(TheNewswire)
VANCOUVER, BC – April 9,2024 – TheNewswire – Viva Gold Corp. ( TSX-Venture: VAU; OTCQB: VAUCF ) (the “ Company ” or “ Viva ”) is pleased to provide initial assayresults for three holes from the recently completed 10-hole,1,515-meter reverse circulation (“RC”) drilling program at its100%-owned Tonopah gold project (“Tonopah”). Tonopah is located onthe prolific Walker Lane mineral trend in western Nevada, about 20minutes’ drive from the town of Tonopah.
These first three RC holes were drilled to offsetwidely spaced gold intercepts from our 2022 and 2023 drill programs onthe north side of the 2022 Preliminary Economic Assessment (“PEA”)main pit area, an area that had previously been considered waste inthe resource model. All gold (“Au”) and silver (“Ag”)intercepts in these first three holes were in tertiary volcanics.
Highlights
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TG2401 intercepted 50.5-meters (“m") starting at 40maveraging 0.68 grams per tonneAu (“gpt Au”) and 3.0 gpt Ag, includingtwo higher grade zones of 10.7m at 1.54 gpt Au starting at 40-m and 4.6 m at 1.47 gptAu starting at 69m. TG2401 was drilleddue west from the collar of TG2212 ( 21.3m at 0.5 gpt Au , including 7.6m at 1.3 gpt Au )towards hole TG2210 ( 38m averaging 0.8 g/t Au starting at 18mdepth).
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TG2403 intercepted 18.3m at 0.6 gptAu and 5.8 gpt Ag commencing at 64m including 3m at 1.37 gpt Au and 4.1 gptAg . TG2402 intercepted 4.6m at 0.5 gpt Au and 1.5 gptAg starting at 52m. TG2402 and TG2403 were eachdrilled in a western direction 40m to the north and south respectivelyof TG2310 (four zones with a cumulative total of 48m at 1.9 gpt Au ,including 23m at 3.5 gptAu starting at 72m).
“We are very pleased with these initial results.These first three holes, when combined with prior wide-spaceddrilling, potentially create strong grade continuity on thenortheastern side of the resource pit shell defined in our 2022 PEA.This area had only been sparsely drilled in the past and waspreviously described as containing primarily waste material in themodel. Additional infill and step-out drilling in this area of theproject is clearly justified, ” stated James Hesketh, President & CEO.
Note : UTM NAD 83, zone 11
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:
The Tonopah project sits in the middle of gold miningcountry and controls a major land position on the prolific Walker LaneTrend in Western Nevada. Viva has consistently grown its resourcessince 2017 and has commenced a new, fully funded drill program tofurther define and grow the current resource base. The Company plansto update the resource model and initiate Pre-Feasibility Study in2024, both of which are major catalysts and value creation events forshareholders.
Viva Gold is led by CEO James Hesketh, a 40-yearveteran in the mining space who has led the development andconstruction of eight other mines around the world throughout hiscareer. Jim has surrounded himself with equally experienced miningprofessionals both on the management team and the board.
The Tonopah Gold Project has all the hallmarks of asuccessful mining development project as key infrastructure is inplace and is supported by compelling economic studies.
Please reach out and get to know us as 2024 is shapingup to be a transformational year.
Viva Gold trades on the TSX Venture exchange “VAU”,on the OTCQB "VAUCF" and on the Frankfurt exchange"7PB". Viva currently has ~118.4 million shares outstandingand boasts a best-in-class management team and board with decades ofboth gold exploration and production experience. The Company isadvancing its high-grade Tonopah Gold Project in mining friendlyNevada with the support of several institutional shareholders. Moreinformation can be found on https://www.Sedar.Com and please visitour website: www.vivagoldcorp.com .
Viva is committed to developing the Tonopah GoldProject in an environmentally and socially responsible fashion. Thesevalues are aligned with management’s core values and permeatethroughout our decision-making process.
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: NI43-101 Technical Report, Preliminary EconomicAssessment of the Tonopah Project (amended April 12, 2022) authored byGustavson Associates including Donald E. Hulse, P.E., SME-RM;Christopher Emanuel, SME-RM; Deepak Malhotra, Ph.D., SME-RM; andEdward 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. UnderCanadian regulations, estimates of inferred mineral resources may notform the basis of feasibility or pre-feasibility studies, except inlimited circumstances. Further, "inferred mineralresources" have a great amount of uncertainty as to theirexistence and as to their economic and legal feasibility. It cannotbe assumed that any part or all of an inferred mineral resource willever be upgraded to a higher category. The mineral reserve and mineralresource data set out in this news release are estimates, and noassurance can be given that the anticipated tonnages and grades willbe achieved or that the indicated level 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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