Revival GOLD Provides Update ON Beartrack-Arnett Prefeasibility Study
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REVIVAL GOLD PROVIDES UPDATE
ON BEARTRACK-ARNETT PREFEASIBILITY STUDY
Toronto, ON – February 27th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold”
or the “Company”), is pleased to provide an update on the Company’s first phase heap leach
restart Prefeasibility Study (“PFS”) underway on the Beartrack-Arnett Gold Project (“Beartrack -
Arnett” or the “Project”) located in Lemhi County, Idaho, USA.
The PFS is being led by industry leaders Kappes Cassiday & Associates (“KCA”) and Independent
Mining Consultants Inc. (“IMC”) . The PFS remains on track for completion by mid -2023. Key
developments are as follows:
• IMC has developed draft updated heap leach mineral resource models and mine plans for
both the main deposit (Beartrack) and the satellite deposit (Haidee) at Beartrack-Arnett that
incorporate 2022 drilling results. These items are under review; however, the draft leach
resource models and mine plans are in-line with Revival Gold’s objective to see average
production in the PFS at 65,000 to 70,000 ounces gold per year over a 7 to 9 year mine life;
• Mill resource models that include the high -grade Joss area will be updated once the leach
models are complete. Undated resource models for both heap leach and mill material will
be incorporated into a new Mineral Resource estimate for Beartrack-Arnett, which will be
released with the PFS;
• KCA and IMC have completed trade-off studies to optimize heap leach mine sequencing,
waste rock management, cell layouts and sequencing, haul road alignments, and crusher
locations. These studies were key to moving forward with earthworks calculations, water
balance modeling, bid package preparation, and drawing package development;
• PFS drawing packages are progressing on schedule and include process flowsheets (100%
complete), piping & instrumentation diagrams (100% complete), general arrangement
drawings (75% complete), overall site layout drawings (65% complete), electrical drawings
(15% complete), and leach pad details & stacking plans (10% complete);
• Idaho Power Company (“IPCo”) has completed a power study to assess upgrades required
to the existing 69 kV service to site to support the PFS. The IPCo upgrades include substation
and other electrical system infrastructure improvements to increase the reliability and
availability of power to the Project;
• An assessment of existing site fa cilities and infrastructure has been completed and all
required plant and mobile equipment requirements have been determined . KCA has
developed eleven bid packages in support of cost estimating for the PFS , and quotes are
actively being received, reviewed, and incorporated into a draft PFS financial model;
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• Process and sitewide water balance models have been developed and are being updated
iteratively with the overall PFS designs. Meteorological modeling was completed in early
2023 to support the PFS water balance models; and,
• Synthetic Precipitation Leaching Procedure geochemical testing on representative Haidee
waste rock samples was completed in February 2023. These results will be compared with
Acid Base Accounting testing completed in 2022 to develop predictions for operational and
post-operational geochemical behavior of Haidee waste rock in support of the PFS closure
plan.
“We are encouraged by the progress KCA and IMC are making on the PFS for the first phase re-start
of gold production at Beartrack -Arnett. Under the direction of Revival Gold’s VP, Engineering &
Development, John Meyer, the PFS and updated Mineral Resource estimate remains on track for
delivery by mid -2023. Meanwhile, Revival Gold’s exploration team, led by VP, Exploration, Steve
Priesmeyer, is continuing to advance preparations for this summer’s field season. Key target areas
for 2023 in support of Revival Gold’s fi rst phase re -start plans include open pit oxide resource
expansion opportunities at Haidee and other new open pit oxide targets across the western side of
Beartrack-Arnett,” said Hugh Agro, President and CEO.
Qualified Persons
John P.W. Meyer, P.Eng., Vice President Engineering and Development 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 ha s 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 Revival
Gold NI -43-101 Technical Report by Wood plc 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 91.9 million shares outstanding and a cash balance of C$3.2 million
as of December 31 st, 2022. All figures in this news release are in metric units and in $US unless
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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 information” within the meaning of Canadian securities legislation
and “forward -looking statements” within the meaning of U.S. securities legislation (collectively “forward -looking
statements”. Forward -looking statements are not comprised of historical facts. Forward -looking statements include
estimates and statements that describe the Comp any’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 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 news release includes, but is not limited to, the size of
the Financing, the completion, terms and expected closing date of the Financing, the Company’s objectives, goals or
future plans, statements, exploration results, potential mineralization, 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 statements include, but are not limited to
failure to identify mineral resources, failure to convert estimated mi neral 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, inflation, 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 raise additional funding, the manner the Company uses its cash
or the proceeds of an offering of the Company’s securities, 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 statements 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 di sclaims 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.