Revival Gold delivers impressive resource update at Beartrack-Arnett

Highlights

– The updated Mineral Resource was completed by Wood plc (“Wood”) based on drill results through the end of 2021 and contains:

• An Indicated Mineral Resource of 0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold¹, an increase of 56% over the 2020 Indicated Mineral Resource²; and,
• An Inferred Mineral Resource of 2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold¹, an increase of 19% over the 2020 Inferred Mineral Resource².

– Within the Indicated Mineral Resource, open pit heap leach contained gold increased by 49%² and open pit mill contained gold increased by 58%². The upgrade in Indicated Mineral Resources provides increased confidence in the quality of the resource and will help facilitate planned completion of a preliminary feasibility study (“PFS”) on the potential restart of gold production at Beartrack-Arnett.

– Drilling in the Joss Zone over the past two years has increased Mineral Resources in this area and supports a more robust cut-off grade (2.2 g/t gold) for the underground mill component of Mineral Resources at Beartrack-Arnett. As a result, the average grade in the underground Inferred Mineral Resource has increased 39% over the 2020 Inferred Mineral Resource² to 3.05 g/t gold in a bulk minable long-hole mining scenario. Follow-up drilling on high-grade intercepts at Joss is expected to further enhance the underground resource model.

– Mineralization at Beartrack remains open along strike and at depth. Mineralization at Arnett remains open in all directions. Exploration continues with 7,000 meters of planned drilling scheduled to begin later this month.

¹ Estimates based on a gold price of $1,800/ounce. See Table 2 for additional assumptions. All figures in this press release are in Metric units and in $US unless stated otherwise.

² See Revival Gold’s November 17^th, 2020, press release and NI 43-101 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.

“Today’s 56% growth in Indicated Resources and 19% increase in Inferred Resource represents an impressive step forward in both the size and quality of resources at Beartrack-Arnett. Revival Gold’s technical progress over the past two years validates our confidence in project geology and the potential we see for Beartrack-Arnett to continue to grow. Today’s news bodes well for work already underway on a PFS to resume gold production utilizing existing infrastructure and it builds on Revival Gold’s understanding of additional potential future development alternatives. Revival Gold’s track record of growing resources, our competitive cost of discovery, and the alternatives we have for potential future development, add up to a compelling opportunity for our shareholders,” commented Hugh Agro, President & CEO.

Further information is attached.