Revival GOLD Provides Exploration Update
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REVIVAL GOLD PROVIDES
EXPLORATION UPDATE
Toronto, ON – August 9th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or
the “ Company”), is pleased to provide an update on exploration at the Beartrack-Arnett Gold
Project (“Beartrack-Arnett”) located in Lemhi County, Idaho, USA.
On August 8 th, 2022, Revival Gold completed the second of two core holes for a total of 1,4 50
meters drilled at the Joss target this season. The two drill holes, BT22-241D and BT22-242D, were
designed to test the down-dip potential of high-grade gold mineralization at Joss.
Core logging indicates that the two drill holes intercepted the target zone of mineralization between
100 and 150 meters below previous drilling in the area. The two holes are separated by about 2 00
meters along strike in the target zone and will provide important structural and geochemical
information about the potential for further gold mineralization at depth at Joss. Assay results are
expected in September.
“Core logging indicates that we’ve hit the target zone at Joss. Assay results are expected next month
and offer the potential to confirm a significant depth extension to Joss, where previous drilling has
returned high-grade intercepts in 18 drill holes over a 1 km trend. In the meantime,
drilling continues with activity expected to increase as rigs become available and conditions
allow,” said Hugh Agro, President & CEO.
The drill rig is now being moved approximately 1,100 meters north of Joss to the South Pit target
area to test a gap in drilling in the Beartrack-Arnett 2022 resource block model. The break from
drilling at Joss will provide time to receive assays and complete interpretive analysis on BT22-241D
and BT22-242D.
A second drill rig is expected to arrive at Beartrack-Arnett in September to initiate approximately
2,000 meters of core drilling at Haidee as conditions allow. A large wildfire (the Moose Fire) is
burning in the vicinity of Beartrack-Arnett but, thus far, has had limited impact on Revival Gold’s
activities. The Company is in regular communication with local authorities, following all directives
and taking all necessary steps to ensure safe and responsible operation.
If feasible, Revival Gold will mobilize a third drill rig to complete approximately 3,000 meters of
previously planned reverse circulation exploration drilling to test several early-stage near surface
oxide gold exploration opportunities at Beartrack-Arnett.
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Qualified Person
Steven T. Priesmeyer, C.P.G., Vice President Exploration, is the Company’s designated Qualified
Persons for this news release within the meaning of National Instrument 43 -101 Standards of
Disclosure for Mineral Projects and have 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 (“PFS”) 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 the
independent technical report prepa red in accordance with National Instrument 43 -101 (“NI 43 -
101”) on the Beartrack -Arnett Gold Project (“Beartrack”), titled “NI 43-101 Technical Report
Mineral Resource Update of the Beartrack – Arnett Gold Project, Lemhi County, Idaho, USA” 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 86.9 million shares outstanding and an estimated cash balance of
C$6.5 million as of June 30 th, 2022. All figures in this press release are in metric units and in $US
unless stated otherwise. 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 the adequacy or accuracy of
this news release.
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
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Company’s future plans, objectives or goals, including words to the e ffect 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 objectives, goals or future plans,
statements, exploration results, potential mineralizatio n, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement of operations and
estimates of market conditions. Factors that could cause actual results to differ materially from
such forward -looking information include, but are not limited to failure to identify mineral
resources, failure to convert estimated mineral resources to reserves, 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, political risks, uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, in flation, changes in exchange rates, fluctuations
in commodity prices, delays in the development of projects, capital, operating and reclamation
costs varying significantly from estimates and the other risks involved in the mineral exploration
and development industry, an inability to predict 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, 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 as a result of
new information, future events or otherwise, other than as required by law.