Revival Gold reviews Beartrack-Arnett project, Idaho

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Revival Gold Inc. [RVG-TSXV; RVLGF-OTCQX] provided a summary of the company’s key accomplishments in 2022 to advance the 100%-owned Beartrack-Arnett gold project located in Idaho, United States.

Beartrack-Arnett Indicated Mineral Resources increased to 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold, up 56% over the 2020 Indicated Mineral Resource, and Inferred Mineral Resources increased to 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold, up 19% over the 2020 Inferred Mineral Resource.

On the main Beartrack-Arnett trend of mineralization, four core drill holes were completed for 2,600 metres of drilling. Follow-up drilling at Joss continued to demonstrate the high-grade underground potential of this target area with intercepts such as 11.4 metres grading 10.1 g/t gold within 115.4 metres grading 3.5 g/t gold. Joss now extends over a strike of 1 km and has been drilled to a depth of over 500 metres.

The twenty core holes that have intersected Joss mineralization to-date average 7.7 g/t gold over 5.5 metres drilled width within a broader zone of 2.8 g/t gold over 45.5 metres drilled width. High-grade results were also obtained at the nearby South Pit zone with 7.92 g/t gold over 2.9 metres and 2.02 g/t gold over 47.41 metres approximately 175 metres below the south end of the South Pit area.

Together, Joss and South Pit present approximately 2 km of strike within 5.6 km of known mineralized trend at Beartrack-Arnett.

At the Haidee target area, 18 infill and expansion core holes were completed for 2,900 metres of drilling in the near surface, oxide material from this satellite deposit. Assay results are expected in January.

Kappes, Cassiday & Associates and Independent Mining Consultants Inc. were appointed as principal consultants to prepare a Preliminary Feasibility Study (PFS) on the potential first phase restart of heap leach operations at Beartrack-Arnett. Metallurgical and geotechnical study work was wrapped up during the fourth quarter advancing the PFS to 70% completion by year end and putting it on track for delivery mid-2023.

An expanded and extended exploration drilling permit was granted for Beartrack-Arnett during the year and KC Harvey Environmental, LLC advanced environmental baseline data collection and preparations for the potential re-permitting of the heap leach operations.

The company received C$13 million in equity funding and welcomed Donald Smith Value Fund, LP as a significant new shareholder.

Tim Warman, P.Geo, was appointed a director.

“2022 has been a difficult year for the junior gold exploration and development sector, with volatile commodity prices and challenging market conditions. Nevertheless, Revival Gold was able to successfully equity fund its business, safely and responsibly execute on all key exploration and development plans, and add significant value to its Beartrack-Arnett Gold Project. After increasing mineral resources in the first half, drilling in the Joss target area later in the year took the limelight, returning long intercepts with high grades as we continued to step out and extend the dimensions of the deposit,” said Hugh Agro, President & CEO.

“On the corporate front, we consolidated the Arnett land position, bolstered our institutional investor base, and augmented our Board with additional expertise in U.S. exploration, development, and heap leach operations. This progress has not been lost on the market with the company’s shares showing strong outperformance over the past 12 months relative to our peers. With the price of gold strengthening into the new year and further drill results and a PFS at Beartrack-Arnett to come, 2023 is shaping up to be another catalytic year for Revival Gold,” added Agro.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study 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. The mineralized trend at Beartrack extends for over 5 km 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$3.4 million as of September 30, 2022.

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