Revival GOLD 2023 Year IN Review T
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REVIVAL GOLD 2023 YEAR IN REVIEW
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oronto, ON – December 28th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold”
or the “Company”) is pleased to provide a review of key accomplishments this year to advance the
Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.
Hig
hlights
• Increased Measured and Indicated Mineral Resources to 86.2 million tonnes grading
0.87 g/t gold containing 2.42 million ounces of gold 1 and Inferred Mineral Resource s to
50.7 million tonnes grading 1.34 g/t gold containing 2.19 million ounces of gold1. Notably,
o Open pit heap leach Measured and Indicated Resources increased to 42.3 million
tonnes grading 0.70 g/t gold containing 959,000 ounces of gold 1 with additional
Inferred Resources of 6.3 million tonnes grading 0.53 g/t gold containing 108,000
ounces of gold1; and,
o Underground mill (sulphide) Inferred Resources increased to 6.7 million tonnes
grading 4.0 g/t gold containing 877,000 ounces of gold1.
• Filed a Preliminary Feasibility Study (PFS)1 on the potential first phase restart of open pit
heap leach operations:
o Inaugural Proven & Probable open pit heap leach Mineral Reserve of 36.2 million
tonnes grading 0.74 g/t gold for 859,000 ounces of gold1;
o Average gold production of 65,300 ounces of gold per year , for a total of 529,100
ounces of gold over an eight-year mine life; and,
o After-tax NPV at a 5% discount rate (“ NPV5%”) of $105 million and after-tax IRR of
24.3% at $1,800 per ounce gold increasing to an NPV5% of $138 million and after-tax
IRR of 29.5% at $1,900 per ounce gold1.
• Continued to advance conceptual plans for a potential second phase underground
operation by completing a third stage of metallurgical testing demonstrating gold
recoveries of 93% to concentrate from a composite of high- grade sulphide material in the
underground resource achieving a concentrate grade of 50 g/t gold with a relatively coarse
particle grind size (P80) of 150 μm and a resulting mass pull of 8.9%2.
• Completed a total of eighteen core holes for 3,350 meters of e xploration drilling focused
on near- surface oxide gold opportunities in the broader Haidee area . Results included
3.93 g/t gold over 20.6 meters 3 in a potential feeder structure on the western flank of
Haidee.
• Three of the four targets drilled this year were previously untested by Revival Gold and all
three yielded above cut-off grade results in near -surface oxide mineralization including
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0.37 g/t gold over 22.6 meters 4 and 0.36 g/t gold over 9.0 meters 4 at the Ridge and
Midlands targets, respectively.
• The Company raised C$9.4 million in equity funding and re-acquired a 1% Net Smelter
Royalty on sixteen claims within the Beartrack-Arnett project area.
• Added to Revival Gold’s operating and exploration expertise and capabilities with the
addition of Larry Radford to the Company’s Board of Directors and the hiring of Dan Pace
as Chief Geologist.
• Maintained an exemplary safety record with zero lost-time incidents among Company
employees and contractors.
1 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 2nd, 2023. Mineral Resources estimated at a gold
price of $1,900 per ounce. Proven and Probable Reserves were estimated at a gold price of $1,700 per ounce. All figures
in metric, troy ounces, and US$ unless indicated otherwise.
2 See Revival Gold news release dated September 6th, 2023.
3 See Revival Gold news release dated October 31st, 2023. True width is estimated to be 50% to 70% of drilled width.
4 See Revival Gold news release dated December 19th, 2023. True width is estimated to be 50% to 70% of drilled width.
“We exit 2023 having delivered on key tactical objectives for the year. The updated and impr oved
resource, completion of a PFS on the potential first phase restart of operations, de-risking of the
potential second phase underground concept, and favourable exploration drilling results returned
during the year , mark solid progress ,” said President & CEO Hugh Agro. “Still, as a founder and
s
ignificant shareholder in Revival Gold, I am not satisfied with the results of our efforts to reduce
business risk and generate a return for shareholders. Heading into 2024, Revival Gold’s board and
management are committed to refocusing and redoubling our efforts to secure a strategic or other
transaction
that will help facilitate a commitment of long-t erm capital, reduce business risk,
and deliver superior returns for our shareholders,” added Agro.
QA/QC Pro gram
Quality Assurance/Quality Control consists of the regular insertion of certified reference materials,
dupl
icate samples, and blanks into the sample stream. Check samples are submitted to an umpire
labo
ratory 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
pr
eparation 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
analys es are completed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS
Minerals is an ISO/IEC 17025:2017 accredited lab.
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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 Persons
John P. W. Meyer, P.Eng., Vice President, Engineering & Development Revival Gold Inc., is the
Company’s designated Qualified Person s 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.
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.sedarplus.ca.
For further information, please contact: Hugh Agro, President & CEO or Lisa Ross, CFO, telephone:
(416) 366-4100 or email: [email protected].
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.
This press release includes certain "forward-looking information" within the meaning of Canadian securities legislation
and “forward -looking statements” within the meaning of U.S. securities legislation (collectively “forward -looking
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statements”. Forward-looking statements 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 mana gement 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 statements could cause actual
events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such
forward-looking statements. Forward -looking statements in this document include, but are not limited to, the
Company’s objectives, goals and future plans, and statements of intent, the implications of exploration results, mineral
resource/reserve estimates and the economic analysis thereof, exploration and mine development plans, timing of the
commencement of operations, estimates of market conditions, and statements regarding the results of the pre -
feasibility study, including the anticipated capi tal and operating costs, sustaining costs, net present value, internal
rate of return, payback period, process capacity, average annual metal production, average process recoveries,
concession renewal, permitting of the project, anticipated mining and processing methods, proposed pre -
feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine
life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact
studies, availability of labour, tax rates and commodity prices that would support development of the Project. Factors
that could cause actual results to differ materially from such forward-looking statements include, but are not limited to
failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to maintain
the modelling and assumptions upon which the interpretation of results are based after further testing, the inability to
complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test
results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals,
changes in re gulatory requirements, political and social risks, uncertainties relating to the availability and costs of
financing needed in the future, uncertainties or challenges related to mineral title in the Company’s projects, changes
in equity markets, inflation, changes in exchange rates, fluctuations in commodity and in particular gold prices, delays
in the development of projects, capital, operating and reclamation costs varying significantly from estimates, the
continued availability of capital, accidents and labour disputes, and the other risks involved in the mineral exploration
and development industry, an inability to raise additional funding, the manner the Company uses its cash or the
proceeds of an offering of the Company’s securities, an inability to pr edict and counteract the effects of COVID -19 on
the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital
market conditions, restriction on labour and international travel and supply chains, future climatic conditions, the
discovery of new, large, low -cost mineral deposits, the general level of global economic activity, disasters or
environmental or climatic events which affect the infrastructure on which the project is dependent, 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 statements in this news release are reasonable, undue reliance should
not be placed on such info rmation, 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. Specific reference is made to the most recent
Annual Information Form filed on SEDAR+ for a m ore detailed discussion of some of the factors underlying forward -
looking statements and the risks that may affect the Company’s ability to achieve the expectations set forth in the
forward-looking statements contained in this presentation. The Company dis claims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
other than as required by law.