Mr. Hugh Agro reports

REVIVAL GOLD EXTENDS HAIDEE ZONE WITH 2020 DRILLING RESULTS FROM BEARTRACK-ARNETT

Revival Gold Inc. has released results from the final seven drill holes from the company's 2020 drilling program on the Haidee zone at the formerly producing Beartrack-Arnett gold project located in Idaho.

The seven holes released today are core holes drilled in the Haidee zone to upgrade and expand the resource. All holes intersected near-surface oxidized gold mineralization. The Haidee zone remains open and now extends over 600 metres of strike and projects across strike and updip about 400 metres.

Highlights:

• 0.55 gram per tonne gold over 16.7 metres in AC20-054D;
• 0.53 g/t gold over 20.5 metres and 0.25 g/t gold over 31.7 metres in AC20-066D;
• 0.61 g/t gold over 18.6 metres in AC20-067D;
• 0.56 g/t gold over 22.6 metres, 0.79 g/t gold over 14.5 metres and 0.69 g/t gold over 16.3 metres in AC20-069D.

"Revival Gold exceeded expectations for the 2020 drilling program at Haidee. With complete results from all 30 drill holes now in hand, we can see that the footprint of near-surface oxide gold mineralization has indeed grown. The program further reveals additional stacked mineralized structures extending up dip to the northeast. Haidee remains open in all directions and offers the potential to significantly increase the mine life and reduce the expected strip ratio for the planned first phase heap leach operation at Beartrack-Arnett. Further Beartrack-Arnett drill results from additional zones are expected next month. Meanwhile, preparations have begun to resume resource expansion drilling in the spring," said president and chief executive officer Hugh Agro.

Drill results

Drill holes AC20-054D, 56D, 61D and 66D were drilled along the northeastern margin of the existing mineral resource. The holes indicate that the Haidee deposit extends updip into the gold soil anomaly northeast of the current resource. The anomaly is largely untested by drilling to date.

Holes AC20-067D and AC20-068D were drilled at the northern and southern ends of the existing mineral resource, respectively, and indicate that mineralization continues in both directions. AC20-069D was drilled to the southwest and encountered several zones of mineralization. The area represents a future drill target with potential to add to the existing Haidee mineral resource.

Detailed results for the Haidee target drill holes released today are presented in the associated table.

                                                 Fire assay     Fire assay
                                     Drilled     gold grade     gold grade
Hole No.          From       To    width (1)   uncapped (2)     capped (2)
                   (m)      (m)          (m)          (g/t)          (g/t)

AC20-054D3       103.0    109.1          6.1           0.60
                 136.6    142.6          6.1           0.59
                 152.9    158.7          5.8           0.58
                 181.4    198.1         16.7           0.55
AC20-056D         74.4     79.6          5.2           0.59
                 131.1    132.0          0.9           1.31
AC20-061D4        25.9     37.9         12.0           0.21
                 117.8    122.4          4.6           0.33
                 142.5    143.7          1.2           3.61
AC20-066D5         4.0     35.7         31.7           0.25
                  87.5     90.5          3.0           0.70
                  99.1    119.5         20.5           0.53
incl.            102.9    104.4          1.5           4.45
                 126.5    130.5          4.0           0.43
AC20-067D         37.5     56.1         18.6           0.61
incl.             52.4     53.9          1.5           3.19
                  98.1    105.3          7.2           6.74           1.20
incl.            103.6    104.4          0.8          60.10            8.0
AC20-068D         55.8     61.9          6.1           0.34
                  73.5     76.5          3.0           0.32
                 130.2    131.5          1.3           6.49
AC20-069D6        13.1     35.7         22.6           0.56
                  43.9     58.4         14.5           0.79
incl.             48.2     49.7          1.5           3.55
                  75.0     91.3         16.3           0.69
incl.             82.6     91.3          8.7           0.95
                  98.5    105.8          7.3           0.77

(1) True width estimated to be approximately equivalent to drilled width 
although some variation may occur. True widths for hole AC20-069D are 
unknown at this time. Numbers may not add up due to rounding.
(2) Where applicable, grades at Arnett are capped at 8.0 g/t Au using 
the methodology described in the technical report on the Beartrack-Arnett 
gold project, Lemhi county, Idaho, dated Dec. 17, 2020.
(3) Core recovery for the interval 106.0 metres to 107.6 metres was 27
per cent.
(4) Core recovery for intervals for the intervals 27.4 metres to 28.3 
metres, 31.7 metres to 34.4 metres and 115.5 metres to 116.1 metres was 
0 per cent, 13 per cent and 0 per cent, respectively. All three intervals 
were included at zero g/t Au.
(5) Core recovery for the intervals 15.5 metres to 16.8 metres, 21.5 
metres to 23.7 metres and 28.0 metres to 29.6 metres was 0 per cent, 6
per cent and 50 per cent, respectively. The intervals with 0-per-cent 
recovery were included at zero g/t Au.
(6) Core recovery for the intervals 22.3 metres to 23.8 metres and 55.2 
metres to 55.8 metres was 44 per cent and 25 per cent, respectively.

 

Coming activities

Ten core holes were completed at Beartrack in 2020 for approximately 3,500 metres of drilling. Complete assay results for all holes are expected within the next four weeks.

Revival Gold's review of the data collected during the 2020 exploration program is under way. This includes data from drilling, induced polarization-resistivity surveys at Arnett and Beartrack and geologic mapping at Arnett.

Revival Gold is working with Mira Geoscience, a geological consulting firm with expertise in three-dimensional modelling and artificial intelligence, to integrate all drilling data, including historical blast hole drilling from the Beartrack mine, geological, geochemical and geophysical data to generate a three-dimensional model of the mineral systems at Beartrack-Arnett. The aim is to improve the company's understanding of mineralization controls at the deposit scale, the controls on higher grades within the deposits and to identify additional exploration targets beyond the known resource.

Revival Gold is also preparing for the 2021 field season. Exploration plans are currently being developed for a 5,000- to 10,000-metre drilling program, ground geophysics in the Rabbit area and additional fieldwork on newly staked ground in the Arnett area. In addition to continuing exploration, Revival Gold is finalizing plans for a program of geotechnical and hydrological drilling, further metallurgical testing and environmental and mine permitting preparations. Details and planned expenditures will be finalized by the end of the current quarter.

Qualified person

Steven T. Priesmeyer, CPG, vice-president, exploration, Revival Gold, is the company's designated qualified person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.

About Revival Gold Inc.

Revival Gold is a growth-focused gold exploration and development company. The company has the right to acquire a 100-per-cent interest in Meridian Beartrack Co., owner of the former-producing Beartrack gold project located in Idaho, U.S. Revival Gold also owns rights to a 100-per-cent interest in the neighbouring Arnett gold project. Beartrack-Arnett is the largest past-producing gold mine in Idaho.

We seek Safe Harbor.