Drill Results Show Extending Mineralization with 'Relatively High' Grades

In a Sept. 5 research note, analyst Gabriel Gonzalez with Echelon Wealth Partners reported that results from the first three drill holes at Revival Gold Inc.'s (RVG:TSX.V) Beartrack South Pit "show a continuation of mineralization at depth over good widths and grades that compare favorably with resource grades."

These findings are the first from the company's 8,000 meter (8,000m) drill program to determine if the Beartrack resource can be expanded at depth and along strike. They are:

1. Hole BT18-207D: 1.38 grams per ton (g/t) gold (Au) over 18.3m (10m true width) from 392.9–411.2m
2. Hole BT18-208D: 1.38 g/t Au over 105.2m (62m) from 383.7–488.9m
3. Hole BT18-209D: 1.89 g/t Au over 69.5m (36m) from 527.9–597.4m, including 2.48 g/t Au over 24.7m (15m) from 556–580.7m.

As for continuity, the three holes hit mineralization that covers a strike length of about 300m and extends below the resource estimate pit shell by 50–130m. With respect to grade, it is "relatively high" versus those of the resource, Gonzalez noted, which are 1.13 g/t for the Indicated and 1.41 g/t for the Inferred.

Gonzalez expressed optimism about Revival growing the resource even further. He wrote, "We believe that there is still potentially low hanging fruit for resource extensions, particularly at the North Pit along strike and toward the south along the South Pit to Joss where drilling is currently underway."

Along with drilling at Beartrack, the company intends to conduct 2,000m of core drilling at its adjacent Arnett Creek property once it receives the necessary permits, likely this year. "Revival is ultimately targeting a 3 million ounce, Beartrack-Arnett Creek resource by 2019 before potentially beginning a preliminary economic assessment," Gonzalez explained.

Looking forward, three catalysts are expected for the company this year: the release of further drill results and metallurgical test results from Beartrack and the launch of exploration drilling at Arnett Creek.

Echelon has a Speculative Buy and a CA$1.90 per share target price on Revival, whose stock is currently trading at around CA$0.81 per share.

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Disclosures from Echelon Wealth Partners, Revival Gold Inc., September 5, 2018

Echelon Wealth Partners compensates its Research Analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of Echelon Wealth Partners including, Institutional Equity Sales and Trading, Retail Sales and Corporate and Investment Banking.

I, Garbriel Gonzalez, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

Important Disclosures:
Is this an issuer related or industry related publication? Issuer.

Does the Analyst or any member of the Analyst’s household have a financial interest in the securities of the subject issuer? No

Does the Analyst or household member serve as a Director or Officer or Advisory Board Member of the issuer? No

Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer? No

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer? No

During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? No

Has the Analyst had an onsite visit with the Issuer within the last 12 months? Yes [12/6/18-14/6/18: Beartrack-Arnett Creek (Idaho) Deposit, Core Shack, Plant. Transport from Denver, and local incidentals paid by issuer.]

Has the Analyst or any Partner, Director or Officer been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No

Has the Analyst received any compensation from the subject company in the past 12 months? No

Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No