(TheNewswire)
VANCOUVER, BC – The Ne w sw i r e – December 8, 2022 – Viva Gold Corp. ( TSXV:VAU ) ( OTC:VAUCF ) (the “ Company ” or“ Viva ”) is pleased to provide additional assay results from the recently completedReverse Circulation (“RC”) drill program at its Tonopah goldproject (“Tonopah”) located on the prolific Walker Lane mineraltrend, western Nevada. A total of 16 drillholes have been completed inthis program and submitted for assay. This release details resultsfrom eight drill holes in addition to results from six holespreviously released on November 28, 2022 (click here to see previous newsrelease).
Highlights
-
Drillhole TG2219 intercepted 18.3meters (“m”) grading 4.1 grams per tonne gold (“g/t Au”)starting at a depth of 73 m. TG2219 was drilledfrom the same collar location as TG2209 (86.9 m at 1.3 g/t Au). TG2219was drilled to the south into a previously undrilled area. These twoholes have extended mineralization to the south by approximately 100 mand the mineralized zone remains open in that direction.
-
TG2217 intercepted a zone averaging5.0 g/t Au over 18.2 m, including 4.6 m at 14.7 g/t Au starting at 76 m depth. This hole was drilled in thecenter of the south pits modeled as inferred material. TG2217 extendedmineralization to depth.
-
TG2218, which intercepted 1.5 m at9.2 g/t Au at 30 m depth and was drilled fromthe same collar as TG2217. These two holes are likely to upgrade thiszone to an indicated level, while also increasing grade.
-
TG2214 wasdrilled as a step-out hole approximately 90 m south of the center ofthe main resource pit in a previously undrilled area. This hole hit astructurally controlled zone of 4.6 m averaging 21.4 g/t Au at a depth of 111m and intercepted shallow zones of lower-grade mineralization. Thishole is likely to add inferred mineralization to the model. Additionalfollow-up drilling is needed in this area.
-
TG2212 wasdrilled from the north side of the main resource pit and intercepted21.3 m at 0.5 g/t Au, including 7.6m at 1.3 g/t Au. This hole islikely to extend resource blocks to the north.
“This has been our most successful drill program inthe last four years. Thesedrill results, in conjunction with those previously reported, areclearly demonstrating the near-surface, high-grade nature of thisdeposit, as well as the potential to increase the contained goldresource to both the north and south along the main east-west trend ofthe deposit. These strong assay results, combined with the verypositive conclusions from our metallurgical testwork program,announced October 2022, supports both the need for additional drillingand for moving this project rapidly through an updated PEA study andinto feasibility work.” stated James Hesketh, President & CEO.
Additional Drilling Notes
-
TG2216 was drilled as a step-out to the east of themain resource pit to test the potential eastern extent of the mainmineral trend. Results from both TG2216 and TG2208 indicate increasedstructural complexity in this direction. Additional work will berequired to determine if mineralization has been offset or locallyterminated in this area. One historic drill hole with gold interceptsexists further to the east on trend from these drillholes.
-
TG2220 tested a previously undrilled area on the northside of the main resource pit at the eastern end without anyexceptional intercepts.
-
TG2215 was drilled from the north side at the westernend of the main resource pit into an area of known structuralcomplexity without any exceptional intercepts.
Click Image To View Full Size
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)describing a potential open pit, heap leach gold recovery operationand a pit confined measured and indicated gold mineral resourcescontaining 394,000 ounces at 0.78 grams/tonne and 206,000 ounces ofInferred resource at 0.87 grams/tonne. The PEA, amended April 22,2022, can be viewed here . The principal mineraltrends on the property remain open for extension and the company has atrack record of steadily increasing gold resource over the last fouryears. Viva is building market awareness as it advances Tonopahtowards feasibility study and permitting and has made a significantcommitment to ESG and de-risking the project through open communitydisclosure and near completion of a number of baseline environmentaland technical studies.
Viva has a solid capital structure with 91.6 millionshares outstanding and a strong management team and board who canclaim both gold exploration and production experience. Foradditional information on Viva Gold and the Tonopah Gold Project,please visit our website: www.vivagoldcorp.com .
For further information please contact:
James Hesketh, President &CEO
(720) 291-1775
Anne Hite, Director InvestorRelations
(303) 519-5149
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.
Copyright (c) 2022 TheNewswire - All rights reserved.