(TheNewswire)
Recent Program Returns SeveralHeadline Holes with High-Grade Gold at Shallow Depths
VANCOUVER, BC – TheNewswire – May 1, 2024 – Viva Gold Corp ( TSX-Venture: VAU; OTCQB: VAUCF ) (the “ Company ” or “ Viva ”) is pleased to announce high-grade gold results from itsrecently completed 10-hole, 1,515 drilling program at its 100% ownedTonopah Gold Project in Nevada. This program washighly successful in infilling gaps in the existing drill pattern toconnect higher grade areas into much larger zones. The Tonopah projectis located on the prolific Walker Lane mineral trend in westernNevada, about 20 minutes’ drive from the town of Tonopah.
Program Highlights
“This drill program produced amazing results with 60%of the holes hitting long sections of high-grade gold mineralizationand within the footprint our existing 2022 PEA (1) resource pit outline. We discovered previously unknown areasof gold mineralization with longer lengths and higher gold grades thanexpected. These holes were placed to tie together existing high-gradeintercepts to strengthen and expand the shallow high-grade starterpits for the project, which we believed will substantially improveproject economics. These results are expected to increase gold ouncesat Tonopah, result in an upgrade to resource confidence levels, andreduce strip ratio as waste is converted to mineralization. This drillprogram provides clear justification and support for additional infilland step-out drilling on this project, ” stated James Hesketh, President &CEO. “Many geologists go their whole careerswithout seeing drill results like these, so needless to say we arevery excited about Tonopah.”
TG2409 (21.3meters at 5.1 gpt Au) was drilled as an approximate 40-meter offset tothe west of TG2211 ( 57.9-meters at 5.0gpt Au commencing at 40-meters depth) and wasoriented to locate and cross the East Fault zone. TG2409 hadimpressive gold intercepts on both sides of and in the fault zone withthe highest grades being in the lower Tertiary Volcanics’(“TVL”) and lower grades in the Ordovician Palmetto Argillite(“OPA”). These results suggest that the East Fault may represent afeeder structure. TG2409 extended the known location of the East faultover 100-meters to the south of previous intercepts into anunder-drilled area which represents a good target for additional golddiscovery.
TG2408 (18.3meters at 4.4 gpt Au) was drilled as an approximate 40-meter step-outto the north of TG2211 where additional shallow high-gradegold mineralization in the TVL was encountered. The combination ofTG2409, TG2408, TG2211, and TG2318 ( 54.9 meters at 1.0 gpt starting at 38-meters)to the south defines a large zone of shallow high-grade.
TG2407 (89.9meters@ 2.0 gpt Au) successfully infilled an approximate 60 to80-meter gap between four known high-grade zones and extendedmineralization to depth indicating the potential to increase the depthof mineralization in this area. The hole bottomed in goldmineralization.
TG2405 (16.8meters @ 0.9 gpt Au) was drilled as a 40-meter offset to the east ofTG2307 ( 50.3 meters at 0.9 gptAu starting at 93 meters) in a sparsely drilledportion of the project on the southern extent of a zone ofmineralization which includes TG2404, TG2409 and TG2219. This holeintersected a wide zone of mineralization at the TV/OPA contact.
TG2404 (36.6Meters @ 3.3 gpt Au) was drilled to define the potential east-westwidth extent of a mineralized zone first intercepted in holes TG2209 ( 86.9-meters at 1.3 gptAu starting at 87-meters) and TG2219 ( 18.3-meters at 4.1 gpt Au starting at 73-meters). TG2404 intercepted three long zonesof mineralization in both the TV and OPA. The hole terminated in goldmineralization.
See Viva Gold press release of April 3, 2024, foradditional information on holes TG2401 to TG2403. The drill holesdiscussed in this release were drilled after publication of the 2022PEA in January 2022 and are not included in any NI43-101 resourcedeclarations for the project. The mineralized intercept lengthsmentioned in this release are down hole lengths. True width ofintercept is undefined due to the numerous and varying structural andlithologic controls and orientations of mineralization encountered atthe Tonopah project.
Quality Assurance/QualityControl
Viva Gold utilizes a well-documented system ofinserting blanks and standards into the assay stream and has a strictchain of custody for samples taken by the Company. Assays by theCompany are completed at independent laboratories which have internalquality assurance and quality control systems and procedures. Assayswere performed by American Assay Laboratories Inc. of Reno, Nevada, byfire assay and ICP methods with gravimetric finish.
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 about a half hour drive south of the Round Mountain mine ownedby Kinross Gold and controls a major land position on the prolificWalker Lane Trend in Western Nevada. Viva has consistently grown itsresources since 2018 and recently completed a drill program to furtherdefine and grow the current resource base. The Company plans to updatethe resource model and initiate Pre-Feasibility Study in 2024, both ofwhich 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. James has surrounded himself with equally experienced miningprofessionals both on the management team and the board.
The Tonopah Gold Project, a potential open pit, heapleach/mill opportunity, has all the hallmarks of a successful miningdevelopment project as key infrastructure is in place and is supportedby 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
-
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. 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) 2024 TheNewswire - All rights reserved.