”, added Agro.

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

¹ True width is estimated to be greater than 70% of drilled width.  Numbers may not add up due to rounding.
² Geotechnical drillhole.
³ The interval 111.7 – 111.9 m was removed for a geotechnical sample.  This interval was included in the grade and thickness calculation at 0 g/t gold.
⁴ The intervals 14.3 – 14.7 m and 45.2 – 45.5 m were removed for geotechnical samples.  These intervals were included in the grade and thickness calculation at 0 g/t gold.  Recovery for the interval 128.6 – 130.1 m was 42%.
⁵ Recovery for the interval 20.7 m to 23.5 m was 30%.  The intervals 23.2 – 23.5 m and 24.9 – 25.2 m were removed for geotechnical samples.  These intervals were included in the grade and thickness calculation at 0 g/t gold.
⁶ Recoveries for the intervals 53.0 – 55.0 m and 82.2 – 83.2 m were 48% and 47% respectively.
⁷ Recovery for the interval 73.2 – 74.2 m was 48%.
⁸ Recoveries for the intervals 18.5 – 19.3 m and 90.0 – 92.5 m were 32% and 50% respectively.
⁹ Recovery for the interval 106.6 – 108.0 m was 24%.

Figure 1 below is a plan view of the Haidee target area showing collar locations and intercepts for all holes drilled in 2020 and 2021. Figure 2 is a section view looking north through the Haidee deposit.

Figure 1: Haidee Target Area 2020-2021 Drill Program Results

https://www.globenewswire.com/NewsRoom/AttachmentNg/21bcffef-3902-4ff0-ab4c-af7766c31bf9

Figure 2: Haidee Target Area – Section View

https://www.globenewswire.com/NewsRoom/AttachmentNg/cc5e7e41-55f2-421b-9955-f8c3e7745762

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 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. 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 17^th, 2020.

Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$10 million.