Revival Gold Resumes Drilling of High-Grade Joss Target

Revival Gold Inc.

Figure 1

Joss drill targets set for 2022

Joss drill targets set for 2022

TORONTO, June 11, 2022 (GLOBE NEWSWIRE) — reliveI Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has resumed drilling on the high-grade Joss target at the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, in the USA.

Approximately 2,000 meters of coring in three holes is planned this summer in Joss. Drilling will focus on the continued definition and expansion of the one kilometer trend of high grade gold mineralization with potential for underground mining and milling. High-grade intersections from the eighteen drill holes previously drilled on the Joss trend generally range from 4 to 11 g/t gold and are estimated to be between 1 and 5 meters in true width (see Revival Gold press release of March 1st, 2021). Drilling will follow BT21 240D which intersected 4.34 g/t gold over 110.6 meters drilled width, including 12 g/t gold over 13.7 meters drilled width and 8.8 g/t d gold over 11.8 meters drilled width (see Revival Gold press release dated December 2n/a2021).

Once drilling is complete at Joss, the drill will move down Haidee open pit heap leach resource area where approximately 2,000 meters of infill and expansion drilling are planned. Once drilling is complete at Haidee, the drill rig will move to the Roman’s Trench area for the last 1,000 meters of core drilling intended to follow up on historical reverse circulation drilling which intersected 1.90 g/t gold over a drill width of 21 meters and 1.95 g/t gold over a drill width of 18 meters in near-surface oxides (see Revival Gold press release dated March 15e2022).

“2022 marks our fifth and potentially most exciting drilling season at Beartrack-Arnett. We begin with follow-up drilling on the Joss target, a target that has proven to be catalytic for our view of the resource potential of the high-grade underground mill at Beartrack-Arnett. We then move on to Haidee, where the focus is on defining and expanding the existing open pit oxide gold resource, and then Roman’s Trench, which is a new oxide exploration drill target. gold near the surface for Revival Gold,” said Hugh Agro, Revival Gold, President and Chief Executive Officer.

Core drilling is being done by contractor Major Drilling America, Inc. and is expected to continue through September. A longitudinal section versus thickness showing the approximate locations of planned drill holes at Joss is shown in Figure 1.

Depending on platform availability, Revival Gold has planned an additional 3,000 meters of reverse circulation this year to test various other potential near-surface gold oxide exploration opportunities at Beartrack-Arnett Base. various geochemical and geophysical soil anomalies.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1beb1778-684e-4c29-b4c8-dc320c200c70

Qualified person

Steven T. Priesmeyer, CPG, Vice President Exploration, Revival Gold Inc., is the Company’s designated qualified person for this press release within the meaning of National Instrument 43-101 Disclosure Standards for Mining Projects and has reviewed and approved its scientific and technical expertise. contents.

About Revival Gold Inc.

Revival Gold Inc. is a growth-oriented gold exploration and development company. The Company is advancing the Beartrack-Arnett gold project located in Idaho, United States.

Beartrack-Arnett is the largest former 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 resources of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold’s press release dated May 16e, 2022 for details). The mineralized trend at Beartrack extends over five kilometers and is open along strike and at depth. Mineralization at Arnett is open in all directions.

Revival Gold has approximately 86.9 million shares outstanding and a cash balance of C$9.1 million as of March 31, 2022. All figures in this press release are in metric units and US dollars, except otherwise indicated. Additional information, including financial statements, technical reports, press releases and other Company information, may be obtained at www.revival-gold.com or on SEDAR at www.revival-gold.com. sedar.com.

For more information, please contact:

Hugh Agro, President and CEO or Melisa Armand, Investor Relations
Phone: (416) 366-4100 or Email: [email protected]

Caution

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 press release.

This press release contains certain “forward-looking statements” that are not historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words that indicate that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company does not guarantee that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in 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 press release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate , exploration and mining development plans, timing of 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, the inability to identify mineral resources, the inability to convert estimated mineral resources to reserves, the failure to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failure to obtain governmental, environmental or other approvals required for projects, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of the projects, the costs of investment, operation and rehabilitation varying considerably compared to the est imations and other risks associated with the mining exploration and development industry, an inability to predict and counter the effects of COVID-19 on the Company’s business, including but not limited to effects of COVID-19 on commodity prices, capital market conditions, restrictions on labor and international travel and supply chains, and risks set forth in public company documents. Company filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time disclosed or not 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, except as required by law.

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