(TheNewswire)
Results Confirm the Continuation ofPreviously Drilled High Grade Structures
V ancouver , BC - TheNewswire - June 6, 2023 - Viva Gold Corp.( TSX-V:VAU ) ( OTC:VAUCF ) (the “ Company ” or “ Viva ”) is pleased to provide initial assayresults from the first seven holes of its 2023 reverse circulation(“RC”) drilling program at its 100%-owned Tonopah gold project(“Tonopah”). A total of fourteen holes have now been drilled inthe program and we are waiting on assays for the remainder. Tonopah islocated on the prolific Walker Lane mineral trend in western Nevada,about 20 minutes’ drive from the town of Tonopah.
2023 RC Program Highlights
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TG 2307 intercepted two long zones of mineralization including 11 meters (“m”) of 0.5 grams per tonne gold (“gpt Au”) commencing at 79m, and asecond zone of 50m averaging1.0 gpt Au commencing at 93m, which included 3.0m at 2.8 gpt Au, 4.6m at3.2 gpt Au and 3.0m at 3.1 gpt Au . TG2307 wascollared as a 47m step-out to the south of TG2209 which intercepted 86.9 meters at 1.3 gptAu starting at 87m depth (see January 2023release).
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TG2302 intercepted two long zones of gold mineralization including 14m at 0.6 gpt Au commencing at 46m and a second zone of 34m averaging 1.4 gpt Au commencing at 72 meters, including 9.1 meters at 3.9 gpt starting at 85m. TG2302 was drilled from a collar located 40 meters tothe south and in a parallel orientation to TG2211 ( 57.9 m at 5.0 gpt Au from 40mdepth ), confirming an extensive zone ofhigh-grade mineralization in this area.
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TG2306 wasdrilled as a vertical hole from the same collar as TG2307 andintercepted two zones of lower-grade mineralization commencing at 35mdepth, totaling 15 meters at0.5 gpt Au .
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TG2301 tested azone to the east of TG2211 with limited results, while TG2203 , also designedto offset TG2211, was terminated at 53 meters depth due to poordrilling conditions.
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TG2205 testedthe southern extension of a north-south splay zone located to the westof the TG2211 zone, intercepting four of zones lower-grade goldmineralization, indicating the potential limit to mineralization onthat splay.
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TG2204 testedthe southern extent of a poorly developed north-south structural splayzone in the eastern end of the main resource pit area with limitedresults.
“We are very pleased with the initial results of thisprogram. TG2307 and TG2302 both confirmed the southerly continuationof the two high-grade fault splay zones found in our 2022 drillingprogram. Additional drilling is scheduled on these trends during the2023 drilling program. Our 2023 drilling program is focused onupgrading zones of inferred mineralization to measured and indicated;to in-fill large gaps in drilling within the $1,650 Au resource pitarea; as well to determine the true orientation and extent of theshallow, high-grade, fault splay zones discovered in our 2022 drillingprogram, ” stated JamesHesketh, President & CEO.
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 announcedits commenced a second PEA study to include results from approximately40 additional drillholes completed in 2022 and 2023, the results ofadditional metallurgical gold recovery studies, and substantialinformation gained from its ESG focus of completing and advancingenvironmental 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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