Revival Gold Completes Drill Program and Provides Exploration Update

Revival Gold Inc. (TSX.V: RVG) reports that the Beartrack-Arnett Gold Project drill program was successful in 2022 in Idaho, USA. Revival Gold completed 22 core holes totaling about 5,500 meters in length in the year. The Beartrack-Arnett area was examined in 20 core holes in the first two drill stages of this season’s program to assess the extent of gold mineralization that may exist underground. The mineralization at Beartrack-Arnett was determined to be extensive in depth and extent when it was discovered that it extends over 1,000 meters and has now been drilled to a depth of over 500 meters in all directions. In addition to the overall 2.8 g/t gold recorded over 45.5 meters, an average of 7.7 g/t gold was found over 5.5 meters in the 20 drill holes completed at Joss (true widths are estimated to be 30% to 50% of drilled widths).

This year, four core holes totaling 2,600 meters of the Beartrack-Arnett mineralization trend’s main portion were drilled, two in the South Pit target area (BT22-243D and BT22-244D, respectively). The assays are expected to arrive over the next six weeks. The goal of hole BT22-243D is to extend high-quality mineralization at the south end of the South Pit, and the goal of hole BT22-244D is to expand on high-quality intervals from the 2018 drilling program.

Revival Gold completed 18 infill and expansion core holes for 2,900 meters in the near-surface oxide material at Haidee, a satellite deposit. These holes are intended to upgrade Inferred Resources to Indicated Resources and extend the current Mineral Resource in the west, or down-dip, direction. The mineralization at Haidee remains open in all directions. Assay results should be available over the next three months.

The Company’s 2023 first phase heap leach Preliminary Feasibility Study (“PFS”) will now be updated based on drilling results and Beartrack-Arnett geological and mineral resource models, in addition to preparing future drilling plans.

Hugh Agro, Revival Gold’s President & CEO, said, “The exploration team at Beartrack-Arnett is to be commended for wrapping up another safe and productive drilling campaign. Assay results are expected later this month and into the new year. The Company plans to build on 2022’s great results in future drilling campaigns.”

Quality assurance/control involves regularly inserting certified reference materials, duplicate samples, and blanks throughout the sample stream. At the end of the drilling program, check samples are sent to an umpire laboratory for analysis. Samples are analyzed immediately upon receipt, and all discrepancies are investigated. Gold analyses are performed at the ALS Geochemistry laboratory in Reno, Nevada, or Vancouver, British Columbia, and multi-element geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab.

Gold assays (Au-AA23 and Au-AA24) are determined on Beartrack and Arnett’s half-core samples treated with fire assay and AAS, respectively. For shallow holes, Au-AA13 is determined using an AAS finish on a sample weighing 30 grams. This sample also determines gold content using a cyanide leach method. ME-MS 61M multi-element geochemical analyses are performed on certain drill holes.

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