(TheNewswire)
VANCOUVER, BC – TheNewswire – July 24 , 2023 – Viva Gold Corp. ( TSX V :VAU ) ; ( OTC:VAUCF ) (the“ Company ” or “ Viva ”) is pleased to provide the final assay results from the18-hole, 2,167-meter 2023 reverse circulation (“RC”) drillingprogram at its 100%-owned Tonopah gold project (“Tonopah”). Assayresults from the first seven holes of the program were announced onJune 6, 2023. Tonopah is located on the prolific Walker Lane mineraltrend in western Nevada, about 20 minutes’ drive from the town ofTonopah.
“Our 2022 and 2023 drilling programs have been verysuccessful at extending, confirming and discovering new, shallow,high-grade zones of gold mineralization at our Tonopah gold project.Most of the new intercepts are within the limits of the resource pitshell as defined in our 2022 Preliminary EconomicAssessment 1 (“PEA”). These results are very likely to increase thesize of the previously identified high-grade starter pit zone forearly mining, increase overall contained ounces and reduce strippingratio for the project. These assay results will be incorporated intoin our updated PEA and mineral resource estimate for the project whichis currently underway as announced on May 18, 2023. Viva is hostinga webinar call to discuss these results on July 27, 2023 at 11:00am Eastern Time . Seebelow for call details, ” stated James Hesketh, President & CEO.
2023 RC Program Highlights
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TG2318 intercepted 55 meters(“m”) at 1.0 grams per tonnes gold (“gpt Au”) starting at 38m,including 14m at 1.6 gpt Au and 4.6m at 4.2 gpt Au . TG2318 was drilled perpendicular, in a near westerlydirection, from the collar of drillhole TG2211, which intercepted 57.9m at 5.0 g/t Au from 40m (see January 2023 release), demonstratingthe potential width of this shallow, high-grade zone of goldmineralization. This zone remains largely open in the westerndimension where the next hole on the south side of the main deposit isover 180 meters to the west.
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TG2311 intercepted three zones of shallow, high-grade gold mineralizationstarting at 24m with a cumulative total of 59m at 1.9 gpt Au .The zones included 9m at 2.4gpt Au ; 9m at 3.0 gpt Au ; and 41m at 1.5 gpt Au . TG2311 was dilled as an infill hole in a 50-to-100m waste gap in theoriginal Discovery Zone structure.
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TG2310 intercepted four zones of gold mineralization startingat 72m with a cumulative total of 48m at 1.9 g/t Au, including 23m at 3.5gpt Au . TG2310 tested the northern extent of thesame structural splay where TG2211 intercepted 57.9m at 5.0 g/t Au from 40m.
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TG2309 intercepted 46 metersat 1.2 gpt Au in three zones starting at 58m. TG2309 tested the northern extent of asame structural splay where TG2209 intercepted 86.9 meters at 1.3 gpt Au starting at 87m depth (see January 2023 release).
Better definition of deposit boundaries was gained inthe following drill holes:
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TG2308 tested apoorly drilled zone to the west of the TG2209 structural splayresulting in several low-grade intercepts and one vein of 1.5m at 4.2 gpt Au .
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TG2316 TG2317 confirmed the southern limit of the TG2211 structural splay.Approximately 100 meters of strike length containing near-surfacehigh-grade gold mineralization was added to this zone as a result ofthe 2022 and 2023 drilling programs .
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TG2315 testedthe southern limits of the TG2209 structural splay with one 4.6m intersection grading 2.5 gpt Au starting at85m, indicating the possible southern limit of that structuralsplay.
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TG2314 testedthe southern extent of a north-south structural splay in the west endof the main pit and intersected only a narrow low-grade interval,indicating the potential southern limit to mineralization in thatarea.
The Tonopah gold project has two distinct populationsof gold mineralization: a high-grade population (>1.0 gpt Au) associated with structural splays andbrecchias and a second population of lower-grade disseminated goldmineralization associated with lithologic contact zones and favorablebedding horizons. Our 2022 and 2023 RC drill programs at Tonopahfocused on defining the limits of the series of approximatelynorth-south mineralized, structurally controlled, fault splays andbrecchias that occur in parallel along a primary east-west strike(azimuth ~110 degrees) of approximately 1.2 to 1.4 kilometers. Thenorth-south splays individually have strike lengths of up to 300meters, with mineralization starting as shallow as 10 meters depthunder valley floor gravels. These mineralized structural splays createthe width dimension for a potential open pit at Tonopah. Increasingthis width dimension develops a more minable open pit and is alsolikely to help reduce strip ratio, the ratio of mineralized materialto waste material.
The company will be hosting a live webinar to discussthe recent results details below.
When: Jul 27, 2023 11:00 AM EasternTime (US and Canada)
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_RXO0xub_Q56t1ZDylySKHQ
After registering, you will receive a confirmationemail containing information about joining the webinar.
A replay will be posted to Viva Gold’swebsite.
Qualified Person
James Hesketh, MMSA-QP, has approved the scientific andtechnical disclosure contained in this press release. Mr. Hesketh isnot independent of the Company; he is an Officer and Director.
About Viva Gold Corp:
Viva Gold Corp’s (TSX-V: VAU; OTCQB: VAUCF; Frankfurt:7PB) principal asset is its 100% ownership in the Tonopah GoldProject (Tonopah), a large land position on the world class WalkerLane Mineral Trend in western Nevada, located about 30 minutes’drive southeast of the Kinross Round Mountain gold mine. The projectis well advanced with a positive Preliminary Economic Assessment(PEA 1 ) describing a potential open pit, heap leach gold recoveryoperation and a pit confined measured and indicated gold mineralresources containing 394,000 ounces at 0.78 grams/tonne and 206,000ounces of Inferred resource at 0.87 grams/tonne. Viva has announcedthat it has commenced a second PEA study to include results fromapproximately 40 additional drillholes completed in 2022 and 2023, theresults of additional metallurgical gold recovery studies, andsubstantial information gained from its ESG focus of completing andadvancing environmental and technical baseline study for the project.
Viva has 106.7 million shares outstanding and a strongmanagement team and board who can claim both gold exploration andproduction experience. For additional information on Viva Gold and theTonopah Gold Project, please visit our website: www.vivagoldcorp.com .
For further information please contact:
James Hesketh, President &CEO
(720) 291-1775
Graham Farrell, Harbor Access
(416) 842-9003
graham.farrell@harbor-access.com
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1) 2022 PEA: NI43-101Technical Report, Preliminary Economic Assessment of the TonopahProject (amended April 12, 2022) authored by Gustavson Associatesincluding Donald E. Hulse, P.E., SME-RM; Christopher Emanuel, SME-RM;Deepak Malhotra, Ph.D., SME-RM; and Edward Bryant, AIPG, CPG
Forward-Looking Information:
This news release contains certaininformation that may constitute forward-looking information orforward-looking statements under applicable Canadian securitieslegislation (collectively, “forward-looking information”),including but not limited to drilling operations and estimates of goldmineral resource at the Tonopah Gold Project. This forward-lookinginformation entails various risks and uncertainties that are based oncurrent expectations, and actual results may differ materially fromthose contained in such information. These uncertainties and risksinclude, but are not limited to, the strength of the global economy,inflationary pressures, pandemics, and issues and delays related topermitting activities; the price of gold; operational, funding andliquidity risks; the potential for achieving targeted drill results,the degree to which mineral resource estimates are reflective ofactual mineral resources; the degree to which factors which would makea mineral deposit commercially viable are present; the risks andhazards associated with drilling and mining operations; and theability of Viva to fund its capital requirements. Risks anduncertainties about the Company’s business are more fully discussedin the Company’s disclosure materials filed with the securitiesregulatory authorities in Canada available at www.sedar.com . Readers are urged to read thesematerials. Viva assumes no obligation to update any forward-lookinginformation or to update the reasons why actual results could differfrom such information unless required by law.
Cautionary Note toInvestors --- Investors are cautioned not to assume thatany "measured mineral resources", "indicated mineralresources", or "inferred mineral resources" that theCompany reports in this news release are or will be economically orlegally mineable. United States investors are cautioned that whilethe SEC now recognizes "measured mineral resources","indicated mineral resources" and "inferred mineralresources", investors should not assume that any part or all ofthe mineral deposits in these categories will ever be converted into ahigher category of mineral resources or into mineral reserves. Theseterms have a great amount of uncertainty as to their economic andlegal feasibility. Under Canadian regulations, estimates of inferredmineral resources may not form the basis of feasibility orpre-feasibility studies, except in limited circumstances. Further,"inferred mineral resources" have a great amount ofuncertainty as to their existence and as to their economic and legalfeasibility. It cannot be assumed that any part or all of aninferred mineral resource will ever be upgraded to a higher category.The mineral reserve and mineral resource data set out in this newsrelease are estimates, and no assurance can be given that theanticipated tonnages and grades will be achieved or that the indicatedlevel of recovery will be realized.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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