Beartrack-Arnett Gold Project Results Show Potential To Build On Mine Plan And Advance Prospect

TORONTO - “Despite difficult operating conditions through most of 2020, Revival Gold’s operating team is to be commended for delivering a zero-lost time year while the company continued to grow and de-risk its flagship Beartrack-Arnett Gold Project. A significant expansion of the Mineral Resource in February paved the way for a large equity financing in August and the completion of a PEA on the first phase restart of open pit heap leach operations in November. Mineralization at Beartrack-Arnett remains open along strike and at depth. As the year draws to a close, Revival Gold has begun to release results demonstrating the potential to build on the recent first phase PEA heap leach mine plan and advance the prospect for an exciting new second phase mill opportunity,” said, Revival Gold Inc., President and CEO, Hugh Agro. “The outlook for gold is favorable going into 2021 while new quality growth projects in gold in good locations are becoming increasingly rare.”

Highlights: Increased Beartrack-Arnett’s Inferred Mineral Resource estimate by 114% to 47.2 million tonnes grading 1.08 g/t gold containing 1.64 million ounces of gold and the project’s Indicated Mineral Resource estimate by 11% to 36.4 million tonnes grading 1.16 g/t gold containing 1.35 million ounces of gold; Raised C$15 million in an upsized bought-deal equity financing with funds earmarked towards advancing Beartrack-Arnett exploration and technical studies in 2020 and 2021; Announced the appointment of Maura Lendon as a non-executive member of the Board; Delivered a solid First Phase Preliminary Economic Assessment (“PEA”) outlining initial production of 72,000 ounces gold per year from the restart of open pit heap leach operations at Beartrack-Arnett with initial capital of $100 million and an AISC of $1,057 per ounce; Completed 8,450 meters of drilling in 40 core holes in four target areas to upgrade and expand the resource at the Haidee target and test new targets located along approximately eight kilometers of favorable geological structure at Beartrack-Arnett; Released results from 23 drill holes at the Haidee target, all of which intersected oxide gold mineralization close to surface including 0.93 g/t gold over 28.3 meters and 0.86 g/t gold over 48.5 meters; and, Initiated work on a fully integrated three-dimensional computer model of the geology at Beartrack-Arnett to facilitate the application of industry leading artificial intelligence technologies, deepen Revival Gold’s understanding of the deposit setting and target high grade mineralization on the project.