Revival GOLD Provides Exploration and Development Update
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REVIVAL GOLD PROVIDES
EXPLORATION AND DEVELOPMENT UPDATE
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 2 nd, 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.
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• Ongoing engineering preparations for the PFS include geotechnical, geochemistry and
hydrology studies, as well as mine plan ning 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 d escribe the location of Revival Gold’s planned 2022 drill targets at
Beartrack-Arnett.
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Figure 1 (a) and (b): Beartrack-Arnett 2022 Drill Target Location Maps
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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 method s 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: [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 t he adequacy or accuracy of
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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 objecti ves, 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 whic h 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, poli tical 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, operatin g 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.