(TheNewswire)
V ancouver , BC - TheNewswire - April 6, 2023 - Viva Gold Corp (TSX-V:VAU ) ( OTC:VAUCF) (the “ Company ” or “ Viva ”) is pleased to announce that a reversecirculation (“ RC ”) drill rig has been mobilized to the Tonopah Gold Project(“ Tonopah ”), located near Tonopah, Nevada, to commence work on a3,000 meter, 21- hole work plan approved by the US Bureau of LandManagement. The drilling program is expected to be completed overapproximately a two-month period, with assay results to follow.
“The focus of this program is to follow up on theexceptional drill results from our 2022 RC drilling program (shownbelow) and to perform both infill and step-out drilling in our currentresource area with the goal of increasing the contained gold mineralresource at Tonopah. The program is also expected to upgrade existinginferred mineral resource to measured and indicated category and topartially convert undrilled waste material in the resource pit areainto gold mineralization, ” stated James Hesketh, President & CEO.
Highlights from our 2022 drill program (see January 16,2023 release) follow:
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TG2219 intercepted 18.3meters (“m”) grading 4.1 grams per tonne gold (“g/t Au”) starting at a depth of 73 m
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TG2218, encountered 1.5 m at9.2 g/t Au at 30 m depth
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TG2217 penetrated 5.0 g/t Au over18.2 m, including 4.6 m at 14.7 g/t Au startingat 76 m depth
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TG2214 hit azone of 4.6 m averaging 21.4g/t Au starting at a depth of 111 m
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TG2212 intercepted 21.3 m at 0.5 g/tAu , including 7.6 m at 1.3 g/t Au
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TG2211 intercepted a zone of 57.9 mat 5.0 g/t Au from 40 meters depth , including 11m at 24.0g/t Au which included 3 m at 53.6 g/t Au
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TG 2010 intercepted three zones totaling 38 m at 0.8 g/t Au starting at 18m depth
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TG2209; 86.9 m at 1.3 g/tAu starting at 87m depth, including 3.0 m at 13.5 g/t Au, and 1.5 m at 9.2 g/tAu
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 holds 100% of Tonopah, located on theworld class Walker Lane mineral trend in western Nevada, approximately30 minutes’ drive southeast of the Kinross Round Mountain mine and20 minutes’ drive from the Town of Tonopah. Prior to its 2022drilling programs, Tonopah reported a pit confined measured andindicated gold mineral resource of 394,000 ounces at a gold grade of0.78 g/t and 206,000 ounces of Inferred resource at 0.87g/t (1) . The Company is updating its resourcemodel by adding information from twenty-two drill holes completed in2022 and is planning to prepare a new NI43-101 compliant resourceestimate once the current drill program’s results are received. Thegold resource at Tonopah is well oxidized and is amenable to both heapleach and leach mill processing for gold recovery. The project enjoysexceptional infrastructure with paved road access and nearbycommercially available water and grid electric power. Viva is workingwith its regulators and local community to significantly advanced itsenvironmental, social and technical baseline study work at Tonopah tosupport future environmental and project development permitting requirements. These efforts demonstrate Viva’sfocus and commitment to de-risk and add value to the Tonopah projectas it is advanced to feasibility study and permitting.
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2022 PEA: NI43-101 Technical Report, PreliminaryEconomic Assessment of the Tonopah Project (amended April 12, 2022)authored by Gustavson Associates including Donald E. Hulse, P.E.,SME-RM; Christopher Emanuel, SME-RM; Deepak Malhotra, Ph.D., SME-RM;and Edward Bryant, AIPG, CPG
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
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 reserveand mineral resource data set out in this news release are estimates,and no assurance can be given that the anticipated tonnages and gradeswill be achieved or that the indicated level of recovery will berealized.
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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