(TheNewswire)
V ancouver , BC - TheNewswire - May 18, 2023 - Viva GoldCorp (TSX-V:VAU ) ( OTC:VAUCF) (the “ Company ” or “ Viva ”) is pleased to announce that it has retained WSP Canada Inc.(“ WSP ”) of Calgary, Alberta in association with Kappes CassidayAssociates (“ KCA ") of Reno, Nevada to initiate an updated NI43-101resource estimate and Preliminary Economic Assessment (“ PEA ”) for its Tonopah Gold Project (“ Tonopah ”), locatednear Tonopah, Nevada. WSP will be the primary author withresponsibility for resource estimation and mining, while KCA will beresponsible for metallurgy, process and infrastructure.
This study will be an update and expansion of the 2022Tonopah PEA (1) . Additional work completed on the projectsince the 2022 PEA includes:
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22 drillholes completed in 2022 including 6 HQ coreholes totaling 1,301 meters and 16 reverse circulation ( RC ”) holes totaling2,499 meters;
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Up to 21 drillholes from the 2023 RC drilling programcurrently underway. Hole number 11 of the 2023 program was recentlycompleted and it is anticipated that drilling will be completed inlate May/early June;
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Gold recovery using the pulp agglomeration process withheap leach to enhance gold recovery in the high-grade population ofgold mineralization (approximately 50% of contained gold resourcecalculated using a 1.0 gram per tonne gold cutoff grade) will bestudied as a result of positive results from metallurgical testwork;
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All silver assays available from assay certificateshave been added to the drillhole database;
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An audit and review of assay certificates versus datain the Tonopah drillhole database has recently been completedresulting in the addition of over 11,000 missing assays not previouslyincluded in the drillhole database;
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Contract mining versus owner operation trade-off studywill be evaluated;
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Baseline environmental and technical study has beensignificantly advanced at the project, which will add key detail tothe new PEA study.
“This study will be the second PEA iteration atTonopah and will benefit from a large amount of additional infill andstep out drilling, as well as additional metallurgical testwork andbaseline studies, conducted since the prior PEA study was completed. We believe that this study is likely to not only increase goldresource, but it should also provide key direction and insight intoproducing an optimized pre-feasibility/feasibility level study as thenext step for the project”, stated James Hesketh, President & CEO.
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2022 Tonopah PEA: NI43-101 Technical Report,Preliminary Economic Assessment of the Tonopah Project (amended April12, 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
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 the Tonopah Gold Project,located on the world class Walker Lane mineral trend in westernNevada, approximately 30 minutes’ drive southeast of the KinrossRound Mountain gold mine and 20 minutes’ drive from the Town ofTonopah. An initial NI43-101 Preliminary Economic Assessment has beencompleted describing the project as a potential open-pit, heap leachgold recovery operation with positive economic results. Tonopahcurrently has a pit confined measured and indicated gold mineralresource of 394,000 ounces at a gold grade of 0.78 g/t and 206,000ounces of Inferred resource at 0.87 g/t (1) , notincluding results from a very positive 22-hole program completed in2022 and a 21-hole, 3,000-meter drilling that is currently underway.The gold resource at Tonopah is well oxidized and is amenable to both heap leach and leach mill processingfor gold recovery. The project enjoys exceptional infrastructure withpaved road access and nearby commercially available water and gridelectric power. Viva is working with its regulators and localcommunity to significantly advanced its environmental, social andtechnical baseline study work at Tonopah to support futureenvironmental and project development permitting requirements. Theseefforts demonstrate Viva’s focus and commitment to de-risk and addvalue to the Tonopah project as it is advanced to feasibility studyand permitting.
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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